Biomet said today that it closed the acquisition of spinal device maker Lanx Inc.
When the deal was announced early last month, Biomet said it would expand its spine offering with Lanx’s Timberline and Aspen spinal fusion systems. The deal was originally expected to close by Nov. 29.
"These products are complementary to Biomet Spine’s comprehensive offering of products, including the Lineum OCT spine system, MaxAn anterior cervical plate system, Cellentra VCBM and the Polaris translation screw system," Biomet said at the time.
“We are pleased to finalize the acquisition and begin the integration of the 2 companies into a stronger spine presence for Biomet. We welcome the Lanx team and distributors to the Biomet family and look forward to working together to fulfill our vision for significant growth in this strategically important market for Biomet,” spine, bone healing & microfixation president Adam Johnson said in prepared remarks.
Last month Biomet, considered something of a bellwether for trends in the orthopedics industry, put black ink into its ledgers for the 3 months ended August 31 on a 3.3% top-line gain, reporting profits of $31.1 million on sales of $730.7 million for the quarter, compared with losses of $31.5 million on sales of $707.4 million during the same period last year.
Adjusted to exclude 1-time items, profits grew 33.8% to $80.8 million, compared with $60.4 million during Q1 2012.