Earnings Biomet reported FQ3:08 net sales of $603.1 million, a 14% increase over the year-ago period. Excluding the impact of foreign currency, net sales increased 10%. U.S. revenue was $351.6 million. Adjusted net income for the third quarter was $25.2... more
Earnings Biomet announced preliminary FQ3:08 revenues of $603.1 million, an increase of 14% over the year-ago period. By segment, reconstructive device sales increased 19% worldwide and 13% in the U.S.; knee sales increased 24% worldwide and 21% in the U.S.,... more
Earnings Anika Therapeutics reported 4Q:07 product revenue of $7.9 million, in line with estimates and up from $5.08 million for the same period last year. The revenue growth was attributed to domestic and international sales of the ORTHOVISC product line,... more
Earnings Biomet reported earnings for 2FQ:08 last week, with net sales up 11% to $578.1 million over the comparable quarter. Worldwide, knee sales were up 17%, and hip was up 12%. Extremity sales increased 11% and bone cements and accessories... more
Earnings Tutogen reported FY07 revenues of $53.8 million, an increase of 42% over FY06. The Company reported net income of $6.8 million, or $0.36 per fully diluted share in fiscal year 2007 compared to a net loss of $0.6 million,... more
Earnings DJO reported 3Q:07 net revenues of $119.8 million, up 5.8% over 3Q:06. Excluding a 2006 revenue benefit from shipping terms and clearing of product backorders associated with Aircast, 3Q:07 revenue was up 7.6% to $121.8 million, in line with... more
Earnings Biomet reported FQ1:08 sales of $552.3 million, up 9% over the comparable quarter. The company reported a net loss for the quarter of $42.9 million, down from an income of $104.4 million for FQ1:07. The company attributed the loss... more
Biomet announced yesterday in a preliminary earnings release for FQ1:08 that the company was under investigation for possible violations of the Foreign Corrupt Practices Act (FCPA). The investigation was said to be informal and involve other companies in addition to... more
Legal Federal prosecutors announced on Thursday the terms of a settlement with Zimmer, Depuy, Biomet, Smith & Nephew and Stryker following an investigation into physician compensation practices. Zimmer, Depuy, Biomet and Smith & Nephew entered into deferred prosecution agreements and... more
Regulatory Inion Oy received FDA approval for its implant material BioRestore in dental and cranio-maxillofacial applications. The product is designed to fill bony voids or gaps in the skeleton. BioRestore is currently being reviewed by the FDA for use in... more
Yesterday afternoon Biomet announced that its acquisition by a private equity consortium was approved by the Company's shareholders at the increased price of $46.00 per share. According to a preliminary tally, 91.56% of the total shares outstanding voted in favor... more
Earnings Large Joint: Exactech announced 2Q:07 revenue of $31.6 million, beating estimates of $29.9 million and up 19% from the comparable quarter. CEO Bill Petty attributed the growth to "acceptance of our new products and continuing success of our products... more
M&A Biomet Inc. shareholders accepted an $11.4 billion buyout offer from a private equity consortium attempting to acquire the medical device maker. The consortium, LVB Acquisition LLC, announced Thursday that nearly 83 percent of Biomet's shares were tendered. The company... more
M&A The private equity consortium set to acquire Biomet increased its buyout offer to $46.00 per share in cash, or an equity value of $11.4 billion. The new offer represents a 32.3% premium over the April 2006 common stock closing... more
The private equity consortium acquiring Biomet increased their buyout offer from $44.00 per share to $46.00 per share, an equity value of $11.4 billion. The $46.00 offer represents a 32.3% premium over Biomet's April 3, 2006 closing price, the trading... more
Regulatory CMS released a proposed non-coverage decision for lumbar artificial disc replacements following a review of Synthes' Pro-Disc-L. The agency found that LADR is not reasonable and necessary for Medicare recipients over 60 based on lack of relevant data and... more
Just as one DOJ investigation seemed to be coming to a close, Biomet reported late last week that the company is facing new subpoenas from federal prosecutors. The government is requesting documents from as far back as 1999 relating to... more
A DOJ investigation into surgeon compensation practices by Biomet, Depuy, Smith & Nephew, Stryker and Zimmer in 2005 could reach a settlement "as soon as this summer," according to the Star-Ledger's John P. Martin. Current terms of the settlement are... more
