BioMet Inc., which manufactured the BioMet M2A Magnum metal-on-metal hip replacement, reported losses that equaled much more than first projected. The company lost $623 million, which was 63% more than the $382 million initially reported.
Some of the losses stem from the recent issues with the BioMet M2A Magnum hip replacement, which has been found to fail at a rate much higher than alternative hip replacements. A 2011 study found that 7.2% of patients who received one of the metal hip implants required revision surgery within a year.
BioMet is facing multiple M2A Magnum lawsuits alleging that the company released a defective device. Patients have complained of several hip replacement injuries, including tissue damage, premature loosening of the implant, limited mobility, pain and metallosis, a type of metal blood poisoning.