10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

Commission File Number: 001-32374

SYMMETRY MEDICAL INC.

(Exact name of registrant as specified in its charter)

Delaware	35-1996126
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3724 North State Road 15, Warsaw, Indiana	46582
(Address of principal executive offices)	(Zip Code)
(574) 268-2252
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.          þ    Yes  ¨     No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (S232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

þ Yes ¨  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filerþ
Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      ¨ Yes þNo

The number of shares outstanding of the registrant’s common stock as of August 3, 2012 was 36,624,682 shares.

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, originally filed with the Securities and Exchange Commission on August 3, 2012, is to furnish Exhibit 101 to the Form 10-Q which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included in Part 1, Item 1 of the Form 10-Q. As permitted by Rule 405(a)(2)(ii) of Regulation S-T, Exhibit 101 was required to be furnished by amendment within 30 days of the original filing date of the Form 10-Q.

No changes have been made to the Form 10-Q other than the furnishing of Exhibit 101 described above. This amendment does not reflect subsequent events occurring after the original filing date of the Form 10-Q or modify or update in any way disclosures made in the Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the Interactive Data File on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections. 

ITEM 6. EXHIBITS

31.1	Certification of Chief Executive Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Chief Executive Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	XBRL Instance Document. ~
101.SCH	XBRL Taxonomy Extension Schema Document. ~
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document. ~
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document. ~
101.LAB	XBRL Taxonomy Extension Label Linkbase Document. ~
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document. ~

* Previously filed or furnished with our Quarterly Report filed on Form 10-Q on August 3, 2012.

~ In accordance with Rule 406T under Regulation S-T, the XBRL-related information in Exhibit 101 shall be deemed “furnished” and not “filed.”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SYMMETRY MEDICAL INC.
	By	/s/ Thomas J. Sullivan
		Thomas J. Sullivan,
		President and Chief Executive Officer
		(Principal Executive Officer)
	By	/s/ Fred L. Hite
		Fred L. Hite,
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)
August 29, 2012

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Net Income Per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Earnings per share - Basic:
Net income	$ 1,636	$ 4,175	$ 2,466	$ 5,537
Weighted-average common shares outstanding - Basic (in shares)	35,913	35,540	35,904	35,507
Earnings per share - Basic (in dollars per share)	$ 0.05	$ 0.12	$ 0.07	$ 0.15
Earnings per share - Diluted:
Net income	$ 1,636	$ 4,175	$ 2,466	$ 5,537
Weighted-average common shares outstanding - Basic (in shares)	35,913	35,540	35,904	35,507
Effect of dilution (in shares)	418	450	380	456
Weighted-average common shares outstanding - Diluted (in shares)	36,331	35,990	36,284	35,963
Earnings per share - Diluted (in dollars per share)	$ 0.05	$ 0.12	$ 0.07	$ 0.15

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Derivatives (Details Textual) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Mar. 31, 2012 Bank Term Loan Swap Contract [Member]	Mar. 31, 2012 Bank Revolver Swap Contract [Member]
Minimum Percentage Of Current and Projected Borrowings Under Interest Rate Cash Flow Hedge	50.00%
Minimum Period Of Interest Rate Cash Flow Hedge Under Amended Credit Agreement	3 years
Derivative Liability, Notional Amount			$ 25,000	$ 70,000
Derivative, Fixed Interest Rate			0.44%	0.44%
Derivative, Higher Fixed Interest Rate Range			2.22%	3.81%
Interest rate swaps	(3,506)	0
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	(3,506)
Cash Flow Hedge Gain (Loss) Reclassified to Other Income, Net	(383)
Notional Amount of Foreign Currency Derivative Sale Contracts	3,900
Foreign Currency Dervative Notdesignated As Cash Flow Hedges	$ 63

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Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the computation of earnings per share.

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
Earnings per share - Basic:
Net income	$	1,636	$	4,175	$	2,466	$	5,537
Weighted-average common shares outstanding - Basic		35,913		35,540		35,904		35,507
Earnings per share - Basic	$	0.05	$	0.12	$	0.07	$	0.15
Earnings per share - Diluted:
Net income	$	1,636	$	4,175	$	2,466	$	5,537
Weighted-average common shares outstanding - Basic		35,913		35,540		35,904		35,507
Effect of dilution		418		450		380		456
Weighted-average common shares outstanding - Diluted		36,331		35,990		36,284		35,963
Earnings per share - Diluted	$	0.05	$	0.12	$	0.07	$	0.15

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Commitments and Contingencies (Details Textual) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Unconditional Purchase Obligation Minimum	$ 19,137
Unconditional Purchase Obligation Purchases	5,383
Commitments To Complete Capital Projects In Progress	$ 1,726

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Segment Reporting (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
External revenues	$ 102,335	$ 94,721	$ 203,020	$ 190,499
Instrument [Member]
External revenues	28,530	30,984	55,564	63,130
Implant [Member]
External revenues	25,057	26,474	49,867	53,701
Cases [Member]
External revenues	14,510	22,791	30,360	44,099
Other [Member]
External revenues	6,958	5,646	13,255	11,796
OEM Solutions [Member]
External revenues	75,055	85,895	149,046	172,726
Symmetry Surgical [Member]
External revenues	$ 27,280	$ 8,826	$ 53,974	$ 17,773

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Inventories

6 Months Ended

Jun. 30, 2012

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

3. Inventories

Inventories consist of the following:

	June 30,		December 31,
	2012		2011
	(unaudited)
Raw material and supplies	$	15,004	$	17,870
Work-in-process		24,570		30,083
Finished goods		36,383		36,725
	$	75,957	$	84,678

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Facility Closure and Severance Costs (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011	Dec. 31, 2011
Facility closure and severance costs	$ 299	$ 1,689	$ 672	$ 2,273
Accrued Severance Costs	$ 342		$ 342		$ 605

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Inventories (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Raw material and supplies	$ 15,004	$ 17,870
Work-in-process	24,570	30,083
Finished goods	36,383	36,725
Inventory, Net	$ 75,957	$ 84,678

