Tuesday, Greatbatch, Inc. (GB), a manufacturer of battery and electronic components for medical devices, reported rise in third-quarter net income compared to year-ago period primarily due to revenue from Orthopedic product line.
The New York-based company reported third quarter net income of $7.63 million or $0.33 per share higher than net income of $5.0 million or $0.22 per share in the corresponding quarter last year.
Adjusted net income for the quarter increased to $10.41 million or $0.44 per share from $6.67 million or $0.29 per share in the corresponding quarter last year. On average, four analysts polled by First Call/Thomson Financial estimated earnings per share of $0.32.
Sales for the quarter increased 72% to $136.24 million from $79.0 million in the comparable period last year. Analysts estimated revenue of $128.43 million. Sales for the quarter included $49 million of acquisition-related revenues and 12% organic constant dollar growth.
Segment wise, Implantable Medical Components registered revenue of $117.32 million for the third quarter of fiscal 2008 compared to $67.0 million reported in the same period last year.
Implantable Medical Components segment includes Cardiac Rhythm Management or CRM and Neuromodulation division, which reported revenue of $64.9 million compared with $56.96 million in the third quarter of 2007, Therapy Delivery product division which reported revenues of $14.5 million compared to the prior year quarter revenues of $10.0 million and Orthopedic product division which recorded revenue of $37.9 million compared to none in the third quarter of 2007.
Electrochem segment registered third quarter sales of $18.9 million compared to $12.0 million in the third quarter 2007.
Consolidation efforts for the quarter included the closure of Orchard Park, New York facility, transferring production from China facility and initiating the transfer of one of manufacturing locations in Switzerland.
For the nine-month period, net income decreased to $10.06 million or $0.44 per share from $12.27 million or $0.54 per share in the similar period last year.
Adjusted net income for the nine-month period decreased to $21.06 million or $0.91 per share from $25.20 million or $1.07 per share in the prior-year similar period.
Net sales for the nine-month period increased to $400.04 million from $234.33 million in the corresponding period last year.
Thomas Hook, President & CEO of Greatbatch said, "With a more diversified product offering and internal development efforts centered on driving innovation for our customers, we remain confident in the future growth opportunities for our Company."
Greatbatch closed Tuesday's trading at $21.82, up $0.01 or 0.05%, on a volume of 309,129 shares on the NYSE.
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