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BIOMET INC - FORM 8-K - EX-99.1 - PRESENTATION MATERIALS - February 23, 2010
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Attached files
File 8-K - FORM 8-K - BIOMET INC Filename d8k.htm
Exhibit 99.1
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Non-GAAP Financial Measures This presentation contains the use of non-GAAP financial measures, such as net sales excluding dental sales and/or the impact of foreign currency (constant currency), operating income as adjusted, net income as adjusted, free cash flow, unlevered free cash flow, net debt, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (as defined by our bank agreement, the method to calculate this is likely to be different from methods used by other companies). These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Biomet management believes that these non-GAAP measures provide useful information to investors; however, this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for financial information prepared in accordance with GAAP. Reconciliations of these nonGAAP financial measures to the most directly comparable GAAP measures are included on the Biomet website at Biomet.com.
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
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Company Profile
Spine 9% Fixation 9%
Dental 11%
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O.R. Supplies Fixation $395 $3,395 Powered Surgical Equipment $245 Softgoods & Bracing $1,120
Bone Cements & Accessories $330 Sports Medicine Dental $1,370 Reconstructive Implants $740
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#1 #2 #3
#4
#5 #6
Biomet
Synthes/Stratec Smith & Nephew
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Other $110
Shoulders $255
Knees $3,890
Hips $2,620
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Demographics
2019 2009
55- to 75-Year-Old U.S. Population Expected to Grow > 32% in 10 Years* Expansion of Target Population
New Technologies to Treat Younger Patients Greater Activity Level & Improved Health of Elderly *U.S. Census Bureau Projections
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FY 2007 Growth
FY 2008 Growth
FY 2009 Growth
H1 FY 10 Growth
Recon Ex-Dental Dental Recon Fixation Spine Other Total Total Ex-Dental
Note: Rates exclude U.S. instrument sales; 2007 reflects as previously reported with month lag reporting for OUS locations
Growth has rebounded from FY07 levels, driven by core orthopedics business off-setting dental headwind
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QE 03/31/07 +1.3%
QE 09/30/09 +2.3%
+3.1%
14.4%
13.3% 11.3%
11.0%
-5.0%
BIOMET MARKET 4.9% 10.0%
U.S. Hips
U.S. Knees
U.S. Hips/Knees
*Based on internal estimates; Biomet data from corresponding fiscal quarters JNJs Q409 growth rate has been adjusted to exclude extra selling days
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EU Market Share Positions CY 2007 vs. H1 CY 2009 COMPANY RANKING (Jan-Dec 2007)
POSITION TOTAL
Zimmer Depuy Stryker Biomet Aesculap
HIPS
Zimmer Depuy Stryker Biomet Aesculap
KNEES
Zimmer Depuy
BONE CEMENT
Biomet Depuy Zimmer Smith&Nephew WrightMedical
1 4.7% 2 3 4 5 -0.2% 6 7
CY 2007
CY 2008
Jan-Nov'09
TOTAL
Zimmer Depuy Biomet Stryker Aesculap
HIPS
Zimmer Depuy SmithNephew Biomet Aesculap
KNEES
Zimmer Depuy Biomet Stryker Aesculap
BONE CEMENT
Biomet Depuy Zimmer SmithNephew WrightMedical
8.5%
SmithNephew Stryker
SmithNephew Stryker
1.4%
6 7
CY 2007
CY 2008
Jan-Nov'09
Biomet Europe has grown substantially ahead of the market in 2008 and 2009
Biologics Bracing Microfixation Orthopaedics Osteobiologics Spine Sports Medicine Trauma 3i
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Fiscal Years 2007 - 2009 $300.0 $241.2 $250.0 $200.0 $150.0 $100.0 $50.0 $Y/Y Constant Currency Growth Rates
264.5 $205.0
$137.1
FY07 13%
FY08 12%
FY09 8%
Primarily includes Canada, South America, Mexico and the Pacific Rim
Biologics Bracing Microfixation Orthopaedics Osteobiologics Spine Sports Medicine Trauma 3i
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Recon Sales Increased 6% Worldwide (C.C.) during Q210 Sales Increased 9% in the U.S.