Earnings Medtronic reported FY2007 earnings of $12.3 billion, an increase of 9% over FY2006. Adjusted income was up 10% to $2.8 billion, or $2.41 per share, an increase of 15% over the previous year. For the fourth quarter, revenue was... more
Earnings BioMimetic Therapeutics reported a 1Q:07 net loss of $5.7 million or $(0.34) per share, beating estimates of $(0.37) and comparing to a net loss of $3.8 million, or $(2.22) per share, in 1Q:06. The company reported revenues of $0.25... more
Biomet announced it gained FDA clearance to market the first vitamin E stabilized highly crosslinked polyethylene acetabular cup liner. Using the trade name E-Poly, Biomet's product uses the antioxidant vitamin E to reduce wear of the poly liner as oxidation... more
Earnings Large Joints Zimmer reported income of $233.4 million, or $0.98 per share, beating estimates of $0.93. The quarter compares to a profit of $205.6 million, or $0.82 per share in 1Q:06. Revenue rose 10% to $950.2 million from $860.4... more
Last week, we attended the Society for Biomaterials' annual conference. The event showcases the latest academic research and its broad applications across medical specialties. Roughly a third of the poster presentations focused on orthopedics, and most of the rest related... more
Earnings Stryker announced 1Q:07 earnings on Wednesday. Net income increased to $243.5 million, or $0.59 per share, beating analysts' estimates of $0.58 per share. In the comparable quarter, net income was $147.5 million, or $0.36 per share. Revenues increased 13%... more
Earnings aap Implantate AG announced 2006 revenues of EUR 18.5 million, up 38% from the previous year. The aap Group attributed the growth to the Biomaterials segment, where sales increased by 64% to EUR 12.2 million. Biomaterials now generates two... more
Preliminary findings from an investigation into Biomet's options backdating announced last week showed a $50 million discrepancy between 1996 and 2006, and CFO Gregory D. Hartman and Exective Vice President of Administration Daniel P. Hann have both resigned. What does... more
Earnings Orthofix International N.V. announced 4Q:06 revenue of $116.1 million, an increase of 45% over 4Q:05 and just missing estimates of $116.6 million. $28.1 million of 4Q:06's revenue can be attributed to the September 2006 acquisition of Blackstone Medical, Inc.... more
Biomet today announced that Jeffrey Binder has been hired as CEO. He will replace Daniel Hann, Biomet's former General Counsel and most recently its Interim CEO. Hann will stay with the company as EVP of Administration and a board member.... more
Sunny San Diego hosted this year's AAOS meeting, and with more than 470 exhibitors wall-to-wall on the Convention Center floor, it was the biggest Academy yet. One of our cab drivers said, as we were driving away from the conference... more
Earnings Biologics Regeneration Technologies, Inc. reported 4Q:06 revenues of $19.1 million, down 5% from $20.1 million in 4Q:05. The Company reported net loss of $6.7 million, compared to a net lossn of $1.7 million for 4Q:05. Net loss per diluted... more
Today Biomet Sports Medicine announced that it is doing a deal with Marc Tec LLC to acquire access to minimally invasive sports medicine and arthroscopic technologies. Marc Tec is an affiliate of Bonutti Technologies and the deal includes over 45... more
Earnings Lifecore Biomedical reported earnings for the second quarter ending December 31, 2006. Net income fell to $1.37 million, or $.10 per diluted share during the quarter from $1.39 or $.10 per diluted share, in the quarter ending December 31,... more
M&A Biomet has agreed to a $10.9 billion buyout from a consortium of private investors, including Biomet founder and former CEO Dane Miller, the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and the Texas Pacific Group. The consortium... more
This morning Biomet's board of directors announced an agreement to be acquired by Dane A. Miller, the company's longtime CEO who was pushed aside in March of this year. Miller and his backers - a consortium of private equity firms... more
Regulatory CryoLife received FDA 510(k) clearance for its ProPatch™ Soft Tissue Repair Matrix, an announcement that drove its stock up 9%. Among other applications, ProPatch can be used to reinforce tissues repaired by sutures or by suture anchors during tendon... more
Earnings Biologics: Orthovita reported 3Q:06 product sales came in at $11 million, up 32% compared to 3Q:05. Net loss for the quarter was $3.7 million, or a loss of $0.07 per share. The Company beat analysts' EPS estimates by $0.02,... more
This morning Smith & Nephew issued a statement confirming speculations that it has been speaking with Biomet. The Company stated that it, "it has held very preliminary talks with the US medical devices company, Biomet Inc. No agreement has been... more
