Biomet Inc. missed the mark by millions when it released its preliminary earnings estimate on July 11.
The Warsaw-based orthopedic devices-maker today reported final quarterly and annual results that included a net loss of $623 million for the fiscal year ended May 31. That’s 63 percent more than the $382 million loss initially reported and 36 percent more than the $459 million loss reported for the preceding 12 months.
Special items totaled almost $1.23 billion during fiscal 2013, including a $567 million non-cash charge related to Biomet’s dental reconstructive and Europe reporting units. The new total is about $300 million more than estimated in the preliminary report.
Statements attributed to Jeffrey Binder, president and CEO, remained the same as they were seven weeks ago, however. He said opportunities for innovation and differentiation remain in the industry.