Greatbatch Partners with Wireless Power Leader WiTricity to Provide Wireless Charging for Medical Devices
Aug 26 15
WiTricity announced that Greatbatch will leverage WiTricity's patented wireless charging technology in the development of medical device applications. Greatbatch has licensed WiTricity's intellectual property to commercialize efficient, high-performance wireless charging systems for medical devices of its own design, as well as systems and solutions for Original Equipment Manufacturers (OEMs). WiTricity and Greatbatch have been collaborating on designs for wireless power transfer solutions for use in medical devices since 2012. Using WiTricity technology, Greatbatch is creating an accelerated path to the next generation of wirelessly-charged medical devices.
Greatbatch, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 3, 2015; Provides Earnings Guidance for the Year 2015
Jul 30 15
Greatbatch, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended July 3, 2015. For the quarter, the company reported sales of $174,890,000 compared to $172,081,000 a year ago. Operating income was $13,034,000 compared to $19,539,000 a year ago. Income before provision for income taxes was $11,935,000 compared to $18,132,000 a year ago. Net income was $9,283,000 or $0.35 per diluted share compared to $12,348,000 or $0.48 per diluted share a year ago. Adjusted operating income was $22,243,000 compared to $24,188,000 a year ago. Adjusted net income was $16,733,000 or $0.64 per diluted share compared to $15,784,000 or $0.61 per diluted share a year ago. Adjusted EBITDA was $31,259,000 compared to $33,497,000 a year ago. Cash flows provided by operating activities was $15.2 million decreased 22% in comparison to the second quarter of 2014. Capital expenditures were $6.8 million compared to prior year second quarter capital expenditures of $6.0 million.
For the six months, the company reported sales of $336,210,000 compared to $346,362,000 a year ago. Operating income was $22,423,000 compared to $42,063,000 a year ago. Income before provision for income taxes was $21,755,000 compared to $40,193,000 a year ago. Net income was $17,291,000 or $0.66 per diluted share compared to $27,270,000 or $1.06 per diluted share a year ago. Adjusted operating income was $40,187,000 compared to $46,872,000 a year ago. Adjusted net income was $31,290,000 or $1.19 per diluted share compared to $29,852,000 or $1.16 per diluted share a year ago. Adjusted EBITDA was $58,381,000 compared to $65,433,000 a year ago.
The company provided earnings guidance for the year 2015. For the year, the company expects sales in the rage of $715 million to $730 million. GAAP operating income as a % of sales in the range of 7.5% to 8.5%. Adjusted operating income as a % of sales in the range of 13.7% to 14.0%. Capital expenditures in the range of $40 million to $50 million. GAAP effective tax rate of 23.5%. Adjusted effective tax rate in the range of 21% to 24%. GAAP diluted EPS in the range of $1.43 to $1.53. Adjusted diluted EPS in the range of $2.61 to $2.71. Adjusted operating cash flows are expected to be between $80 million and $100 million.
Joseph A. Miller, Jr. to Step Down from Greatbatch's Board of Directors
Jul 30 15
Greatbatch, Inc. announced it has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission for its proposed tax-free spin-off of its neuromodulation subsidiary, QiG Group LLC, to be known post-spin as Nuvectra Corporation. The new company will immediately benefit from two highly experienced leaders. Neurostimulation market veteran Scott Drees has been named as Nuvectra's chief executive officer. In addition, Dr. Joseph A. Miller, Jr. will step down from Greatbatch's board of directors immediately prior to the completion of the spin-off to accept an appointment as a director and chairman of the board of Nuvectra.
Greatbatch, Inc. Announces Board Appointments
Jul 7 15
Greatbatch, Inc. announced that Jean Hobby, M. Craig Maxwell and Filippo Passerini have been elected to its Board of Directors. Ms. Hobby served as a global strategy officer at PricewaterhouseCoopers, LLP (PWC) from 2013 until her recent retirement. During a 33-year career at PWC, she also held roles as its U.S. Sector leader where her responsibilities included P&L, daily operations, PCAOB interaction and global clients, and as PWC's chief financial officer with responsibility for finance, treasury, mergers & acquisitions, external reporting, compliance, governance and real estate. Mr. Maxwell is the vice president and chief technology and innovation officer for Parker Hannifin Corporation, the global leader in motion and control technologies and systems. He leads new and emerging markets growth and drives new product development, as well as oversees Parker Hannifin's technology incubator to facilitate cross-group innovation opportunities. Prior to Parker Hannifin, Mr. Maxwell held a number of engineering positions with Stanadyne Corporation's Diesel Systems Group. Mr. Passerini recently joined the Carlyle Group as an operating executive in U.S. Buyouts following his retirement from a distinguished career at the Procter & Gamble Company (P&G), where he most recently served as officer on special assignment to the president and CEO. Prior to that, Mr. Passerini held roles as P&G's group president, Global Business Services and as chief information officer.