Biomet Inc.’s first-quarter losses widened significantly despite nearly 4 percent top-line growth during the three months ended August 31.
The privately owned orthopedics giant posted losses of $39 million on sales of $665 million during the quarter, up 120.2 percent and 3.7 percent, respectively, over Q1 2011.
“We executed well with our new product launches in hips during the quarter and we’re pleased with the improved sales results. We expect to see similar improvements in our knee performance later this year and into next year as we launch several meaningful new products in the second half," president & CEO Jeffrey Binder said in prepared remarks. "We were pleased to post 8 percent worldwide constant currency growth in a product category that delivered more than $300 million in sales during fiscal 2011, despite an uncharacteristically soft domestic quarter in our sports medicine business. We were also pleased with the 9 percent constant currency sales growth in our International business during the quarter."
Biomet was rumored to be in the running over the summer for Smith & Nephew (NYSE:SNN), along with rival Stryker Corp. (NYSE:SYK). A Smith & Nephew spokesman declined to comment on the rumor in August.
“We just don’t comment on this sort of market rumor,” Smith & Nephew spokesman Phil Cowdy told MassDevice. “It’s a perennial thing and we just stick to our policy of not commenting.”