Neogen profits jump 33 percent
Neogen Corp. (NSDQ:NEOG) posted profits of $6.1 million, or 26 cents per diluted share, on sales of $43.9 million during the three months ended Nov. 30. That compares with profits of $4.6 million, or 20 cents per diluted share, on sales of $35.3 million during the same period last year.
Biomet
Biomet’s Q1 sales tick up, net losses narrow
Biomet Inc. has to be happy with its start during fiscal 2011, what with rising sales and narrowing net losses for the three months ended Aug. 31.
The Warsaw, Ind.-based orthopedic implant maker posted first-quarter sales of $640.7 million, up 1.7 percent compared with $630.1 million during the same period last year. Net losses were $17.8 million, down 21.9 percent compared with $22.8 million during Q1 2010.
Synthes: Biomet, former sales rep colluded to steal customers
Synthes USA slapped a former sales rep and Biomet Inc. with a lawsuit accusing them of colluding to steal customers from the sales rep’s Ohio territory.
The suit, filed in the U.S. District Court for Eastern Pennsylvania, alleges that John Scott of Dublin, Ohio, conspired with Biomet to solicit and convert Synthes customers before leaving Synthes’ employ, violating non-disclosure and non-compete agreements Scott signed when he was hired in June 2006.
FDA warns Biomet on knee replacement planning system
The Food & Drug Administration warned Biomet Inc. that its personalized knee implant planning offering, the Signature Personalized Patient Care system, lacks approval or clearance to be on the market in the U.S.
In a July 27 warning letter, the FDA warns the Warsaw, Ind.-based firm that the system, which uses MRI and CT scans to develop a pre-operative plan for implanting Biomet’s Vanguard knee replacement, does not have pre-market approval, an investigational device exemption or 510(k) clearance from the watchdog agency.
Biomet buys blood processor Cytosol
Biomet Inc. bought out Braintree, Mass.-based Cytosol Laboratories Inc.
The Warsaw, Ind.-based firm manufactures reconstructive products for musculoskeletal applications in both surgical and non-surgical treatments. The company plans to incorporate Cytosol’s anticoagulants and other blood component processing products into its product lines.
Analyst: Hip and knee replacement markets “stable to improving”
An analyst at Leerink-Swann investment bank is bullish on the hip and knee markets, writing that they’re in a “stable-to-improving mode” despite pricing pressures and a sluggish European economy.
In an email to investors, Leerink analyst Rick Wise said second-quarter earnings results at Warsaw, Ind.-based orthopedic device maker Biomet Inc. could be a harbinger for a steadily improving orthopedics market.