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 February 29, 2004.
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.)
56 East Bell Drive, Warsaw, Indiana 46582
(Address of principal executive offices)
(574) 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 February 29, 2004, the registrant had 254,420,089 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 5-7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-10
Item 3. Quantitative and Qualitative Disclosure about
Market Risks 11
Item 4. Controls and Procedures 11
Part II. Other Information 12
Signatures 13
Index to Exhibits 14
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at February 29, 2004 and May 31, 2003
(in thousands)
ASSETS
February 29, May 31,
2004 2003
------------ -------
(Unaudited)
Current assets:
Cash and cash equivalents $ 376,923 $ 225,650
Investments 13,945 37,337
Accounts and notes receivable, net 468,497 418,095
Inventories 383,200 356,270
Deferred income taxes 54,642 54,262
Prepaid expenses and other 24,987 20,141
--------- ---------
Total current assets 1,322,194 1,111,755
--------- ---------
Property, plant and equipment, at cost 525,966 468,965
Less, Accumulated depreciation 258,426 215,519
--------- ---------
Property, plant and equipment, net 267,540 253,446
--------- ---------
Investments 72,770 155,607
Goodwill, net 130,299 126,706
Intangible assets, net 10,033 10,874
Other assets 15,089 13,781
--------- ---------
Total assets $1,817,925 $1,672,169
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at February 29, 2004 and May 31, 2003
(in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
February 29, May 31,
2004 2003
------------ -------
(Unaudited)
Current liabilities:
Short-term borrowings $ 122,465 $ 114,120
Accounts payable 38,769 42,106
Accrued income taxes 17,746 12,453
Accrued wages and commissions 45,964 43,715
Other accrued expenses 63,598 54,260
--------- ---------
Total current liabilities 288,542 266,654
Long-term liabilities:
Deferred income taxes 7,455 7,031
Other liabilities -- 462
--------- ---------
Total liabilities 295,997 274,147
--------- ---------
Minority interest 118,161 111,888
--------- ---------
Contingencies (Note 7)
Shareholders' equity:
Common shares 161,159 141,931
Additional paid-in capital 54,155 54,081
Retained earnings 1,159,125 1,100,462
Accumulated other comprehensive income (loss) 29,328 (10,340)
--------- ---------
Total shareholders' equity 1,403,767 1,286,134
--------- ---------
Total liabilities and shareholders' equity $1,817,925 $1,672,169
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
for the nine and three month periods ended February 29, 2004 and
February 28, 2003
(Unaudited, in thousands, except per share data)
Nine Months Ended Three Months Ended
----------------- ------------------
2004 2003 2004 2003
---- ---- ---- ----
Net sales $1,168,065 $1,013,090 $410,185 $354,042
Cost of sales 330,400 296,378 115,992 107,636
--------- --------- ------- -------
Gross profit 837,665 716,712 294,193 246,406
Selling, general and
administrative expenses 414,773 365,126 145,712 127,990
Research and development expense 46,450 40,262 15,892 14,555
--------- --------- ------- -------
Operating income 376,442 311,324 132,589 103,861
Other income, net 10,260 15,947 3,570 9,145
--------- --------- ------- -------
Income before income taxes and
minority interest 386,702 327,271 136,159 113,006
Provision for income taxes 134,659 113,307 47,430 39,169
--------- --------- ------- -------
Income before minority interest 252,043 213,964 88,729 73,837
Minority interest 6,273 5,010 2,129 1,243
--------- --------- ------- -------
Net income $ 245,770 $ 208,954 $ 86,600 $ 72,594
========= ========= ======= =======
Earnings per share:
Basic $.96 $.80 $.34 $.28
==== ==== ==== ====
Diluted $.95 $.80 $.34 $.28
==== ==== ==== ====
Shares used in the computation
of earnings per share:
Basic 255,916 259,895 255,110 257,929
======= ======= ======= =======
Diluted 257,892 261,597 257,244 259,824
======= ======= ======= =======
Cash dividends per common share $.15 $.10 $ -- $ --
==== ==== ==== ====
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the nine months ended February 29, 2004 and February 28, 2003
(Unaudited, in thousands)
2004 2003
---- ----
Cash flows from (used in) operating activities:
Net income $245,770 $208,954
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation 38,876 31,003
Amortization 2,274 2,608
Gain on sale of investments, net (583) (153)
Minority interest 6,273 5,010
Deferred income taxes (1,562) 646
Changes in current assets and liabilities:
Accounts and notes receivable, net (37,130) (32,675)
Inventories (2,059) (2,146)
Accounts payable (6,782) (8,376)
Accrued income taxes 4,597 (17,173)
Other 4,419 (3,320)
------- -------
Net cash from operating activities 254,093 184,378
------- -------
