FRISCO, Texas--(BUSINESS WIRE)--Mar. 18, 2013--
Greatbatch, Inc. (NYSE:GB) today updated institutional investors and
research analysts in New York City regarding its strategic evolution.
The company is progressing from strictly a developer of components and
sub-assemblies to an organization also capable of developing complete
medical devices for OEM customers.
Speaking at the Millennium Broadway Hotel, President & Chief Executive
Officer Thomas J. Hook, Senior Vice President & Chief Financial Officer
Michael Dinkins and Algostim, LLC President Scott Drees focused on three
topics: how the company’s core business is driving organic growth and
financial performance; Algostim, its innovative, internally developed
spinal cord stimulation (SCS) system which is nearing completion; and
2013 financial guidance with long-term plans to drive profitable growth.
“Ninety-five percent of all active implantable medical devices contain
one or more of our proprietary component products – a core business
that’s driving top line and bottom line performance,” said Mr. Hook. “In
turn, this is propelling our evolution into a medical device company.
Algostim, which we revealed in great detail today, illustrates the
capability and capacity we’ve built to bring greater value to our
customers and true innovation to their markets.”
Leveraging its extensive intellectual property portfolio of more than
1,000 patents, Greatbatch foresees high potential in the multi-billion
dollar end markets it serves, specifically in cardiac and
neuromodulation, portable medical, vascular and orthopaedics.
Eighty-eight percent of its revenues are currently derived from the
medical device sector. Based on its IP combined with enhanced sales and
marketing, Mr. Hook indicated that Greatbatch is poised for significant
growth opportunity through market share capture.
“We have made a considerable investment to optimize our sales and
marketing organization as we deepen our relationships with the world’s
leading medical technology and commercial companies,” said Hook. “This
has allowed Greatbatch to secure long-term agreements while also
capitalizing on increasing product life cycles.”
Greatbatch also shared extensive details regarding progress on its first
complete medical device system, Algostim, a spinal cord stimulation
system to treat chronic pain of the trunk and limbs. The company
partnered with two world leaders in the field of neuromodulation, Dr.
Richard North and Dr. Giancarlo Barolat, to develop the system. It is
now evaluating commercialization partners as it plans to submit FDA PMA
and CE Mark approval during the second half of 2013
“Algostim is a highly differentiated, complete SCS system and platform
with extensive offering of innovation, intellectual property, advanced
safety features, and future generation capabilities to serve the fast
growing $1.4B SCS market,” commented Mr. Drees.
Mr. Dinkins reaffirmed the company’s guidance for 2013 of revenue in the
$660 - $680 M range and adjusted diluted earnings per share in the $1.90
- $2.00 range.
“We have a strong and extremely successful core business that is
generating significant cash flows,” said Mr. Dinkins. “These cash flows
are enabling our strategic evolution to a medical device company which
in turn will translate to profitable growth for the benefit of our
investors, our customers and our Associates worldwide.”
All parties interested in Greatbatch’s strategic evolution are
encouraged to view a webcast of today’s presentation that is available
on the Investor Relations section of the company’s website www.greatbatch.com.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE: GB) provides
top-quality technologies to industries that depend on reliable,
long-lasting performance through its brands Greatbatch
Medical, Electrochem
and QiG
Group. Greatbatch Medical develops and manufactures critical medical
device technologies for the cardiac, neuromodulation, vascular and
orthopaedic markets. Electrochem designs and manufactures batteries for
high-end niche applications in the portable medical, energy, military,
and other markets. The QiG Group empowers the design and development of
new medical devices for our core markets. Additional information about
the Company is available at www.greatbatch.com.
Source: Greatbatch, Inc.
Greatbatch, Inc.
Investor Relations:
Michael
Dinkins, 214-618-5242
mdinkins@greatbatch.com
or
Media:
Christopher
Knospe, 716-759-5727
cknospe@greatbatch.com