Reuters reported that takeover speculation from the ft.com/alphaville website and trading desks were fueling bullish options trading of Biomet shares. The merger is speculated to involve a "larger company or possibly a private equity bid." Smith & Nephew has been... more
Earnings Dental: Lifecore Biomedical announced that 1Q:07 net sales increased 12% to $15 million. Net income for the quarter was $1.1 million, representing a year-over-year increase of 9%. The Company was in-line with analysts' estimates and reported earnings of $0.08... more
Earnings: Biomet reported its 1Q:07 earnings totaled $0.44 per share (excluding the adoption of the share-based payment) which was $0.01 more than what analysts were expecting. Revenues increased by 5% to $508 million (foreign currency had a $3 million favorable... more
Earnings: Biologics: Tutogen reported 3Q:06 sales of $10 million and a net loss of $1.1 million, or $0.07 per fully diluted share compared to the same quarter last year. The Company would have experienced breakeven results without ~$1.1 million in... more
Earnings: Biologics: Orthovita reported 2Q:06 product sales came in at $11.2 million, up 32% compared to 2Q:05. On a non-GAAP basis net loss for the quarter was $5.1 million, or a loss of $0.10 per share. The Company did not... more
Earnings: Biologics: IsoTis OrthoBiologics reported 2Q:06 revenue of $10.8 million, up 43% compared to $7.5 million in 2Q:05. Its U.S. division grew 22%, while international revenues grew 39%. The Company has three distribution channels: U.S. independent agents, international distributors and... more
As we have previously discussed in several posts, since April the Center for Medicare and Medicaid Services (CMS) has planned to release new Inpatient Prospective Payment System (IPPS) regulations for FY 2007. Late Tuesday CMS issued this much-anticipated IPPS rule,... more
Appointment: Biomet, Inc. appointed Charles E. Niemier as President of EBI's operations following the resignation of its former president, Bart J. Doedens, M.D. Mr. Niemier has been a member of the senior management team and Board of Directors for more... more
It has been quite a year for Biomet and it doesn't seem be settling down. The Company announced on Wednesday that it had named Charles Niemier as President of its EBI Spine Division. Mr. Niemier will replace Bart Doedens who... more
Smith & Nephew announced today that it had received a subpoena from the U.S. Department of Justice, Antitrust Division, for documents relating to possible antitrust issues over the manufacture and sale of orthopedic implant devices, joining its peers Zimmer, Biomet,... more
Appointment: Spine Wave announced that it has elected Ron Pickard to its Board of Directors. In addition to his role on the Board, Mr. Pickard will be actively involved in key projects including the development and commercialization of Spine Wave's... more
BMET reported its 4Q:06 (May fiscal year) financials this week. Earnings totaled $0.46 per share excluding non-recurring items which was in-line with analyst estimates. Revenues increased 7%, as reported, and 10% on a constant currency basis to $540 million which... more
This morning, Biomet announced that it has a subpoena from the Department of Justice, Antitrust Division, requesting documents regarding possible violations of federal criminal law, including possible violations of the antitrust laws, relating to the manufacture and sale of orthopedic... more
On Friday, June 2, the FDA's Orthopedic and Rehabilitation Devices Panel met to discuss the RS Medical petition to reclassify noninvasive bone growth stimulators from Class III to Class II. In a 4-2 vote, the panel recommended leaving the bone... more
Final results for the 26 publicly-traded orthopedic companies* in 1Q:06 showed that orthopedic sales for first quarter increased by 9.2%, as reported. Now that Medtronic has reported its spine revenues, total aggregated sales for those 26 companies came in at... more
Appointment: Scient'x USA appointed Tracy Brown as Vice President of Sales. Mr. Brown was formerly with Microtek Medical and Stryker Spine, both in the area of marketing and sales. Scient'x, SA is a HealthpointCapital portfolio company. Clinical Update: At the... more
The first group of orthopedic companies reported their 1Q:06 this week and took in $5.3 billion so far. The total aggregated revenues for the quarter were up by 7% from $4.9 billion in 1Q:05. The industry netted $637.8 million, a... more
Biomet was founded twenty-nine years ago with a superb management team including Dane Miller, Ph.D. Dr. Miller became the iconic figure of Biomet and has led the Company on a very successful run with a current market capitalization of $9.5... more
