Greatbatch, Inc. Reports 2014 Third Quarter Results

FRISCO, Texas, Oct. 30, 2014 (GLOBE NEWSWIRE) -- Greatbatch, Inc. (NYSE:GB), today announced results for its third quarter ended October 3, 2014 highlighted by 23% growth in GAAP diluted EPS and 12% growth in adjusted diluted EPS. The company is raising its 2014 full year revenue and adjusted diluted earnings per share guidance range to $695 million - $705 million and $2.32 - $2.38 per share, respectively.

	Three Months Ended
	October 3,	September 27,	%	July 4,	%
(Dollars in thousands, except per share data)	2014	2013	Change	2014	Change
Sales	$ 171,699	$ 167,730	2%	$ 172,081	—%
Organic Constant Currency Sales Growth	1%	5%		—%
GAAP Operating Income	$ 16,183	$ 17,002	(5)%	$ 19,539	(17)%
GAAP Operating Income as % of Sales	9.4%	10.1%		11.4%
Adjusted Operating Income*	$ 22,446	$ 22,012	2%	$ 23,800	(6)%
Adjusted Operating Income as % of Sales	13.1%	13.1%		13.8%
GAAP Diluted EPS	$ 0.54	$ 0.44	23%	$ 0.48	13%
Adjusted Diluted EPS*	$ 0.64	$ 0.57	12%	$ 0.60	7%
Adjusted EBITDA*	$ 31,741	$ 30,817	3%	$ 33,109	(4)%
Adjusted EBITDA as a % Sales	18.5%	18.4%		19.2%
* Refer to Tables A, B and C at the end of this release for a reconciliation of GAAP to adjusted amounts.

CEO Comments

"In line with our expectations, we delivered a solid quarter while continuing to invest in our global growth strategy," stated Thomas J. Hook, Greatbatch president and CEO. "Our top-line performance, with the exception of portable medical, reflects our investments in sales and marketing and was at or above market trends with orthopaedics and vascular again delivering strong growth. Our CRM customer launches in the quarter were a testament to our commitment to technology. The 12% growth in adjusted diluted EPS to $0.64 demonstrates our commitment to continued profitability.

We are also very pleased to welcome the CCC Medical Devices team to Greatbatch. The business collaboration is an excellent addition to our active implantable medical device strategy."

CFO Comments

Commenting on the Company's financial results, Greatbatch executive vice president and CFO Michael Dinkins said, "As expected, we returned modest top-line growth following a strong prior year performance and held costs in line resulting in adjusted operating margins above 13%. We continue to expand adjusted EBITDA margins, improving 10 basis points in the quarter, consistent with our adjusted earnings growth."

Mr. Dinkins continued, "Based on our third quarter results, the addition of CCC Medical Devices, and our forecast for the fourth quarter, we are raising our 2014 full year revenue and adjusted diluted earnings per share guidance range to $695 million - $705 million and $2.32 - $2.38 per share, respectively. It is important to note that the midpoint of our guidance would result in approximately 5% organic constant currency growth and two times that amount for adjusted operating income growth in comparison to 2013, which is consistent with our long-term strategic growth objectives."

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