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Hips
Sales Grew 4% WW (C.C.) during Q210 Sales Increased 7% in the U.S. New Product Introductions
E1 Antioxidant Infused Technology Plus Liners Echo Bi-Metric PPS Primary Stem Magnum Tri-Spike Acetabular Components
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
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Hips
Key Products Ma-Magnum Acetabular System
Taperloc Hip Stem E1 Antioxidant Infused Acetabular Bearings Exceed ABT (Advanced B Bearing T Technologies) Acetabular System*
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#4 U.S. Market Position Sales Grew 12% WW (C.C.) during Q210 Sales Increased 11% in the U.S. New Product Introductions
E1 Antioxidant Infused Tibial Bearings Regenerex Press-Fit Tibia
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Key Products
Vanguard Complete Knee System Oxford Partial Knee System
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Designed to Address the Entire Population 10 Femoral and 9 Tibial Sizes, completely interchangeable No Need to Correct Our Sizing for the Female Population No Peer-Reviewed Studies Associating Failure with Gender Biomet Knees = 98% Survivorship at 15 Years
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Only Free Floating Meniscal Bearing Partial Knee Approved in U.S. Excellent Long-Term Clinical Results
98% Success Rate at 10 Years 95% Success at 15 Years 92% Success at 20 Years
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Sales Grew 27% WW (C.C.) during Q210 Sales Increased 44% in the U.S. Key Products
Comprehensive Primary and Reverse Shoulders Copeland Humeral Resurfacing Head T.E.S.S. (Total Evolutive Shoulder System)*
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Key Products
Cobalt G HV Bone Cement StageOne Cement Hip Spacer Molds StageOne Cement Knee Spacer Molds
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CY 03
CY 04
CY 05
CY 06
CY 07
CY 08
CY 09E
Biomet 3i
Nobel
Straumann
Zimmer
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
After years of double-digit growth, 3i and dental industry facing significant economic headwinds
Biologics Bracing Microfixation Orthopaedics Osteobiologics Spine Sports Medicine Trauma 3i
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KEY INITIATIVES
Overhauled management team Fixed systems issues Created focused sales forces around spine and trauma Developed tools to improve sales force metrics and effectiveness Revamped new product development processes
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2005
2006
2007
2008
2009
2010
Stabilization and return to growth has been led by spine, but trauma turnaround lags
Biologics Bracing Microfixation Orthopaedics Osteobiologics Spine Sports Medicine Trauma 3i
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25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30%
Spine
Fixation
Stabilization and return to growth has been led by spine, but trauma turnaround lags; Fixation rates reflect above market craniomaxillofacial growth, more than offset by trauma, which is expected to show growth in fiscal 2011
Biologics Bracing Microfixation Orthopaedics Osteobiologics Spine Sports Medicine Trauma 3i
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PEMF, DC, & CC Technologies FDA Acknowledged Mechanism of Action Involving Cascade of BMPs
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Key Products
OptiLock Proximal Humeral Plating System Phoenix Ankle Arthrodesis Nail Advanced Vision Foot Ring System
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Plates, Rods, Screws $3,095 Intervertebral Spacers $755 Growth Factors & Bone Substitutes $1,075
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Sales Grew 6% WW (C.C.) during Q210 Sales Increased 7% in the U.S. New Product Introductions
Polaris Deformity Direct Vertebral Column Derotation System C-Tek MaxAn Cervical Plate System*
*The C-Tek MaxAn Cervical Plate System incorporates technology developed by Gary K. Michelson, M.D.
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Sports Medicine
Procedure-Specific Arthroscopy Products New Product Introductions
ALLthread Knotless Suture Anchor ComposiTCP Interference Screw MicroMax FLEX Suture Anchor ZipTight Fixation System
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
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Adjusted Net Income and Adjusted EBITDA reflect add-backs to GAAP results for non-cash amortization and stock comp expense, sponsor fees and other special charges
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
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Adjusted Net Income and Adjusted EBITDA reflect add-backs to GAAP results for non-cash amortization and stock comp expense, sponsor fees and other special charges
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
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CAPITAL EXPENDITURES
200 180 160 140 120 100 80 60 40 20 0 190 27 143 24 99 52 5.4% 74 67 6.7% 64 8.0% 73 7.4% 185 16.0% 14.0% 12.0% 112 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% FY 2006 FY 2007 FY 2008 FY 2009
88
91 76 71 73
109 35
FY 2007
FY 2008
FY 2009
11/30/2009
Other Capex
Instruments Placed
As a % of Sales
0 FY 2006
(2)
FY 2007
FY 2008
FY 2009
11/30/2009
Centralized Treasury
See reconciliation of the cost of sales to exclude special items at www.biomet. com
Biologics
Bracing
Microfixation
Orthopaedics
Osteobiologics
Spine
Sports Medicine
Trauma
3i
http://www.faqs.org/sec-filings/100223/BIOMET-INC_8-K/dex991.htm
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GAAP Operating Cash Flow Reconciled to Free Cash Flow (FCF) & Unlevered FCF
H1 Fiscal 2010 vs. H1 Fiscal 2009
39
In Millions, Unaudited
Six Months Ended November 30, 2009 Cash From Operations Capital expenditures Free Cash Flow Acquisitions, net of cash acquired Proceeds from sale and maturities of investments Capital contributions Repurchase of common shares Add back: cash paid for interest Effect of exchange rates on cash Unlevered Free Cash Flow Total Cash Special Items Unlevered Free Cash Flow, Excluding Special Items $ $ $ $ 81.1 (106.0) (24.9) (9.0) 2.5 (1.1) 257.1 0.3 224.9 84.5 309.4
Six Months Ended November 30, 2008 $ 47.6 (92.9) $ (45.3) (2.2) 1.9 (0.6) 277.1 (7.8) $ 223.1 26.9 $ 250.0 23.8% 0.8% Change
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Capital Structure
NET DEBT LEVERAGE RATIOS
(including projected run rate cost savings)
40
Significant progress in driving down the leverage ratio since the LBO No maintenance covenants No material debt maturities until $750MM revolver (largely undrawn today) in 2013
7.7x
21%
6.1x
At Transaction Close
Today
(1)
LIQUIDITY
$990 $80 $118
Cash Savings from 1 year PIK Toggle (2) Cash Available Revolving Borrowings
$995 $27
RRCS
$792
$968
Actual LTM
Total Liquidity
LTM EBITDA
(1)
(1) As of November 30, 2009, as defined by our Credit Agreement (2) As defined by our Credit Agreement, the Company has the option to choose the Payment in Kind (PIK) option as it relates to a portion of our debt which could provide an additional $80m of annual liquidity to the Company. This option expires in October 2012.
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Sales
Adj EBITDA
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Extraordinary long-term track record of revenue and profitability growth through multiple industry and macro-economic cycles
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Based on public records. Inadvertent errors are possible. Faqs.org does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk. Some parts 2011 Advameg, Inc.
http://www.faqs.org/sec-filings/100223/BIOMET-INC_8-K/dex991.htm
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