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Acquisitions (Details Textual) (USD $) In Thousands, unless otherwise specified		0 Months Ended		0 Months Ended
	Aug. 15, 2011 PSCs Olsen Medical Division [Member]	Aug. 15, 2011 PSCs Olsen Medical Division [Member] Acquired Customers [Member]	Dec. 29, 2011 Codman [Member]	Dec. 29, 2011 Codman [Member] Acquired Customers [Member]
Business Acquisition, Cost of Acquired Entity, Cash Paid	$ 11,000		$ 165,687
Purchase price, net	$ 11,000		$ 165,687
Finite-Lived Intangible Assets, Remaining Amortization Period		amortized over 15 years		amortized over 20 years

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Property and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Land	$ 6,429	$ 6,399
Buildings and improvements (20 to 40 years)	42,317	41,994
Machinery and equipment (5 to 15 years)	151,645	151,376
Office equipment (3 to 5 years)	17,987	17,042
Construction-in-progress	9,627	5,755
Property, Plant and Equipment, Gross	228,005	222,566
Less accumulated depreciation	(126,608)	(119,203)
Property and equipment, net	$ 101,397	$ 103,363

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Property and Equipment (Details Textual)	6 Months Ended
	Jun. 30, 2012
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	20 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	15 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years

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Acquisitions

6 Months Ended

Jun. 30, 2012

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

2. Acquisitions

Results of the following acquisitions are included in the statement of operations from the date of acquisition.

On August 15, 2011, the Corporation acquired substantially all of the assets of PSC’s Olsen Medical division (Olsen Medical) for $11,000 in cash. Olsen Medical manufactures a full line of single-use and reusable bipolar and monopolar forceps, cords, electrosurgical pens/pencils, electrodes, and accessories. Olsen Medical’s products are primarily sold directly to hospitals in the U.S. and internationally through distributors.

The aggregate purchase price of $11,000 was allocated to the opening balance sheet as follows:

Current assets	$	3,001
PP&E		1,003
Acquired customers (amortized over 15 years)		3,040
In process R&D		610
Trademarks (indefinite-lived)		1,190
Goodwill		2,912
Current liabilities		(756	)
Purchase price, net	$	11,000

On December 29, 2011, the Corporation acquired the surgical instruments business of Codman & Shurtleff, Inc., a Johnson & Johnson Company, for $165,687 in cash. Codman surgical instruments includes, but are not limited to, reusable stainless steel and titanium surgical hand-held instruments and retractor systems and sterile disposable surgical products.

The aggregate purchase price of $165,687 was preliminarily allocated to the opening balance sheet as follows:

Current assets	$	10,368
PP&E		114
Acquired customers (amortized over 20 years)		80,840
Trademarks (indefinite-lived)		3,380
Goodwill		71,773
Current liabilities		(169	)
Long term liabilities		(619	)
Purchase price, net	$	165,687

The purchase price allocation for the acquisition of the Codman surgical instruments business is preliminary and therefore subject to adjustment.

Unaudited Proforma Results. The following table represents the unaudited proforma results of the Corporation's operations had the acquisitions of Codman surgical instruments business and Olsen Medical been completed as of the beginning of the periods presented:

	Three Months Ended		Six Months Ended
	July 2,		July 2,
	2011		2011
	(unaudited)
Revenue	$	113,033	$	227,122
Net income		5,828		8,785
Earnings per share—basic	$	0.16	$	0.25
Earnings per share—diluted	$	0.16	$	0.24

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Debt Arrangements (Details Textual) (USD $) In Thousands, unless otherwise specified			0 Months Ended	6 Months Ended				0 Months Ended	6 Months Ended	0 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Dec. 11, 2011 Revolving Credit Facility [Member]	Jun. 30, 2012 Revolving Credit Facility [Member]	Apr. 30, 2012 Revolving Credit Facility [Member]	Jun. 30, 2012 Letter Of Credit One [Member]	Jun. 30, 2012 Letter Of Credit Two [Member]	Dec. 11, 2011 Bank Term Loan [Member]	Jun. 30, 2012 Bank Term Loan [Member]	Dec. 29, 2011 Senior Subordinated Term Notes [Member]
Debt Instrument, Increase, Additional Borrowings								$ 50,000
Line of Credit Facility, Increase, Additional Borrowings			50,000
Line of Credit Facility, Maximum Borrowing Capacity			200,000
Long-term Debt, Gross								50,000		65,000
Short-Term Debt	788	6,567		788	0
Standby Line Of Credit Facility Amount Outstanding						2,000	207
Debt Instrument, Maturity Date			Nov. 30, 2015	Apr. 30, 2013					Dec. 31, 2016	Dec. 29, 2017
Debt Instrument, Periodic Payment, Principal									2,778
Debt Instrument, Interest Rate, Stated Percentage										14.00%
Percentage Interest Rate Paid In Kind										2.00%
Percentage Of Prepaid Amount For Prepayment Premium One										4.00%
Percentage Of Prepaid Amount For Prepayment Premium Two										2.00%
Percentage Of Price Payable In Cash For Outstanding Principal Amount										101.00%
Line of Credit Facility, Current Borrowing Capacity				$ 2,000	$ 8,000

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Net Income Per Share (Details Textual)	6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Weighted Average Number of Shares, Restricted Stock	410	256

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 9,563	$ 18,931
Accounts receivable, net	55,914	51,835
Inventories	75,957	84,678
Refundable income taxes	2,656	5,090
Deferred income taxes	9,604	7,535
Derivative valuation asset	63	0
Other current assets	4,693	4,863
Total current assets	158,450	172,932
Property and equipment, net	101,397	103,363
Goodwill	228,491	229,112
Intangible assets, net of accumulated amortization	120,288	124,276
Other assets	8,643	9,182
Total Assets	617,269	638,865
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable	30,232	23,343
Accrued wages and benefits	10,083	7,637
Other accrued expenses	8,672	5,825
Accrued income taxes	137	522
Derivative valuation liability	383	0
Deferred income taxes	0	39
Revolving line of credit	788	6,567
Current portion of capital lease obligations	507	483
Current portion of long-term debt	11,111	5,904
Total current liabilities	61,913	50,320
Accrued income taxes	6,930	6,844
Deferred income taxes	18,910	18,459
Derivative valuation liability	3,123	0
Other liabilities	630	619
Capital lease obligations, less current portion	1,648	1,907
Long-term debt, less current portion	221,381	259,317
Total Liabilities	314,535	337,466
Commitments and contingencies
Shareholders' Equity:
Common Stock, $.0001 par value; 75,000 shares authorized; shares issued June 30, 2012--36,624; December 31, 2011--36,426	4	4
Additional paid-in capital	284,662	283,071
Retained earnings	19,606	17,140
Accumulated other comprehensive income (loss)	(1,538)	1,184
Total Shareholders' Equity	302,734	301,399
Total Liabilities and Shareholders' Equity	$ 617,269	$ 638,865

