BIOMET 2ND QTR FISCAL 2008 NET SALES INCREASED 11%.
Biomet, Inc., Warsaw, Ind., has announced financial results for its second fiscal quarter ended November 30, 2007.
Worldwide reconstructive device sales increased 15% reported (12% constant currency, excluding instruments) Worldwide knee sales increased 17% reported (16% constant currency, excluding instruments)
Worldwide hip sales increased 12% reported (9% constant currency, excluding instruments)
Worldwide dental sales increased 19% reported (14% constant currency)
Worldwide craniomaxillofacial fixation sales increased 22% reported (19% constant currency)
Worldwide arthroscopy Arthroscopy Definition
Arthroscopy is the examination of a joint, specifically, the inside structures. The procedure is performed by inserting a specifically designed illuminated device into the joint through a small incision. sales increased 30% reported (27% constant currency)
As previously announced, on September 25, 2007, Biomet Inc. merged with LVB LVB Ludwig Van Beethoven (classical composer)
LVB Las Vegas Bay (Lake Mead, NV)
LVB Livramento, Brazil (Airport Coode)
LVB Large Vehicle Bomb Acquisition Merger Sub, Inc., a wholly-owned subsidiary of LVB Acquisition, Inc. LVB Acquisition, Inc. is indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. L.P. and TPG TPG Texas Pacific Group
TPG Transports Publics Genevois (Geneva, Switzerland public transportation)
TPG Test Pattern Generator
TPG TNT Post Group
TPG Trésorier Payeur Général Capital. These financial results have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.
Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the U.S. with the exception of certain purchase accounting adjustments related to the Merger, including the effects of the merger-related debt and associated interest expense. The company will reflect the purchase accounting adjustments related to the Merger by the end of fiscal year 2008.
During the second quarter of fiscal year 2008, net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 11% to $578.1 million. Excluding the impact of foreign currency, net sales increased 8% worldwide. Excluding both the impact of foreign currency and instruments, which the company discontinued selling to distributors in the United States in the third quarter of fiscal 2007, worldwide sales increased 9% during the quarter. During the second quarter of fiscal year 2008, the company incurred special charges (pre-tax) of 16.6 million, approximately half of which related to the previously announced operational improvement program
Reported operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter of fiscal year 2008 was $145.7 million compared to operating income of $155.1 million for the second quarter of fiscal year 2007. Adjusted operating income was $162.3 million for the second quarter of fiscal year 2008 compared to $159.1 million for the second quarter of fiscal year 2007. Reported net income for the second quarter of fiscal year 2008 was $89.0 million compared to net income of $104.8 million for the second quarter of fiscal year 2007. Adjusted net income for the second quarter of fiscal year 2008 was $99.1 million compared to adjusted net income for the second quarter of fiscal year 2007 of $107.5 million. Adjusted earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Second Quarter Sales Performance
During the second quarter of fiscal year 2008, reconstructive device sales increased 15% worldwide to $423.8 million compared to $368.0 million for the second quarter of fiscal year 2007. Reconstructive device sales in the United States increased 9% (11% excluding instruments) and international reconstructive device sales increased 24%. Excluding instruments and on a constant currency basis, worldwide reconstructive devices sales increased 12%.
On a reported basis, knee sales increased 17% worldwide and increased 13% in the United States during the second quarter as compared to the prior year's second quarter. Excluding instruments and on a constant currency basis, knee sales increased 16% both worldwide and in the United States. Biomet continued to experience an acceleration in knee sales during the second quarter for key products, including the Oxford Partial Knee System and the Vanguard Complete Knee System. The Oxford Partial Knee System is the only free-floating mobile-bearing partial knee approved by the Food and Drug Administration for sale in the United States and it continues to receive phenomenal market demand. Outside the United States, the Oxford System has experienced excellent long-term clinical results. The Vanguard Complete Knee System is the only total knee replacement that allows for sizing of the femur femur (fē`mər): see leg. and tibia tibia: see leg. independently, providing complete component interchangeability to allow for a precise fit. Hip sales increased 12% worldwide and 4% in the United States on a reported basis during the second quarter of fiscal year 2008 as compared to the second quarter of fiscal year 2007. Excluding instruments and on a constant currency basis, second quarter hip sales increased 9% worldwide and 6% in the United States. During the second quarter, Biomet's M2a-Magnum Acetabular acetabular /ac·e·tab·u·lar/ (as?e-tab´u-lar) pertaining to the acetabulum.
pertaining to the acetabulum.
see hip dysplasia. System and the Taperloc Hip Stem continued to experience robust demand, as strong market acceptance continued for the ReCap Total Resurfacing System that is marketed outside the United States.
