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Biomet reports loss again

Down $65.9 million month after public trade filing

Biomet Inc. notched another quarterly loss on Thursday, just one month after filing paperwork to be publicly traded and revealing plans to invest $40.5 million in a Warsaw expansion that would create 150 jobs by 2018.

The orthopedic devices company reported a fiscal third-quarter net loss of $65.9 million on consolidated net sales of $823 million.

That's about one-fourth of the loss reported for the same three months of fiscal 2013, when Biomet reported a $304.5 million loss on net sales of $772 million.

The most recent quarter, which ended Feb. 28, included special items totaling $173 million after tax, less than half of the $399 million in special items for the prior year's comparable quarter. Special items included certain litigation, acquisition expenses, operational restructuring and principal stockholders fee.

The company's fiscal year ends May 31.

Biomet's sales statistics included breakdowns by region and business unit. The manufacturer earns 62 percent of revenue inside the U.S. Replacement knees are its most popular product, accounting for 31 percent of sales.

Biomet employs about 9,000 worldwide. The 150 new jobs are projected to pay $75,000 a year on average and will be added in stages, according to paperwork prepared by the company and presented in March to the Kosciusko County Council.

The council's next scheduled meeting is Thursday. It's unclear whether the matter will be voted on then. Biomet officials have said the project will go forward only if county and state tax breaks and other incentives are approved.

Securing such approvals has been largely a formality for employers with large investment plans, however, especially for employers looking to expand existing operations.

In 2007, LVB Acquisition Inc., a private-equity consortium paid $11.4 billion for Biomet, which was founded in 1977. Before that, company shares traded on the Nasdaq stock market.

LVB Acquisition will change its name to Biomet Group Inc. before its initial public stock offering closes, according to its filing with the Securities and Exchange Commission.

Some decisions have not yet been announced, including the IPO's date, number of shares and price range.

Company officials plan to use IPO proceeds to pay down debt.

As of Feb. 28, Biomet had $5.8 billion in long-term debt and $212 million in cash and cash equivalents.


This story reflects additional information that was not in the print edition of The Journal Gazette or an earlier online version of this story.