Biomet Inc. posted (PDF) first-quarter sales of $630 million for the three months ended August 31, up 3.8 percent compared with $607 million during the same period during fiscal 2009. Net losses narrowed 62 percent to $23 million during the first quarter of fiscal 2010, compared with net losses of $60 million during Q1 2009:
Biomet, Inc. announced today financial results for its first fiscal quarter ended August 31, 2009.
- Net sales increased 4% (7% constant currency) to $630 million, with 9% growth in the U.S.
- Reconstructive sales, excluding dental, increased 5% (9% constant currency) worldwide, with 10% U.S. growth
- Knee sales increased 6% (10% constant currency) worldwide, with U.S. growth of 9%
- Hip sales increased 2% (6% constant currency) worldwide, with 4% U.S. growth
- Extremity sales increased 18% (23% constant currency) worldwide, and increased 39% in the U.S.
- Spine sales increased 15% (17% constant currency) worldwide, with 15% U.S. growth
Net sales increased 4% during the first fiscal quarter ended August 31, 2009, to $630.1 million from $607.0 million for the first quarter of fiscal year 2009. Excluding the impact of foreign currency, net sales increased 7% during the first quarter.
U.S. sales increased 9% to $400.2 million during the quarter; Europe sales of $154.8 million decreased 9% (increased 3% constant currency); and International (primarily Canada, South America, Mexico and the Pacific Rim) sales increased 9% to $75.1 million (13% constant currency). Excluding dental and the impact of foreign currency, net sales during the first quarter of fiscal 2010 increased 9% worldwide, 10% in the U.S., 7% in Europe, and 10% for International.
During the first quarter of fiscal 2010, Biomet reported $113.0 million of special items (pre-tax), including purchase accounting charges of $98.4 million. The purchase accounting charges primarily relate to amortization expense for established intangible assets and depreciation expense as a result of the step-up of property to fair value. The remaining $14.6 million of special items included costs primarily related to the Company’s Operational Improvement Program and $5.2 million of stock compensation expense. A reconciliation of reported results to adjusted results is included in this press release, which is also posted on Biomet’s website: www.biomet.com
Source Biomet, Inc.