Warsaw's Biomet reports large quarterly loss for 3Q 2009

Greater Fort Wayne Business Weekly

After reporting an increase in fiscal-year 2009 third-quarter sales last week, Biomet Inc. on Tuesday said the company lost $479 million during the quarter.

The orthopedics manufacturer saw a large increase in its loss from last year's third quarter, when the net loss was $88.5 million. Biomet's fiscal-year third quarter ended Feb. 28.

During the quarter, the company recorded $572 million of what were termed "special items," including a $448.5-million impairment charge for its dental reconstructive business unit, according to a statement from the company. Biomet cited disruptions in the credit markets and decreased demand for dental reconstruction products relative to assumptions prior to its purchase in 2007 by a private-equity group as reasons for the charge.

Biomet President and CEO Jeffrey Binder said in the statement he was pleased with improvements in company cash flow and debt ratios.