Biomet Inc., an orthopedic medical specialist, reported on Wednesday an increase of 5 percent in its net sales for its first quarter which ended August 31.
The maker of reconstructive medical products said its operating income increased by 2 percent. Net income increased 2.5 percent to $102,830,000 from $100,299,000 and rose by 6 percent on an adjusted basis to $106,815,000.
Biomet's reported earnings per share for the first quarter of fiscal yar 2007 were up 5 percent to $0.42 from $0.40.
â€œThe Company's record first quarter results are attributable to continued strong sales of orthopedic reconstructive devices and dental reconstructive implants,â€ said Interim President and Chief Executive Officer Daniel P. Hann.
According to Biomet, the impact of foreign currency caused sales to rise by $3 million and net sales increased 4 percent. First quarter sales in the United States increased 3 percent, while international sales increased 7 percent on a constant currency basis.
Biomet has been designing and manufacturing products used primarily both surgical and non-surgical therapy for over 25 years and distributes its products to more than 100 countries worldwide.