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 November 30, 1999.
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 November 30, 1999, the registrant had 112,857,994 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 November 30, 1999 and May 31, 1999
(in thousands)
ASSETS
November 30, May 31,
1999 1999
------------ -------
Current assets:
Cash and cash equivalents $ 164,257 $ 129,359
Investments 84,500 60,078
Accounts and notes receivable, net 226,879 215,034
Refundable income taxes 31,308 31,308
Inventories 227,544 205,238
Prepaid expenses and other 45,637 40,691
--------- ---------
Total current assets 780,125 681,708
--------- ---------
Property, plant and equipment, at cost 285,487 265,010
Less, Accumulated depreciation 108,961 96,137
--------- ---------
Property, plant and equipment, net 176,526 168,873
--------- ---------
Investments 125,840 146,859
Intangible assets, net 8,523 7,665
Excess acquisition costs over fair value
of acquired net assets, net 54,746 47,861
Other assets 15,751 14,990
--------- ---------
Total assets $1,161,511 $1,067,956
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at November 30, 1999 and May 31, 1999
(in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
November 30, May 31,
1999 1999
------------ -------
Current liabilities:
Short-term borrowings $ 70,099 $ 45,137
Accounts payable 28,856 27,676
Accrued income taxes 9,565 17,088
Accrued wages and commissions 18,763 19,596
Other accrued liabilities 107,094 91,933
--------- ---------
Total current liabilities 234,377 201,430
Long-term liabilities:
Deferred federal income taxes 8,414 9,565
Other liabilities 447 324
--------- ---------
Total liabilities 243,238 211,319
--------- ---------
Minority interest 83,951 80,690
--------- ---------
Contingencies (Note 8)
Shareholders' equity:
Common shares 80,288 77,843
Additional paid-in capital 26,920 26,920
Retained earnings 747,489 687,828
Accumulated other comprehensive income (20,375) (16,644)
--------- ---------
Total shareholders' equity 834,322 775,947
--------- ---------
Total liabilities and shareholders' equity $1,161,511 $1,067,956
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
for the six and three month periods ended November 30, 1999 and 1998
(in thousands, except per share data)
Six Months Ended Three Months Ended
November 30, November 30,
---------------- ------------------
1999 1998 1999 1998
---- ---- ---- ----
Net sales $394,631 $360,004 $202,480 $183,340
Cost of sales 117,527 109,102 60,691 55,585
------- ------- ------- -------
Gross profit 277,104 250,902 141,789 127,755
Selling, general and
administrative expenses 135,490 123,979 69,194 63,100
Research and development expense 16,842 17,254 8,304 9,162
Special charge 9,000 -- 9,000 --
------- ------- ------- -------
Operating income 115,772 109,669 55,291 55,493
Other income, net 7,983 7,419 4,864 4,575
------- ------- ------- -------
Income before income taxes
and minority interest 123,755 117,088 60,155 60,068
Provision for income taxes 45,047 43,214 22,167 22,118
------- ------- ------- -------
Income before minority interest 78,708 73,874 37,988 37,950
Minority interest 3,261 4,386 1,845 2,056
------- ------- ------- -------
Net income $ 75,447 $ 69,488 $ 36,143 $ 35,894
======= ======= ======= =======
Earnings per share:
Basic $.67 $.62 $.32 $.32
==== ==== ==== ====
Diluted $.66 $.61 $.32 $.32
==== ==== ==== ====
Shares used in the computation
of earnings per share:
Basic 112,839 112,184 112,774 112,258
======= ======= ======= =======
Diluted 113,723 113,564 114,004 113,651
======= ======= ======= =======
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 six months ended November 30, 1999 and 1998
(in thousands)
1999 1998
---- ----
Cash flows from (used in) operating activities:
Net income $ 75,447 $ 69,488
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation 12,083 9,531
Amortization 4,036 4,161
Gain on sale of investments, net (432) (1,054)
Minority interest 3,261 4,386
Deferred federal income taxes (181) (242)
Changes in current assets and liabilities,
excluding effects of acquisitions:
Accounts and notes receivable, net (10,041) (12,842)
Inventories (18,167) (13,735)
Prepaid expenses and other (2,652) 7,444
Accounts payable (73) (1,404)
Accrued income taxes (8,026) 9,921
Accrued wages and commissions (639) (507)
