Biomet

(BMET)

shares fell Wednesday, even after the medical equipment and supply company reported a record second-quarter profit.

Net income was $91.2 million, or 36 cents a share, vs. $82.7 million, or 32 cents a share. Excluding items, the company earned $96 million, or 38 cents a share, which is what analysts were expecting, according to Thomson First Call.

Revenue increased 18% to $456.7 million, slightly below the consensus forecast of $459 million. Reconstructive device sales rose 20%, while spinal product sales increased 37%.

The Indiana-based company said it remained comfortable with analysts' estimates for EPS of 39 cents to 40 cents and revenue of $468 million to $487 million in its fiscal 2005 third quarter. The consensus estimates are 40 cents and $482 million.

Shares fell $1.98, or 4.1%, to $46.32.