Biomet today reported a 77% profit slide for its fiscal 1st quarter, despite posting sales gains across its all but 1 line of orthopedic implants.
Warsaw, Ind.-based Biomet logged profits of $7.3 million on sales of $774.8 million for the 3 months ended August 31, for a bottom-line slide of 76.5% on sales growth of 6.0%.
Adjusted to exclude 1-time events, including $87.3 million in "special items," profits were $94.6 million, a 22.7% increase compared with the same period last year, Biomet said.
Biomet said sales of its knee implants rose 4.3% to $234.7 million compared with Q1 2013. Hip implant sales were $155.3 million, up 3.8%, while Biomet’s spine business grew 20.9% during the quarter to $122.8 million. The lone disappointment was in Biomet’s dental division, which slipped 0.5% to $53.7 million.
Earlier this month EuroZone antitrust regulators said they would extend their review of Biomet’s pending $13.35 billion merger with Zimmer (NYSE:ZMH). Anti-trust regulators in the U.S. and their counterparts in Japan are also looking at the Zimmer-Biomet deal.