Healthy Sales Growth for Biomet in Q3

Orthopaedic giant, Biomet, Inc has released its quarterly financial statements showing a consolidated net sales increase of 7.5% on a constant currency basis, compared with the equivalent period a year ago. The growth comes on the back of a similarly healthy picture a quarter ago.

Background

Consolidated net sales increased to $822.5 million worldwide during the third quarter of fiscal year 2014, compared to net sales of $771.5 million during the third quarter of fiscal year 2013. Excluding the effect of foreign currency, consolidated net sales increased 7.5% during the third quarter. Growth came from all product areas, with Spine, bone healing and microfixation showing the most spectacular growth of 16.5%. Next in line was Biomet’s knee business with a 9.4% quarterly growth compared with the period ended Feb 28 2013.

Geographically, U.S. net sales increased 7.6% during the third quarter to $508.9 million, while Europe net sales increased 8.1% (5.7% constant currency) to $199.8 million and International (primarily Canada, Latin America and the Asia Pacific region) net sales decreased 0.1% (increased 9.9% constant currency) to $113.8 million.

Consolidated net sales reflect the combined net benefit of approximately 1.2% from additional revenue related to the acquisition of Lanx, Inc., offset somewhat by lower revenue as a result of the bracing divestiture and certain decreased royalties.

Excluding special items, adjusted operating income totaled $218.3 million during the third quarter of fiscal year 2014, compared to $216.3 million during the prior year period. On the same basis, adjusted net income totaled $107.3 million during the third quarter of fiscal year 2014, compared to $94.9 million for the third quarter of fiscal year 2013.

All of which filters down to an adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) during the third quarter of fiscal year 2014 of $271.5 million compared to $264.2 million for the third quarter of fiscal year 2013.

Company comments

Biomet’s President and Chief Executive Officer Jeffrey R. Binder commented, “During our fiscal third quarter, we once again delivered balanced constant currency sales growth across our major geographies and our major product categories.”

Full release here

Source: Biomet, Inc., PR Newswire

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