Biomet Impacted By US Volume/Europe Price; Hip/Knee Market Expected to Grow 4%

The privately-held Biomet reported slower sequential F1Q11 (August) growth and noted the procedural slowdown during its reported quarter that was discussed by the rest of the orthopedic players in late July on their 2Q calls. “Management discussed slower volume growth beginning in June and going through quarter end on August 31,” Oppenheimer writes. “The company wouldn't comment on September, but didn't seem to suggest any meaningful pick-up. Oppenheimer is looking for low single digit constant currency market growth in 3Q hip/knees. “Comps toughen slightly in 2H versus 1H when growth was 4-5%. We forecast 4% growth for the year.”