Warsaw-based Biomet Inc. reported Tuesday a net loss of $478.7 million for its third fiscal quarter of 2009, including a $448.5 million charge tied its slumping dental business.
The orthopedic device maker said last week in a sales report that "as a result of the weak economy and the elective nature of dental implant treatment," dental reconstructive device sales decreased 16 percent worldwide and 10 percent in the U.S. Biomet on Tuesday released its full earnings report for the quarter ended Feb. 28.
Overall, sales increased 2 percent for the quarter to $615 million, compared with $603.1 million for the same period a year ago. Jeff Binder, the manufacturer’s president and chief executive, touted the sales growth in areas including its hip and knee and spine business.
In an earnings call, Binder said some high volume hip and knee surgeons he’s spoken with are reporting patients deferring procedures. But he couldn’t quantify any anticipated effect on business for privately owned Biomet. The company’s hip sales and knee sales increased 5 percent and 3.5 percent last quarter, and Binder didn’t anticipate those sales flattening or declining because of the recession.
Johnson & Johnson, parent of Warsaw-based DePuy Orthopaedics Inc., also Tuesday reported morning net earnings of $3.5 billion, a decrease of 2.5 percent, for the first quarter. Sales fell 7.2 percent, to $15 billion.
Worldwide, Johnson & Johnson’s DePuy companies saw relatively flat sales of $1.292 billion, up 0.4 percent from $1.287 billion for the same period a year ago. Johnson & Johnson doesn’t specifically break out sales for DePuy Orthopaedics, but based on previous results, it’s likely the company accounted for more than half of that.
Considering the recession, Johnson & Johnson’s chairman and chief executive struck an upbeat tone in describing the company’s overall first-quarter results.
"Despite challenging economic and near-term business pressures, we continue to deliver solid financial results," William C. Weldon said in a statement. "We are continuing to make strategic investments in order to bring important new products to market, positioning us well for long-term growth."
Warsaw-based Zimmer Holdings Inc. will release first-quarter earnings results April 23.
mschroeder@jg.net
