MASSDEVICE ON CALL — Recent data exposures from the Centers for Medicare & Medicaid have raised eyebrows about the cost of U.S. healthcare and variability among care providers, but Biomet CEO Jeffrey Binder insists that medical devices are not to blame.
In a new editorial written for Philly.com, Binder defended the industry and its role in the ever-rising cost of U.S. healthcare, writing that medtech more often helps curb costs by keeping people healthier longer and out of the hospital.
April 25, 2014 by Arezu Sarvestani
Biomet said today that it slashed its 3rd-quarter losses by nearly 80% and boosted sales by 6.6% as the privately-owned orthopedics giant prepares to go back on the stock market.
Warsaw, Ind.-based Biomet posted losses of -$65.9 million on sales of $822.5 million for the 3 months ended Feb. 28. Adjusted to exclude 1-time items, profits rose 13.1% compared with the same period last year, to $107.3 million.