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Operating activities
Net income	$ 2,466	$ 5,537
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,702	9,228
Amortization of intangible assets	4,020	1,416
Amortization of debt issuance costs	834	166
Interest paid in kind	666	0
Net (gain) loss on sale of assets	(38)	55
Deferred income tax provision	(219)	(401)
Stock-based compensation	1,949	1,641
Derivatives valuation gain	63	0
Foreign currency transaction gain	(99)	(448)
Change in operating assets and liabilities:
Accounts receivable	(4,113)	(3,134)
Other assets	(136)	(2,311)
Inventories	9,035	(6,985)
Current income taxes	2,054	(873)
Accounts payable	6,737	257
Accrued expenses and other	4,851	5,741
Net cash provided by operating activities	36,646	9,889
Investing activities
Purchases of property and equipment	(6,791)	(7,203)
Proceeds from the sale of property and equipment	139	72
Net cash used in investing activities	(6,652)	(7,131)
Financing activities
Proceeds from Bank Revolver	10,855	16,115
Payments on Bank Revolver	(43,571)	(20,281)
Proceeds from (payments on) short term borrowings, net	(5,747)	2,473
Payments on bank term loans and capital lease obligations	(590)	(951)
Proceeds from the issuance of common stock, net	(359)	79
Net cash used in financing activities	(39,412)	(2,565)
Effect of exchange rate changes on cash	50	1,133
Net increase (decrease) in cash and cash equivalents	(9,368)	1,326
Cash and cash equivalents at beginning of period	18,931	15,067
Cash and cash equivalents at end of period	9,563	16,393
Supplemental disclosures:
Cash paid for interest	7,895	1,616
Cash paid for income taxes	$ 189	$ 3,779

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Segment Reporting (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Revenues
External revenues	$ 102,335	$ 94,721	$ 203,020	$ 190,499
Intersegment revenues	0	0	0	0
Total revenues	102,335	94,721	203,020	190,499
Depreciation and amortization	6,304	5,367	12,722	10,644
Operating Income	8,114	7,525	14,176	10,648
Interest expense	5,024	907	10,168	1,790
Derivatives valuation gain	(63)		(63)
Other	(56)	551	(454)	751
Income before income taxes	3,209	6,067	4,525	8,107
OEM Solutions [Member]
Revenues
External revenues	75,055	85,895	149,046	172,726
Intersegment revenues	2,304	1,664	4,151	4,026
Total revenues	77,359	87,559	153,197	176,752
Depreciation and amortization	4,640	5,103	9,406	10,111
Operating Income	5,317	9,637	8,653	17,354
Symmetry Surgical [Member]
Revenues
External revenues	27,280	8,826	53,974	17,773
Intersegment revenues	38	67	218	79
Total revenues	27,318	8,893	54,192	17,852
Depreciation and amortization	1,609	213	3,209	432
Operating Income	5,314	174	10,788	(54)
Unallocated [Member]
Revenues
External revenues	0	0	0	0
Intersegment revenues	0	0	0	0
Total revenues	0	0	0	0
Depreciation and amortization	55	51	107	101
Operating Income	(2,636)	(2,381)	(5,351)	(6,642)
Combined Segments [Member]
Revenues
External revenues	102,335	94,721	203,020	190,499
Intersegment revenues	2,342	1,731	4,369	4,105
Total revenues	104,677	96,452	207,389	194,604
Depreciation and amortization	6,304	5,367	12,722	10,644
Operating Income	7,995	7,430	14,090	10,658
Eliminations [Member]
Revenues
External revenues	0		0
Intersegment revenues	(2,342)	(1,731)	(4,369)	(4,105)
Total revenues	(2,342)	(1,731)	(4,369)	(4,105)
Depreciation and amortization	0		0
Operating Income	$ 119	$ 95	$ 86	$ (10)

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Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment, including depreciable lives, consists of the following:

	June 30,			December 31,
	2012			2011
	(unaudited)
Land	$	6,429		$	6,399
Buildings and improvements (20 to 40 years)		42,317			41,994
Machinery and equipment (5 to 15 years)		151,645			151,376
Office equipment (3 to 5 years)		17,987			17,042
Construction-in-progress		9,627			5,755
		228,005			222,566
Less accumulated depreciation		(126,608	)		(119,203	)
	$	101,397		$	103,363

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Segment Reporting (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
External revenues	$ 102,335	$ 94,721	$ 203,020	$ 190,499
United States [Member]
External revenues	76,313	67,621	149,650	137,751
Ireland [Member]
External revenues	5,440	5,848	11,023	12,610
United Kingdom [Member]
External revenues	7,711	7,793	14,453	15,560
Other Foreign Countries [Member]
External revenues	$ 12,871	$ 13,459	$ 27,894	$ 24,578

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Reportable segment information is as follows:

	Three Months Ended June 30, 2012
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	75,055	$	27,280		-		$	102,335		-		$	102,335
Intersegment revenues		2,304		38		-			2,342	$	(2,342	)		-
Total revenues		77,359		27,318		-			104,677		(2,342	)		102,335
Depreciation and amortization		4,640		1,609	$	55			6,304		-			6,304
Operating income (loss)		5,317		5,314		(2,636	)		7,995		119			8,114
Interest expense														5,024
Derivatives valuation gain														(63	)
Other														(56	)
Income before income taxes														3,209

	Three Months Ended July 2, 2011
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	85,895	$	8,826		-		$	94,721				$	94,721
Intersegment revenues		1,664		67		-			1,731	$	(1,731	)		-
Total revenues		87,559		8,893		-			96,452		(1,731	)		94,721
Depreciation and amortization		5,103		213	$	51			5,367					5,367
Operating income (loss)		9,637		174		(2,381	)		7,430		95			7,525
Interest expense														907
Other														551
Income before income taxes														6,067

