Greatbatch (NYSE:GB) said today that it paid an unspecified amount to acquire a Uruguayan medical device company.
Montevideo-based CCC Medical Devices makes implantable pulse generators, programmer systems, battery chargers, patient wands and leads, according to a press release.
"Our acquisition of CCC is ideal by all accounts. It allows Greatbatch to more broadly partner with medical device companies, complements our core discrete technology offerings and enhances our medical device innovation efforts," president & CEO Thomas Hook said in prepared remarks. "Combining the knowledge, talent and customer base of both companies will produce better products for the medical community and better lives for people worldwide."
Hoping to pare up to $17 million from its annual budget, Greatbatch in May said it plans to move some of its U.S. manufacturing operations to plants in Tijuana, Mexico, and from Oregon to Massachusetts.
GB shares have lost nearly 10% of their value since July 31, when Greatbatch reported higher-than-expected earnings but missed the consensus sales forecast for the 2nd quarter.
The Frisco, Texas-based medical device company posted profits of $12.3 million, or 48¢ per share, on sales of $172.1 million for the 3 months ended July 4, representing bottom-line growth of 26.6% on flat sales growth of 0.4%. Adjusted to exclude 1-time items, earnings were 60¢ per share; analysts were looking for adjusted EPS of 59¢ on sales of $177.1 million.
GB shares were trading at $44.79 as of about 2:50 p.m. Eastern today, down 1.3% on the day and off 9.5% from their $49.51 close July 31.
