Biomet Sales Encouraging for Industry
Biomet, Inc. reported a 5% increase in sales for the company’s third fiscal quarter on April 11. Like the groundhog, Punxsutawney Phil of Pennsylvania, the company’s sales are widely watched because Biomet is the first company to report orthopedic industry quarterly sales for the start of the year.
Biomet 3Q 2012
($ in millions)
|Total Reported Sales||$708.9||5%|
|Sports, Extremities, Trauma||92.7||16.0%|
|Spine & Bone Healing||76.5||down 5%|
Source: Biomet, Inc.
The company reported Knees and Hips up 4% and 6%, respectively. Spine and Bone Healing fell by 5%, the fifth consecutive quarter of declines, according to Wells Fargo Analyst Larry Biegelsen. Sports, Extremities and Trauma rose 16%. “Against relatively easy comps, Biomet posted better quarterly growth in nearly all of its product categories,” wrote Jefferies & Company, Inc. Analyst Raj Denhoy in an investor note on April 11.