UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2000.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________.
Commission file Number 0-12515.
BIOMET, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-1418342
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Airport Industrial Park, P.O. Box 587, Warsaw, Indiana 46581-0587
(Address of principal executive offices)
(219) 267-6639
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
As of February 29, 2000, the registrant had 118,310,662 common shares
outstanding.
BIOMET, INC.
CONTENTS
Pages
Part I. Financial Information
Item 1. Financial Statements:
Consolidated Balance Sheets 1-2
Consolidated Statements of Income 3
Consolidated Statements of Cash Flows 4
Notes to Consolidated Financial Statements 5-9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 10-12
Part II. Other Information 13
Signatures 14
Index to Exhibits 15
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at February 29, 2000 and May 31, 1999
(in thousands)
ASSETS
February 29, May 31,
2000 1999
------------ -------
Current assets:
Cash and cash equivalents $ 156,202 $ 132,081
Investments 48,738 60,078
Accounts and notes receivable, net 246,410 223,613
Refundable income taxes -- 31,308
Inventories 244,539 220,587
Prepaid expenses and other 49,769 45,161
--------- ---------
Total current assets 745,658 712,828
--------- ---------
Property, plant and equipment, at cost 288,817 280,950
Less, Accumulated depreciation 107,887 103,567
--------- ---------
Property, plant and equipment, net 180,930 177,383
--------- ---------
Investments 163,663 146,859
Intangible assets, net 11,583 10,709
Excess acquisition costs over fair value
of acquired net assets, net 57,247 47,861
Other assets 15,647 15,300
--------- ---------
Total assets $1,174,728 $1,110,940
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at February 29, 2000 and May 31, 1999
(in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
February 29, May 31,
2000 1999
------------ -------
Current liabilities:
Short-term borrowings $ 73,745 $ 51,783
Accounts payable 30,627 30,892
Accrued income taxes 10,975 18,645
Accrued wages and commissions 21,170 21,059
Other accrued liabilities 42,576 95,573
--------- ---------
Total current liabilities 179,093 217,952
Long-term liabilities:
Long-term debt -- 2,902
Deferred federal income taxes 7,676 10,115
Other liabilities 447 394
--------- ---------
Total liabilities 187,216 231,363
--------- ---------
Redeemable convertible cumulative preferred stock -- 3,038
--------- ---------
Minority interest 85,403 80,690
--------- ---------
Contingencies (Note 8)
Shareholders' equity:
Common shares 83,329 77,850
Additional paid-in capital 26,920 28,271
Retained earnings 825,677 706,094
Accumulated other comprehensive income (33,817) (16,366)
--------- ---------
Total shareholders' equity 902,109 795,849
--------- ---------
Total liabilities and shareholders' equity $1,174,728 $1,110,940
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
for the nine and three month periods ended February 29, 2000 and
February 28, 1999
(in thousands, except per share data)
Nine Months Ended Three Months Ended
----------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
Net sales $670,366 $604,059 $232,910 $209,691
Cost of sales 203,256 190,929 70,393 66,139
------- ------- ------- -------
Gross profit 467,110 413,130 162,517 143,552
Selling, general and
administrative expenses 236,807 212,652 83,792 75,351
Research and development expense 29,534 28,449 10,959 9,634
Special charge 11,700 -- 2,700 --
------- ------- ------- -------
Operating income 189,069 172,029 65,066 58,567
Other income, net 11,923 9,575 4,895 2,619
------- ------- ------- -------
Income before income taxes
and minority interest 200,992 181,604 69,961 61,186
Provision for income taxes 73,129 66,851 25,317 22,360
------- ------- ------- -------
Income before minority interest 127,863 114,753 44,644 38,826
Minority interest 4,713 4,870 1,452 484
------- ------- ------- -------
Net income $123,150 $109,883 $ 43,192 $ 38,342
======= ======= ======= =======
Earnings per share:
Basic $1.05 $.94 $.37 $.33
===== ==== ==== ====
Diluted $1.03 $.93 $.36 $.32
===== ==== ==== ====
Shares used in the computation
of earnings per share:
