Biomet Shows Strong Sales Despite Posting Net Loss; Dental Business Off
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Staff Report-
Biomet released its report for its 2009 third fiscal quarter Wednesday.
Biomet reported a $3.1 million loss for the quarter that ended Feb. 28.
In 2009's third fiscal quarter, Biomet reported a loss of $479 million but that included $449 million in losses in the company's dental reconstructive business.
Despite the net loss, the company did show strong sales numbers.
Net sales increased 9 percent to $669.8 million during the third fiscal quarter from $615 million during the third quarter of fiscal year 2009. Excluding the effect of foreign currency, net sales increased 6 percent during the third quarter of fiscal year 2010.
U.S. sales increased 6 percent during the third quarter to $412.6 million; Europe sales increased 8 percent to $181.4 million; and international (primarily Canada, South America, Mexico and the Pacific Rim) sales increased 28 percent to $75.8 million. Excluding dental and the impact of foreign currency, net sales during the third quarter increased 6 percent worldwide, 7 percent in the U.S., 2 percent in Europe and 17 percent for international.
"Strong market demand for Biomet's orthopaedic reconstructive products continued to drive the company's sales growth during the third quarter, most notably in our knee and extremity product categories. On a constant currency basis, knee sales increased 13 percent worldwide, while global extremity sales grew 27 percent. Additionally, we recorded very strong sales growth from our international division, as we continued to successfully penetrate key markets during the quarter," said Biomet President and Chief Executive Officer Jeffrey R. Binder.
