Biomet History
Overview

With a bold entrepreneurial spirit and strong belief in the future of orthopedics, Dane A. Miller, Ph.D., Niles L. Noblitt, Jerry L. Ferguson and M. Ray Harroff came together to found Biomet, Inc. on November 30, 1977. The Company was created with a commitment to providing innovative solutions for musculoskeletal disorders. Led by Dr. Miller, a biomaterials engineer, and Noblitt, a biological engineer, Biomet’s vision was shaped by a desire to be highly responsive to the changing needs of orthopedic surgeons and confidence that the company could set a new standard for quality and long-term clinical durability.

These fundamentals continue to define the business philosophy of Biomet to this day. By effectively executing its vision, Biomet has emerged as a worldwide leader in orthopedics, with an unmatched reputation for innovation, responsiveness, and clinical success.

The Early Days: From Start-up to Public Stock Offering

Following its creation, Biomet began laying the foundations for the technological innovations that would shape the Company’s future. Although Biomet recorded sales of $17,000 and a net loss of $63,000 in its first year, the founders remained focused on their vision. In the subsequent years, Biomet introduced several new products, reaching the $1.1 million sales mark in 1980. This was followed by the issuance of public stock in 1982, 1983 and 1986.

Rapid Expansion

By the end of its first decade, Biomet was gaining state and national recognition for its unique corporate philosophy and rapid growth. Biomet established its international presence with the 1984 acquisition of Orthopedic Equipment Company (OEC), increasing manufacturing operations in Europe and bolstering the United States distribution network. After being named as one of Business Week’s Hot Growth Companies, Biomet continued its expansion by completing the acquisition of Electro-Biology, Inc., now known as Biomet Trauma and Biomet Spine. Biomet continued its expansion through several other strategic partnerships and acquisitions, including:

• Arrow Surgical Technologies, an arthroscopy company whose products are now incorporated into the Biomet subsidiary known as Biomet Sports Medicine
• W. Lorenz Surgical, Inc., a market leader in craniomaxillofacial fixation products now known as Biomet Microfixation
• Implant Innovations, Inc. (3i), a dental reconstructive implant company now known as Biomet 3i
• Kirschner Medical Corporation, which provided complementary offerings in the reconstructive and soft goods market

As its facilities grew in the 1980s and 1990s, Biomet’s product lines also expanded to include several products that still serve as the foundations for current joint replacement offerings. As the 1990s drew to a close, Biomet was poised for success in the new millennium with $757.4 million net sales and 2,750 team members in 26 facilities throughout the world.

The New Millennium

2001 marked the introduction of approximately 100 new products and line extensions as Biomet reached $1 billion net sales. This growth continued in the years after, as products such as Microplasty™ Minimally Invasive Instrumentation, ReCap® Femoral Resurfacing System and the Vanguard™ Complete Knee System made their debut and The Oxford® Partial Knee was domestically introduced.

The Company continued to increase its global reach in 2004 with the acquisition of Interpore International, Inc., which specialized in spinal implants, orthobiologics and minimally-invasive surgery products. Biomet also acquired Merck KGaA’s 50% interest in Biomet Merck. The completion of this joint venture with Merck KGaA, a German pharmaceutical and laboratory company, expanded Biomet’s European presence and provided worldwide access to key biomaterials technologies, leading to the formation of Biomet Europe, headquartered in the Netherlands.

Going Private

Following the 2006 retirement of President and CEO Dane A. Miller, Ph.D., Biomet became a private company when a consortium of private equity firms, including affiliates from The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG, purchased Biomet for $11.4 billion in September 2007. Biomet also achieved numerous industry accolades as it secured the leading position in the U.S. metal-on-metal hip market and The Oxford® Partial Knee was recognized as the most widely used and clinically proven partial knee in the world.

As a global leader in the musculoskeletal marketplace, Biomet currently introduces approximately 100 new products for distribution in approximately 90 countries each year and generates annual sales well in excess of $2 billion. With over 7,000 team members worldwide, Biomet looks to the future with a focus on continued growth and innovation and remains committed to the foundational principles that shaped its creation over 30 years ago.