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| Company | Revenues ($mm) |
% Chg | Net Income ($mm) |
% Chg | Diluted EPS | Notes | ||
| 1Q:06 | 1Q:05 | 1Q:06 | 1Q:05 | |||||
| Anika Therapeutics | 7.0 | 7.3 | -5% | 0.88 | 1.20 | -26% | $0.08 | |
| Arthrocare | 62.5 | 49.7 | 26% | 8.42 | 3.16 | 166% | $0.31 | Non-GAAP basis |
| Biomet* | 506.3 | 482.0 | 5% | 106.07 | 101.62 | 4% | $0.43 | Adjusted Earnings in 2005 |
| CryoLife | 19.4 | 17.7 | 10% | (1.29) | (1.40) | N/A | ($0.06) | Adjusted net loss |
| DePuy (JNJ) ^ | 1,039.0 | 993.0 | 5% | N/A | N/A | N/A | ||
| dj Orthopedics | 82.6 | 70.3 | 18% | 8.02 | 6.60 | 22% | $0.35 | Non-GAAP basis |
| Encore Medical Corp. | 88.1 | 71.6 | 23% | (2.53) | 1.28 | N/A | ($0.04) | Continuing operations only |
| Exactech | 25.4 | 22.6 | 12% | 1.60 | 1.20 | 33% | $0.10 | |
| IsoTis OrthoBiologics | 9.8 | 7.8 | 26% | (2.4) | (2.2) | N/A | ($0.03) | Excludes effect of foreign exchange |
| Kyphon | 91.4 | 66.2 | 38% | 12.83 | 6.42 | 99% | $0.28 | Non-GAAP basis |
| LifeCell | 30.7 | 19.9 | 54% | 4.06 | 2.13 | 91% | $0.12 | |
| NuVasive | 19.7 | 13.3 | 48% | (4.27) | (2.62) | N/A | ($0.14) | Non-GAAP basis |
| Orthofix | 81.1 | 77.7 | 4% | 8.9 | 9.5 | -6% | $0.56 | Excludes miscellaneous charges |
| OrthoLogic | - | - | N/A | (8.05) | (5.50) | N/A | ($0.20) | Excludes acquisition related charges |
| Orthovita | 10.8 | 7.9 | 37% | (3.44) | (2.89) | N/A | ($0.70) | Non-GAAP basis |
| Smith and Nephew PLC | 643.0 | 628.0 | 2% | 87.00 | 86.00 | 1% | $0.92 | Continuing operations only |
| Stryker | 1,320.9 | 1,202.5 | 10% | 200.20 | 166.70 | 20% | $0.49 | Adjusted Earnings |
| Synthes^ | 576.4 | 502.9 | 15% | N/A | N/A | N/A | ||
| Wright Medical | 86.3 | 82.6 | 4% | 5.07 | 7.40 | -32% | $0.14 | Non-GAAP basis |
| Zimmer Holdings | 860.4 | 828.5 | 4% | 217.9 | 186.9 | 17% | $0.87 | Adjusted earnings |
| Total^ | 5560.8 | 5151.3 | 7.9% | 639.0 | 565.5 | 13.0% | ||
* 3Q:06
^ Excluding net income for DePuy and Synthes.
Biologics: Orthovita reported its 1Q:06 product sales grew 37% ($10.8 million vs. $7.9 million) compared to 1Q:05. On a non-GAAP reporting standard, net loss for the quarter was $3.4 million or a loss of $0.07 per share. During the quarter, improvement in sales contributed to the expansion of VITAGEL® and VITOSS® FOAM product portfolios in the U.S. Approximately 60% and 16% of the respective total product sales were from VITOSS® FOAM and VITAGEL® products; 93% of total sales were contributed to the U.S. and the rest is from outside of the U.S.
Cryolife reported 10% in total revenues ($19 million vs. $18 million) for 1Q:06 compared to 1Q:05. Adjusted net loss for the quarter was an improvement of $69,000 from a loss of $1.4 million to $1.3 million. Sales from BioGlue were flat while orthopedic sales gained 60% during the quarter. Management forecast FY2006 tissue processing and product revenues to increase between $76 and $80 million, BioGlue revenues to be $39 to $41 million and tissue processing revenues to be $36 to $38 million.
Excluding acquisition of AzERx and related charges, OrthoLogic reported net loss of $8.0 million in 1Q:06 compared to a loss of $6.1 million in 1Q:05. During the quarter, several key events triggered OrthoLogic's stock to drop to significantly; a failed Phase 3 clinical trial of Chrysalin in distal radius fracture and the resignation of James Pusey, former CEO. For FY2006, managements will continue to direct its effort to the Chrysalin program in fracture repair as well as diabetic foot ulcer healing.
Bracing: dj Orthopedics reported 1Q:06 revenues of $82.6 million, an increase of 16% over $70.3 million in 1Q:05. Non-GAAP net income was up by 21.6% ($8.0 million vs. $6.6 million) or $0.35 per share. In the U.S., average daily sales for Domestic Rehabilitation grew 15% and Regeneration segment grew 19%. Included in the Regeneration segment is the OL1000™ fracture stimulator, which grew 15% and SpinaLogic® spine stimulator grew 25% in 1Q:06. Management forecasts that for FY2006 total revenues will be approximately $395 million to $400 million. For 2Q:06, total revenues will be between $103 million and $106 million.
Large Joints: Encore Medical reported 1Q:06 of $88 million vs. $72 million, an increase of 23% compared to 1Q:05. Net income for the quarter which included acquisition related charges and employee stock-based compensation expenses, the Company posted a net loss of $2.5 million from continuing operations. In1Q:06, the Orthopedic Rehabilitation Division and the Surgical Implant Division increased 22.7% and 25.5%, respectively. The Surgical Implant Division was driven primarily by growth in knee, hip and shoulder lines.
Sports Medicine: ArthroCare reported 1Q:06 revenues increase of 25.7% ($62.5 million vs. $49.7 million) over 1Q:05. Non-GAAP net income was reported at $8.4 million or $0.31 per diluted share. In the Sports Medicine segment, the Company experienced 22% growth or 67% of total product revenue for the quarter. Spine business experienced 15% increased and represented 11% of total product revenue in 1Q:06. The Company forecasts that revenue for FY2006 will be in the range of $255 million to $265 million; GAAP diluted EPS will be in the range of $1.10 to $1.20.