Basic 117,158 116,492 117,968 116,346
======= ======= ======= =======
Diluted 119,027 118,089 119,499 118,575
======= ======= ======= =======
Cash dividends per common share $.14 $.12 $ -- $ --
==== ==== ==== ====
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the nine months ended February 29, 2000 and February 28, 1999
(in thousands)
2000 1999
---- ----
Cash flows from (used in) operating activities:
Net income $123,150 $109,883
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation 20,306 16,445
Amortization 6,467 6,518
Gain on sale of investments, net (723) (1,148)
Minority interest 4,713 4,870
Deferred federal income taxes (272) (310)
Changes in current assets and liabilities,
excluding effects of acquisitions:
Accounts and notes receivable, net (24,194) (24,541)
Inventories (25,459) (19,488)
Prepaid expenses and other (6,179) (2,567)
Accounts payable 674 --
Accrued income taxes 24,253 13,775
Accrued wages and commissions 61 1,587
Other accrued laibilities (58,660) (3,036)
-------- -------
Net cash from operating activities 64,137 101,988
-------- -------
Cash flows from (used in) investing activities:
Proceeds from sales and maturities of investments 19,401 25,478
Purchases of investments (28,608) (99,779)
Capital expenditures (26,635) (36,137)
Acquisitions, net of cash acquired (18,142) (3,594)
Other (1,001) (2,560)
-------- -------
Net cash (used in) investing activities (54,985) (116,592)
-------- -------
Cash flows from (used in) financing activities:
Increase in short-term borrowings, net 27,882 45,549
Payment of long-term debt (2,902) (1,668)
Issuance of common shares 9,913 1,275
Cash dividends (16,468) (13,453)
------- ------
Net cash from financing activities 18,425 31,703
------- ------
Effect of exchange rate changes on cash (3,456) 1,113
------- ------
Increase in cash and cash equivalents 24,121 18,212
Cash and cash equivalents, beginning of year 132,081 120,776
------- -------
Cash and cash equivalents, end of period $156,202 $138,988
======= =======
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: BASIS OF PRESENTATION.
The accompanying consolidated financial statements include the accounts of
Biomet, Inc. and its subsidiaries (individually and collectively referred to as
the "Company"). The unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the
information and notes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the nine-month period
ended February 29, 1999 are not necessarily indicative of the results that may
be expected for the fiscal year ending May 31, 2000. For further information,
refer to the consolidated financial statements and notes thereto included in
the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 1999.
The accompanying consolidated balance sheet at May 31, 1999, has been derived
from the audited Consolidated Financial Statements at that date and has been
restated to reflect the acquisition of Implant Innovations International
Corporation which has been accounted for as a pooling-of-interests (See Note 2).
The consolidated balance sheet at May 31, 1999 does not include all disclosures
required by generally accepted accounting principles.
The Company has one reportable segment, musculoskeletal products, which includes
designing, manufacturing and marketing of reconstructive products, fixation
devices, spinal products and other. Other products consist primarily of
Arthrotek's arthroscopy products, AOA's softgoods products, general instruments
and operating room supplies. The Company manages its business segments
primarily on a geographic basis. These geographic segments are comprised of
the United States, Europe and other. Other geographic segments include Canada,
South America, Mexico, Japan and the Pacific Rim.
Net sales of musculoskeletal products by product category are as follows for the
nine and three months ended February 29, 2000 and February 28, 1999:
Nine Months Ended Three Months Ended
----------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
(in thousands)
Reconstructive $422,738 $379,497 $146,828 $131,757
Fixation 131,563 119,533 46,200 41,192
Spinal products 38,571 32,461 13,452 11,642
Other 77,494 72,568 26,430 25,100
------- ------- ------- -------
$670,366 $604,059 $232,910 $209,691
======= ======= ======= =======
NOTE 2: ACQUISITION.
