Biomet Announces Record Third Quarter and Nine Month Results.WARSAW Warsaw (wôr`sô), Pol. Warszawa, city (1993 est. pop. 1,655,700), capital of Poland and of Mazowieckie prov., central Poland, on both banks of the Vistula River. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BW HealthWire)--March 15, 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 third quarter and nine months ended February 28,1999. -0-
($000's Except Per Share Data)
Third Quarter Ended February 28:
1999 1998 Percent Change
---- ---- --------------
Net sales $192,330 $160,968 19%
Gross profit 133,697 111,057 20
Operating income 56,446 38,462 47
Net income 37,357 31,257 20
Basic earnings per share .33 .28 18
Diluted earnings per share .33 .28 18
U.S. sales $130,476 $114,993 13%
Foreign sales 61,854 45,975 35
Reconstructive sales $114,396 $ 97,105 18%
Fixation sales 41,192 35,632 16
Spinal product sales 11,642 9,038 29
Other product sales 25,100 19,193 31
Nine Months Ended February 28:
1999 1998 Percent Change
----- ---- --------------
Net sales $552,334 $467,079 18%
Gross profit 384,599 321,935 19
Operating income 166,115 129,949 28
Net income 106,845 91,280 17
Basic earnings per share .95 .82 16
Diluted earnings per share .94 .81 16
U.S. sales $375,531 $342,463 10%
Foreign sales 176,803 124,616 42
Reconstructive sales $327,772 $278,789 18%
Fixation sales 119,532 106,136 13
Spinal product sales 32,461 25,199 29
Other product sales 72,569 56,955 27
Increases in sales and earnings for the third quarter of fiscal year 1999, as compared to the same period in fiscal year 1998, 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 re·con·struc·tive adj. 1. Relating to or characterized by reconstruction. 2. Serving to rebuild, restore, or correct the appearance and function of defective, damaged, or misshaped body structures or parts: , fixation fixation: see psychoanalysis. and spinal spinal /spi·nal/ (spi´n'l) 1. pertaining to a spine or to the vertebral column. 2. pertaining to the spinal cord's functioning independently from the brain. spi·nal adj. devices. 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 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 or Ashley Prickett, Manager, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. at (219) 372-1514. Web site: www.biomet.com or e-mail investor.relations@biometmail.com -0-
Biomet, Inc. - - - Quarterly Results
FOR PERIOD ENDED FEBRUARY 28, 1999
(in thousands except per share data)
Three Months Ended Nine Months Ended
February 28: February 28:
1999 1998 Percent 1999 1998 Percent
---- ---- Change ---- ---- Change
Net Sales $192,330 $160,968 19% $552,334 $467,079 18%
Cost of Sales 58,633 49,911 17 167,735 145,144 16
-------- -------- -- -------- -------- --
Gross Profit 133,697 111,057 20 384,599 321,935 19
S, G, & A 68,405 56,750 21 192,384 164,493 17
R & D 8,846 15,845 (44) 26,100 27,493 ( 5)
-------- -------- -- -------- -------- --
Operating Income 56,446 38,462 47 166,115 129,949 28
Other Income 2,997 17,518 (83) 10,416 21,345 (51)
-------- -------- -- -------- -------- --
Income Before
Taxes and
Minority Interest 59,443 55,980 6 176,531 151,294 17
Provision for Taxes 21,602 24,243 (11) 64,816 59,534 9
-------- -------- -- -------- -------- --
Income Before
Minority Interest 37,841 31,737 19 111,715 91,760 22
Minority Interest 484 480 1 4,870 480 915
-------- -------- -- -------- -------- ---
Net Income 37,357 31,257 20 106,845 91,280 17
Basic Earnings
per Share .33 .28 18 .95 .82 16
Diluted Earnings
per Share .33 .28 18 .94 .81 16
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