Biomet Posts Drop In Quarterly Profit

Biomet reported around 77% drop in its earnings for the quarter ended August 31. In April, Biomet agreed to be bought by Zimmer Holdings ZMH for around $13.35 billion in cash and stock. Biomet posted a quarterly profit of $7.3 million, versus a year-ago profit of $31.1 million. Excluding items, the company's adjusted net income climbed to $94.6 million versus $77.1 million. Its sales climbed 6% to $774.8 million. The company's sales in spine and bone healing division jumped 20.9%. Knee sales gained 4.3%, while hip sales jumped 3.8% in the period. Research and development costs increased 14%, while selling and administrative expenses climbed 15% in the quarter.