The announcement of Biomet hiring investment bank Morgan Stanley, sent its stock price up 11% in one day. With news of Dane Miller resigning and the Company hiring a banker, there were many speculations suggesting Biomet is for sale. However,... more
Dane Miller of Biomet called it quits a week after releasing its 3Q:06 earnings report. Last week, the Company reported earnings per share (EPS) of $0.43 which was in line with Street's estimate but did not meet analysts' expectation for... more
This morning, legendary orthopedic CEO, Dane A. Miller, Ph.D., Biomet's President and Chief Executive Officer and co-founder, announced his decision to retire. He will remain a Director and serve as a consultant. The Biomet Board has appointed Senior Vice President... more
This week at HealthpointCapital, we compiled a brief synopsis of the 2006 Orthopedic Industry, projecting that total revenue in 2006 will grow by 12% for the year. Appointment: Two notable extremities companies named their new CEOs this week: Wright Medical... more
Looking ahead to the AAOS 73rd Annual Meeting on March 22-26, 2006 taking place at the McCormick Place Convention Center in Chicago, we wanted to post the latest information on Company Analyst meetings that will be held in Chicago: -... more
Biomet received FDA approval for the C2a-Taper Acetabular System, a ceramic-on-ceramic hip replacement system. Biomet's FDA approval follows Stryker, Wright Medical, Encore Medical, Smith & Nephew and Zimmer. President and CEO Dane A. Miller, Ph.D. stated, "We are pleased to... more
Biomet reported that earnings-per-diluted share (EPS) totaled $0.41 for the 2Q:06 which was $0.02 below the $0.43 analyst's were forecasting. Revenues for the quarter increased by 8% and totaled $494.7 million which was slightly below analyst estimates of $503.5 million.... more
Appointment: OrthoSoft announced that Max Link has joined its Boards of Directors. With over 25 years of experience, Mr. Link is a very well-recognized individual in the medical device and pharmaceutical industry. He was CEO and Chairman of Centerpulse when... more
[Editor's note: We welcome attorney Susan Berson of Mintz, Levin as a guest blogger. See her profile here.] Earlier this year, the government announced investigations of several device manufacturers charging that the manufacturers were offering inappropriate incentives to referring physicians... more
Is Wall Street's shrill reaction to hip and knee implant pricing concerns overblown? Even with sophisticated econometric tools such a question is difficult to evaluate because we are dealing with an expectations driven phenomenon. So we have our doubts about... more
While Medtronic was the big winner this week, Wright Medical ("WMGI") captured more headlines with two important news items that have negatively impacted their stock price. On Wednesday, WMGI's stock price suffered a huge loss with 20% decline intraday due... more
The decline in the valuations of the orthopedic stock prices has reached epic proportions. The 7 leading orthopedic companies which derive a majority of their revenues from hip and knee sales are on average 30% off their 52-Week Highs. Biomet... more
The rate of growth in the hip market has been somewhat lackluster since the 2Q:04. That quarter marked the first two FDA approvals for ceramic-on-ceramic hips for Stryker and Wright Medical. For the 12 months prior to the 2Q:04, Stryker... more
This week, we decided to post the Orthopedic News Roundup for Thursday, instead of Friday due to the upcoming holiday. Clearly the biggest headline this week is the announcement of a take-over bid by Musculoskeletal Transplant Foundation ("MTF") for Osteotech... more
Earnings: Please refer to the table (below) for individual company sales and earnings. It's all about earnings this week... Biologics: Clearly, the big winner this week is LifeCell Corp. who reported strong earnings on Monday stock was up 24% at... more
Perhaps the most startling innovation of this years AOSSM sports medicine conference was a palm pilot kiosk where surgeons and exhibitors could beam the entire conference program and floorplan into their cellphones and PDAs in about 30 seconds. Immediately addicted,... more
Anika Therapeutics got hit earlier this week due to First Albany downgrading the stock from buy to neutral; stock dropped 13% at the close. Meanwhile, Biomet reported its 4Q:05 and FY ends: spinal revenues increased by 27% and 34%, respectively.... more
Biomet announced last evening that it was reducing its 4Q:05 earnings guidance as a consequence of hitting the low end of its previous range for 4Q:05 revenues. The Company stated that revenues totaled $503 million for the 4Q:05 which is... more
About six months ago I had an individual come into my office asking about an article he had recently read in a local newspaper regarding hip resurfacing. The man was approximately 40 years old and was too young for a... more
