Biomet Announces Record First Quarter Results, Corrected.

WARSAW, Ind. -- Biomet, Inc. (Nasdaq:BMET) is reporting these corrected first quarter results to eliminate the tax effect on the purchased in-process research and development in relation to its Interpore International, Inc. acquisition. In the previous press release dated August 17, 2004, the Company tax effected the write off of in-process research and development. According to EITF 96-7, in-process research and development is written off prior to the measurement of deferred taxes in a purchase business combination. The effect of this change is to increase book tax expense for the quarter, which reduces net income by $9,055,000 and reduces goodwill recorded in connection with this transaction by the same amount. The "As Adjusted" quarterly results disclosed in the previous press release have not changed.

Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. The Company's product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, and dental reconstructive implants; fixation products, including electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants and bone substitute materials; spinal products, including spinal stimulation devices, spinal hardware and orthobiologics; and other products, such as arthroscopy products and softgoods and bracing products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in more than 100 countries.

For further information contact Greg W. Sasso, Vice President, Corporate Development and Communications at [phone] or Barbara Goslee, Manager, Corporate Communications at [phone].

This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes that the assumptions, on which the forward-looking statements contained herein are based, are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or non-occurrence of future events. There can be no assurance that the forward-looking statements contained in this press release will prove to be accurate. Some of the factors that could cause actual results to differ from those contained in forward-looking statements made in this press release include the success of the Company's principal product lines, the Company's ability to develop and market new products and technologies in a timely manner, government regulation, currency exchange rate fluctuations, reimbursements from third party payors, litigation, and other risk factors as set forth from time to time in the Company's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by the Company that the Company's objectives will be achieved. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

All of Biomet's financial information may be obtained on our website at www.biomet.com or you may contact us by e-mail at [e-mail].

BIOMET, INC. - - QUARTERLY RESULTS
                   FOR THE QUARTERS ENDED AUGUST 31
                 (in thousands, except per share data)

                  2004       Adjustments*   As Adjusted*      2003
              ------------- -------------- -------------- ------------

Net Sales         $438,160             $-       $438,160     $370,319
Cost of Sales      125,972      (7,002)(a)       118,970      105,618
              ------------- -------------- -------------- ------------
Gross Profit       312,188          7,002        319,190      264,701

S, G, & A          160,460                       160,460      132,397
R & D               44,496     (26,020)(b)        18,476       14,748
              ------------- -------------- -------------- ------------
Operating
 Income            107,232         33,022        140,254      117,556

Other Income
 (Expense),
 Net                  (728)             -           (728)       3,021
              ------------- -------------- -------------- ------------
Income Before
 Taxes And
 Minority
 Interest          106,504         33,022        139,526      120,577

Income Taxes        46,071        2,432(c)        48,503       41,979
              ------------- -------------- -------------- ------------
Income Before
 Minority
 Interest           60,433         30,590         91,023       78,598

Minority
 Interest                -              -              -        2,120
              ------------- -------------- -------------- ------------
Net Income         $60,433        $30,590        $91,023      $76,478

Earnings per
 Share
Basic                  .24            .12            .36          .30
Diluted                .24            .12            .36          .30

Basic Shares
 Outstanding       253,856                       253,856      256,847
Diluted Shares
 Outstanding       255,950                       255,950      258,282


U.S. sales        $296,304                                   $252,095
Foreign sales      141,856                                    118,224

Reconstructive
 sales            $282,482                                   $233,439
Fixation sales      62,713                                     62,133
Spinal
 products           52,909                                     37,967
Other product
 sales              40,056                                     36,780

(a) Current period impact of inventory step-up related to the
acquisition of the interest of Merck KGaA in the Biomet Merck joint
venture and Interpore International, Inc.
(b) In-process research and development written off as of the
closing date related to the acquisition of Interpore International,
Inc.
(c) Tax effect of item a above.

*Adjusted results, which are non-GAAP financial measures, exclude
acquisition costs, including inventory step-up and write off of
in-process research and development. We have included these adjusted
measures to provide management and investors with a better
understanding of our results, because expenses related to these
acquisitions in the current quarter and the remainder of fiscal year
2005 are not indicative of our future operating results.


Consolidated Balance Sheets            August 31, 2004   May 31, 2004
Assets
 Cash and Investments                        $158,618        $235,612
 Accounts and notes receivable, net           449,436         465,949
 Inventories                                  424,997         389,391
 Other current assets                         116,055          91,256
 Fixed Assets, net                            283,573         268,826
 Goodwill                                     444,124         266,860
 Other Assets                                 108,042          69,803
                                       --------------- ---------------
  Total Assets                             $1,984,845      $1,787,697
                                       =============== ===============

Liabilities and Stockholders' Equity
 Current Liabilities                         $537,995        $313,402
 Other Liabilities                             38,188          26,085
 Stockholders' Equity                       1,408,662       1,448,210
                                       --------------- ---------------
   Total Liabilities and Stockholders'
    Equity                                 $1,984,845      $1,787,697
                                       =============== ===============

The above balance sheet includes the preliminary purchase price
allocation in connection with the Interpore acquisition. The Company
believes that changes, if any, when the purchase price allocation is
finalized, will not be material.