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Strategic Company Financials: Orthopaedics and Spine

Here we present final 4Q12 and 2012 revenue for remaining companies, as well as Biomet’s latest fiscal quarter. Exhibit 1 displays orthopaedic sales increases by product segment for 2012 vs. 2011 unless otherwise noted. Performance highlights that follow pertain to a blend of 4Q12 and 2012.

EXHIBIT 1
ORTHOPAEDIC SALES1 INCREASES BY PRODUCT SEGMENT: 2012 VS. 2011

April 2013_Financils

NOTES TO EXHIBIT 1

1. Orthopaedic products except as indicated; constant currency, pro forma growth
2. Includes biologics
3. For the quarter ended 2/28/13. Includes Dental and acquisition. Spine includes Bone Stim and Biologics; Bone Stim reflects all Bone Healing sales.
4. Includes acquisition of Synthes
5. For period ended 1/25/13
6. For period ended 12/31/12
7. Extremities: extremities + fixation combined; Endoscopy: endoscopic + communications, most of which is orthopaedic; Spine: neuro + spine. Total growth excludes Patient Handling.
8. ORTHOWORLD estimates

 

aap Implantate
€36.4MM (~US $47.9MM), +25%

  • LOQTEQ €2.0 (~US $2.6MM)
  • Signed pilot U.S. marketing agreement in 4Q for LOQTEQ plates
  • Signed agreement to co-develop bone cement with unnamed global medtech company
  • Delayed to 1Q13 commencement of in vivo studies of silver coating technology; consulting with regulatory bodies on CE Mark process for the product, which will have application in trauma and orthopaedics


Alphatec Spine
$196.3MM, +1% (U.S. $130.5MM, -3%; ex-U.S. $65.8MM, +7%: Japan ~$29MM, +>20%)
4Q12 revenue: $52.7MM, +8% (U.S. $34MM, +4%; ex-U.S. $18.7MM, +16%)

  • Received regulatory clearance in Japan to market NOVELA PEEK Spinal Spacers
  • PureGen update: submitted Request for Designation to FDA for classification as tissue-based, not biologic product; seeking FDA clarification on how to structure clinical trial
  • 2013 product launches: Pegasus anterior cervical interbody device; MIS ILLICO screw fixation; relaunch of Solis (U.S. late 2Q/early 3Q)


ArthroCare
$244.9MM, +3% (U.S. $156.9MM, +3%; ex-U.S. $87.9MM, +2%)

  • Sports Medicine $235.7MM, +3% (U.S. $155.1MM, +4%; ex-U.S. $80.6MM, +2%)
  • Other (includes Spine) $9.1MM, -6% (U.S. $1.8MM, -34%; ex-U.S. $7.3MM, +5%)

4Q12 revenue: $66.1MM, +2% (U.S. $41.8MM, -2%; ex-U.S. $24.3MM, +9%)

  • Sports Medicine $63.5MM, +2% (U.S. $41.2MM, -2%; ex-U.S. $22.2MM, +9%)
  • Other (includes Spine) $2.5MM, +3% (U.S. $0.5MM, -13%; ex-U.S. $2.0MM, -17%)
  • Acquisition of Eleven Blade Solutions closed 1Q13 following FDA clearance of products
  • 2H13 product launches include Coblation for anterior cruciate ligament reconstruction, could include Eleven Blade product portfolio
  • Noted no pick-up on contract manufacturing business with Wright Medical, none anticipated


Biomet (for fiscal 3Q13 ended 2/28/13)
$771.5MM, +9% (U.S. $472.9MM, +9%; Europe $184.7MM, +4%; International $113.9MM, +20%)
Reconstructive $423.9MM, +1% (U.S. +1%)

  • Hips +1% (U.S. +1%)
  • Knees +1% (U.S. +1%)
  • Bone Cement/Other -1% (U.S. +2%)
  • Sports Med/Extremities/Trauma (S.E.T.) $161.4MM, +73% (U.S. +62%)
  • Sports Med +3% (U.S. -5%)
  • Extremities +19% (U.S. +26%)
  • Trauma +296% (U.S. +291%)
  • Spine/Bone Healing $72.1MM, -4% (U.S. -6%)
  • Spine -1% (U.S. -3%)
  • Bone Healing -13% (U.S. -13%)
  • Other $49.7MM, -4% (U.S. -1%)
  • Growth includes acquisition and dental.

Excluding acquisition: 
Overall growth +1% (U.S. +2%, Europe -5%, International +7%)
S.E.T. +9% (U.S. +11%); Trauma flat (U.S. +8%)

Reconstructive: Hips/Knees

  • Taperloc Complete hip driving significant new business in Japan
  • Commenced limited clinical evaluation of G7 Acetabular Cup multi-bearing system, will continue into next fiscal year
  • Launched Signature knee system in India and Japan
  • Expanded Oxford knee direct-to-consumer campaign featuring lifetime warranty program to additional U.S. markets
  • Expecting FY4Q limited launch of Vanguard SSK 360 Revision Knee in Canada, full launch in Japan

S.E.T.

  • Launched JuggerKnot Long anchor, primarily indicated for hip labral repair
  • “Remarkable” growth from Comprehensive Shoulder System portfolio
  • Commenced clinical evaluation in U.S. and select ex-U.S. markets for comprehensive access instrumentation, full U.S. rollout expected in FY4Q

4 COMMENTS

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