On December 16, 1999, the Company and Implant Innovations International
Corporation ("3i") completed the merger as previously announced. The Company
issued 5.2 million Common Shares for all of the issued and outstanding shares of
3i. 3i and its subsidiaries design, develop, manufacture, market and distribute
oral reconstructive products. 3i's corporate headquarters and manufacturing
facility are located in Palm Beach Gardens, Florida and it has sales offices in
Canada, Europe and Mexico. The business combination has been accounted for as a
pooling-of-interests whereby all prior period financial statements of the
Company have been restated to include the combined financial position, results
of operations and cash flows of the Company and 3i. 3i's fiscal year-end was
December 31 and accordingly, the three-month and nine-month periods ended
February 28, 1999 include 3i's operating results for the three-month and
nine-month periods ended September 30, 1998. For the Company's current fiscal
year ended May 31, 2000 and the restatement for the pooling-of-interests, the
reporting periods for 3i's statements of income and cash flows have been
conformed to Biomet's May 31 fiscal year. The Company took a one-time pretax
charge of approximately $2.7 million for merger-related costs during the third
quarter of fiscal year 2000. The reconciliation of net sales and net income of
Biomet and 3i for the periods prior to the combination are as follows:
Six Months Three Months Nine Months
Ended Ended Ended
November 30, February 28, February 28,
1999 1999 1999
---- ---- ----
(in thousands)
Net Sales
Biomet $360,004 $192,330 $552,334
3i 34,364 17,361 51,725
------- ------- -------
Combined $394,368 $209,691 $604,059
======= ======= =======
Net Income
Biomet $ 69,488 $ 37,357 $106,845
3i 2,053 985 3,038
------- ------- -------
Combined $ 71,541 $ 38,342 $109,883
======= ======= =======
NOTE 3: COMPREHENSIVE INCOME.
Other comprehensive income includes foreign currency translation adjustments and
unrealized appreciation of available-for-sale securities, net of taxes. Other
comprehensive income (loss) for the three months ended February 29, 2000 and
February 28, 1999 was $(13,438) and $(878), respectively. Other comprehensive
income (loss) for the nine months ended February 29, 2000 and February 28, 1999
was $(17,451) and $8,095, respectively. Total comprehensive income combines
reported net income and other comprehensive income. Total comprehensive income
for the three months ended February 29, 2000 and February 28, 1999 was $30,638
and $37,464, respectively. Total comprehensive income for the nine months ended
February 29, 2000 and February 28, 1999 was $105,699 and $117,978, respectively.
NOTE 4: INVENTORIES.
Inventories at February 29, 2000 and May 31, 1999 are as follows:
February 29, May 31,
2000 1999
------------ -------
(in thousands)
Raw materials $ 27,753 $ 27,294
Work-in-process 30,802 30,003
Finished goods 102,670 96,007
Consigned inventory 83,314 67,283
------- -------
$244,539 $220,587
======= =======
NOTE 5: COMMON SHARES.
On December 16, 1999, the Company issued 5.2 million common shares in connection
with the business combination with 3i (see Note 2).
In connection with the business combination with 3i and under the existing terms
of 3i's Series A Cumulative Convertible Preferred Stock, the holders of the
preferred stock exercised their right to convert such preferred stock into
776,778 shares of 3i's common stock, which shares of 3i's common stock were
subsequently exchanged for common shares of Biomet in the merger transaction. In
addition, cumulative accrued and unpaid dividends aggregating $682,501 were paid
to the holders of the preferred stock prior to the conversion to common stock.
The holders of 3i's preferred stock were also the holders of 3i's subordinated
debentures with detachable warrants. In connection with the business
combination and the existing terms of 3i's subordinated debentures, the
outstanding principal amount and all accrued and unpaid interest was paid to the
debenture holders. In addition, the debenture holders exercised the detachable
warrants and acquired 517,859 shares of 3i's common stock in exchange for $5,179
and such shares of 3i's common stock were subsequently exchanged for common
shares of Biomet in the merger transaction.
