Biomet reported a net loss of $478.7 million on sales of $615 million for the third quarter of fiscal 2009 (end-February 28).
The loss included a $448.5 million revaluation for its slumping dental implant business. The loss compares to a net loss of $88.5 million on sales of $603 million for the same quarter a year ago.
The privately held orthopedic device manufacturer stated that, "as a result of the weak economy and the elective nature of dental implant treatment," dental reconstructive device sales decreased 16% worldwide and 10% in the U.S.
"While the impact of the general economy on our dental implant business is resulting in a write-down of goodwill and intangible assets, I have confidence in the long-term attractiveness of the dental reconstructive market and Biomet 3i's competitiveness in that market," Biomet President and CEO Jeffrey Binder said in a press release.
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