	Six Months Ended June 30, 2012
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	149,046	$	53,974		-		$	203,020		-		$	203,020
Intersegment revenues		4,151		218		-			4,369	$	(4,369	)		-
Total revenues		153,197		54,192		-			207,389		(4,369	)		203,020
Depreciation and amortization		9,406		3,209	$	107			12,722		-			12,722
Operating income (loss)		8,653		10,788		(5,351	)		14,090		86			14,176
Interest expense														10,168
Derivatives valuation gain														(63	)
Other														(454	)
Income before income taxes														4,525

	Six Months Ended July 2, 2011
	OEM Solutions		Symmetry Surgical			Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	172,726	$	17,773			-		$	190,499				$	190,499
Intersegment revenues		4,026		79			-			4,105	$	(4,105	)		-
Total revenues		176,752		17,852			-			194,604		(4,105	)		190,499
Depreciation and amortization		10,111		432		$	101			10,644					10,644
Operating income (loss)		17,354		(54	)		(6,642	)		10,658		(10	)		10,648
Interest expense															1,790
Other															751
Income before income taxes															8,107

Schedule Of Revenues To External Customers [Table Text Block]

Revenues to External Customers:

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
United States	$	76,313	$	67,621	$	149,650	$	137,751
Ireland		5,440		5,848		11,023		12,610
United Kingdom		7,711		7,793		14,453		15,560
Other foreign countries		12,871		13,459		27,894		24,578
Total revenues	$	102,335	$	94,721	$	203,020	$	190,499

Schedules Of Sales By Product Segment [Table Text Block]

Following is a summary of the composition by segment and product category of the Corporation's revenues to external customers.

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
Sales by product	2012		2011		2012		2011
	(unaudited)				(unaudited)
OEM Solutions Revenue
Instrument	$	28,530	$	30,984	$	55,564	$	63,130
Implant		25,057		26,474		49,867		53,701
Cases		14,510		22,791		30,360		44,099
Other		6,958		5,646		13,255		11,796
Total OEM Solutions Revenue		75,055		85,895		149,046		172,726
Total Symmetry Surgical Revenue		27,280		8,826		53,974		17,773
Total Revenue	$	102,335	$	94,721	$	203,020	$	190,499

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Basis of Presentation

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Basis of Accounting [Text Block]

1. Basis of Presentation

The condensed consolidated financial statements include the accounts of Symmetry Medical Inc. and its wholly-owned subsidiaries (collectively referred to as the Corporation), which operates in two reportable segments: (1) Original Equipment Manufacturer (“OEM”) Solutions and (2) Symmetry Surgical.  The Corporation is a global supplier of integrated products consisting primarily of surgical instruments, implants and cases to orthopedic and other medical device companies. OEM Solutions primarily designs, develops and manufactures surgical instruments, implants and cases for orthopedic device markets. Symmetry Surgical is the Corporation’s hospital direct business which sells a broad range of reusable stainless steel and titanium surgical hand-held instruments and retractor systems, sterile disposable surgical products, and sterilization containers.

The condensed consolidated financial statements of the Corporation have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments of a normal recurring nature considered necessary to present fairly the consolidated financial position of the Corporation, its results of operations and cash flows. The Corporation’s results are subject to seasonal fluctuations. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements included herein should be read in conjunction with the fiscal year 2011 consolidated financial statements and the notes thereto included in the Corporation’s Annual Report on Form 10-K for fiscal year 2011.

The Corporation’s fiscal year is the 52 or 53 week period ending on the Saturday closest to December 31. Fiscal year 2012 is a 52 week year ending December 29, 2012.  The Corporation’s interim quarters for 2012 are 13 weeks long and quarter-end dates have been set as March 31, 2012, June 30, 2012 and September 29, 2012. Fiscal year 2011 was a 52 week year (ending December 31, 2011). The Corporation’s interim quarters for 2011 were 13 weeks long, ending April 2, 2011, July 2, 2011 and October 1, 2011. References in these condensed consolidated financial statements to the three months ended refer to these financial periods, respectively.

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CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2012	Dec. 31, 2011
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000	75,000
Common stock, shares issued	36,624	36,426

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Accounts Receivable Factoring

6 Months Ended

Jun. 30, 2012

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

11. Accounts Receivable Factoring

In January 2012, the Corporation entered into an agreement with an unrelated third-party for the factoring of specific accounts receivable in the UK to reduce the amount of working capital required to fund such receivables. The factoring of accounts receivable under this agreement is accounted for as a sale in accordance with ASC 860, Transfers and Servicing. Proceeds on the transfer reflect the face value of the account less a discount. The discount is recorded as a charge in selling, general and administrative expenses in the consolidated statement of operations in the period of the sale. Net funds received reduced accounts receivable outstanding while increasing cash. The Corporation has no retained interests, nor any continuing involvement or servicing liabilities related to the accounts receivable that have been sold. For the three and six months ended June 30, 2012, the Corporation had sold $1,530 and $3,505, respectively, of accounts receivable pursuant to this agreement, which represents the face amount of total outstanding receivables at the time the receivables are sold. Fees paid pursuant to this agreement were $13 and $24, respectively, for the three and six months ended June 30, 2012.

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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2012	Aug. 03, 2012
Entity Registrant Name	SYMMETRY MEDICAL INC.
Entity Central Index Key	0001292055
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	sma
Entity Common Stock, Shares Outstanding		36,624,682
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

12. Commitments and Contingencies

Legal & Environmental Matters.  The Corporation is involved, from time to time, in various contractual, product liability, patent (or intellectual property) and other claims and disputes incidental to its business. Currently, there is no environmental or other litigation pending or, to the knowledge of the Corporation, threatened, that the Corporation expects to have a material adverse effect on its financial condition, results of operations or liquidity. While litigation is subject to uncertainties and the outcome of litigated matters is not predictable with assurance, the Corporation currently believes that the disposition of all pending or, to the knowledge of the Corporation, threatened claims and disputes, individually or in the aggregate, should not have a material adverse effect on the Corporation’s consolidated financial condition, results of operations or liquidity.