Extremity sales increased 11% worldwide during the second quarter of fiscal year 2008 and decreased 3% in the United States. Extremity growth drivers for the quarter included the Copeland Humeral hu·mer·al
1. Of, relating to, or located in the region of the humerus or the shoulder.
2. Relating to or being a body part analogous to the humerus.
of or pertaining to the humerus. Resurfacing Head, the Comprehensive[R] Primary Shoulder and the ExploR Radial Head, in addition to the T.E.S.S. Total Evolutive Shoulder System that is marketed outside the United States. During the second quarter, sales of bone cements and accessories increased 8% worldwide and 2% in the United States. Refobacin Bone Cement R, Biomet Europe's top-selling cement, was the key growth driver during the quarter. Biomet's internally-developed Cobalt G bone cement also contributed to the second quarter growth.
Dental reconstructive device sales increased 19% worldwide during the second quarter and increased 9% in the United States. On a constant currency basis, second quarter dental reconstructive device sales increased 14%. During the second quarter, Biomet 3i expanded its limited release of the Encode Complete System. This technology incorporates robotics to facilitate the fabrication of a patient-specific abutment abutment /abut·ment/ (ah-but´ment) a supporting structure to sustain lateral or horizontal pressure, as the anchorage tooth for a fixed or removable partial denture.
n. , which greatly simplifies the restorative process.
During the second quarter of fiscal year 2008, fixation sales decreased 4% worldwide to $56.7 million compared to $58.8 million for the second quarter of fiscal year 2007. Fixation sales decreased 14% in the United States during the quarter. Craniomaxillofacial sales increased 22% worldwide and 7% in the United States during the second quarter. The strong growth in international craniomaxillofacial sales was attributable to the launch of LactoSorb[R] Resorbable plates and screws into the Japanese market. Internal fixation internal fixation
The stabilization of fractured bony parts by direct fixation to one another with surgical wires, screws, pins, or plates. sales increased 4% worldwide during the second quarter and decreased 11% in the United States, while external fixation external fixation
The fixation of a fractured bone by a splint or plastic dressing.
external fixation Orthopedics Open reduction, stabilization and use of external fixators to manage fracture bone fragments sales decreased 17% worldwide and 19% in the United States. Electrical stimulation device sales decreased 20% worldwide and 21% in the United States during the second quarter.
Spinal product sales decreased 3% worldwide to $49.5 million during the second quarter of fiscal year 2008 compared to $50.9 million for the second quarter of fiscal year 2007. Spinal product sales decreased 1% in the United States during the second quarter of fiscal year 2008. Sales of spinal implants and orthobiologics for the spine increased 3% worldwide and 8% in the United States during the second quarter, while spinal stimulation sales decreased 11% both worldwide and in the United States. During the second quarter, a clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy was initiated for the Ballista ballista
Ancient missile launcher designed to hurl long arrows or heavy balls. The Greek version was basically a huge crossbow fastened to a mount. The Roman ballista was powered by torsion derived from two thick skeins of twisted cords through which were thrust two separate Percutaneous Pedicle pedicle /ped·i·cle/ (ped´i-k'l) a footlike, stemlike, or narrow basal part or structure.
1. A constricted portion or stalk.
2. Screw Placement System and the AccuVision Minimally Invasive Spinal Exposure System. Both products represent important additions to the company's comprehensive line of thoracolumbar thoracolumbar /tho·ra·co·lum·bar/ (-lum´bar) pertaining to thoracic and lumbar vertebrae.
1. Of or relating to the thoracic and lumbar parts of the spinal column. spine technologies.
Sales of the company's "other products" increased 13% worldwide to $48.1 million during the second quarter of fiscal year 2008 compared to $42.6 million during the second quarter of fiscal year 2007. Sales of "other products" increased 5% in the United States during the second quarter of fiscal year 2008. Arthroscopy sales increased 30% worldwide and 18% in the United States during the second quarter, while sales of softgoods and bracing products decreased 11% both worldwide and in the United States. Biomet's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeffrey R. Binder stated, "The company's reconstructive sales category performed very well again this quarter with accelerated growth continuing across various product groups within this category, particularly for knees. In addition, sales of craniomaxillofacial fixation and arthroscopy products were also strong during the second quarter." Binder added, "We continue to work to strengthen our trauma and spine business. We've built a strong foundation for change and continue to believe we can reach our goal of producing positive revenue growth within the Biomet Trauma and Biomet Spine business during the first half of fiscal year 2009."
Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal musculoskeletal /mus·cu·lo·skel·e·tal/ (-skel´e-t'l) pertaining to or comprising the skeleton and muscles.
Relating to or involving the muscles and the skeleton. medical specialists in both surgical and non-surgical therapy. Biomet's product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, autologous autologous /au·tol·o·gous/ (aw-tol´ah-gus) related to self; belonging to the same organism.
1. therapies 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 70 countries.
For more information, call 574/372-1687 or visit http://www.biomet.com.