CardioGenesis upbeat despite poor sales
This article was originally published in Clinica
Orthopaedic company Biomet's quarterly profits missed analysts' expectations by one cent. The company is continuing to build its direct sales operations, which has affected its expenses in the quarter. Biomet is building up its Japanese direct sales operations and has also added to its own sales force by the acquisition last November of Synthes-Stratec's reconstructive products division (see Clinica No 983, p 15). In addition, it has added 18 sales representatives to its EBI division. The Warsaw, Indiana-based company had reconstructive product sales of $185 million in the quarter, up 17%, fixation product sales of $54 million, a 2% increase, and spinal product sales of $32 million, up 30%. Sales of the company's "other products" were up 19% to $34 million. The company has authorised the repurchase of $100 million of shares. This is in addition to a similar-sized repurchase plan announced in December 2001. "We continue to believe that our shares represent an excellent investment for the company," said Dane Miller, CEO. "Our continued high levels of earnings have produced cash in excess of our immediate needs and we view this programme as an investment in our future."