UPDATE: Biomet Results Show Orthopedics Still Under Pressure
2010年10月13日 - 5:59AM
Dow Jones News
Biomet Inc.'s (BMET) report Tuesday of sluggish sales in its
most recent fiscal quarter indicated that the $12 billion market
for replacement hips and knees remains under pressure from a
struggling global economy.
The private company is first to report among big replacement
joint-makers, and is therefore watched closely for signs about
market health that could presage results for bigger competitors
such as Zimmer Holdings Inc. (ZMH) and Stryker Corp. (SYK).
Biomet's most recent quarter ended Aug. 31.
The 3% sales growth in the period, excluding the impact of
foreign currency rates, "was lower than our expectations" and
"related to a deceleration of procedural growth in the market,"
said Jeffrey Binder, Biomet's president and chief executive, in a
release.
He said Biomet remains "very optimistic about the long-term
growth potential" of markets where it competes, but the company's
report showed a well-worn problem for the orthopedics sector has
not abated. Replacement hips and knees address painful, arthritic
problems with original parts, but the procedures can be deferred by
patients worried about out-of-pocket costs or long stretches off
work for recovery.
"We expect the ortho group to come under renewed pressure on the
back of these results," said Matt Miksic, an analyst with Piper
Jaffray, in a note to investors. While the tenor of these results
wasn't surprising, they were at the low end of expectations, he
said.
Zimmer shares declined 1.2% to close at $50.98, while Stryker
slipped 1.5% to $49.05. U.K.-based Smith & Nephew PLC (SNN)
traded down 1.4% to close at $44.80. Miksic said he expects
Stryker's broader portfolio of reconstructive orthopedic products,
plus medical and hospital supplies, to enable that company to meet
or beat estimates.
World-wide sales growth for Biomet's replacement hips and knees
was slower in the recent quarter, excluding currency rates, than in
the prior quarter ended May 31. The company's spinal sales were
flat, continuing a slowdown seen over several quarters.
Biomet's loss in the recent period narrowed to $17.8 million
from $22.8 million. Excluding items such as merger-related
amortization and depreciation expenses, earnings rose to $50.8
million from $49.2 million. Sales were $640.7 million.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com
(Matt Jarzemsky and Nathan Becker contributed to this
article.)
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