Biomet Inc. said revenue fell 2.5% in its February quarter due to a stronger dollar, which lead to sales declines in nearly all its geographic regions and product segments.
The Warsaw, Ind., manufacturer of artificial knees and hips, among other orthopedic devices, agreed last year to be acquired by rival Zimmer Holdings Inc. for about $13.35 billion in cash and stock, a bid to position the combined company as a leader in making products to repair muscles and bones.
In October, European Union regulators opened an in-depth probe into the deal, saying it could result in less innovation and higher prices. In late March, the EU ultimately approved the merger after Zimmer agreed to sell three businesses in Europe to assuage antitrust concerns.
For the quarter ended Feb. 28, Biomet swung to a profit of $48.8 million, compared with a year-earlier loss of $65.9 million. Adjusted earnings totaled $117.8 million, up from $107.3 million, a year earlier.
Excluding special items, earnings before interest, taxes, depreciation and amortization rose to $298 million from $272 million a year earlier.