MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Biomet swings to Q4 black, pares fiscal 2013 losses

Biomet swings to Q4 black, pares fiscal 2013 losses

By

Biomet swings to Q4 black, pares fiscal 2013 losses

Biomet said it posted black ink during the 4th quarter and cut its losses for fiscal 2013, reporting a 1.0 % decline in large joint reconstruction sales.

The privately held medical device company, which is said to be considering an IPO or sale, is closely watched as a bellwether for the orthopedic market, which has been bedeviled in recent years by falling procedure volumes for hip and knee replacements.

Biomet reported profits of $20.5 million on sales of $783.9 million for the 3 months ended May 31, representing top-line growth of 6.0%. Warsaw, Ind.-based Biomet reported Q4 losses of $389.1 million last year on a nearly $530 million writedown. Excluding that and other 1-time items, adjusted profits were $133.0 million for Q4 2013, up 26.5% compared with $105.1 million in adjusted profits during the same period last year.

For the full fiscal year, losses were $381.7 million on sales of $3.05 billion, for sales growth of 7.6%. Losses declined 16.8% compared with fiscal 2012, according to a press release.

The news helped push share prices up for Biomet’s peers in the orthopedics sector. Wright Medical (NSDQ:WMGI) stock was trading at $27.76 per share as of about 12:20 p.m. today, up 2.2%; shares of Stryker (NYSE:SYK) gained 1.3%, rising to $67.22 apiece; Smith & Nephew (FTSE:SN, NYSE:SNN) rose 1.7% to $58.63 per share; and Zimmer (NYSE:ZMH) shares gained 1.4%, reaching $78.24 each.

"Our combined hip and knee constant currency growth of 2% for the year was generally in line with the market – not to our standard of clear above-market growth, but we’re working on the product introductions that we believe will return us to that standard," president & CEO Jeffrey Binder said in prepared remarks. "We believe that our large-joint reconstructive business provides us with a strong and stable base and we disagree strongly with those who believe that there are few opportunities for innovation and differentiation. We’re working hard to prove the naysayers wrong."

Earlier this month reports surfaced that Biomet’s private equity owners were putting the company up for sale or considering an IPO.

In case you missed it

RSS From Medical Design & Outsourcing

  • Emerson introduces new miniature rocker isolation valve for clinical lab instruments
    Emerson (NYSE:EMR) has launched the ASCO Series 062 rocker isolation valve, designed for hematology and immunoassay analyzers, sample preparation and pre-analytical, as well as DNA sequencing instruments. The St. Louis, Missouri-based company said the two-way and three-way valves are compact at 16mm, allowing for easy integration into complex fluid-handling manifolds while reducing their footprint, weight… […]
  • Medtronic faces longer road to renal denervation
    Medtronic (NYSE:MDT) will continue the clinical study of its Symplicity Spyral renal denervation (RDN) system for hypertension into next year after lacking the positive results needed to end enrollment early. Fridley, Minnesota-based Medtronic said last month that it hoped to present results of the Spyral HTN-ON MED trial at the Cardiovascular Research Foundation’s TCT Conference… […]
  • Cadence is expanding in Pennsylvania
    Cadence (Staunton, Virginia) announced today that it is expanding its Product Realization Center in Cranberry Township, Pennsylvania. The company expects to finish the 21,000-square-foot expansion by March 2022. The expanded manufacturing footprint will include an additional Class 7 (10,000) cleanroom by the end of 2022. “Everything lined up so well for this expansion to take… […]
  • 3M beats The Street in Q3 as healthcare sales increase year-over-year
    3M (NYSE:MMM) shares rose slightly today on third-quarter results that topped the consensus forecast. The Maplewood, Minnesota-based company posted profits of $1.4 billion, or $2.45 per share, on sales of $8.9 billion for the three months ended Sept. 30, 2021, for a 0.3% bottom-line gain on sales growth of 7.1%. Earnings per share registering at… […]
  • Powering MRIs: 3 RF interconnect considerations to save time and money
    RF interconnects, including coaxial cables and connectors, are an integral part of MRI systems. Early awareness of challenges such as transmission loss, ease of installation and infrastructure requirements can help with performance and cost optimization in the design of new MRI systems. Kai Loh, Times Microwave Systems Magnetic resonance imaging (MRI) technology has advanced rapidly… […]
  • European approval ‘a big deal’ as Medtronic moves forward with Hugo surgical robot
    There’s excitement at Medtronic after the Hugo robotic surgery platform hit a major regulatory milestone. In 2012, Covidien formed an incubator called “Project Einstein,” focusing on combining robotic technology, data and analytics. What could they create? About nine years later, the product that emerged from Project Einstein made a significant step forward when the Hugo robotic-assisted… […]
  • Orchid announces hiring of chief quality, regulatory and EH&S officer
    Orchid (Holt, Michigan) announced that Lourdes De Cardenas Alfonso has joined the company as chief quality, regulatory and EH&S officer — effective today. Lourdes joins the orthopedic implants outsourcer from Medical Card System (MCS), where she was EVP of innovation. She has over 30 years of experience in quality control, regulatory affairs, technical services, business… […]
  • Nitto Kohki introduces vacuum pump for pick-and-place applications
    Nitto Kohki USA today announced the introduction of a standalone vacuum pump device that it says is ideal for pick-and-place applications, The LV-125A (Linicon) vacuum pump is particularly useful when house air is not available, according to the company. The pump is compact, lightweight, and features an oil-less design so that it can easily fit… […]
  • October 2021 Issue: Women in Medtech
       How Hologic made a major pandemic pivot: CFO Karleen Oberton reflects on key decisions and turning points of the COVID-19 pandemic. Insulet CEO Shacey Petrovic is pumped up to launch Omnipod 5 Boston Scientific’s Meghan Scanlon forecasts the future of urology There is still a long way to go to close the gender… […]
  • Study finds single-use bronchoscopes reduce hospital readmission rates by half
    A study of 14,228 bronchoscopy procedures found sterile, disposable scopes reduced readmission rates by more than half. The study, authored by Ambu consultant Dr. Hudson Garrett, analyzed procedures at inpatient hospitals as well as outpatient ambulatory facilities. He found that 3.6 percent of patients treated with a single-use, flexible bronchoscope were readmitted within 30 days,… […]
  • Medtronic hires social-media-minded chief medical officer for its gastrointestinal unit
    Medtronic (NYSE:MDT) today said it has hired Dr. Austin Chiang as the first chief medical officer of the medical device maker’s gastrointestinal business. Chiang is an assistant professor of medicine at Sidney Kimmel Medical College and director of the Endoscopic Bariatric Program at Thomas Jefferson University Hospital, both in Philadelphia. He holds a master’s degree… […]

Leave a Reply