Cash flows from (used in) investing activities:
Proceeds from sales and maturities of investments 215,286 104,717
Purchases of investments (106,694) (43,899)
Capital expenditures (42,594) (41,766)
Other (1,587) (4,178)
------- ------
Net cash from investing activities 64,411 14,874
------- ------
Cash flows from (used in) financing activities:
Increase (decrease) in short-term borrowings, net (2,254) 6,655
Issuance of common shares 21,874 13,897
Cash dividends (38,604) (26,431)
Purchase of common shares (152,020) (187,115)
------- ------
Net cash used in financing activities (171,004) (192,994)
------- ------
Effect of exchange rate changes on cash 3,773 7,222
------- ------
Increase in cash and cash equivalents 151,273 13,480
Cash and cash equivalents, beginning of year 225,650 154,297
------- -------
Cash and cash equivalents, end of period $376,923 $167,777
======= =======
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 accounting principles generally accepted in the
United States 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 accounting principles generally
accepted in the United States 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 nine-month period ended February 29, 2004 are not necessarily
indicative of the results that may be expected for the fiscal year ending
May 31, 2004. 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, 2003.
The accompanying consolidated balance sheet at May 31, 2003, has been derived
from the audited Consolidated Financial Statements at that date, but does not
include all disclosures required by accounting principles generally accepted
in the United States.
The Company operates in one business segment, musculoskeletal products, which
includes the designing, manufacturing and marketing of reconstructive products,
fixation devices, spinal products and other products. Other products consist
primarily of EBI's softgoods and bracing products, Arthrotek's arthroscopy
products, general instruments and operating room supplies. The Company manages
its business segment primarily on a geographic basis. These geographic markets
are comprised of the United States, Europe and the Rest of World. Major markets
included in the Rest of World geographic market are Canada, South America,
Mexico, Japan and the Pacific Rim.
Net sales of musculoskeletal products by product category are as follows for the
nine and three month periods ended February 29, 2004 and February 28, 2003:
Nine Months Ended Three Months Ended
----------------- ------------------
2004 2003 2004 2003
---- ---- ---- ----
(in thousands)
Reconstructive $ 755,726 $ 626,192 $270,203 $222,253
Fixation 184,889 176,869 62,460 59,061
Spinal products 116,267 105,620 39,322 36,157
Other 111,183 104,409 38,200 36,571
--------- --------- ------- -------
$1,168,065 $1,013,090 $410,185 $354,042
========= ========= ======= =======
As permitted by SFAS No. 123, the Company accounts for its employee stock
options using the intrinsic value method. Accordingly, no compensation expense
is recognized for the employee stock-based compensation plans. If compensation
expense for the Company's employee stock options had been determined based on
the fair value method of accounting, pro forma net income and diluted earnings
per share for the nine and three month periods ended February 29, 2004 and
February 28, 2003 would have been as follows:
Nine Months Ended Three Months Ended
----------------- ------------------
2004 2003 2004 2003
---- ---- ---- ----
Net income as reported (in thousands) $245,770 $208,954 $ 86,600 $ 72,594
Deduct: Total stock-based employee
compensation expense determined
under the fair value method for
all awards net of related tax
effects (in thousands) 3,853 4,146 1,290 1,382
------- ------- ------- -------
Pro forma net income (in thousands) $241,917 $204,808 $ 85,310 $ 71,212
======= ======= ======= =======
Earning per share:
Basic, as reported $0.96 $0.80 $0.34 $0.28
==== ==== ==== ====
Basic, pro forma $0.95 $0.79 $0.33 $0.28
==== ==== ==== ====
Diluted, as reported $0.95 $0.80 $0.34 $0.28
==== ==== ==== ====
Diluted, pro forma $0.94 $0.79 $0.33 $0.27
==== ==== ==== ====
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 for the three months ended February 29, 2004
and February 28, 2003 was $27,186,000 and $22,034,000, respectively. Other
comprehensive income for the nine months ended February 29, 2004 and February
28, 2003 was $39,668,000 and $38,710,000, respectively. Total comprehensive
income combines reported net income and other comprehensive income. Total
comprehensive income for the three months ended February 29, 2004 and February
28, 2003 was $113,786,000 and $94,628,000, respectively. Total comprehensive
income for the nine months ended February 29, 2004 and February 28, 2003 was
$285,438,000 and $247,664,000, respectively.
