Biomet today reported a return to fiscal 3rd-quarter profits, despite a foreign currency hit that pushed its top line down nearly 3%, in what’s likely its last financial release as an independent company.
Warsaw, Ind.-based Biomet, which is due any day now to be acquired by cross-town rival Zimmer (NYSE:ZMH), posted profits of $48.8 million on sales growth of 2.6% to $800.9 million for the 3 months ended YY, compared with losses of -$65.9 million during the same period in 2014.
Biomet said sales grew 1.4% excluding currency effects. Adjusted to exclude 1-time items, profits were $117.8 million, up 9.8% compared with Q3 2014.
Biomet’s $13.35 billion deal to merge with Zimmer, which is expected to close this month, won approval from anti-trust regulators in Europe in March, on the heels of a similar OK in Japan. The U.S. Federal Trade Commission is still reviewing the proposed merger.
Last month, Biomet said the U.S. Justice Dept. extended by a year a deferred prosecution agreement reached in 2012 over alleged violations of the Foreign Corrupt Practices Act.