Biomet Inc. yesrday reported another annual loss, irrespective of record sales for financial year 2013. The disclosure follows a report by Financial Times of London that Biomet's private equity owners have been considering selling the Warsaw-based orthopedic devices-maker to another investment group or taking the manufacturer public.
The manufacturer reported a net loss of more than US$380 million for the financial year that ended May, a 17% growth year to date. The firm also announced record net revenue of more than US$3 billion for this year, an improvement of 8% over the fiscal year 2012. However, the net loss of a little less than US$460 million reported for the previous one year was more worrying.
President and CEO of Biomet, Jeffrey Binder said that his company's lackluster 2% growth in knee and hip replacement revenues was in line with market average. But the company tries to outpace its competitors' growth, he said.
"We believe that our large joint reconstructive business provides us with a strong and stable base, and we disagree strongly with those who believe that there are few opportunities for innovation and differentiation. We're working hard to prove the naysayers wrong," Binder said in a statement.
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