CLARENCE, NY - Greatbatch Inc. reported second-quarter profit dropped to $3.85 million from $8.55 million a year ago at despite record sales.
Earnings per share 16 cents compared to 36 cents per share last year. Adjusted EPS was 43 cents.
Analysts had projected EPS of 43 cents on revenue of $162.38 million.
The implantable medical device manufacturer (NYSE: GB) said sales increased 14 percent to $166.5 million, from $146.5 million in the 2010 second quarter.
That figure included $21.3 million of revenue contributed from the acquisition of Micro Power Electronics Inc. Greatbatch, however, suffered a 13 percent decline in Orthopaedics revenue. Officials cited lower customer product launches, pricing pressures and poor execution at its Swiss facilities, which are being consolidated into the company's new facility in Fort Wayne, Ind. and in Tijuana, Mexico.
The company has relocated its corporate headquarters to Frisco, Texas from Clarence, where it maintains manufacturing and research and development functions, along with a second site in Alden.