Biomet (NASDAQ:BMET)
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Biomet, Inc. (NASDAQ:BMET) today announced that it
expects sales for the fourth quarter ended May 31, 2005 to be $503
million, earnings per share to be in the range of $0.39 to $0.41 and
adjusted earnings per share to be in a range of $0.40 to $0.42.
Additionally, the Company is reorganizing its EBI operations and
anticipates an improvement in EBI's operating results going forward.
Biomet is pleased to announce Bart Doedens, M.D., as the new president
of EBI's operations following the resignation of James R. Pastena,
former president of EBI, who has decided to pursue other interests.
Biomet's President and Chief Executive Officer, Dane A. Miller, Ph.D.,
commented, "We are pleased to announce the promotion of Mr. Doedens as
president of EBI. Mr. Doedens recently served as president of Biomet's
3i operations. We are confident that Mr. Doedens will provide the
leadership capabilities necessary to position EBI as a leader in the
spinal and fixation market places. Additionally, Mr. Steve Schiess,
3i's Senior Vice President of Global Sales and Marketing, will assume
the position of President of Biomet's 3i operations."
Biomet will report its audited fourth quarter and fiscal year 2005
financial results on June 30, 2005. The following sales analysis
contained in this release reflects the Company's estimated results for
the fourth quarter of fiscal 2005. Excluding the impact of foreign
currency, which increased fourth quarter sales by $8.8 million, net
sales increased 11% during the fourth quarter of fiscal year 2005.
United States and international sales, excluding the effects of
foreign currency, increased 10% and 12%, respectively, during the
fourth quarter.
Reconstructive device sales increased 16% worldwide to
$344,147,000 during the fourth quarter of fiscal year 2005. On a
constant currency basis, worldwide reconstructive device sales
increased 13%. Knee sales increased 20% worldwide during the fourth
quarter and 22% in the United States. Knee sales increased 18%
worldwide, constant currency.
During the fourth quarter, hip sales increased 10% worldwide and
7% in the United States. Excluding the impact of foreign currency, hip
sales increased 7% worldwide. Extremity sales increased 11% worldwide
during the fourth quarter of fiscal year 2005 and 11% in the United
States. On a constant currency basis, extremity sales increased 9%
worldwide. Sales of dental reconstructive implants increased 15%
worldwide and 10% in the United States during the fourth quarter.
Worldwide dental reconstructive implant sales increased 13%, constant
currency. Sales of bone cements and accessories increased 21%
worldwide during the fourth quarter and 36% in the United States.
Excluding the effect of foreign currency, sales of bone cements and
accessories increased 17% worldwide.
Fixation sales decreased 4% to $61,599,000 during the fourth
quarter of fiscal year 2005 and decreased 5% worldwide, constant
currency. Lorenz Surgical's craniomaxillofacial fixation sales
increased 1% worldwide and decreased 7% in the United States during
the fourth quarter. Worldwide craniomaxillofacial fixation sales were
flat worldwide, constant currency. Sales of electrical stimulation
products decreased 7% worldwide and in the United States during the
fourth quarter. Internal fixation sales increased 2% worldwide and
decreased 12% in the United States during the fourth quarter. On
constant currency basis worldwide internal fixation sales were flat.
External fixation sales decreased 12% worldwide during the fourth
quarter and decreased 16% in the United States. Excluding the impact
of foreign currency, external fixation sales decreased 12% worldwide.
Spinal product sales increased 27% to $55,283,000 and increased
21% in the United States during the fourth quarter of fiscal year
2005. Spinal sales increased 26% worldwide, constant currency.
Domestic sales of spinal implants and orthobiological products for the
spine increased 102%, while domestic spinal stimulation sales
decreased 15% during the fourth quarter.
Sales of Biomet's "other products" decreased 1% to $42,064,000 and
decreased 2% in the United States during the fourth quarter of fiscal
year 2005. On a constant currency basis, "other product" sales
decreased 2% worldwide. Arthroscopy sales increased 13% worldwide
during the quarter and increased 15% in the United States. Arthroscopy
sales increased 12% worldwide, constant currency. Softgoods and
bracing sales decreased 8% worldwide and 9% in the United States
during the fourth quarter. Softgoods and bracing sales decreased 8%
worldwide, constant currency.
Biomet, Inc. and its subsidiaries design, manufacture and market
products used primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy. The Company's product portfolio
encompasses reconstructive products, including orthopedic joint
replacement devices, bone cements and accessories, and dental
reconstructive implants; fixation products, including electrical bone
growth stimulators, internal and external orthopedic fixation devices,
craniomaxillofacial implants and bone substitute materials; spinal
products, including spinal stimulation devices, spinal hardware and
orthobiologics; and other products, such as arthroscopy products and
softgoods and bracing products. Headquartered in Warsaw, Indiana,
Biomet and its subsidiaries currently distribute products in more than
100 countries.
For further information contact Greg W. Sasso, Vice President,
Corporate Development and Communications at (574) 372-1528 or Barbara
Goslee, Manager, Corporate Communications at (574) 372-1514.
This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934, as amended, such as the Company's estimated results. Although
the Company believes that the assumptions, on which the
forward-looking statements contained herein are based, are reasonable,
any of those assumptions could prove to be inaccurate given the
inherent uncertainties as to the occurrence or non-occurrence of
future events. In particular, the Company cautions the reader that the
results discussed herein are only estimates, and that new or
additional information could cause such results to differ materially.
There can be no assurance that the forward-looking statements
contained in this press release will prove to be accurate. Some of the
factors that could cause actual results to differ from those contained
in forward-looking statements made in this press release include the
success of the Company's principal product lines, the Company's
ability to develop and market new products and technologies in a
timely manner, government regulation, currency exchange rate
fluctuations, reimbursements from third party payors, litigation,
revenue and earnings estimates, and other risk factors as set forth
from time to time in the Company's filings with the SEC. The inclusion
of a forward-looking statement herein should not be regarded as a
representation by the Company that the Company's objectives will be
achieved. The Company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
All of Biomet's financial information may be obtained on our
website at www.biomet.com or you may contact us by e-mail at
investor.relations@biometmail.com.
All trademarks are owned by Biomet, Inc., or one of its
subsidiaries.