Biomet: Results underperformed but still broke records
Posted on 04/07/2006 in Medical Company Financials Biomet has revealed "record results" in its fourth quarter and fiscal year-end reports.
Net sales increased by seven per cent to $539.9 million (292.4 million pounds), and although operating income decreased by five per cent, it in fact increased by five per cent on an adjusted basis - giving Biomet its best ever figures for sales and adjusted earnings results.
The reasons for the adjustments were exceptional items such as a $9 million severance package for the former president and chief executive, $5.4 million for expenses related to the reorganisation of its EBI subsidiary and $4.8 million for the withdrawal of its Acumen Surgical Navigation products.
Despite increased sales across the board, Biomet's chief executive, Daniel P Hann, remarked: "Although the company, as a whole, underperformed our internal expectations during fiscal year 2006, Biomet's orthopedic reconstructive products and dental reconstructive implants continued to receive strong market demand."
"Biomet is in the midst of several major product launches and the company has an extremely strong product development pipeline," he added.
Mr Hann concluded: "Additionally, Biomet's management team has been actively reviewing all operations to ensure the company is well positioned for continued, profitable growth throughout the organisation."
Biomet said it expects earnings for the first quarter of the fiscal year of 2007 to range between $513 million to $530 million.
 © Adfero Ltd
Read more in the Zenopa News Archive
How this news is generated
|
