On the face of it Biomet’s quarterly financials are not looking too shabby as the Warsaw, Indiana orthopedic giant shows sales growth of 9% on a constant currency basis compared with the equivalent period a year ago.
The statement can be found here.
Of course Biomet has, in the past twelve months, absorbed DePuy’s trauma business, which is the source of the growth. Without that incremental revenue, sales were pretty much flat. In fact the trauma business, even excluding the incremental revenue from the DePuy acquisition showed modest growth, offsetting revenue decreases in spine (1%) and bone healing (13%).
Factor in the new trauma business, with similarly high revenue growth domestically and internationally, and the revenue side looks solid.
Further down the income statement, special items rather muddied the picture. Excluding that though, adjusted net income totaled $80.4 million during the third quarter of fiscal year 2013, compared to $55.1 million for the third quarter of fiscal year 2012.
Biomet’s President and Chief Executive Officer Jeffrey R. Binder commented, “We performed very well during our fiscal third quarter, with 9% net sales growth on both a reported and a constant currency basis, and 6% Adjusted EBITDA growth. Despite two fewer selling days in our fiscal third quarter compared to our prior year quarter, our Large Joint Reconstructive sales increased 1% on a constant currency basis, while our Sports, Extremities and Trauma (S.E.T.) sales, excluding our trauma acquisition, grew at a constant currency rate of 9%.”
Source: Biomet, Inc.