In an 18-page press release, Biomet announced its fourth quarter and fiscal 2009 results.
The Warsaw-based company reported Tuesday that it sustained a $170.9 million net loss for the fourth quarter of the 2009 fiscal year.
Last year, during the same period, Biomet lost $91.5 million.The company recorded $311.8 million of special items during the fourth quarter.
Biomet Inc. reported Tuesday a $170.9 million net loss on more than $300 million in special charges for the fourth quarter.
Of those special charges, $206.2 million came in connection with a 2007 merger.
Biomet finalized a merger with LVB Acquisition Merger Sub Inc. in September 2007.
Biomet had $64.4 million in settlements and reserves associated with litigation dealing with Dr. John King
King is accussed of implanting devices in clinical research without asking for the consent of the patients
The complaint also alleges that during some of those procedures a Biomet representative was in the operating room.
For the whole 2009 fiscal year, Biomet reported a loss of $749.2 million against $1.13 billion in special charges.
In 2008 the company lost $1.02 billion.
The company earned $158.1 million in net income without special charges.
That's an increase of $50.7 million dollars compared to 2008.
Biomet's President and Chief Executive Officer Jeffrey R. Binder stated he was pleased with Biomet's "overall performance."
"In addition to our strong sales driven by new products and good sales execution," said Binder. "We made significant progress with out value creation program and maintained good discipline in operational expense management, providing additional opportunities to increase the bottome line."
