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We reiterate our Underperform recommendation for Greatbatch, Inc. (GB), a leading producer and supplier of batteries, capacitors, and components used in implantable medical devices.

The company reported tepid first-quarter 2010 results with earnings missing the Zacks Consensus Estimate. Profit was hit by lower sales due to declines across Orthopedic and Vascular sub-segments.

Although Greatbatch has been acquiring complementary businesses over the last few years to boost its top-line, we maintain a cautious approach as operating metrics are expected remain under pressure as customers lower inventory levels and defer spending on elective procedures.

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