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Biomet trims loss ahead of IPO

Biomet Inc. trimmed its quarterly loss as the maker of dental implants and artificial joints prepares to make an initial public stock offering.

The Warsaw, Ind., company reported a net loss of $65.9 million for the quarter ended Feb. 28 compared with a net loss of $304.5 million a year earlier. Biomet said it had operating income of $200,000, reversing a $237.4 million operating loss a year earlier. Sales increased 6.6 percent to $822.5 million.

The company says sales rose 7.5 percent excluding changes in foreign exchange rates.

“We once again delivered balanced constant currency sales growth across our major geographies and our major product categories,” Biomet president and CEO Jeffrey R. Binder said.

Sales related to knee replacements rose 8.4 percent in the quarter, while those related to sports, extremities and trauma rose 4.7 percent, the company said.

Biomet last month announced plans for a $100 million IPO, chiefly to pay down debt. The company is owned by LVB Acquisition Inc., which intends to change its name to Biomet Group Inc.

Biomet was taken private for $11.4 billion in 2007 by the private equity arm of Goldman Sachs Group Inc., Blackstone Group LP, KKR & Co LP and TPG Capital LP.

ALSO: Biomet files for $100 million IPO