Unconditional Purchase Obligations.  The Corporation has contracts to purchase minimum quantities of cobalt chrome and titanium through July 2014.  Based on contractual pricing at June 30, 2012, the remaining minimum purchase obligations total $19,137.  Purchases under cobalt chrome and titanium contracts total approximately $5,383 for the six month period ended June 30, 2012.  These purchases are not in excess of our forecasted requirements. Additionally, as of June 30, 2012, the Corporation has $1,726 of commitments to complete capital projects in progress.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Revenue	$ 102,335	$ 94,721	$ 203,020	$ 190,499
Cost of revenue	75,564	72,493	151,105	148,948
Gross profit	26,771	22,228	51,915	41,551
Selling, general and administrative expenses	18,358	13,014	37,067	28,630
Facility closure and severance costs	299	1,689	672	2,273
Operating Income	8,114	7,525	14,176	10,648
Other (income) expense:
Interest expense	5,024	907	10,168	1,790
Derivatives valuation gain	(63)	0	(63)	0
Other	(56)	551	(454)	751
Income before income taxes	3,209	6,067	4,525	8,107
Income tax expense	1,573	1,892	2,059	2,570
Net income	$ 1,636	$ 4,175	$ 2,466	$ 5,537
Net income per share:
Basic (in dollars per share)	$ 0.05	$ 0.12	$ 0.07	$ 0.15
Diluted (in dollars per share)	$ 0.05	$ 0.12	$ 0.07	$ 0.15
Weighted average common shares and equivalent shares outstanding:
Basic (in shares)	35,913	35,540	35,904	35,507
Diluted (in shares)	36,331	35,990	36,284	35,963

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New Accounting Pronouncements Ask Ashly Budd

6 Months Ended

Jun. 30, 2012

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

6. New Accounting Pronouncements

Presentation of Comprehensive Income: In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.  2011-05, “Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”) which amends current comprehensive income guidance.  This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity.  Instead, the Company must report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements.   The Corporation adopted the provisions of this standard on January 1, 2012, which did not have an impact on the Corporation’s consolidated financial position, results of operations or cash flows.

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Debt Arrangements

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

5. Debt Arrangements

On December 11, 2011, the Corporation amended its Credit Agreement (Amended Credit Agreement) to add a $50,000 bank term loan (Bank Term Loan) and an option to borrow an additional $50,000 in the form of an increase to the revolving line of credit or additional bank term loans, subject to approval by a majority of the lenders. Thus, the Amended Credit Agreement currently provides for a $200,000 revolving line of credit (Bank Revolver) and $50,000 of a Bank Term Loan.

Borrowings under the Amended Credit Agreement bear interest at a floating rate, which is either a base rate, or at our option, London Interbank Offered Rate ("LIBOR"), plus an applicable margin. The Corporation had two outstanding letters of credit as of June 30, 2012 in the amounts of $2,000 and $207. The Bank Revolver requires no scheduled payments of principal until maturity in November 2015. The Bank Term Loan has quarterly scheduled principal payments of $2,778 beginning September 2012 through maturity in December 2016.

The Amended Credit Agreement contains various financial covenants, including covenants requiring a maximum ratio of total debt to EBITDA (as defined in the Amended Credit Agreement) and minimum fixed charges ratio of EBITDA. The Amended Credit Agreement also contains covenants restricting certain corporate actions, including asset dispositions, acquisitions, payment of dividends and certain other restricted payments, changes of control, incurring indebtedness, incurring liens, making loans and investments and transactions with affiliates. The Amended Credit Agreement is secured by substantially all of the Corporation’s U.S. subsidiary assets and also contains customary events of default. The Corporation was in compliance with all of its covenants as of June 30, 2012.

On December 29, 2011, the Corporation issued $65,000 of senior subordinated term notes (Term Notes) that mature on December 29, 2017. Amounts outstanding under the Term Notes bear interest at an annual rate of 14%.  Interest is payable in cash, provided that we may elect to pay up to 2% of the interest rate in kind by adding that amount to the outstanding principal balance with compounding interest to accrue.  The Corporation may elect to repay the outstanding principal amount at any time, provided that, (i) with respect to any prepayment made on or prior to December 29, 2013, the Corporation pays a Make-Whole Premium (as defined in the agreement), (ii) with respect to any prepayment made after December 29, 2013 but on or prior to December 29, 2014, the Corporation pays a prepayment premium of 4% of the amount prepaid, and (iii) with respect to any prepayment made after December 29, 2014 but on or prior to December 29, 2015, the Corporation pays a prepayment premium of 2% of the amount prepaid.  The Corporation is also required to prepay amounts outstanding under the agreement using the Net Cash Proceeds (as defined in the Term Notes agreement) of certain asset sales and issuances of debt or equity made by the Corporation during the term of the Term Notes, in each case to the extent such Net Cash Proceeds are not used to repay the Corporation's senior indebtedness.  The Corporation is also required to make an offer (a "Change in Control Offer") to prepay all of the amounts outstanding under the Term Notes at a price in cash equal to 101% of the outstanding principal amount thereunder in the event of a Change of Control (as defined in the Term Notes agreement).  Each lender under the agreement may decline the Corporation's Change in Control offer or elect to accept the Change in Control Offer in whole or in part.  All principal and accrued interest under the Term Notes must be repaid on December 29, 2017.

The Term Notes include customary representations, warranties and covenants made for the benefit of the parties to the agreement.  The covenants include, but are not limited to, requirements to provide financial information and notice of other events to the lenders, as well as restrictions on the incurrence of indebtedness, the creation or existence of liens, sales of assets, transactions with affiliates and other matters.  The Term Notes also include financial covenants, including covenants requiring a maximum ratio of total debt to EBITDA (as defined in the Term Notes Agreement) and minimum fixed charges ratio of EBITDA. The agreement includes customary events of default, including but not limited to, failure to pay any principal, interest, fees or other amounts when due, default under any covenant or any agreement in any loan document (subject to cure periods in some cases), cross-default with other debt agreements and certain bankruptcy and insolvency events.  While not secured by the Corporation’s assets, repayment of amounts outstanding under the Term Notes is guaranteed by all of Symmetry’s U.S. subsidiaries. The Corporation was in compliance with all of its covenants as of June 30, 2012.

