Financial Guidance

As previously disclosed, for 2013, Greatbatch estimates annual revenue growth rates for its product lines as follows:
Product Line   Estimated 2013 Annual Growth Rate (%)   2013 Estimated Revenue

(millions)
Cardiac & Neuromodulation   0% - 2%   $309 - $315
Vascular 7% - 13% $55 - $59
Orthopaedic (1) (5%) - 0% $116 - $122
Portable Medical 15% - 20% $94 - $98
Energy & Other   6%   $86 - $86
Total Sales (1)   2% - 5%   $660 - $680
(1)   Organic revenue growth for orthopaedic product line is 8% - 14% due to disposition of $15 million of non-core product lines at the end of 2012. Total consolidated organic revenue growth is expected to be 5% - 8%.

Adjusted Operating Income as a % of Sales   12.0% - 12.5%
Adjusted Effective Tax Rate (includes only the 2013 benefit of the recently reenacted U.S. R&D Tax Credit)

 

33% to 35%
Adjusted Diluted EPS $ 1.90 - $2.00

As previously disclosed, adjusted operating income for 2013 is expected to consist of GAAP operating income minus non-recurring, unusual or infrequently occurring items such as acquisition, consolidation and integration charges, certain RD&E expenditures and asset disposition/write-down charges, totaling approximately $11.5 million to $14.0 million. This range has been significantly reduced from the 2012 level as we have essentially completed our productivity and consolidation initiatives. Included in the above range are residual DVT costs in the range of $4.8 to $5.8 million to complete our Algostim project.

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