Device giant Biomet has announced a third quarter FY 2011 net loss of $11.6 million, representing a three-fold increase from $3.1 million net losses in 3Q FY 2010, according to a company news release.
The net loss is coupled with a slow increase in net sales. According to the news release, 3Q FY 2011 net sales increased to $678.0 million, representing just a 1 percent increase compared to net sales of $669.8 million during 3Q FY 2010.
Biomet President and CEO Jeffrey R. Binder said core orthopedic reconstructive sales remained flat. A breakout of Biomet's 3Q FY 2011 sales shows the company's U.S. knee sales decreased 5 percent, while U.S. hip sales remained flat. "While we believe that the hip and knee market continued to remain sluggish during the quarter, with continued pressure on both volume and price, we did not meet our goal of sustainable above-market growth," Mr. Binder said.
Read the company news release about Biomet's 3Q FY 2011 financial results.
Read other coverage about Biomet:
- Zimmer, Biomet Among Those Bidding for Astra Tech
- Biomet Reports Flat Net Sales at $698.3M for 2Q
- Biomet Co-Founder Recognized as Entrepreneurial Leader
The net loss is coupled with a slow increase in net sales. According to the news release, 3Q FY 2011 net sales increased to $678.0 million, representing just a 1 percent increase compared to net sales of $669.8 million during 3Q FY 2010.
Biomet President and CEO Jeffrey R. Binder said core orthopedic reconstructive sales remained flat. A breakout of Biomet's 3Q FY 2011 sales shows the company's U.S. knee sales decreased 5 percent, while U.S. hip sales remained flat. "While we believe that the hip and knee market continued to remain sluggish during the quarter, with continued pressure on both volume and price, we did not meet our goal of sustainable above-market growth," Mr. Binder said.
Read the company news release about Biomet's 3Q FY 2011 financial results.
Read other coverage about Biomet:
- Zimmer, Biomet Among Those Bidding for Astra Tech
- Biomet Reports Flat Net Sales at $698.3M for 2Q
- Biomet Co-Founder Recognized as Entrepreneurial Leader