Other accrued laibilities 12,577 (4,764)
------- ------
Net cash from operating activities 67,193 70,383
------- ------
Cash flows from (used in) investing activities:
Proceeds from sales and maturities of investments 7,323 24,171
Purchases of investments (13,288) (62,648)
Capital expenditures (20,881) (19,374)
Acquisitions, net of cash acquired (13,530) (1,075)
Other (1,720) (1,963)
------- ------
Net cash used in investing activities (42,096) (60,889)
------- ------
Cash flows from (used in) financing activities:
Increase in short-term borrowings, net 24,435 2,166
Issuance of common shares 2,439 982
Cash dividends (15,786) (13,453)
------- ------
Net cash from (used in) financing activities 11,088 (10,305)
------- ------
Effect of exchange rate changes on cash (1,287) (1,289)
------- ------
Increase (decrease) in cash and cash equivalents 34,898 (2,100)
Cash and cash equivalents, beginning of year 129,359 117,089
------- -------
Cash and cash equivalents, end of period $164,257 $114,989
======= =======
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 six-month period
ended November 30, 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, but does not
include all disclosures required by generally accepted accounting principles.
The Company has one reportable segment, orthopedic 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 orthopedic products by product category are as follows for the
six and three months ended November 30:
Six Months Ended Three Months Ended
November 30, November 30,
---------------- ------------------
1999 1998 1999 1998
---- ---- ---- ----
(in thousands)
Reconstructive $233,085 $213,376 $120,565 $109,628
Fixation 85,363 78,341 43,329 38,899
Spinal products 25,119 20,819 12,951 11,062
Other 51,064 47,468 25,635 23,751
------- ------- ------- -------
$394,631 $360,004 $202,480 $183,340
======= ======= ======= =======
NOTE 2: 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 November 30, 1999
and 1998 was $(977) and $9,000, respectively. Other comprehensive income (loss)
for the six months ended November 30, 1999 and 1998 was ($3,731) and $8,713,
respectively. Total comprehensive income combines reported net income and other
comprehensive income. Total comprehensive income for the three months ended
November 30, 1999 and 1998 was $35,166 and $44,894, respectively. Total
comprehensive income for the six months ended November 30, 1999 and 1998 was
$71,716 and $78,201, respectively.
NOTE 3: INVENTORIES.
Inventories at November 30, 1999 and May 31, 1999 are as follows:
November 30, May 31,
1999 1999
------------ -------
(in thousands)
Raw materials $ 28,218 $ 26,372
Work-in-process 26,214 24,221
Finished goods 93,446 87,362
Consigned inventory 79,666 67,283
------- -------
$227,544 $205,238
======= =======
NOTE 4: COMMON SHARES.
During the six months ended November 30, 1999, the Company issued 280,490 Common
Shares upon the exercise of outstanding stock options for proceeds aggregating
$2,438,976.
NOTE 5: EARNINGS PER SHARE.
Earnings per common share amounts ("basic EPS") are computed by dividing net
income by the weighted average number of common shares outstanding and excludes
any potential dilution. Earnings per common share amounts assuming dilution
("diluted EPS") are computed by reflecting potential dilution from the
exercise of stock options.
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: SUBSEQUENT EVENT.
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, Florida and it has sales offices in Canada,
Europe and Mexico. The business combination will be accounted for as a
pooling-of-interests whereby all prior period financial statements of the
Company will be restated to include the combined financial position, results
of operations and cash flows of the Company and 3i. The following supplementary
pro forma financial information combines 3i's operating results with the
Company's for the periods presented. The supplementary pro forma financial
information is subject to final adjustments and revisions; however, management
believes adjustments, if any, will not be material. Further, management does
not expect there will be any material adjustments to conform the accounting
policies of the two companies. The Company will take a one-time pretax charge
of approximately $2.7 million for merger-related costs during the third quarter
of fiscal year 2000.