NOTE 3: INVENTORIES.
Inventories at February 29, 2004 and May 31, 2003 are as follows:
February 29, May 31,
2004 2003
------------ -------
(in thousands)
Raw materials $ 36,503 $ 37,685
Work-in-process 44,574 38,110
Finished goods 155,214 142,483
Consigned inventory 146,909 137,992
------- -------
$383,200 $356,270
======= =======
NOTE 4: COMMON SHARES.
During the nine months ended February 29, 2004, the Company issued 1,551,155
Common Shares upon the exercise of outstanding stock options for proceeds
aggregating $21,874,000. Purchases of Common Shares pursuant to the Common
Share Repurchase Programs aggregated 4,619,749 shares for $152,020,000 during
the nine months ended February 29, 2004.
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: CONTINGENCIES.
There are various claims, lawsuits, disputes with third parties,
investigations and pending actions involving various allegations against the
Company incident to the operation of its business, principally product
liability and intellectual property cases. Each of these matters is subject
to various uncertainties, and it is possible that some of these matters may be
resolved unfavorably to the Company. The Company establishes accruals for
losses that are deemed to be probable and subject to reasonable estimate.
Based on the advice of counsel to the Company in these matters, management
believes that the ultimate outcome of these matters and any liabilities in
excess of amounts provided will not have a material adverse impact on the
Company's consolidated financial statements.
NOTE 8: SUBSEQUENT EVENTS.
On March 22, 2004, the Company announced the successful completion of the
agreement with Merck KGaA, Darmstadt, Germany, to acquire Merck's 50%
interest in the Biomet-Merck Joint Venture for an aggregate purchase price of
$300 million in cash. The transaction has now been completed subject only to
the receipt of clearance from the competition authorities in certain European
jurisdictions.
On March 8, 2004, the Company announced that it had entered into a definitive
agreement with Interpore International, Inc. under which the Company will
acquire all of the outstanding common stock of Interpore for $14.50 per share,
in cash, representing a total equity value of approximately $280 million. The
Company will use currently available cash and readily available short-term debt
to fund the transaction, which is expected to close in the second calendar
quarter.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AS OF FEBRUARY 29, 2004
The Company's cash and investments increased $45,044,000 to $463,638,000 at
February 29, 2004. This increase resulted from positive cash flow from
operations, offset by the $38,604,000 dividend paid during the first quarter
and the $152,020,000 used to purchase shares during the first nine months
pursuant to the Company's share repurchase programs.
Cash flows provided by operating activities were $254,093,000 for the first
nine months of fiscal 2004 compared to $184,378,000 in 2003. The primary
sources of fiscal year 2004 cash flows from operating activities were net
income and depreciation. The primary uses were increases in accounts
receivable and inventory and a reduction in accounts payable. Over the last
several quarters, the Company has experienced a greater sales growth in its
insurance billings versus its hospital billings for bone healing products
in the United States. These insurance billings historically have had a
longer collection cycle. In addition, accounts receivable continue to
increase as the Company's sales continue to grow. Inventories increased
from new product introductions (specifically in Japan) and a buildup of
inventory associated with the Company's establishment of its direct
operations in Japan. Biomet's direct operations in Japan have experienced
an increased in sales by 108% for the first nine months compared to last
year. Accounts payable decreased due to the lower levels of common stock
being purchased at the end of this quarter versus the end of the fiscal
year. Accounts and notes receivable and inventory balances were increased
during the nine month period by $13.3 million and $24.9 million,
respectively, due to currency exchange rates.
Cash flows provided from investing activities were $64,411,000 for the first
nine months of fiscal 2004 compared to $14,874,000 in 2003. The primary
source of cash flows from investing activities were sales and maturities of
investments offset by purchases of investments and capital equipment. In
preparation for the cash needed to complete the Biomet-Merck Joint Venture
transaction (see Footnote 8 in the Notes to Consolidated Financial
Statements), the Company began liquidation of some longer term higher
yielding investments and invested them in short-term cash.
