Financial Results and Public Companies and Medical Devices and Health Care & Life Sciences

Biomet reports loss on special charges

July 15, 2009

Biomet Inc. yesterday reported a $170.9 million loss in its fiscal fourth quarter as the result of more than $300 million in special charges.

For the period ended May 31, the Warsaw-based manufacturer of orthopedic products reported $103 million in charges related to its 2007 merger with LVB Acquisition LLC, a private-equity consortium partly managed by The Blackstone Group and Goldman Sachs & Co.

The company also took a $102 million charge related to its dental-reconstruction business and a $64 million charge related to legal fees.

Excluding the special charges, Biomet had profit of $66.3 million, a 72-percent increase from the same period a year ago.

Revenue in the fiscal fourth quarter increased 1 percent, to $639.3 million.
 
For the fiscal year, Biomet reported a loss of $749.2 million, compared with a $1 billion loss in 2008. Revenue increased 5 percent, to $2.5 billion.

 

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