- Sales increased 22% over the prior year to $161.3 million and included 8% organic constant currency growth, as well as additional revenue from our acquisitions:
- CRM/Neuromodulation product line revenue increased 13%.
- Portable Medical product line benefiting from new product introductions.
- 20% Vascular Access growth driven by commercialization of medical devices.
- Orthopaedics constant currency revenue declined 6%; continues to be negatively impacted by operational issues at our Swiss facilities, which are aggressively being addressed.
- Third quarter GAAP operating income of $2.1 million and diluted EPS loss of $0.32 per share decreased versus the prior year primarily due to charges incurred in connection with the consolidation of our Swiss Orthopaedic operations, which are ultimately expected to improve profitability beginning in 2013.
- Adjusted operating income increased 27% over the prior year due to revenue growth and improved operating leverage. This increase resulted in adjusted diluted EPS of $0.46 per share for the third quarter, 12% above the prior year.
- Cash flows from operations were $16 million for the third quarter, which enabled the Company to pay down an additional $6 million of long-term debt.
|Three Months Ended|
|(Dollars in thousands, except per share data)||September 28,||September 30,||%||June 29,||%|
|GAAP Operating Income||$||2,127||$||12,888||-83%||$||11,091||-81%|
|GAAP Operating Income as % of Sales||1.3%||9.8%||6.7%|
|Adjusted Operating Income*||$||18,664||$||14,714||27%||$||18,589||0%|
|Adjusted Operating Income as % of Sales||11.6%||11.2%||11.2%|
|GAAP Diluted EPS||$||(0.32)||$||0.30||N/A||$||0.16||N/A|
|Adjusted Diluted EPS*||$||0.46||$||0.41||12%||$||0.43||7%|
|* Refer to Tables A and B at the end of this release for a reconciliation of GAAP to adjusted amounts.|