Biomet announces third quarter and nine month results.WARSAW, Ind.--(BUSINESS WIRE)--March 18, 1997--Biomet, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMET BMET Biomedical Engineering Technology BMet Bachelor of Metallurgy BMET Bio-Medical Equipment Repair Technician ) today reported record sales and earnings for its third quarter and nine months ended February 28, 1997. -0-
($000's Except Per Share Data)
Third Quarter Ended February 28:
1997 1996 Percent Change
Net sales $146,164 $133,469 10 %
Gross profit 99,305 89,596 11
Operating income 41,067 35,393 16
Net income 27,279 23,493 16
Earnings per share .24 .20 20
U.S. sales $106,007 $ 99,408 7 %
Foreign sales 40,158 34,061 18
Reconstructive sales $ 87,203 $ 80,997 8 %
EBI sales 29,013 27,522 5
Other products 29,948 24,950 20
Nine Months Ended February 28:
1997 1996 Percent Change
Net sales $427,351 $393,742 9 %
Gross profit 289,659 265,040 9
Operating income 116,852 99,290 18
Net income 77,551 66,977 16
Earnings per share .68 .58 17
U.S. sales $314,406 $295,475 6 %
Foreign sales 112,946 98,267 15
Reconstructive sales $257,488 $238,071 8 %
EBI sales 85,320 81,010 5
Other products 84,543 74,661 13
Increases in sales and earnings for the third quarter of fiscal year 1997 as compared to the same period in fiscal year 1996 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 primary and revision 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: devices in both the international and domestic markets. The Company's Maxim Total Knee and Alliance Hip Systems continued to capture market share in the domestic reconstructive market. In addition the Company is experiencing robust growth in the internal fixation internal fixation n. The stabilization of fractured bony parts by direct fixation to one another with surgical wires, screws, pins, or plates. market. EBI's growth was driven by increased sales of bone healing Bone healing or fracture healing is a proliferative physiological process, in which the body facilitates repair of Bone fractures. Physiology and process of healing products. 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 specialist in both surgical and non-surgical therapy, including reconstructive and trauma devices, electrical bone growth stimulators, orthopedic support devices, operating room operating room n. Abbr. OR A room equipped for performing surgical operations. supplies, powered 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. , general surgical instruments, 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 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 Kathy Waggener, 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) 267-6639. -0-
BIOMET, INC. - - QUARTER RESULTS
FOR THE PERIODS ENDED FEBRUARY 28, 1997
(in thousands)
Three Months Nine Months
Amount Amount
Net Sales $146,164 $427,351
Cost of Sales 46,859 137,692
__________ __________
Gross Profit 99,305 289,659
S,G, & A 52,910 154,900
R & D 5,328 17,907
__________ __________
Total S,G & A 58,238 172,807
__________ __________
Operating Income 41,067 116,852
Other Income 2,354 6,858
__________ __________
Income Before 43,421 123,710
Taxes
Provision for
Taxes 16,142 46,159
__________ __________
Net Income 27,279 77,551
__________ __________
__________ __________
EPS .24 .68
CONTACT: Biomet, Inc., Warsaw Kathy Waggener, Manager, Corporate Communications 219/267-6639 |
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