The St. Paul-based medical device company said profits for the 3 months ended March 30 were $223 million, or 78¢ per share, on sales of $1.34 billion. That’s a 5.2% bottom-line gain compared with Q1 2012, but a 4.1% top-line reduction.
Orthopedic devices maker and market bellwether Biomet this week posted strong 3rd quarter revenue growth, with a boost in sales in the U.S. and abroad and a new trauma acquisition performing admirably, but losses continued to widen for the Warsaw, Ind.-based medical device company.
Things are looking rosy in 2013 for the majority of respondents in a medical device industry survey, which aimed to capture attitudes about the year ahead.
Of the more than 3,000 survey participants, most said they were either "somewhat" or "very positive" about the general business environment the industry in 2013, and even more were optimistic about their own companies’ prospects for the year.
A return to positive sales growth would end nearly 2.5 years of sliding revenues, and the medical device maker still has some rough patches to navigate, he said.
The Minnesota device maker now expects earnings-per-share in the range of $3.66-$3.70 for fiscal year 2013, from previous guidance in the range of $3.62-$3.70, CEO Omar Ishrak told an audience at the J.P. Morgan Healthcare conference in San Francisco today.