Cash flows used in financing activities were $171,004,000 for the first nine
months of fiscal 2004 compared to a use of $192,994,000 in 2003. The primary
use of cash flows from financing activities were the cash dividend paid in
the first quarter and the share repurchase programs. In July 2003, the
Company's Board of Directors declared a cash dividend of fifteen cents ($.15)
per share payable to shareholders of record at the close of business on
July 11, 2003.
Currently available funds, together with anticipated cash flows generated from
future operations and readily available short-term debt, are believed to be
adequate to cover the Company's anticipated cash requirements, including the
purchase of Merck's KGaA's 50% interest in the Biomet-Merck Joint Venture and
the acquisition of Interpore International, Inc. (see Footnote 8 in the Notes
to Consolidated Financial Statements), capital expenditures, research and
development costs and stock repurchases.
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED FEBRUARY 29, 2004
AS COMPARED TO THE NINE MONTHS ENDED FEBRUARY 28, 2003
Net sales increased 15% to $1,168,065,000 for the nine-month period ended
February 29, 2004, from $1,013,090,000 for the same period last year. Excluding
the impact of foreign currency, which increased sales for the nine months by
$46.3 million, net sales increased 11% during the first nine months of fiscal
year 2004. The Company's U.S.-based revenue increased 11% to $788,317,000
during the first nine months of fiscal 2004, while foreign sales increased 26%
to $379,748,000. Excluding the positive foreign exchange adjustment, foreign
sales in local currencies increased 11%. The Company's worldwide sales of
reconstructive products during the first nine months of fiscal 2004 were
$755,726,000, representing a 21% increase compared to the first nine months of
last year. This increase came through balanced growth in all of the
reconstructive product categories. Sales of fixation products were $184,889,000
for the first nine months of fiscal 2004, representing a 5% increase as compared
to the same period in 2003. Sales of spinal products were $116,267,000 for the
first nine months of fiscal 2004, representing a 10% increase as compared to the
same period in 2003. The increase was primarily a result of the expansion of
EBI's product portfolio into the hardware and biological segments of the spinal
market. The Company's sales of other products totaled $111,183,000, representing
a 6% increase over the first nine months of fiscal year 2003, primarily as a
result of increased sales of arthroscopy products and softgoods and bracing
products.
Cost of sales decreased as a percentage of net sales to 28.2% for the first nine
months of fiscal 2004 from 29.3% for the same period last year. This decrease
primarily resulted from increased in-house manufacturing efficiencies. Selling,
general and administrative expenses as a percentage of net sales decreased to
35.5% compared to 36.0% for the first nine months last year. This decrease is a
result of the Company's continued efforts to slowing its general and
administrative expense growth. Research and development expenditures increased
15% during the first nine months to $46,450,000 reflecting the Company's
continued emphasis on new product introductions. Operating income rose 21% from
$311,324,000 for the first nine months of fiscal 2003, to $376,442,000 for the
first nine months of fiscal 2004. Other income decreased 36%. Excluding the
effect of the pre-tax gain of approximately $5.8 million to reflect the Federal
Circuit's decision that the Company did not owe post-judgment interest in
connection with the damage award paid in the Tronzo litigation, other income
increased 1%. The Company's average cash balances have remained fairly constant
compared to last year due to the use of cash flows to fund the stock repurchase
programs. Over the last nine quarters, the Company has used $581,000,000 to
purchase its common stock. The effective income tax rate increased to 34.8% for
the first nine months of fiscal year 2004 from 34.6% last year primarily as a
result of increases in domestic state income tax rates.
