Exhibit 99.1

BIOMET ANNOUNCES FIRST QUARTER OF FISCAL YEAR 2011 FINANCIAL RESULTS

WARSAW, Ind., October 12, 2010 – Biomet, Inc. announced today financial results for its first fiscal quarter ended August 31, 2010.

First Quarter Financial Results

Net sales increased 2% during the first quarter of fiscal year 2011 to $640.7 million from $630.1 million during the first quarter of fiscal year 2010. Excluding the impact of foreign currency, net sales increased 3% during the first quarter. U.S. sales increased 5% to $419.1 million during the first quarter of fiscal 2011, while Europe sales decreased 11% (decreased 2% at constant currency) to $137.2 million and International (primarily Canada, South America, Mexico and the Pacific Rim) sales grew 11% (6% constant currency) to $84.4 million.

Special items (pre-tax) of $117.8 million were recorded during the first quarter, including $96.8 million of non-cash amortization and depreciation expense related to the Merger and $21.0 million of non-Merger related special items.

Reported operating income for the first quarter of fiscal year 2011 was $69.7 million compared to operating income for the first quarter of fiscal year 2010 of $79.1 million. Excluding special items in both periods, adjusted operating income was $187.5 million for the first quarter compared to adjusted operating income of $192.1 million in the first quarter of the prior year.

On a reported basis, we recorded a net loss of $17.8 million for the first quarter of fiscal year 2011 compared to a net loss of $22.8 million for the first quarter of fiscal year 2010. Excluding special items in both periods, adjusted net income totaled $50.8 million for the first quarter compared to adjusted net income of $49.2 million in the first quarter of the prior year.

Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first quarter was $227.4 million, or 35.5% of net sales compared to adjusted EBITDA of $230.3 million for the first quarter of fiscal year 2010.

Interest expense was $126.8 million during the first quarter of fiscal year 2011 compared to $131.5 million during the prior year period, primarily due to lower interest rates on floating rate debt.

Free cash flow (operating cash flow minus capital expenditures) was $94.8 million for the first quarter compared to $1.6 million of free cash flow for the first quarter of fiscal year 2010. Unlevered free cash flow (cash flow before debt service) totaled $150.2 million for the first quarter compared to $59.8 million for the prior year period. During the first quarter of fiscal year 2010, free cash flow and unlevered free cash flow were negatively impacted by $53.0 million related to a previously disclosed litigation settlement.

Reported net debt was $5.650 billion at August 31, 2010, including cash on hand of $274 million. From May 31, 2008, the first fiscal year after the Merger, to August 31, 2010, reported net debt decreased by $523 million due to debt repayments of $132 million, an increase in cash of $146 million, and a $245 million decrease due to favorable foreign currency translation on the Company’s Euro denominated debt.

The Company’s senior secured leverage ratio at August 31, 2010 was 3.35 times the last twelve months (“LTM”) adjusted EBITDA (as defined in the Company’s Credit Agreement dated September 25, 2007) compared to 4.16 times at May 31, 2008. The net debt leverage ratio at August 31, 2010 was 5.64 times LTM adjusted EBITDA compared to 6.97 times at May 31, 2008.

Biomet’s President and Chief Executive Officer Jeffrey R. Binder stated, “We believe that our overall constant currency growth of 3%, which was lower than our expectations, was related to a deceleration of procedural growth in the market. We did report 7% U.S. sales growth for our orthopedic reconstructive device category and I’m very pleased to also report continued strong sales of sports medicine products with growth of 17% worldwide. We continue to be very optimistic about the long-term growth potential of the markets in which we compete and, as our first quarter results show, we have increased our research and development investments to address unmet clinical needs. During the first quarter, we reported strong cash flow generation, which provides us with additional opportunities to further strengthen our growing business.”

A reconciliation of reported results to adjusted results is included in this press release, which is also posted on Biomet’s website: www.biomet.com

The following table provides first quarter net sales performance by product segment:

Orthopedic reconstructive product sales increased 3% (4% constant currency) worldwide during the first quarter of fiscal 2011 and increased 7% in the United States. During the first quarter, knee sales increased 4% (5% constant currency) worldwide, with a growth rate of 6% in the U.S., which was primarily driven by continued market demand for the Vanguard^® Complete Knee System and E1™ antioxidant infused tibial bearings.

Hip sales were flat (increased 2% constant currency) worldwide and increased 4% in the U.S during the first quarter. Extremity sales increased 25% (27% constant currency) worldwide during the first quarter, with growth of 40% in the U.S. Key products for extremities included the Comprehensive^® Primary and Reverse Shoulder Systems.

Dental reconstructive device sales decreased 2% worldwide (decreased 1% constant currency) and grew 3% in the U.S. during the first quarter of fiscal 2011.

Fixation sales decreased 3% (decreased 2% constant currency) worldwide during the first quarter and were flat in the U.S. Growth of internal fixation and electrical stimulation sales was offset by decreased sales of craniomaxillofacial fixation and external fixation devices.

Spine sales were flat (flat at constant currency) worldwide and increased 2% in the U.S. during the first quarter. Spinal stimulation sales growth was positive during the quarter, while sales were flat for the spine hardware and orthobiologics product category.

