Biomet Announces Record First Quarter Results.WARSAW, Ind.--(BW HealthWire)--Sept. 16, 1999-- Biomet, Inc. (Nasdaq:BMET BMET Biomedical Engineering Technology BMet Bachelor of Metallurgy BMET Bio-Medical Equipment Repair Technician ) today reported record sales and earnings results for its first quarter ended August 31, 1999. -0-
($000's Except Per Share Data)
First Quarter Ended August 31:
1999 1998 Percent Change
---- ---- --------------
Net sales $192,151 $176,664 9%
Gross profit 135,315 123,147 10
Operating income 60,481 54,176 12
Net income 39,304 33,594 17
Basic earnings per share .35 .30 17
Diluted earnings per share .35 .30 17
U.S. sales $132,286 $119,886 10%
Foreign sales 59,865 56,778 5
Reconstructive sales $112,520 $103,748 8%
Fixation sales 42,034 39,442 7
Spinal product sales 12,168 9,757 25
Other product sales 25,429 23,717 7
Excluding the approximately $2 million effect of foreign currency translation adjustments to sales, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 10% during the first quarter of fiscal year 2000. Increases in sales and earnings for the first quarter of fiscal year 2000, as compared to the same period in fiscal year 1999, were principally attributable to the continued market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of the Company's reconstructive and spinal devices. Biomet also announced today the signing of a long-term distribution agreement with Fermentech Medical Ltd., whereby Biomet will be the exclusive worldwide distributor for the Fermathron(R) product. Fermathron(R) is a hyaluronan-based formulation for intra-articular injection into the knee for pain relief in patients with osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. . Fermathron(R) recently received CE mark approval in Europe and Biomet will be seeking regulatory approval in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. medical specialists in both surgical and non-surgical therapy, including reconstructive and fixation fixation: see psychoanalysis. devices, electrical bone growth stimulators, orthopedic support devices, operating room operating room n. Abbr. OR A room equipped for performing surgical operations. supplies, spinal implants, general surgical instruments A surgical instrument is a specially designed tool or device for performing specific actions of carrying out desired effects during a surgery or operation, such as modifying biological tissue, or to provide access or viewing it. , 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. products, bone cements, bone substitutes and craniomaxillofacial implants and instruments. Headquartered in Warsaw, Indiana Warsaw is a city in, and the county seat of, Kosciusko County, Indiana, United StatesGR6. The population was 12,415, as of the 2000 census. Cradled between Winona Lake, Pike Lake and Center Lake, Warsaw is nicknamed "Lake City , Biomet and its subsidiaries currently distribute products in approximately 100 countries. For further information contact Greg W. Sasso, Vice President, Corporate Development and Communications at (219) 372-1528. Web site: www.biomet.com or e-mail investor.relations@biometmail.com -0-
Biomet, Inc. - - - Quarterly Results
FOR PERIOD ENDED AUGUST 31, 1999
(in thousands except per share data)
1999 1998 Percent Change
---- ---- --------------
Net Sales $192,151 $176,664 9%
Cost of Sales 56,836 53,517 6
---------- ----------
Gross Profit 135,315 123,147 10
S, G, & A 66,296 60,879 9%
R & D 8,538 8,092 6
---------- -----------
Operating Income 60,481 54,176 12
Other Income 3,119 2,844 10%
---------- -----------
Income Before Taxes
and Minority Interest 63,600 57,020 12
Provision for Taxes 22,880 21,096 8
---------- ----------
Income Before Minority
Interest 40,720 35,924 13
Minority Interest 1,416 2,330 (39)
---------- -----------
Net Income 39,304 33,594 17
Basic Earnings per Share .35 .30 17%
Diluted Earnings per Share .35 .30 17
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