Biomet, Inc. announced today financial results for its first quarter that ended on Aug. 31.

Consolidated net sales increased 6 percent (5.6 percent constant currency) worldwide to approximately $775 million. Knee sales grew 4.3 percent (3.8 percent constant currency) worldwide to $234.7 million. Hip sales increased 3.8 percent (3.6 percent constant currency) worldwide to $155.3 million. S.E.T. sales increased 3.4 percent (3 percent constant currency) worldwide to $154.5 million

Consolidated net sales increased 6 percent to $774.8 million worldwide during the first quarter of fiscal year 2015, compared to net sales of $730.7 million during the first quarter of fiscal year 2014. Excluding the effect of foreign currency, consolidated net sales increased 5.6 percent during the first quarter. U.S. net sales increased 5.4 percent during the first quarter to $495.1 million, while Europe net sales increased 6.5 percent (3.2 percent constant currency) to $161.3 million and International (primarily Canada, Latin America and the Asia Pacific region) net sales increased 8.3 percent (10.0 percent constant currency) to $118.4 million. On a consolidated basis, the company had the same number of selling days in the quarter compared to the prior year quarter.

Special items, after tax, totaled $87.3 million during the first quarter of fiscal year 2015, compared to $46.0 million during the first quarter of fiscal year 2014.

Reported operating income was $82.5 million during the first quarter of fiscal year 2015, compared to an operating income of $96.4 million during the first quarter of fiscal year 2014. Excluding special items, adjusted operating income totaled $197.1 million during the first quarter of fiscal year 2015, compared to $188.6 million during the prior year period.

Reported net income in the quarter was $7.3 million, compared to a net income of $31.1 million during the first quarter of the prior year. Excluding special items, adjusted net income totaled $94.6 million during the first quarter of fiscal year 2015, compared to $77.1 million for the first quarter of fiscal year 2014.

Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) during the first quarter of fiscal year 2015 totaled $253.2 million, compared to $234.5 million for the first quarter of fiscal year 2014.

Reported cash flow from operations totaled $2.4 million during the first quarter of fiscal year 2015, compared to reported cash flow from operations of $50.8 million for the first quarter of fiscal year 2014. Free cash flow (operating cash flow minus capital expenditures) was negative $58.4 million, which included $93.8 million of cash interest paid in the quarter, compared to a free cash flow of $4.3 million during the first quarter of fiscal year 2014, including $101.3 million of cash interest paid.

At Aug. 31, reported gross debt was $5,736.3 million, and cash and cash equivalents totaled $192.0 million, resulting in net debt of $5,544.3 million, compared to $5,472.8 million at May 31.

Source: Biomet Inc., Inside INdiana Business