Biomet reported an 18% increase in net sales which totaled $482 million during the 3Q:05. The company also reported earnings, excluding any one-time costs associated with its recent Interpore Cross or Biomet Merck acquisitions, totaled $0.40 per diluted share which... more
We have aggregated the 4Q:04 and 3Q:04 reported revenues (includes the effects of foreign currency) for 16 public orthopedic companies. Although we would have liked to use revenue growth rates which excluded foreign currency, a majority of the companies report... more
This year we attended Smith & Nephew's, Biomet's, Stryker's, and Encore Medical's analyst meetings. All were very professional and well attended. Here are our notes from each: Smith & Nephew Overview: Although Smith & Nephew posted the best large joint... more
Direct-to-consumer advertising has become the most powerful means of marketing pharmaceuticals over the last decade. For years we have seen these strange advertisements which typically only mention the name of a drug and the manufacturer, but withhold any information regarding... more
BMET reported adjusted earnings-per-share of $0.38 during the 2Q:05 which was a 19% increase over the 2Q:04. The adjusted earnings do not include certain non-recurring costs associated with the acquisition of Merck KGaA's interest in Biomet Merck and the acquisition... more
Three of the seven leading large joint orthopedic manufacturers have reported their 3Q:04 financials. So far, market growth rates on a constant currency basis remain in-line with the growth rates reported by industry leaders DePuy, Biomet and Stryker in the... more
BMET reported adjusted earnings of $0.36 which excluded the acquisition of Biomet Merck joint venture and Interpore International. This was an increase of 20% over the 1Q:04 and $0.01 better than consensus estimates. However, BMET's revenues of $438 million, which... more
Biomet announced that revenues totaled $447 million for the 4Q:04 and $1.6 billion in 2004 representing a 19% and 16% increase, respectively. Adjusted earnings (for the acquisitions of Merck Joint Venture and Interpore Cross) per share totaled $0.37 for the... more
20 years ago, Interpore brought to market coral based bone void fill. The coral, which remains in abundant supply, came from some distant south pacific atoll. But what really turned the money key initially, and later the interest of shareholders,... more
We tabulated the five largest general orthopedic companies' financial results for the 1Q:04. The companies include Stryker, Zimmer, Biomet, Smith & Nephew and Wright Medical, each of which has a market capitalization in excess of $1 billion. Although many subscribers... more
The 2004 American Academy of Orthopedic Surgeons hit with the speed and intensity of a tornado. It wasn't a destructive tornado but rather a whirlwind of innovative technology and merger activity. Biomet (BMET:NASDAQ) couldn't wait for the official Academy to... more
The last remaining, full line public spinal implant company is gone. This morning Biomet agreed to pay $280 million or 3.6x 2004 revenues (36x expected 2004 EBITDA) for Interpore Cross. This transaction, assuming it is completed, will vault Biomet into... more
Interpore Cross sold $44.6 million of spinal implants (not counting bone void fill) in 2003, a 21% increase over its level in 2002. Industry-wide, we estimate spinal implant sales rose 29% to $2.8 billion in 2003. Interpore's market share, we... more
Biomet (BMET:NASDAQ) reported its 2Q:04 financials on Thursday. As a consequence of not reporting financials based on a calendar fiscal year, BMET is the earliest to report their quarter. Therefore, both analysts and orthopedic investors pay close attention to BMET... more
For the third quarter, with three more companies yet to report, public orthopedic companies have reported that their sales grew 17.5% on a year-over-year basis. To put that into perspective, U.S. GDP grew at a 7.2% annual rate in the... more
What makes the Orthopedic Industry's current renaissance so interesting is not only how unexpected it is, but how unexpectedly broad and deep it is. Unlike the cardiovascular industry, which is riding the drug coated stent phenomenon, orthopedic revenues are bubbling... more
Is anyone paying attention to Biomet? With Stryker at 38x earnings, Zimmer at 31x earnings and little ol' Wright Medical (3% market share) at a whopping 48x earnings, why is Biomet at 26x? Those, by the way, are trailing 12... more
Despite being asked by the Merrill analyst to comment on the prospects for the Next Gen product (manufactured by Zimmer... oops, she meant Next Generation), Biomet's CEO, Dane Miller, was his usual wry self as he announced that overall sales... more
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