The Company issued 1,010,402 Common Shares upon the exercise of outstanding
stock options for proceeds aggregating $9,907,493.
NOTE 6: INCOME TAXES.
The difference between the reported provision for income taxes and a provision
computed by applying the federal statutory rate to pre-tax accounting income is
primarily attributable to state income taxes, tax benefits relating to
operations in Puerto Rico, tax-exempt income and tax credits.
NOTE 7: EARNINGS PER SHARE.
Earnings per share for the nine and three month periods ended February 29, 2000
and February 28, 1999 are as follows:
Nine Months Ended Three Months Ended
2000 1999 2000 1999
---- ---- ---- ----
(in thousands, except per share data)
Numerator:
Net income $123,150 $109,883 $ 43,192 $ 38,342
Less: Preferred stock dividends 81 113 6 38
------- ------- ------- -------
Numerator for basic earnings per
share - income available to
common shareholders 123,069 109,770 43,186 38,304
Effect of dilutive securities:
Dividend on convertible
preferred securities 81 113 6 38
------- ------- ------- -------
Numerator for diluted earnings per
share - income available to
common shareholders after
assumed conversions $123,150 $109,883 $ 43,192 $ 38,342
======= ======= ======= =======
Denominator:
Denominator for basic earnings
per share - weighted average
shares 117,158 116,492 117,968 116,346
Effect of dilutive securities:
Warrants 212 294 49 294
Convertible preferred securities 319 442 73 442
Stock options 1,338 861 1,409 1,493
------- ------- ------- -------
Dilutive potential common shares 1,869 1,597 1,531 2,229
Denominator for diluted earnings per
share - adjusted weighted average
shares and assumed conversions 119,027 118,089 119,499 118,575
======= ======= ======= =======
Earnings per share - basic $1.05 $ .94 $.37 $.33
==== ==== === ===
Earnings per share - diluted $1.03 $ .93 $.36 $.32
==== ==== === ===
NOTE 8: CONTINGENCIES.
On June 30, 1999, the United States Court of Appeals for the Third Circuit
(the "Third Circuit") significantly reduced the judgment previously entered
against the Company and its wholly-owned subsidiaries, Electro-Biology, Inc. and
EBI Medical Systems, Inc. and in favor of Orthofix SRL ("Orthofix"). The Third
Circuit upheld the trial court's award of compensatory damages to Orthofix in
the amount of $48,875,397; however, it virtually eliminated the $50 million
punitive damage award, reducing it to $1 million. The Company and Orthofix
filed petitions for rehearing with the Third Circuit and both petitions were
denied. Orthofix filed an appeal of the Third Circuit's decision to the United
States Supreme Court, and on January 10, 2000 the Supreme Court decided, without
comment, not to review the decision of the lower court. As a result of the
Third Circuit's decision, and consultation with outside legal counsel, the
Company recorded a special charge of $55 million in its fiscal 1999 consolidated
financial statements. The Company recorded an additional special charge of $9
million for the quarter ended November 30, 1999 to reflect the final
determination of the interest element of the judgment. The final amount payable
to Orthofix of approximately $64 million was paid in January 2000. This matter
is finally resolved and the escrow account closed.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ACQUISITION
As discussed in Note 2 of the Notes to Consolidated Financial Statements, on
December 16, 1999, the Company and Implant Innovations International Corporation
("3i") completed their merger. This business combination has been accounted for
as a pooling-of-interests and, accordingly, all prior period financial
statements of the Company have been restated to include the combined financial
position, results of operations and cash flows of the Company and 3i.
FINANCIAL CONDITION AS OF FEBRUARY 29, 2000
The Company's cash and investments increased $29.6 million from $339.0 million
at May 31, 1999 to $368.6 million at February 29, 2000.
Cash flows provided by operating activities were $64,137,000 for the first nine
months of fiscal 2000 compared to $101,988,000 in 1999. Net income plus
depreciation and amortization and an increase in accrued income taxes were the
principal sources of cash from operating activities, offset by increases in
accounts receivable, inventories and a decrease in other accrued liabilities.
