Biomet Annnounces 2nd Quarter Results
July 28, 2016 at 4:25 p.m.
By Staff Report-
Reported net loss for the second quarter of fiscal year 2011 was $7.6 million compared to a net loss of $7.2 million for the second quarter of fiscal year 2010.
That quarter ended Nov. 30.
Some results of note were:
- Reconstructive sales increased 1 percent (3 percent constant currency) worldwide and increased 3 percent in the U.S.
- Knee sales increased 2 percent (3 percent constant currency) worldwide, with U.S. growth of 3 percent.
- Extremity sales grew 21 percent (23 percent constant currency) worldwide and increased at a rate of 36 percent in the U.S.
- Sports medicine sales increased 16 percent (17 percent constant currency) worldwide, with 17 percent U.S. growth.
Net sales during the second quarter of fiscal year 2011 were flat at $698.3 million compared to net sales during the second quarter of fiscal year 2010 of $695.6 million.
Excluding the effect of foreign currency, net sales increased 2 percent during the second quarter.
U.S. net sales increased 2 percent to $416.9 million during the second quarter of fiscal 2011, while Europe net sales decreased 8 percent (decreased 1 percent at constant currency) to $188.8 million and international (primarily Canada, South America, Mexico and the Pacific Rim) net sales increased 12 percent (7 percent constant currency) to $92.6 million.
Excluding special items in both periods, adjusted net income for the second quarter totaled $66 million compared to adjusted net income of $74.8 million in the prior year period.
Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization for the second quarter was $263.7 million, or 37.8 percent of net sales, compared to adjusted EBITDA for the second quarter of fiscal year 2010 of $265.4 million.
Reported gross debt was $5.946 billion as of Nov. 30 and cash on hand was approximately $229 million, which resulted in net debt of $5.717 billion.
Biomet's president and chief executive officer, Jeffrey R. Binder, stated, "While consolidated net sales increased 2 percent at constant currency during our second fiscal quarter, we delivered a strong adjusted EBITDA margin of 37.8 percent of net sales. Additionally, I'm pleased with our operating cash flow for the first half of the year. We believe that market growth rates for orthopedic reconstructive products continued to be depressed in the quarter. However, an improving economy, favorable demographics and product innovation should stimulate long-term market growth and we continue to make significant research and development investments to address unmet clinical needs across our business."[[In-content Ad]]
Reported net loss for the second quarter of fiscal year 2011 was $7.6 million compared to a net loss of $7.2 million for the second quarter of fiscal year 2010.
That quarter ended Nov. 30.
Some results of note were:
- Reconstructive sales increased 1 percent (3 percent constant currency) worldwide and increased 3 percent in the U.S.
- Knee sales increased 2 percent (3 percent constant currency) worldwide, with U.S. growth of 3 percent.
- Extremity sales grew 21 percent (23 percent constant currency) worldwide and increased at a rate of 36 percent in the U.S.
- Sports medicine sales increased 16 percent (17 percent constant currency) worldwide, with 17 percent U.S. growth.
Net sales during the second quarter of fiscal year 2011 were flat at $698.3 million compared to net sales during the second quarter of fiscal year 2010 of $695.6 million.
Excluding the effect of foreign currency, net sales increased 2 percent during the second quarter.
U.S. net sales increased 2 percent to $416.9 million during the second quarter of fiscal 2011, while Europe net sales decreased 8 percent (decreased 1 percent at constant currency) to $188.8 million and international (primarily Canada, South America, Mexico and the Pacific Rim) net sales increased 12 percent (7 percent constant currency) to $92.6 million.
Excluding special items in both periods, adjusted net income for the second quarter totaled $66 million compared to adjusted net income of $74.8 million in the prior year period.
Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization for the second quarter was $263.7 million, or 37.8 percent of net sales, compared to adjusted EBITDA for the second quarter of fiscal year 2010 of $265.4 million.
Reported gross debt was $5.946 billion as of Nov. 30 and cash on hand was approximately $229 million, which resulted in net debt of $5.717 billion.
Biomet's president and chief executive officer, Jeffrey R. Binder, stated, "While consolidated net sales increased 2 percent at constant currency during our second fiscal quarter, we delivered a strong adjusted EBITDA margin of 37.8 percent of net sales. Additionally, I'm pleased with our operating cash flow for the first half of the year. We believe that market growth rates for orthopedic reconstructive products continued to be depressed in the quarter. However, an improving economy, favorable demographics and product innovation should stimulate long-term market growth and we continue to make significant research and development investments to address unmet clinical needs across our business."[[In-content Ad]]
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