Biomet Announces Fourth Quarter Revenue, Estimated Earnings Per Share Results, and Reorganization of its EBI Operations
June 20 2005 - 4:29PM
Business Wire
Biomet, Inc. (NASDAQ:BMET) today announced that it expects sales
for the fourth quarter ended May 31, 2005 to be $503 million,
earnings per share to be in the range of $0.39 to $0.41 and
adjusted earnings per share to be in a range of $0.40 to $0.42.
Additionally, the Company is reorganizing its EBI operations and
anticipates an improvement in EBI's operating results going
forward. Biomet is pleased to announce Bart Doedens, M.D., as the
new president of EBI's operations following the resignation of
James R. Pastena, former president of EBI, who has decided to
pursue other interests. Biomet's President and Chief Executive
Officer, Dane A. Miller, Ph.D., commented, "We are pleased to
announce the promotion of Mr. Doedens as president of EBI. Mr.
Doedens recently served as president of Biomet's 3i operations. We
are confident that Mr. Doedens will provide the leadership
capabilities necessary to position EBI as a leader in the spinal
and fixation market places. Additionally, Mr. Steve Schiess, 3i's
Senior Vice President of Global Sales and Marketing, will assume
the position of President of Biomet's 3i operations." Biomet will
report its audited fourth quarter and fiscal year 2005 financial
results on June 30, 2005. The following sales analysis contained in
this release reflects the Company's estimated results for the
fourth quarter of fiscal 2005. Excluding the impact of foreign
currency, which increased fourth quarter sales by $8.8 million, net
sales increased 11% during the fourth quarter of fiscal year 2005.
United States and international sales, excluding the effects of
foreign currency, increased 10% and 12%, respectively, during the
fourth quarter. Reconstructive device sales increased 16% worldwide
to $344,147,000 during the fourth quarter of fiscal year 2005. On a
constant currency basis, worldwide reconstructive device sales
increased 13%. Knee sales increased 20% worldwide during the fourth
quarter and 22% in the United States. Knee sales increased 18%
worldwide, constant currency. During the fourth quarter, hip sales
increased 10% worldwide and 7% in the United States. Excluding the
impact of foreign currency, hip sales increased 7% worldwide.
Extremity sales increased 11% worldwide during the fourth quarter
of fiscal year 2005 and 11% in the United States. On a constant
currency basis, extremity sales increased 9% worldwide. Sales of
dental reconstructive implants increased 15% worldwide and 10% in
the United States during the fourth quarter. Worldwide dental
reconstructive implant sales increased 13%, constant currency.
Sales of bone cements and accessories increased 21% worldwide
during the fourth quarter and 36% in the United States. Excluding
the effect of foreign currency, sales of bone cements and
accessories increased 17% worldwide. Fixation sales decreased 4% to
$61,599,000 during the fourth quarter of fiscal year 2005 and
decreased 5% worldwide, constant currency. Lorenz Surgical's
craniomaxillofacial fixation sales increased 1% worldwide and
decreased 7% in the United States during the fourth quarter.
Worldwide craniomaxillofacial fixation sales were flat worldwide,
constant currency. Sales of electrical stimulation products
decreased 7% worldwide and in the United States during the fourth
quarter. Internal fixation sales increased 2% worldwide and
decreased 12% in the United States during the fourth quarter. On
constant currency basis worldwide internal fixation sales were
flat. External fixation sales decreased 12% worldwide during the
fourth quarter and decreased 16% in the United States. Excluding
the impact of foreign currency, external fixation sales decreased
12% worldwide. Spinal product sales increased 27% to $55,283,000
and increased 21% in the United States during the fourth quarter of
fiscal year 2005. Spinal sales increased 26% worldwide, constant
currency. Domestic sales of spinal implants and orthobiological
products for the spine increased 102%, while domestic spinal
stimulation sales decreased 15% during the fourth quarter. Sales of
Biomet's "other products" decreased 1% to $42,064,000 and decreased
2% in the United States during the fourth quarter of fiscal year
2005. On a constant currency basis, "other product" sales decreased
2% worldwide. Arthroscopy sales increased 13% worldwide during the
quarter and increased 15% in the United States. Arthroscopy sales
increased 12% worldwide, constant currency. Softgoods and bracing
sales decreased 8% worldwide and 9% in the United States during the
fourth quarter. Softgoods and bracing sales decreased 8% worldwide,
constant currency. Biomet, Inc. and its subsidiaries design,
manufacture and market products used primarily by musculoskeletal
medical specialists in both surgical and non-surgical therapy. The
Company's product portfolio encompasses reconstructive products,
including orthopedic joint replacement devices, bone cements and
accessories, 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 100 countries. For
further information contact Greg W. Sasso, Vice President,
Corporate Development and Communications at (574) 372-1528 or
Barbara Goslee, Manager, Corporate Communications at (574)
372-1514. This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, such as the Company's estimated
results. Although the Company believes that the assumptions, on
which the forward-looking statements contained herein are based,
are reasonable, any of those assumptions could prove to be
inaccurate given the inherent uncertainties as to the occurrence or
non-occurrence of future events. In particular, the Company
cautions the reader that the results discussed herein are only
estimates, and that new or additional information could cause such
results to differ materially. There can be no assurance that the
forward-looking statements contained in this press release will
prove to be accurate. Some of the factors that could cause actual
results to differ from those contained in forward-looking
statements made in this press release include the success of the
Company's principal product lines, the Company's ability to develop
and market new products and technologies in a timely manner,
government regulation, currency exchange rate fluctuations,
reimbursements from third party payors, litigation, revenue and
earnings estimates, and other risk factors as set forth from time
to time in the Company's filings with the SEC. The inclusion of a
forward-looking statement herein should not be regarded as a
representation by the Company that the Company's objectives will be
achieved. The Company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise. All of Biomet's financial information
may be obtained on our website at www.biomet.com or you may contact
us by e-mail at investor.relations@biometmail.com. All trademarks
are owned by Biomet, Inc., or one of its subsidiaries.
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