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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBiomet 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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