These factors resulted in an 18% increase in net income to $245,770,000 for the
first nine months of fiscal 2004 as compared to $208,954,000 for the same period
in fiscal 2003. Basic earnings per share increased 20%, from $.80 to $.96 for
the periods presented while diluted earnings per share increased 19%, from
$.80 to $.95 for the periods presented.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2004
AS COMPARED TO THE THREE MONTHS ENDED FEBRUARY 28, 2003
Net sales increased 16% to $410,185,000 for the third quarter of fiscal 2004,
as compared to $354,042,000 for the same period last year. Excluding the impact
of foreign currency, which increased third quarter sales by $17.9 million, net
sales increased 11% during the third quarter of fiscal year 2004. The Company's
U.S.-based revenue increased 11% to $271,520,000 during the third quarter of
fiscal 2004, while foreign sales increased 27% to $138,665,000. Excluding the
positive foreign exchange adjustment, foreign sales in local currencies
increased 11%. The Company's worldwide sales of reconstructive products during
the third quarter of fiscal 2004 were $270,203,000, representing a 22% increase
compared to the same period last year. This increase came through balanced
growth in all of the reconstructive product categories. Sales of fixation
products were $62,460,000 for the third quarter of fiscal 2004, representing a
6% increase as compared to the same period in 2003. Sales of spinal products
were $39,322,000 for the third quarter of fiscal 2004, representing a 9%
increase as compared to the same period in 2003. The increase was primarily a
result of the expansion of EBI's product portfolio into the hardware and
biological segments of the spinal market. The Company's sales of other products
totaled $38,200,000, representing a 4% increase over the same period of fiscal
year 2003, primarily as a result of increased sales of arthroscopy products and
softgoods and bracing products.
Cost of sales decreased as a percentage of net sales to 28.3% for the third
quarter of fiscal 2004 from 30.4% for the same period last year. This decrease
primarily resulted from increased in-house manufacturing efficiencies. Selling,
general and administrative expenses as a percentage of net sales decreased to
35.5% compared to 36.1% for the third quarter of last year. This decrease is a
result of the Company's continued efforts to slowing its general and
administrative expense growth. Research and development expenditures increased
9% during the third quarter to $15,892,000 reflecting the Company's continued
emphasis on new product introductions. Operating income rose 28% from
$103,861,000 for the third quarter of fiscal 2003, to $132,589,000 for the
third quarter of fiscal 2004. Other income decreased 61%. Excluding the
effect of the pre-tax gain of approximately $5.8 million to reflect the Federal
Circuit's decision that the Company does not owe post-judgment interest in
connection with the damage award paid in the Tronzo litigation, other income
increased 7%. The effective income tax rate increased to 34.8% for the third
quarter of fiscal year 2004 from 34.6% last year primarily as a result of
increases in domestic state income tax rates.
These factors resulted in a 19% increase in net income to $86,600,000 for the
third quarter of fiscal 2004 as compared to $72,594,000 for the same period in
fiscal 2003. Basic and diluted earnings per share increased 21%, from $.28
to $.34 for the periods presented.
Item 3. Quantitative and Qualitative Disclosures about Market Risks.
There have been no material changes from the information provided in
the Company's Annual Report on Form 10-K for the year ended May 31, 2003.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures. As of the end of the
period covered by this report, the Company carried out an evaluation, under
the supervision and with the participation of its management, including the
Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the Company's disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934).
Based on this evaluation, the Company's Chief Executive Officer and Chief
Financial Officer have concluded that the Company's disclosure controls and
procedures are effective in timely notification to them of information the
Company is required to disclose in its periodic SEC filings and in ensuring
that this information is recorded, processed summarized and reported within
the time periods specified in the SEC's rules and regulations.
(b) Changes in Internal Control. During the third quarter of fiscal 2004
covered by this report, there have been no significant changes in internal
control over financial reporting that have materially affected, or were
reasonably likely to materially affect, our internal control over financial
reporting.
PART II. OTHER INFORMATION
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.
------------
DATE: 4/14/2004 BY: /s/ Gregory D. Hartman
---------- -----------------------
Gregory D. Hartman
Senior Vice President - Finance
(Principal Financial Officer)
(Signing on behalf of the registrant
and as principal financial officer)
BIOMET, INC.
FORM 10-Q
INDEX TO EXHIBITS
Number Assigned
in Regulation
S-K Item 601 Description 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, Commission File
No. 0-12515), as amended September 1, 2002 to
change rights agent to American Stock Transfer
& Trust Company.
(10) 10.1 Joint Venture Agreement between Biomet, Inc.
and Merck KGaA dated as of November 24, 1997
(Incorporated by reference to Exhibit 2.01 to
Biomet, Inc. Form 8-K Current Report dated
February 17, 1998, Commission File No. 0-12515).
(11) No exhibit
(15) No exhibit.
(18) No exhibit.
(19) No exhibit.
(22) No exhibit.
(23) No exhibit.
(24) No exhibit.
(31) 31.1 Certification of Chief Exectuive Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
(32) 32.1 Written Statement of Chief Executive Officer and
Chief Financial Officer Pursuant to Sections 906 of the
Sarbanes-Oxley Act of 2002.