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Biomet: A Second Chance

October 21, 2013

What happens when your joints don’t work anymore? Most likely you’ll get artificial replacements. It may not function in the same manner as before but at the very least you can still be productive which is actually a lot to thank for. In a way it’s like giving people a second chance.

One company that has been giving chances is Biomet which was founded in 1977 and based in Warsaw, Indiana. While it’s a very big company now it had humble beginnings.  It was founded by four young individuals who had experience in the orthopedic industry. Aside from pooling their sources they also had to borrow from the Small Business Administration to get their enterprise going.

It was rough at the start with the company incurring a net loss of $63,000 on sales of only $17,000 on its first year. Yet it did not deter the founders. Biomet from the onset pioneered major technological breakthroughs such direct compression molded polyethylene and titanium alloy reconstructive products. As a sign how the company was confident of their products the grandmother of one of the founders received the company’s first hip implant in 1978.

Biomet grew organically and through acquisitions. Today the firm sells various reconstructive products (hips, knee, and shoulders), dental implants, bone cement systems, orthopedic support devices, and operating room supplies. Its Biomet Trauma units as well as other units also provide fixation devices (bone screws and pins), electrical bone-growth stimulators, and bone grafting materials. It has a subsidiary; Biomet Microfixation which sells implants and bone substitute material for craniomaxillofacial (head and face) surgeries.

The company had its IPO in 1982 and the issuance of public stock also occurred in 1983 and 1986. Biomet is now a private company controlled by LVB Acquisition, which is owned by a group of private equity firms.

As of 2012 Biomet had revenues of $2.838 billion and has more than 7,000 team members all over the world. It’s now a big business yet it does give people a second chance.

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