In April 2012, our Penang, Malaysia unit renewed its existing short-term revolving line of credit of $8,000 which is renewable on an annual basis.  During June 2012, this agreement was amended to reduce the available limit to $2,000. The facility requires interest only monthly payments at LIBOR, plus an applicable margin per year and the total outstanding amount is due upon maturity in April 2013.  As of June 30, 2012, $788 was outstanding on the facility.  Outstanding amounts on this Malaysian facility are secured by a standby letter of credit issued on the Corporation’s U.S. Amended Credit Agreement in the amount of $2,000.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The fair value and carrying value of the Corporation’s assets and liabilities measured at fair value on a recurring basis were as follows:

	June 30, 2012										December 31, 2011
	Fair Value Measurements										Fair Value Measurements
	Level 1		Level 2			Level 3		Total			Level 1		Level 2		Level 3		Total
	(unaudited)
Assets
Cash and cash equivalents	$	-	$	9,563		$	-	$	9,563		$	-	$	18,931	$	-	$	18,931
Foreign currency forwards				63					63					-				-
Total assets	$	-	$	9,626		$	-	$	9,626		$	-	$	18,931	$	-	$	18,931
Liabilities
Interest rate swaps	$	-	$	(3,506	)	$	-	$	(3,506	)	$	-	$	-	$	-	$	-
Total liabilities	$	-	$	(3,506	)	$	-	$	(3,506	)	$	-	$	-	$	-	$	-

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Facility Closure and Severance Costs

6 Months Ended

Jun. 30, 2012

Facility Closure and Severance Costs [Abstract]

Facility Closure and Severance Costs Disclosure [Text Block]

13.  Facility Closure and Severance Costs

Results of operations include pre-tax charges of $299 and $1,689 for the three months ended June 30, 2012 and July 2, 2011, respectively, and $672 and $2,273 for the six months then ended, associated with employee cost efficiency actions and employee severance costs. As of June 30, 2012 and December 31, 2011, severance accruals related to these cost reduction and efficiency actions totaled $342 and $605, respectively, and are included in other accrued expenses in the consolidated balance sheets. The reduction in the accrual since December 31, 2011 represents payments made during 2012. These costs are expected to be paid through July 2013.

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Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

9. Segment Reporting 

In connection with the Codman surgical instrumentation business & the Olsen Medical acquisitions and the CEO’s implementation of a new reporting structure, the Corporation determined that they had two reportable segments as of December 31, 2011 under the provisions of ASC 820 as opposed to one as of January 1, 2011: OEM Solutions and Symmetry Surgical. OEM Solutions primarily designs, develops and manufactures surgical instruments, implants and cases for orthopedic device companies and companies in other medical device markets such as arthroscopy, dental, laparoscopy, osteobiologic and endoscopy. OEM Solutions also manufactures specialized non-healthcare products, primarily in the aerospace industry. OEM Solutions manages its business in multiple operating segments. Because of the similar economic characteristics of these operations, including the nature of the products, comparable level of FDA regulations, and same or similar customers, those operations have been aggregated for segment reporting purposes. Symmetry Surgical is the Corporation’s hospital direct business which sells a broad range of reusable stainless steel and titanium surgical hand-held instruments and retractor systems, sterile disposable surgical products (vein strippers, SECTO dissectors, tonsil sponges and surgical marker pens), and sterilization containers. These products are typically used in the surgical specialties of spine, general/OB-GYN, microsurgery/neurosurgery, orthopedics, laparoscopy, cardiovascular, thoracic and general surgery in the hospital setting, as well as surgery centers and in select physician offices. Symmetry Surgical was formed upon the acquisition of the surgical instrumentation business of Codman.

The Corporation is a multi-national company with operations in the U.S., United Kingdom, France, Ireland, Malaysia and Germany. As a result, the Corporation's financial results can be impacted by currency exchange rates in the foreign markets in which the Corporation sells its products. Revenues are attributed to geographic locations based on the location to which we ship our products.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in the Corporation’s 2011 10-K, except that the Corporation evaluates segment performance based on income from operations. Beginning January 1, 2012, the Corporation began allocating certain administrative corporate charges to the OEM Solutions and Symmetry Surgical reportable segments. Prior periods have been restated to reflect the allocation of these charges. Other Corporation charges, such as interest, income taxes and remaining unallocated administrative charges have not been allocated to the OEM Solutions or Symmetry Surgical reportable segments. The Corporation generally accounts for intersegment sales and transfers at cost plus a specified mark-up.

Reportable segment information is as follows:

	Three Months Ended June 30, 2012
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	75,055	$	27,280		-		$	102,335		-		$	102,335
Intersegment revenues		2,304		38		-			2,342	$	(2,342	)		-
Total revenues		77,359		27,318		-			104,677		(2,342	)		102,335
Depreciation and amortization		4,640		1,609	$	55			6,304		-			6,304
Operating income (loss)		5,317		5,314		(2,636	)		7,995		119			8,114
Interest expense														5,024
Derivatives valuation gain														(63	)
Other														(56	)
Income before income taxes														3,209

	Three Months Ended July 2, 2011
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	85,895	$	8,826		-		$	94,721				$	94,721
Intersegment revenues		1,664		67		-			1,731	$	(1,731	)		-
Total revenues		87,559		8,893		-			96,452		(1,731	)		94,721
Depreciation and amortization		5,103		213	$	51			5,367					5,367
Operating income (loss)		9,637		174		(2,381	)		7,430		95			7,525
Interest expense														907
Other														551
Income before income taxes														6,067

	Six Months Ended June 30, 2012
	OEM Solutions		Symmetry Surgical		Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	149,046	$	53,974		-		$	203,020		-		$	203,020
Intersegment revenues		4,151		218		-			4,369	$	(4,369	)		-
Total revenues		153,197		54,192		-			207,389		(4,369	)		203,020
Depreciation and amortization		9,406		3,209	$	107			12,722		-			12,722
Operating income (loss)		8,653		10,788		(5,351	)		14,090		86			14,176
Interest expense														10,168
Derivatives valuation gain														(63	)
Other														(454	)
Income before income taxes														4,525

	Six Months Ended July 2, 2011
	OEM Solutions		Symmetry Surgical			Unallocated			Combined segments		Eliminations			Consolidated Total
	(unaudited)
Revenues
External revenues	$	172,726	$	17,773			-		$	190,499				$	190,499
Intersegment revenues		4,026		79			-			4,105	$	(4,105	)		-
Total revenues		176,752		17,852			-			194,604		(4,105	)		190,499
Depreciation and amortization		10,111		432		$	101			10,644					10,644
Operating income (loss)		17,354		(54	)		(6,642	)		10,658		(10	)		10,648
Interest expense															1,790
Other															751
Income before income taxes															8,107

Revenues to External Customers:

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
United States	$	76,313	$	67,621	$	149,650	$	137,751
Ireland		5,440		5,848		11,023		12,610
United Kingdom		7,711		7,793		14,453		15,560
Other foreign countries		12,871		13,459		27,894		24,578
Total revenues	$	102,335	$	94,721	$	203,020	$	190,499

Concentration of Credit Risk:

A substantial portion of the Corporation's revenues is derived from a limited number of customers. Revenue from customers of the Corporation which individually account for 10% or more of the Corporation's revenue is as follows:

Three months ended June 30, 2012— One customer represented approximately 31.8% of revenue, however, excluding the Codman related transitional services agreement, this customer would represent 28.6%.