Cash flows used in investing activities were $54,985,000 for the first nine
months of fiscal 2000 compared to a use of $116,592,000 in 1999. The primary
source of cash flows from investing activities were sales and maturities of
investments offset by purchases of investments, purchases of capital equipment
and business acquisitions.
Cash flows from financing activities were $18,425,000 for the first nine months
of fiscal 2000 compared to $31,703,000 in 1999. The primary use of cash flows
from financing activities was the cash dividend paid, while the primary source
of cash flows from financing activities was from increasing short-term
borrowings used by BioMer in its operations and for business acquisitions.
Currently available funds, together with anticipated cash flows generated from
future operations, are believed to be adequate to cover the Company's
anticipated cash requirements, including capital expenditures and research and
development costs.
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED FEBRUARY 29, 2000
AS COMPARED TO THE NINE MONTHS ENDED FEBRUARY 28, 1999
Net sales increased 11% to $670,366,000 for the nine-month period ended February
29, 2000, from $604,059,000 for the same period last year. The Company's
U.S.-based revenue increased 11% to $445,920,000 during the first nine months,
while foreign sales increased 12% to $224,446,000, net of a negative foreign
exchange adjustment of approximately $10,000,000. Biomet's worldwide sales of
reconstructive products during the first nine months of fiscal 2000 were
$422,738,000, representing an 11% increase compared to the first nine months of
last year. This increase was primarily a result of Biomet's continued
penetration of the reconstructive device market led by revision products, the
Repicci Unicondylar Knee and the Ascent Total Knee System and 3i's penetration
into the dental implant market.
Sales of fixation products were $131,563,000 for the first nine months of fiscal
2000, representing a 10% increase as compared to the same period in 1999. Sales
of spinal products were $38,571,000 for the first nine months of fiscal 2000,
representing a 19% increase as compared to the same period in 1999. The launch
of the Omega 21 Spinal Fixation System and continued penetration and line
extensions of the SpineLink Spinal Fixation System contributed to this increase.
The Company's sales of other products totaled $77,494,000, representing a 7%
increase over the first nine months of fiscal year 1999, primarily as a result
of increased sales of Arthroscopy products and AOA's softgoods.
Cost of sales decreased as a percentage of net sales to 30.3% for the first nine
months of fiscal 2000 from 31.6% last year primarily as a result of increased
sales of higher margin products and increased in-house manufacturing
efficiencies. Net of the special charges, selling, general and administrative
expenses as a percentage of net sales increased slightly from 35.2% for the
first nine months of last year to 35.3% for the current nine month period.
Research and development expenditures increased during the first nine months to
$29,534,000. On January 10, 2000, the United States Supreme Court declined to
review the Third Circuit's decision in the Orthofix case, leaving its damage
award standing. The Company recorded a $9 million special charge in the second
quarter of fiscal year 2000, to reflect the final determination of the interest
element of the judgment. During the current quarter, the Company recorded a
$2.7 million special charge for merger related costs in connection with the 3i
acquisition. Operating income rose 10% from $172,029,000 for the first nine
months of fiscal 1999, to $189,069,000 for the first nine months of fiscal 2000.
Excluding the special charges, operating income would have increased 17% to
$200,769,000 for the first nine months of fiscal 2000. Other income increased
25% resulting from the increase in the Company's investable cash. The effective
income tax rate decreased to 36.4% for the nine months of fiscal year 2000 from
36.8% last year primarily as a result of U.S. pretax income growing at a higher
rate than international pretax income where tax rates are higher.
