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Biomet sales advance 10%

This article was originally published in The Gray Sheet

Executive Summary

Orthopedic device maker reports "strong" fiscal fourth-quarter revenue growth of 10% (8% at constant currency) to $702.5 million, on June 28. The preliminary results for the quarter ended May 31 include reconstructive implant sales growth of 12% to $525 million. "Biomet's performance was quite strong, and the read-through to the orthopedic group should be positive, as growth accelerated sequentially in hips, knees, trauma, extremities and dental" products, J.P. Morgan analyst Michael Weinstein said in a June 28 report. While the firm's "U.S. performance was flat sequentially," accelerated growth overseas came "despite two months of Japanese price cuts and concerns about the incremental pressures in Europe," Weinstein noted. Biomet will release its full Q4 results on July 13
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