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Biomet reports lower quarterly loss

Biomet Inc. today reported a first fiscal quarter net loss of $31.5 million, 20 percent less than the $39.2 million loss reported for the same three months a year ago.The first quarter of the Warsaw-based orthopedic devices maker’s fiscal year ended Aug. 31. As of that date, Biomet reported gross debt of $6.28 billion and cash and cash equivalents of $619 million.

Special items during the quarter totaled almost $123 million, including $74.7 million of non-cash amortization expense related to the 2007 “merger.” A private-equity consortium paid $11.4 billion for Biomet, a transaction the new owners characterize as a merger.

During the three months, Biomet substantially completed its $280 million acquisition of DePuy Orthopaedics Inc.’s worldwide trauma business. With the acquisition, Biomet’s net sales increased 6 percent during the quarter, to $707 million. Without the trauma addition, sales increased by 1 percent, the company reported.

sslater@jg.net

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