More Change at Biomet
BY JOHN CHOPACK, JULY 12, 2006
It has been quite a year for Biomet and it doesn't seem be settling down. The Company announced on Wednesday that it had named Charles Niemier as President of its EBI Spine Division. Mr. Niemier will replace Bart Doedens who has resigned to pursue other interests. Mr. Doedens had previously been President of a successful 3i dental division when he was named President of EBI. Since Doedens departure as President of 3i, revenue growth has slowed significantly.
EBI has been struggling for several quarters now. During the 4Q:06, Biomet reported spine revenues of $58 million which was a 5% increase over the previous year. This follows a reported revenue increase of 3% (excluding currency effects) during the 3Q:06.
This most recent management change follows Dane Miller's retirement in March, 2006. Since then, Biomet announced that it had retained Morgan Stanley to pursue business development options - essentially putting the Company up for sale. Since Dr. Miller retired Biomet's stock has been off 12%.
