Third-quarter losses mounted for orthopedic device giant Biomet Inc. as its top line enjoyed only modest growth.
Warsaw, Ind.-based Biomet posted losses of $16.5 million, on sales of $708.9 million, during the 3 months ended Feb. 29, 2012, compared with losses of $11.6 million, on sales of $678 million, during the same period last year.
Adjusted for 1-time expenses, the company’s net income for Q3 came to $55.1 million, compared to adjusted profits of $212.8 million during Q3 2011.
"We reported strong and improving sales results across many of our product categories this quarter, with particularly good momentum in our large joint reconstructive and [sports, extremities & trauma] product categories," president & CEO Jeffrey Binder said in prepared remarks. "I was particularly happy with the consistency of our performance across all geographies. In addition, we are very excited about our future opportunities in the trauma market given our pending acquisition of DePuy’s worldwide trauma business."
The company’s modest 4.6% top-line growth was bolstered by a 16% boost in sports, extremities and trauma sales and 5% increase in large joint reconstruction revenues, which helped cushion a 5% decline in spine & bone healing and 2% dip for the dental business. The uptick for joint reconstruction sales could signal a bump for other orthopedic device makers, according to a pair of Leerink Swann analysts.
"All else equal, we’re inclined to think ortho stocks (Zimmer (NYSE:ZMH), Stryker (NYSE:SYK), NuVasive Inc. (NSDQ:NUVA), Wright Medical (NSDQ:WMGI)) will react positively to the y/y growth acceleration Biomet posted in its U.S. recon division. We note that Biomet (and the rest of the hip/knee industry) is up against easier y/y U.S. recon growth comparisons this quarter, especially in knees, which likely contributed – at least to some extent – to the growth pick-up this quarter,” wrote analysts Richard Newitter and Rick Wise in a note to investors.
Positron’s sales slump, losses narrow in Q4
Crown Point, Ind.-based nuclear imaging device maker Positron Corp. (OTC:POSC) posted 4th-quarter 2011 losses of $1.1 million, with no change to share value, on sales of $289,000 during the 3 months ended Dec. 31, 2011. That compares with Q4 2010 losses of $1.6 million, and no change to share value, on sales of $2.2 million.
For the full year losses were $6.1 million, or 1¢ per share, on sales of $6.7 million. That compares with full-year 2010 losses of $11 million, or 2¢ per diluted share, on sales of $4.6 million.
POSC shares were down 19% to 0.015¢ as of about 11:50 a.m. today. Read more
Sales slide, losses widen for BSD Medical
Salt Lake City, Utah-based heat-therapy devices maker BSD Medical Corp. (NSDQ:BSDM) posted 2nd-quarter 2012 losses of $2.1 million, or 7¢ per share, on sales of $272,000 during the 3 months ended Feb. 29, 2012. That compares with Q2 2011 losses of $1.6 million, or 5¢ per share, on sales of $444,000.
BSDM shares were down 2.6% to $1.90 as of about 11:40 a.m. today. Read more
Novadaq doubles Q4 sales, pares losses
Toronto-based fluorescence imaging products maker
Novadaq Technologies (TSE:NDQ) posted 4th-quarter 2011 losses of $2 million, or 6¢ per share, on sales of $5 million in the 3 months ended Dec. 31, 2011. That compares with losses of $3.1 million, or 11¢ per share, on sales of $2.3 million during the 4th quarter of 2010.
For the full year, losses were $10.2 million, or 32¢ per share, on sales of $15.3 million. That compares with full-year 2010 losses of $14.2 million, or 52¢ share, on sales of $13.9 million.
NDQ shares were up 0.3% to $6.27 as of about 11:30 a.m. today. Read more