Biomet Announces Strong Sales, Stock Split
July 28, 2016 at 4:25 p.m.
For the first time in Biomet Inc.'s 24-year history, the company has reported exceeding $1 billion in gross sales.
According to their annual results for the year ending May 31, net sales totaled $1,030,663,000. Net sales for 2000 were $923,551,000.
Biomet Inc. also announced today that its board of directors declared a cash dividend of $.135 per share, payable July 27 to shareholders of record at the close of business on July 20. The cash dividend is payable on the pre-split common shares.
The company reported its board has declared a three-for-two stock split on its outstanding common shares, to be distributed approximately Aug. 6 to shareholders of record as of July 30. The board's decision to approve the three-for-two stock split reflects its continued confidence in the company's operational and strategic direction and reinforced by Biomet's financial performance during fiscal year 2001.
"The declaration of this dividend and the three-for-two stock split is an expression of appreciation for the continued support of our shareholders and the company continues to gain market share in the $12 billion market for musculoskeletal products," said Dane A. Miller, Ph.D., Biomet president and chief executive officer.
Biomet also reported record sales and earnings results for its fiscal year and fourth quarter ending May 31. Net sales increased 15 percent to $288,006,000, while net income increased 17 percent and diluted earnings per share increased 18 percent to $.22 ($.33 on a pre-split basis).
Driven by strong, balanced growth in its reconstructive, fixation, spinal and other product lines, net sales increased 18 percent during the fourth quarter of fiscal 2001, excluding the impact of foreign currency and discontinued products which reduced fourth-quarter sales by $5.4 million and $2.6 million respectively. U.S. and international sales, excluding the effects of foreign currency and discontinued products, increased 24 and 7 percent, respectively.
Additionally, foreign currency reduced fourth-quarter operating income by approximately $1.1 million. The discontinued product line is associated with Biomet's 3i division and its June 1 termination of a distribution agreement with W.L. Gore and Associates.
Miller said, "Biomet's sales and profit performance continues to be led by balanced growth throughout the company's multiple strategic business units. I am also pleased to report that progress is being made with respect to Biomet's efforts in establishing direct sales operations in Japan.
"In addition to hiring an experienced general manager, the company has hired several sales representatives and has received approvals to distribute certain of its products in this attractive market. However, as a result of Biomet's initiatives in Japan, fourth-quarter revenues were negatively influenced by approximately $2.3 million as a result of a reduction in product purchases from Biomet's former dealer organization in Japan. We continue to believe that the company's long-term prospects in Japan will improve as a result of these changes."
Worldwide sales of Biomet's reconstructive devices increased 10 percent during the fourth quarter of fiscal 2001 to $167.76 million. Dental reconstructive implants, excluding discontinued products, increased 11 percent during the fourth quarter of fiscal 2001. Domestic sales increased approximately 12 percent while international sales of dental reconstructive implants increased approximately 10 percent.
Bone cements and accessories increased 51 percent during the fourth quarter of fiscal 2001. Fixation sales increased 13 percent to $54.848 million during the fourth quarter of fiscal 2001. Electrical stimulation sales increased 20 percent during the recently completed quarter. Craniomaxillofacial sales increased approximately 20 percent worldwide and 11 percent in the U.S.
Internal fixation sales increased 8 percent worldwide and 5 percent in the United States while external fixation sales increased approximately 1 percent worldwide and 2 percent in the U.S. Spinal sales increased 86 percent to $28.873 million during the fourth quarter. Spinal sales in the U.S. increased 104 percent with spinal implant sales increasing 57 percent and spinal stimulation sales increasing 129 percent.
Sales of Biomet's other products increased 28 percent during the fourth quarter of fiscal 2001 to $36.525 million. Other product sales in the U.S. increased 12 percent while international sales of other products grew 71 percent. Arthroscopy sales increased 34 percent worldwide and 31 percent in the U.S. in the recently completed quarter.
Softgoods and bracing products rose 20 percent worldwide and in the U.S.
