Biomet Inc. swung to a fiscal second-quarter profit, benefiting from all its major businesses posting stronger sales.Though Biomet is privately held, its results are closely watched because the maker of orthopedic medical devices reports earlier than larger competitors—such as Zimmer Holdings Inc., ZMH +2.45% Stryker Corp. SYK +1.64% and Johnson & JohnsonJNJ -0.14% —and potentially
could signal trends for the industry.Biomet had been in the red for years, weighed down by charges related to its 2007 buyout by a private-equity consortium. A weak economy also has caused some patients to put off hip and knee-replacement procedures. Still, sales in the sports medicine and extremities segment have risen sharply in recent quarters thanks to the company’s acquisition of DePuy Orthopaedics Inc.’s trauma products business in 2012, helping drive Biomet’s revenue growth.
For the latest period, Biomet said knee sales rose 6.6% and hip sales grew 2.3%. Sales for sports medicine, extremities and trauma products increased 5.3%, while the spine and bone healing segment sales rose 2.3%.
For the quarter ended Nov. 30, Biomet reported a profit of $4.9 million, compared with a year-earlier loss of $66.2 million. Excluding special items, earnings rose to $126.8 million from $103.7 million.
Net sales grew 4.5% to $825.7 million.
Source:Ben Fox Rubin at ben.rubin@wsj.com