Biomet fourth-quarter worldwide net sales up 10% to $703 million

Biomet, Inc. announced today fourth quarter and fiscal year 2010 preliminary net sales results for the year ended May 31, 2010.

“We were happy to end a solid year with a strong sales quarter. We look forward to sharing our fourth quarter and full fiscal year results on July 13th.”

Fourth Quarter Preliminary Net Sales Results

  • Net sales increased 10% (8% constant currency) to $703 million worldwide and increased 8% in the U.S.
  • Reconstructive sales, excluding dental, increased 13% (12% constant currency) worldwide, with 11% U.S. growth
  • Knee sales increased 15% (13% constant currency) worldwide and grew at a rate of 11% in the U.S.
  • Hip sales increased 10% (8% constant currency) worldwide, with growth of 8% in the U. S.
  • Extremity sales increased 35% (33% constant currency) worldwide and increased 48% in the U.S.

Net sales increased 10% to $702.5 million during the fourth fiscal quarter ended May 31, 2010 from $639.3 million during the fourth quarter of fiscal year 2009. Excluding the effect of foreign currency, net sales increased 8% during the fourth quarter of fiscal year 2010.

U.S. sales increased 8% during the fourth quarter to $423.2 million; Europe sales increased 4% (3% at constant currency) to $186.4 million; and International (primarily Canada, South America, Mexico and the Pacific Rim) sales grew 36% (26% constant currency) to $92.9 million. Excluding dental and the impact of foreign currency, net sales increased 9% worldwide, 8% in the U.S., 4% for Europe, and 29% for International during the fourth quarter.

Reconstructive product sales increased 12% (10% constant currency) worldwide and increased 11% in the United States during the fourth quarter. Excluding dental, reconstructive product sales increased 13% (12% constant currency) worldwide, with 11% growth in the U.S.

During the fourth quarter of fiscal year 2010, knee sales increased 15% (13% constant currency) worldwide and increased 11% in the U.S. Hip sales increased 10% (8% constant currency) worldwide during the fourth quarter and grew 8% in the U.S. Extremity sales increased 35% (33% constant currency) worldwide, with a growth rate of 48% in the U.S. during the fourth quarter.

Dental reconstructive device sales increased 4% worldwide (2% constant currency) during the fourth quarter of fiscal year 2010, with growth of 4% in the U.S.

Fixation sales increased 7% (6% constant currency) worldwide and increased 3% in the U.S. during the fourth quarter. Growth of internal fixation and craniomaxillofacial fixation sales was partially offset by decreased sales of external fixation and electrical stimulation devices.

Spine sales increased 1% (1% constant currency) worldwide during the fourth quarter and increased 1% in the U.S. During the fourth quarter, spinal stimulation sales growth was positive, while sales decreased for the spine hardware and orthobiologics product category.

Sales of "other" products increased 4% (2% constant currency) worldwide and increased 4% in the U.S. during the fourth quarter. Double-digit sales growth of sports medicine products was partially offset by decreased sales of softgoods and bracing products.

Biomet's President and Chief Executive Officer Jeffrey R. Binder remarked, "We were happy to end a solid year with a strong sales quarter. We look forward to sharing our fourth quarter and full fiscal year results on July 13th."

Full Year Preliminary Net Sales Results

  • Net sales increased 8% (7% constant currency) to $2.698 billion worldwide, with U.S. growth of 8%
  • Reconstructive sales, excluding dental, increased 11% (10% constant currency) worldwide and grew 11% in the U.S.
  • Knee sales increased 13% (12% constant currency) worldwide and increased 11% in the U.S.
  • Hip sales increased 7% (6% constant currency) worldwide and increased in the U.S. at a rate of 6%
  • Extremity sales increased 29% (28% constant currency) worldwide, with 44% U.S. growth

For the twelve months ended May 31, 2010, net sales increased 8% to $2.698 billion from $2.504 billion for fiscal year 2009. Excluding the impact of foreign currency, net sales increased 7% during fiscal year 2010.

During fiscal year 2010, U.S. sales increased 8% to $1,644.1 million; Europe sales increased 2% (1% constant currency) to $728.8 million; and International sales (primarily Canada, South America, Mexico and the Pacific Rim) grew at a rate of 23% (16% constant currency) to $325.1 million. Excluding dental and the foreign currency effect, net sales increased 8% worldwide with 8% growth in the U.S.; Europe sales increased 4%; and International sales grew 17%.

Reconstructive product sales increased 9% (8% constant currency) worldwide during fiscal year 2010 and increased 10% in the United States. Excluding dental, reconstructive sales increased 11% (10% constant currency) and grew at a rate of 11% in the United States.

Knee sales increased 13% (12% constant currency) worldwide and increased 11% in the United States during fiscal year 2010. Hip sales increased 7% (6% constant currency) worldwide during fiscal year 2010 and increased 6% in the United States. Extremity sales increased 29% (28% constant currency) worldwide during fiscal year 2010 and increased 44% in the U.S.

Dental reconstructive device sales decreased 2% (-3% constant currency) worldwide during fiscal year 2010 and decreased 2% in the United States.

Fixation sales increased 2% (1% constant currency) worldwide during fiscal year 2010 and decreased 1% in the United States. During fiscal year 2010, product categories that contributed to fixation sales growth were craniomaxillofacial fixation and internal fixation.

Spine product sales increased 6% (6% constant currency) worldwide during fiscal year 2010, with growth of 6% in the United States.

Sales of "other" products increased 1% (1% constant currency) worldwide, with 4% growth in the United States primarily due to continued strong market demand for Biomet's sports medicine products. Double-digit sales growth for sports medicine products during fiscal year 2010 was offset by decreased sales of softgoods and bracing products.

Source:

Biomet, Inc.

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