The company reported a decrease in net debt during the third quarter due to an increase in cash flow and equivalents. Biomet reported growth in the large joint reconstructive business, including 4 percent growth in knees and 6 percent growth in hips. Total net sales for the large joint reconstructive business were $422.7 million.
Sports medicine sales jumped 16 percent to $92.7 million while the company's trauma business only grew 1 percent in the third quarter. Biomet recently made an offer on DePuy Orthopaedics' trauma business, which Johnson & Johnson must sell before completing the acquisition of Synthes. Biomet President and CEO Jeffrey Binder said the company is excited about future opportunities in the trauma market, pending completion of the acquisition.
Despite the positive sports medicine and joint replacement growth, Biomet's spine and bone healing business took a hit. The overall business line sales dropped 5 percent to $76.5 million, while just spine products dropped 3 percent.
More Articles on Orthopedic Devices:
Life Spine Reports 37.9% Q1 Growth
39 Orthopedic & Spine Devices Receive FDA 510(k) Clearance in March
Wright Medical Group Launches CLAW II for Foot & Ankle Surgery
Biomet Net Sales Jump 5% in 3Q, DePuy Trauma Acquisition LoomsWritten by Laura Dyrda | Wednesday, 11 April 2012 15:49
Biomet reported a 5 percent net sales increase during the third quarter of the 2012 fiscal year, to $709 million worldwide. The company also reported a net sales loss of $16.5 million, which is about $5 million more than the same period last year.
© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies here.
New from Becker's Orthopedic & Spine Review