Six months ended June 30, 2012— One customer represented approximately 32.7% of revenue, however, excluding the Codman related transitional services agreement, this customer would represent 29.4%.

Three months ended July 2, 2011— Two customers represented approximately 31.4% and 11.3% of revenue, respectively.

Six months ended July 2, 2011— Two customers represented approximately 32.8% and 10.4% of revenue, respectively.

Following is a summary of the composition by segment and product category of the Corporation's revenues to external customers.

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
Sales by product	2012		2011		2012		2011
	(unaudited)				(unaudited)
OEM Solutions Revenue
Instrument	$	28,530	$	30,984	$	55,564	$	63,130
Implant		25,057		26,474		49,867		53,701
Cases		14,510		22,791		30,360		44,099
Other		6,958		5,646		13,255		11,796
Total OEM Solutions Revenue		75,055		85,895		149,046		172,726
Total Symmetry Surgical Revenue		27,280		8,826		53,974		17,773
Total Revenue	$	102,335	$	94,721	$	203,020	$	190,499

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Derivatives

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7. Derivatives

The Corporation utilizes derivative instruments to minimize the volatility of cash flows and statement of operations impacts associated with interest rate payments on its variable rate debt and the impact of fluctuations in foreign currency. The Corporation recognizes all derivative instruments as either assets or liabilities at fair value on the consolidated balance sheets. The Corporation utilizes third party valuations to assist in the determination of the fair value of these derivatives. The Corporation considered its derivative instrument valuations to be Level 2 fair value measurements.

To the extent a derivative instrument is designated effective as a cash flow hedge of an exposure to changes in the fair value of a future transaction, the change in fair value of the derivative is deferred in accumulated other comprehensive income (loss), a component of shareholders' equity in the consolidated balance sheets, until the underlying transaction hedged is recognized in the consolidated statements of operations. The Corporation accounts for certain derivatives hedging the payment of interest as cash flow hedges and the impact of the hedge is reclassified to interest expense in the consolidated statements of operations upon payment of interest.

The Corporation's profitability and cash flows are affected by changes in interest rates, specifically LIBOR. The primary purpose of the Corporation's interest rate risk management activities is to hedge its exposure to changes in interest rates. The Corporation’s Amended Credit Agreement requires that the interest be hedged on at least 50% of the current and projected borrowings under the Amended Credit Agreement for a period of at least 3 years beginning no later than March 29, 2012. In March 2012, the Corporation entered into two forward swap contracts to manage interest rate risk related to its Bank Term Loan and a portion of its Bank Revolver. The notional amount on the Bank Term Loan swap contract is $25,000 that amortizes in line with scheduled principal payments through maturity in December 2016 and has a fixed per annum interest rate of 0.44% in 2012 that incrementally increases to 2.22% by 2016. The notional amount on the Bank Revolver swap contract is $70,000 that amortizes in line with expected reductions in the related debt instrument through December 2022 and has a fixed per annum interest rate of 0.44% in 2012 that incrementally increase to 3.81% by 2022. These swap contracts, which had a fair value of $3,506 as of June 30, 2012, were designated as cash flow hedges of the future payments of variable rate interest with one-month LIBOR. For the three and six months ended June 30, 2012, there were losses of $3,506 attributable to these cash flow hedges included in other comprehensive income, of which approximately $383 will be reclassified into earnings in the next twelve months.

In June 2012, the Corporation entered into forward swap contracts to mitigate the impact of fluctuations in foreign currency on the statement of operations. As of June 30, 2012, the Corporation had a contract for the sale of 3,900 Euros which settle in equal amounts over the next twelve months beginning July 2012. These swap contracts, which had an aggregate value of $63 at June 30, 2012, were not designated as cash flow hedges and therefore the change in the fair value is immediately recorded in derivatives valuation gain in the unaudited condensed consolidated statements of operations.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

8. Fair Value of Financial Instruments

As of June 30, 2012, the Corporation held certain assets that are required to be measured at fair value on a recurring basis. These included the Corporation’s derivative instruments in the form of interest rate swaps and foreign currency forward contracts.

The Corporation’s derivative instruments consist of contracts that are not traded on a public exchange. The fair values of interest rate derivative instruments and foreign currency forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Therefore, the Corporation has categorized these derivative instruments as Level 2 in accordance with the FASB Standard on fair value measurement.

On a recurring basis management measures the fair value of its interest rate swaps using the market approach based on projections of the one month LIBOR rate over the life of each swap. Also on a recurring basis, management measures the fair value of its foreign currency forward contracts using the market approach based on the projections of the Euro rate over the life of each forward contract. The fair value and carrying value of the Corporation’s assets and liabilities measured at fair value on a recurring basis were as follows:

	June 30, 2012										December 31, 2011
	Fair Value Measurements										Fair Value Measurements
	Level 1		Level 2			Level 3		Total			Level 1		Level 2		Level 3		Total
	(unaudited)
Assets
Cash and cash equivalents	$	-	$	9,563		$	-	$	9,563		$	-	$	18,931	$	-	$	18,931
Foreign currency forwards				63					63					-				-
Total assets	$	-	$	9,626		$	-	$	9,626		$	-	$	18,931	$	-	$	18,931
Liabilities
Interest rate swaps	$	-	$	(3,506	)	$	-	$	(3,506	)	$	-	$	-	$	-	$	-
Total liabilities	$	-	$	(3,506	)	$	-	$	(3,506	)	$	-	$	-	$	-	$	-

Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. Refer to Note 2 for the fair values of assets acquired and liabilities assumed in connection with the Olsen Medical and Codman surgical instrumentation business acquisitions.

The Corporation reviews for goodwill impairment annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Corporation were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements.

The Corporation periodically evaluates the carrying value of long-lived assets to be held and used, including definite-lived intangible assets and property plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements.

