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greatbatch inc (GB) Details

Greatbatch, Inc. is engaged in implantable medical and electrochem solutions businesses. It operates in two segments: Greatbatch Medical and QiG Group. The company designs and manufactures medical devices and components for the cardiac, neuromodulation, orthopaedics, portable medical, vascular and energy markets, and others. The company offers cardiac and neuromodulation products, including batteries, capacitors, filtered and unfiltered feedthroughs, engineered components, implantable stimulation leads, and enclosures used in implantable medical devices; orthopaedics products, such as hip and shoulder joint reconstruction implants, bone plates and spinal devices, and instruments and delivery systems used in hip and knee replacement, trauma fixation, extremity, and spine surgeries. It also provides vascular products comprising introducers, steerable sheaths, and catheters that deliver minimally invasive therapies for coronary and neurovascular disease, peripheral vascular disease, interventional radiology, vascular access, atrial fibrillation, and interventional cardiology, as well as products for medical imaging and drug and pharmaceutical delivery. In addition, Greatbatch offers customized battery power and management systems, charging and docking stations, and power supplies; non-rechargeable and rechargeable batteries, which are used in the portable medical, energy, military, and environmental markets; and rechargeable battery packs, such as electronics, charging, and battery management systems that are used in critical and life-saving applications, including automated external defibrillators, ventilators, powered surgical instruments, portable oxygen concentrators, and others. The company serves large multi-national original equipment manufacturers. Greatbatch, Inc. sells its products in the United States, Puerto Rico, Belgium, the United Kingdom, Ireland, and internationally. The company was founded in 1970 and is headquartered in Frisco, Texas.

3,385 Employees
Last Reported Date: 03/4/14
Founded in 1970

greatbatch inc (GB) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $616.3K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $366.1K
Executive Vice President of Global Operations
Total Annual Compensation: $328.3K
Principal Accounting Officer, Vice President ...
Total Annual Compensation: $301.6K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $242.9K
Compensation as of Fiscal Year 2013.

greatbatch inc (GB) Key Developments

Greatbatch, Inc. Announces Passing of Kevin Melia as Chairman, Audit Committee

Greatbatch, Inc. announced passing of Kevin Melia as Chairman of the Audit Committee, Kevin epitomized the principles of independence and transparency. His experience and financial acumen was only rivaled by his passion and dedication.

Greatbatch, Inc. Announces a Plan to Enhance its Vascular and Portable Medical Manufacturing Operations

Greatbatch, Inc. announced a plan to enhance its vascular and portable medical manufacturing operations as part of the Company's overall strategic objective to achieve profitable growth. Under this plan, functions currently performed at the Company's facility in Plymouth, Minnesota to manufacture catheters and introducers would transfer into the Company's existing facility in Tijuana, Mexico by the first half of 2016. Furthermore, functions currently performed at the Company's facilities in Beaverton, Oregon and Raynham, Massachusetts to manufacture products for the portable medical market will transfer to a new facility in Tijuana, Mexico by the end of 2015. Products currently manufactured at the Beaverton facility which do not serve the portable medical market are planned to transfer to the Company's Raynham facility.

Greatbatch, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2014; Provides Earnings Guidance for 2014 and Remainder of 2014

Greatbatch, Inc. announced unaudited consolidated earnings results for the first quarter ended April 4, 2014. For the quarter, the company's sales were $174,281,000 compared to $148,265,000 a year ago. Operating income was $22,524,000 compared to $14,339,000 a year ago. Income before provision for income taxes was $22,061,000 compared to $7,066,000 a year ago. Net income was $14,922,000 or $0.58 per diluted share compared to $5,663,000 or $0.23 per diluted share a year ago. The increase in sales was primarily due to the easier comparisons with the prior year first quarter, as well as sales force driving core business growth. First quarter 2013 results were impacted by the shutdown of Swiss Orthopaedic facility, which has now been fully transitioned to other Greatbatch facilities, as well as the timing of customer orders. Adjusted operating income was $22,310,000 compared to $19,311,000 a year ago. Adjusted diluted EPS was $0.54 against $0.44 a year ago. Adjusted EBITDA was $31,562,000 compared to $28,075,000 a year ago. GAAP operating income for the first quarter of 2014 was increased compared to previous year's same perido GAAP operating income primarily due to increased sales and lower consolidation and optimization costs, partially offset by higher SG&A and RD&E expenses. Cash flow from operations totaled $7 million against the prior year usage of $7.6 million, driven by strong operating performance and improved asset management, principally inventory. For 2014, the company expected sales will be in the range of $685 million to $705 million, capital expenditures will be in the range of $25 million to $35 million, GAAP/adjusted effective tax rate will be in the range of 34% to 35%, GAAP diluted EPS will be in the range of $1.94 to $1.99 and adjusted GAAP diluted EPS will be in the range of $2.25 to $2.35. Adjusted operating income for 2014 is expected to consist of GAAP operating income excluding items such as acquisition, consolidation, integration and asset disposition/write-down charges totaling approximately $12 million to $15 million. The current expected GAAP effective tax rate for 2014 does not include the benefit of the U.S. R&D tax credit, which expired at the end of 2013. If reinstated, 2014 GAAP effective tax rate could be lowered to 32% to 33%. The company expect adjusted effective tax rate, and interest expense for the remainder of the year will be in-line with the first quarter 2014.


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