Acquisitions boost Greatbatch 3Q profit 53 percent

CLARENCE, N.Y. - Medical components maker Greatbatch Inc. said Tuesday its profit rose 53 percent in the third quarter, as the company gained revenue from the seven businesses it bought in 2008.

For the three months ended Sept. 26, Greatbatch reported a profit of $7.6 million, or 33 cents per share. That is up from $5 million, or 22 cents per share a year earlier. Excluding integration costs from the buyouts and other one-time expenses, the company said it earned 44 cents per share.

Revenue jumped 72 percent, to $136.2 million from $79 million, largely due to the newly acquired orthopedics business.

Analysts expected a profit of 32 cents per share on $128.4 million in revenue, according to Thomson Reuters.

Greatbatch company has made an effort to diversify its products and move into new markets. It said sales of implantable medical components surged 75 percent, to $117.3 million. That included $37.9 million in orthopedic revenue, a new business. Neuromodulation revenue grew 14 percent to $64.9 million, and therapy delivery revenue increased 45 percent to $14.5 million.

Sales of electrochemical devices rose 58 percent to $18.9 million.

Greatbatch backed its full-year forecasts of $1.20 to $1.50 per share in profit and $490 million to $530 million in revenue. Analysts expect an average profit of $1.19 per share and revenue of $523.9 million.

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