Additionally, financial instruments also consist of cash and cash equivalents, accounts receivable, and long-term debt.  The carrying value of these financial instruments approximates fair value. Additionally, the fair value of cash and cash equivalents and net accounts receivables and payables was estimated by management to approximate fair value due to the relatively short period of time to maturity for these instruments.

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Net Income Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

10. Net Income Per Share

The following table sets forth the computation of earnings per share.

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
Earnings per share - Basic:
Net income	$	1,636	$	4,175	$	2,466	$	5,537
Weighted-average common shares outstanding - Basic		35,913		35,540		35,904		35,507
Earnings per share - Basic	$	0.05	$	0.12	$	0.07	$	0.15
Earnings per share - Diluted:
Net income	$	1,636	$	4,175	$	2,466	$	5,537
Weighted-average common shares outstanding - Basic		35,913		35,540		35,904		35,507
Effect of dilution		418		450		380		456
Weighted-average common shares outstanding - Diluted		36,331		35,990		36,284		35,963
Earnings per share - Diluted	$	0.05	$	0.12	$	0.07	$	0.15

As of June 30, 2012 and July 2, 2011, the diluted weighted-average share calculations do not include performance based restricted stock awarded in 2012 totaling 410 shares and in 2011 totaling 256 shares, respectively, due to the  respective measurement period not being complete.

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Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 9,563	$ 18,931
Foreign currency forwards	63	0
Total assets	9,626	18,931
Liabilities
Interest rate swaps	(3,506)	0
Total liabilities	(3,506)	0
Fair Value, Inputs, Level 1 [Member]
ASSETS
Cash and cash equivalents	0	0
Total assets	0	0
Liabilities
Interest rate swaps	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
ASSETS
Cash and cash equivalents	9,563	18,931
Foreign currency forwards	63	0
Total assets	9,626	18,931
Liabilities
Interest rate swaps	(3,506)	0
Total liabilities	(3,506)	0
Fair Value, Inputs, Level 3 [Member]
ASSETS
Cash and cash equivalents	0	0
Total assets	0	0
Liabilities
Interest rate swaps	0	0
Total liabilities	$ 0	$ 0

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Inventories (Tables)

6 Months Ended

Jun. 30, 2012

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of the following:

	June 30,		December 31,
	2012		2011
	(unaudited)
Raw material and supplies	$	15,004	$	17,870
Work-in-process		24,570		30,083
Finished goods		36,383		36,725
	$	75,957	$	84,678

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Acquisitions (Details) (USD $) In Thousands, unless otherwise specified	Aug. 15, 2011 PSCs Olsen Medical Division [Member]	Dec. 29, 2011 Codman [Member]
Current assets	$ 3,001	$ 10,368
PP&E	1,003	114
Acquired customers (amortized over 15 years)	3,040	80,840
In process R&D	610
Trademarks (indefinite-lived)	1,190	3,380
Goodwill	2,912	71,773
Current liabilities	(756)	(169)
Long term liabilities		(619)
Purchase price, net	$ 11,000	$ 165,687

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Accounts Receivable Factoring (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Sale Of Accounts Receivable Pursuant To Factoring Agreement	$ 1,503	$ 3,505
Fees Paid Pursuant To Factoring Agreement	$ 13	$ 24

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Net income	$ 1,636	$ 4,175	$ 2,466	$ 5,537
Other comprehensive income (loss)
Foreign currency translation adjustments	(3,568)	2,088	(569)	5,076
Derivative valuation loss, net of taxes	(2,153)	0	(2,153)	0
Comprehensive income (loss)	$ (4,085)	$ 6,263	$ (256)	$ 10,613

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Property and Equipment

6 Months Ended

Jun. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

4. Property and Equipment

Property and equipment, including depreciable lives, consists of the following:

	June 30,			December 31,
	2012			2011
	(unaudited)
Land	$	6,429		$	6,399
Buildings and improvements (20 to 40 years)		42,317			41,994
Machinery and equipment (5 to 15 years)		151,645			151,376
Office equipment (3 to 5 years)		17,987			17,042
Construction-in-progress		9,627			5,755
		228,005			222,566
Less accumulated depreciation		(126,608	)		(119,203	)
	$	101,397		$	103,363

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Acquisitions (Details 1) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended	6 Months Ended
	Jul. 02, 2011	Jul. 02, 2011
Revenue	$ 113,033	$ 227,122
Net income	$ 5,828	$ 8,785
Earnings per share-basic (in dollars per share)	$ 0.16	$ 0.25
Earnings per share-diluted (in dollars per share)	$ 0.16	$ 0.24

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Segment Reporting (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Customer One [Member]
Entity-Wide Revenue, Major Customer, Percentage	31.80%	31.40%	32.70%	32.80%
Customer Two [Member]
Entity-Wide Revenue, Major Customer, Percentage		11.30%		10.40%
Codman [Member] | Customer One [Member]
Entity-Wide Revenue, Major Customer, Percentage	28.60%		29.40%

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2012

Business Acquisition, Pro Forma Information [Table Text Block]

 The following table represents the unaudited proforma results of the Corporation's operations had the acquisitions of Codman surgical instruments business and Olsen Medical been completed as of the beginning of the periods presented:

	Three Months Ended		Six Months Ended
	July 2,		July 2,
	2011		2011
	(unaudited)
Revenue	$	113,033	$	227,122
Net income		5,828		8,785
Earnings per share—basic	$	0.16	$	0.25
Earnings per share—diluted	$	0.16	$	0.24

PSCs Olsen Medical Division [Member]

Schedule of Purchase Price Allocation [Table Text Block]

The aggregate purchase price of $11,000 was allocated to the opening balance sheet as follows:

Current assets	$	3,001
PP&E		1,003
Acquired customers (amortized over 15 years)		3,040
In process R&D		610
Trademarks (indefinite-lived)		1,190
Goodwill		2,912
Current liabilities		(756	)
Purchase price, net	$	11,000

Codman [Member]

Schedule of Purchase Price Allocation [Table Text Block]

The aggregate purchase price of $165,687 was preliminarily allocated to the opening balance sheet as follows:

Current assets	$	10,368
PP&E		114
Acquired customers (amortized over 20 years)		80,840
Trademarks (indefinite-lived)		3,380
Goodwill		71,773
Current liabilities		(169	)
Long term liabilities		(619	)
Purchase price, net	$	165,687