Sales of “other” products increased 6% (8% constant currency) worldwide during the first quarter and increased 3% in the U.S. Sports medicine sales grew 15% (17% constant currency) worldwide with 18% U. S. growth, while sales of softgoods and bracing products decreased during the first quarter. The strong sales growth for the sports medicine product category was a result of continued demand for the Company’s broad portfolio of procedure-specific products, including the new JuggerKnot™ Soft Anchor.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications were limited to net sales information by product and geographical category. Specifically, for the three months ended August 31, 2009, the Company reclassified $5.8 million from Other product net sales to Reconstructive product net sales and $1.3 million from Spine product net sales to Fixation product net sales. For the three months ended August 31, 2009, the Company also reclassified $1.0 million of net sales from Europe to International. The current presentation aligns with how the Company presently manages and markets its products.

Financial Schedule Presentation

The Company’s unaudited condensed consolidated financial statements as of and for the three months ended August 31, 2010 and 2009 and other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the United States (except with respect to certain non-GAAP financial measures discussed below) and reflects purchase accounting adjustments related to the merger referenced below.

About Biomet

Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet’s product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, autologous therapies 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 approximately 90 countries.

The Merger

Biomet Inc. finalized the merger with LVB Acquisition Merger Sub, Inc., a wholly-owned subsidiary of LVB Acquisition, Inc., which we refer to in this press release as the “Merger”, on September 25, 2007, which we refer to in this press release as the “Merger date”. LVB Acquisition, Inc. is indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG Capital.

Contacts

For further information contact Daniel P. Florin, Senior Vice President and Chief Financial Officer at (574) 372-1687 or Barbara Goslee, Director, Corporate Communications at (574) 372-1514.

Forward-Looking Statements

This press release contains “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. Those statements are often indicated by the use of words such as “will,” “intend,” “anticipate,” “estimate,” “expect,” “plan” and similar expressions. Forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from those contemplated by the forward looking statements due to, among others, the following factors: the success of the Company’s principal product lines; the results of ongoing investigations by the United States Department of Justice and the United States Securities and Exchange Commission; the ability to successfully implement new technologies; the Company’s ability to sustain sales and earnings growth; the Company’s success in achieving timely approval or clearance of its products with domestic and foreign regulatory entities; the impact to the business as a result of compliance with federal, state and foreign governmental regulations and with the Corporate Integrity Agreement; the impact to the business as a result of the economic downturn in both foreign and domestic markets; the impact of federal health care reform; the impact of anticipated changes in the musculoskeletal industry and the ability of the Company to react to and capitalize on those changes; the ability of the Company to successfully implement its desired organizational changes and cost-saving initiatives; the impact to the business as a result of the Company’s significant international operations, including, among others, with respect to foreign currency fluctuations and the success of the Company’s transition of certain manufacturing operations to China; the impact of the Company’s managerial changes; the ability of the Company’s customers to receive adequate levels of reimbursement from third-party payors; the Company’s ability to maintain its existing intellectual property rights and obtain future intellectual property rights; the impact to the business as a result of cost containment efforts of group purchasing organizations; the Company’s ability to retain existing independent sales agents for its products; and other factors set forth in the Company’s filings with the SEC, including the Company’s most recent annual report on Form 10-K. 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 as to the accuracy of forward-looking statements contained in this press release. 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 update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements which speak only as of the date on which they were made.

*Non-GAAP Financial Measures:

Management uses non-GAAP financial measures, such as net sales excluding the impact of foreign currency (constant currency), operating income as adjusted, net income as adjusted, free cash flow, unlevered free cash flow, net debt, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (as defined by our credit agreement, the method to calculate this is likely to be different from methods used by other companies) as important financial measures to review and assess financial and operating performance of its principal lines of business. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included elsewhere in this press release.

The term “as adjusted,” a non-GAAP financial measure, refers to financial performance measures that exclude certain income statement line items, such as interest, taxes, depreciation or amortization and/or exclude certain expenses as defined by our credit agreement, such as restructuring charges, non-cash impairment charges, integration and facilities opening costs or other business optimization expenses, new systems design and implementation costs, certain start-up costs and costs related to consolidation of facilities, certain non-cash charges, advisory fees paid to the private equity owners, certain severance charges, purchase accounting costs, stock-based compensation and payments, payments to distributors that are not in the ordinary course of business, litigation costs, and other related charges.

These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Biomet management believes that these non-GAAP measures provide useful information to investors; however, this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for financial information prepared in accordance with GAAP.

Biomet, Inc.

Product Net Sales*

Three Month Period Ended August 31, 2010 and August 31, 2009

(in millions, unaudited)

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Geographic Segment Net Sales Percentage Summary*

Three Month Period Ended August 31, 2010 and August 31, 2009

(in millions, unaudited)

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As Reported Consolidated Statements of Operations

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Other Financial Information

Operating Income, as reported to Operating Income, as adjusted

(in millions, unaudited)

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Other Financial Information

Net Loss to EBITDA, as reported

(in millions, unaudited)

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Other Financial Information

EBITDA, as reported to EBITDA, as adjusted

(in millions, unaudited)

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Reconciliation of GAAP Consolidated Net Loss to

Non-GAAP Adjusted Consolidated Net Income

(in millions, unaudited)

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Other Financial Information

Senior Secured Leverage Ratio

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Balance Sheets

(in millions, unaudited)

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Consolidated Statements of Cash Flows

(in millions, unaudited)

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Other Financial Information

GAAP Operating Cash Flow Reconciled to Free Cash Flow & Unlevered Free Cash Flow

(in millions, unaudited)

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Other Financial Information

Gross Profit, as reported to Gross Profit, as adjusted

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Other Financial Information

Selling, General and Administrative Expense, as reported to Selling, General and Administrative Expense, as adjusted

(in millions, unaudited)

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Other Financial Information

Research and Development Expense, as reported to Research and Development Expense, as adjusted

(in millions, unaudited)