Business Services Industry
Stock of Indiana-Based Biomet Inc. Continues to Climb.(Originated from The Indianapolis Star and News)
Knight Ridder/Tribune Business News, December, 1997 by Edelhart, Courtenay
Dec. 22--Orthopedics company Biomet Inc. would seem to have limited opportunities for growth as its bread-and-butter market in artificial hips and knees matures. But the Warsaw, Ind., medical device maker's stock has been stubbornly climbing all year.
It was trading at $15.50 a share in early January, and closed at $24.1875 Dec. 12. The stock's lowest price during the calendar year was $14.25 in mid-February.
All this comes despite a pending breach of contract lawsuit with New York-based Orthofix Inc., and an intense horse race with rival DePuy Inc., which went public last year in an offering that raised $140 million to be used in part for acquisitions.
Biomet attributes record profits reported last week to higher market...
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