All of Biomet's financial information may be seen at the company's Web site at www.biomet.com or by contacting the company via e-mail at [email protected] [[In-content Ad]]
For the first time in Biomet Inc.'s 24-year history, the company has reported exceeding $1 billion in gross sales.
According to their annual results for the year ending May 31, net sales totaled $1,030,663,000. Net sales for 2000 were $923,551,000.
Biomet Inc. also announced today that its board of directors declared a cash dividend of $.135 per share, payable July 27 to shareholders of record at the close of business on July 20. The cash dividend is payable on the pre-split common shares.
The company reported its board has declared a three-for-two stock split on its outstanding common shares, to be distributed approximately Aug. 6 to shareholders of record as of July 30. The board's decision to approve the three-for-two stock split reflects its continued confidence in the company's operational and strategic direction and reinforced by Biomet's financial performance during fiscal year 2001.
"The declaration of this dividend and the three-for-two stock split is an expression of appreciation for the continued support of our shareholders and the company continues to gain market share in the $12 billion market for musculoskeletal products," said Dane A. Miller, Ph.D., Biomet president and chief executive officer.
Biomet also reported record sales and earnings results for its fiscal year and fourth quarter ending May 31. Net sales increased 15 percent to $288,006,000, while net income increased 17 percent and diluted earnings per share increased 18 percent to $.22 ($.33 on a pre-split basis).
Driven by strong, balanced growth in its reconstructive, fixation, spinal and other product lines, net sales increased 18 percent during the fourth quarter of fiscal 2001, excluding the impact of foreign currency and discontinued products which reduced fourth-quarter sales by $5.4 million and $2.6 million respectively. U.S. and international sales, excluding the effects of foreign currency and discontinued products, increased 24 and 7 percent, respectively.
Additionally, foreign currency reduced fourth-quarter operating income by approximately $1.1 million. The discontinued product line is associated with Biomet's 3i division and its June 1 termination of a distribution agreement with W.L. Gore and Associates.
Miller said, "Biomet's sales and profit performance continues to be led by balanced growth throughout the company's multiple strategic business units. I am also pleased to report that progress is being made with respect to Biomet's efforts in establishing direct sales operations in Japan.
"In addition to hiring an experienced general manager, the company has hired several sales representatives and has received approvals to distribute certain of its products in this attractive market. However, as a result of Biomet's initiatives in Japan, fourth-quarter revenues were negatively influenced by approximately $2.3 million as a result of a reduction in product purchases from Biomet's former dealer organization in Japan. We continue to believe that the company's long-term prospects in Japan will improve as a result of these changes."
Worldwide sales of Biomet's reconstructive devices increased 10 percent during the fourth quarter of fiscal 2001 to $167.76 million. Dental reconstructive implants, excluding discontinued products, increased 11 percent during the fourth quarter of fiscal 2001. Domestic sales increased approximately 12 percent while international sales of dental reconstructive implants increased approximately 10 percent.
Bone cements and accessories increased 51 percent during the fourth quarter of fiscal 2001. Fixation sales increased 13 percent to $54.848 million during the fourth quarter of fiscal 2001. Electrical stimulation sales increased 20 percent during the recently completed quarter. Craniomaxillofacial sales increased approximately 20 percent worldwide and 11 percent in the U.S.
Internal fixation sales increased 8 percent worldwide and 5 percent in the United States while external fixation sales increased approximately 1 percent worldwide and 2 percent in the U.S. Spinal sales increased 86 percent to $28.873 million during the fourth quarter. Spinal sales in the U.S. increased 104 percent with spinal implant sales increasing 57 percent and spinal stimulation sales increasing 129 percent.
Sales of Biomet's other products increased 28 percent during the fourth quarter of fiscal 2001 to $36.525 million. Other product sales in the U.S. increased 12 percent while international sales of other products grew 71 percent. Arthroscopy sales increased 34 percent worldwide and 31 percent in the U.S. in the recently completed quarter.
Softgoods and bracing products rose 20 percent worldwide and in the U.S.
All of Biomet's financial information may be seen at the company's Web site at www.biomet.com or by contacting the company via e-mail at [email protected] [[In-content Ad]]