Biomet ditches plans to spin out dental biz

Over the summer, Biomet announced it was mulling a spin-out of its 3i dental device unit, but now the company has scrapped those plans, at least for the moment.

Biomet disclosed its decision in a terse filing with the SEC, and a spokesman said the two-sentence 8-K is all the company will have to say on the matter. Biomet launched "strategic exploratory work" back in June to decide 3i's fate, and while the company has now ruled out a spinoff, Biomet isn't commenting on the prospect of selling the business.

Last quarter, Biomet's global dental revenues dropped 9% to $67.1 million, continuing to decline after slipping 1% in fiscal 2012. The unit makes dental implants, regenerative technologies and dental tools.

Biomet, which is a wholly owned subsidiary of LVB Acquisition, has been working to narrow its losses over the past few quarters, integrating its $280 million acquisition of DePuy's former trauma business and looking to bolster its sales in hip and knee implants.

And while the company increased net sales by 9% last quarter--fueled by 74% jump in trauma revenue--swelling costs have dragged net income into the negatives, due in part to mounting lawsuits over the company's all-metal hip implants.

- check out Biomet's 8-K