Supplementary Pro Forma Financial Information
Six Months Ended Three Months Ended
November 30, November 30,
---------------- ------------------
1999 1998 1999 1998
---- ---- ---- ----
(in thousands, except per share data)
Reconstructive $275,910 $247,740 $142,832 $127,747
Fixation 85,363 78,341 43,329 38,899
Spinal products 25,119 20,819 12,951 11,062
Other 51,064 47,468 25,635 23,751
------- ------- ------- -------
$437,456 $394,368 $224,747 $201,459
======= ======= ======= =======
U.S. sales $293,116 $263,538 $149,926 $134,894
Foreign sales 144,340 130,830 74,821 66,565
------- ------- ------- -------
$437,456 $394,368 $224,747 $201,459
======= ======= ======= =======
Net sales $437,456 $394,368 $224,747 $201,459
Gross profit 304,592 269,578 156,349 137,693
Operating income 124,003 113,462 60,008 57,793
Net income 79,958 71,541 38,186 37,150
Basic earnings per share .68 .62 .33 .32
Diluted earning per share .67 .60 .33 .31
Three Months Ended
February 28, 1999 May 31, 1999
----------------- ------------
(in thousands, except per share data)
Reconstructive $131,757 $141,868
Fixation 41,191 43,293
Spinal products 11,642 12,664
Other 25,101 26,018
------- -------
$209,691 $223,843
======= =======
U.S. sales $139,489 $145,485
Foreign sales 70,202 78,358
------- -------
$209,691 $223,843
======= =======
Net sales $209,691 $223,843
Gross profit 143,552 155,346
Operating income, excluding special items (a) 58,567 62,329
Income, excluding special items (b) 38,342 43,914
Income per share, excluding special items (b):
Basic .33 .38
Diluted .32 .37
(a) Operating income, excluding special items for the three month period
ended May 31, 1999 excludes a $55 million special charge for
litigation for Biomet and $6.6 million of special income from a
litigation settlement of 3i.
(b) Income, excluding special items for the three month period ended May
31, 1999 excludes a $32.9 million special charge (net of tax) for
litigation for Biomet and $4.1 million of special income (net of tax)
from a litigation settlement of 3i. Income per share excludes the
per share effect of the above noted special items - $.25 (basic) and
$.24 (diluted).
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. On November 30, 1999,
the Company's investments on the consolidated balance sheet include $108 million
of investment securities which were previously delivered to an escrow agent
pursuant to an order of the trial court. It is anticipated that the final
amount payable to Orthofix of approximately $64 million will be paid prior to
January 31, 2000, at which time this matter will be finally resolved and the
escrow account closed.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AS OF NOVEMBER 30, 1999
The Company's cash and investments increased $38,301,000 from $336.3 million at
May 31, 1999 to $374.6 million at November 30, 1999, net of the $15,786,000 cash
dividend paid during the first quarter.
Cash flows provided by operating activities were $67,193,000 for the first six
months of fiscal 2000 compared to $70,383,000 in 1999. Net income plus
depreciation and amortization and the increase in other liabilities were the
principal sources of cash from operating activities, offset by increases in
accounts receivable, inventories and accrued income taxes.
Cash flows used in investing activities were $42,096,000 for the first six
months of fiscal 2000 compared to a use of $60,889,000 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 $11,088,000 for the first six months
of fiscal 2000 compared to a use of $10,305,000 in 1999. The primary use of
cash flows from financing activities was the cash dividend paid in the first
quarter 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, research and
development costs and the Orthofix judgment.
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 1999
AS COMPARED TO THE SIX MONTHS ENDED NOVEMBER 30, 1998
Net sales increased 10% to $394,631,000 for the six-month period ended November
30, 1999, from $360,004,000 for the same period last year. The Company's
U.S.-based revenue increased 10% to $270,411,000 during the first six months,
while foreign sales increased 8% to $124,220,000, net of a negative foreign
exchange adjustment of approximately $5,000,000. Biomet's worldwide sales of
reconstructive products during the first six months of fiscal 2000 were
$233,085,000, representing a 9% increase compared to the first six 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. Sales of fixation
products were $85,363,000 for the first six months of fiscal 2000, representing
a 9% increase as compared to the same period in 1999. Sales of spinal products
were $25,119,000 for the first six months of fiscal 2000, representing a 21%
increase as compared to the same period in 1999. Sales of spinal hardware
contributed to this increase. The Company's sales of other products totaled
$51,064,000, representing an 8% increase over the first six months of fiscal
year 1999, primarily as a result of increased sales of softgood and Arthroscopy
products.
