Biomet Announces F3Q:11
BY LAUREN UZDIENSKI, APRIL 12, 2011
Biomet announced results from their fiscal third quarter (ended February 28) this morning, and while they did not meet their goal of "sustainable above-market growth," revenues were largely stable and demonstrated sequential improvement in trauma and spine.
Overall sales of $678 million increased by 2% when excluding the effects of currency. Recon sales contributed $516 million and increased by 1% over the year-ago period, decelerating from 3% growth in F2Q:11. Hip was flat during the third quarter, while knee was down 1% overall and declined by 5% in the U.S. Extremity sales increased by 18%. Further, dental was up by 6%, accelerating from a 3% increase in F2Q:11.
In other product segments, trauma sales declined by 1%, improving sequentially from a decline of 2% in the second quarter. Spine sales strengthened sequentially from a decline of 3% in F2Q:11 to a 1% increase in F3Q:11. The company noted that sales of spine hardware and orthobiologics were impacted by decreased sales of spinal stimulation devices.
Biomet also announced that they resolved an FDA warning letter relating to the Signature Personalized Patient Care system, which offers patient-specific procedure planning and surgical positioning guides, and have resumed marketing that system.