These factors resulted in a 12% increase in net income to $123,150,000 from
$109,883,000 for the first nine months of fiscal 2000 as compared to the same
period in fiscal 1999. Basic earnings per share increased 12%, from $.94 to
$1.05, while diluted earnings per share increased 11%, from $.93 to $1.03 for
the periods presented. Excluding the effect of the special charges, net income
would have increased 19% to $130,550,000 and basic and diluted earnings per
share would have both increased 18% to $1.11 and $1.10, respectively.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2000
AS COMPARED TO THE THREE MONTHS ENDED FEBRUARY 28, 1999
Net sales increased 11% to $232,910,000 for the third quarter of fiscal year
2000, as compared to $209,691,000 for the same period last year. Operating
income increased 11% from $58,567,000 for the third quarter of fiscal 1999, to
$65,066,000 for the third quarter of fiscal 2000. Excluding the $2,700,000
special charge, operating income would have increased 16% to $67,766,000 for the
third quarter of fiscal 2000. During the third quarter, net income increased
13% to $43,192,000 as compared to $38,342,000 for the same period last year.
Basic earnings per share increased 12%, from $.33 to $.37, while diluted
earnings per share increased 13%, from $.32 to $.36 for the periods presented.
Excluding the special charge, third quarter net income would have increased 17%
to $44,892,000 and basic and diluted earnings per share would have increased
15% and 19%, respectively, to $.38 per share. The business factors resulting in
these changes and relevant trends affecting the Company's business during the
periods in question are comparable to those described in the preceding
discussion for the nine-month period.
PART II. OTHER INFORMATION
Item 1: Legal Proceedings.
On June 30, 1999, the United States Court of Appeals for the Third Circuit
(the "Third Circuit") significantly reduced the judgment previously entered
against the Company and its wholly-owned subsidiaries, Electro-Biology, Inc. and
EBI Medical Systems, Inc. and in favor of Orthofix SRL ("Orthofix"). The Third
Circuit upheld the trial court's award of compensatory damages to Orthofix in
the amount of $48,875,397; however, it virtually eliminated the $50 million
punitive damage award, reducing it to $1 million. The Company and Orthofix
filed petitions for rehearing with the Third Circuit and both petitions were
denied. Orthofix filed an appeal of the Third Circuit's decision to the United
States Supreme Court, and on January 10, 2000 the Supreme Court decided, without
comment, not to review the decision of the lower court. As a result of the
Third Circuit's decision, and consultation with outside legal counsel, the
Company recorded a special charge of $55 million in its fiscal 1999 consolidated
financial statements. The Company recorded an additional special charge of $9
million for the quarter ended November 30, 1999 to reflect the final
determination of the interest element of the judgment. The final amount payable
to Orthofix of approximately $64 million was paid in January 2000. This matter
is finally resolved and the escrow account closed.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. See Index to Exhibits.
(b) Reports on Form 8-K.
A report on Form 8-K was filed December 29, 1999 with respect to
item 2 of that form.
A report on Form 8-K was filed January 5, 2000 with respect to
item 5 of that form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BIOMET, INC.
- ------------
(Registrant)
DATE: 4/14/2000 BY: /s/ GREGORY D. HARTMAN
--------- -------------------------
Gregory D. Hartman
Senior Vice President - Finance and Treasurer
(Principal Financial Officer)
(Signing on behalf of the Registrant
and as Principal Financial Officer)
BIOMET, INC.
FORM 10-Q
INDEX TO EXHIBITS
Sequential
Number Assigned Numbering System
in Regulation S-K Page Number
Item 601 Description of Exhibit of Exhibit
- ----------------- -------------------------------- ----------------
(2) No exhibit.
(4) 4.1 Specimen certificate for Common
Shares. (Incorporated by reference
to Exhibit 4.1 to the registrant's
Report on Form 10-K for the fiscal
year ended May 31, 1985).
4.2 Rights Agreement between Biomet,
Inc. and Lake City Bank, as Rights
Agent, dated as of December 16, 1999.
(Incorporated by reference to Exhibit
4.01 to Biomet, Inc. Form 8-K Current
Report dated December 16, 1999,
Commission File No. 0-12515).
(10) No exhibit.
(11) No exhibit.
(15) No exhibit.
(18) No exhibit.
(19) No exhibit.
(22) No exhibit.
(23) No exhibit.
(24) No exhibit.
(27) Financial data schedules.
(99) No exhibit.
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