Cost of sales decreased as a percentage of net sales to 29.8% for the first six
months of fiscal 2000 from 30.3% last year primarily as a result of increased
sales of higher margin products, increased in-house manufacturing efficiencies,
improved margins realized through acquisitions of international distributors and
the higher growth rate of U.S. sales compared to international sales. Selling,
general and administrative expenses as a percentage of net sales decreased
slightly from 34.4% for the first six months of last year to 34.3% for the
current six month period. Research and development expenditures decreased
during the first six months to $16,842,000. 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. Operating income
rose 6% from $109,669,000 for the first six months of fiscal 1999, to
$115,772,000 for the first six months of fiscal 2000. Excluding this special
charge, operating income would have increased 14% to $124,772,000 for the first
six months of fiscal 2000. Other income increased 8% resulting from the
increase in the Company's investable cash. The effective income tax rate
decreased to 36.4% for the six months of fiscal year 2000 from 36.9% 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 9% increase in net income to $75,447,000 from
$69,488,000 for the first six months of fiscal 2000 as compared to the same
period in fiscal 1999. Basic and diluted earnings per share both increased 8%,
from $.62 and $.61 to $.67 and $.66, respectively, for the periods presented.
Excluding the effect of the special charge, net income would have increased 17%
to $81,147,000 and basic and diluted earnings per share would have both
increased 16% to $.72 and $.71, respectively.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED NOVEMBER 30, 1999
AS COMPARED TO THE THREE MONTHS ENDED NOVEMBER 30, 1998
Net sales increased 10% to $202,480,000 for the second quarter of fiscal year
2000, as compared to $183,340,000 for the same period last year. Operating
income decreased .4% from $55,493,000 for the second quarter of fiscal 1999, to
$55,291,000 for the second quarter of fiscal 2000. Excluding the special
charge, operating income would have increased 16% to $64,291,000 for the second
quarter of fiscal 2000. During the second quarter, net income increased 1% to
$36,143,000 as compared to $35,894,000 for the same period last year. Basic and
diluted earnings per share both remained at $.32 per share for the second
quarter of fiscal 1999 and 2000. Excluding the special charge, second quarter
net income would have increased 17% to $41,843,000 and basic and diluted
earnings per share both would have increased 16% to $.37 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 six-month period.
YEAR 2000
The Year 2000 ("Y2K") issue stems from the way dates are recorded in many
computer-dependent products and software programs. As the century date change
occurs, date-sensitive systems may recognize the year 2000 as the year 1900, or
not at all. This inability to recognize or properly treat the year 2000 may
cause systems to process financial or operations information incorrectly. Prior
to January 1, 2000, the Company, its vendors and customers and other parties
made significant efforts and expenditures to upgrade, change and modify
computer-dependent products and software programs to be Y2K compliant. As a
result, the Company experienced only a few minor Y2K related problems
(subsequent to December 31, 1999 and through the date of this filing), which
have been corrected. The Company will continue to closely monitor its computer
based systems and equipment and other business activities for possible problems
related to Y2K; however, as of the date of this filing, the Company believes its
business operations will not be adversely affected by Y2K.
ACQUISITION
As discussed in Note 7 of the Notes to Consolidated Financial Statements, on
December 16, 1999, the Company and Implant Innovations International Corporation
completed their merger.
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. On November 30, 1999,
the Company's investments on the consolidated balance sheet include $108 million
of investment securities which were previously delivered to an escrow agent
pursuant to an order of the trial court. It is anticipated that the final
amount payable to Orthofix of approximately $64 million will be paid prior to
January 31, 2000, at which time this matter will be 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. None.
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: 1/14/2000 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, 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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