UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

(Mark One)

     [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
              SECURITIES EXCHANGE ACT OF 1934

              For the quarterly period ended November 30, 2004.

 OR

     [ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
              SECURITIES EXCHANGE ACT OF 1934

              For the transition period from _______________ to _______________.

Commission file Number 0-12515.

BIOMET, INC.
(Exact name of registrant as specified in its charter)

Indiana                                                      35-1418342
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

56 East Bell Drive, Warsaw, Indiana  46582
(Address of principal executive offices)

(574) 267-6639
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes  X    No

As of November 30, 2004, the registrant had 252,677,803 common shares
outstanding.


BIOMET, INC.

CONTENTS

                                                                         Pages

    Part I.  Financial Information

      Item 1.  Financial Statements:

                 Consolidated Balance Sheets                               1-2

                 Consolidated Statements of Income                           3

                 Consolidated Statements of Cash Flows                       4

                 Notes to Consolidated Financial Statements                5-9

      Item 2.  Management's Discussion and Analysis of
               Financial Condition and Results of Operations             10-12

      Item 3.  Quantitative and Qualitative Disclosure about
               Market Risks                                                 13

      Item 4.  Controls and Procedures                                      13

    Part II.   Other Information                                            14

    Signatures                                                              15

    Index to Exhibits                                                       16



PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

BIOMET, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
at November 30, 2004 and May 31, 2004
(in thousands)

ASSETS
                                                November 30,       May 31,
                                                    2004            2004
                                                -----------        -------
                                                (Unaudited)
Current assets:
  Cash and cash equivalents                     $   99,518       $  159,243
  Investments                                       10,907           10,030
  Accounts and notes receivable, net               476,574          465,949
  Inventories                                      446,711          389,391
  Deferred income taxes                             85,748           69,379
  Prepaid expenses and other                        29,674           21,877
                                                 ---------        ---------
      Total current assets                       1,149,132        1,115,869
                                                 ---------        ---------
Property, plant and equipment, at cost             527,423          466,460
    Less, Accumulated depreciation                 228,626          197,634
                                                 ---------        ---------
      Property, plant and equipment, net           298,797          268,826
                                                 ---------        ---------
Investments                                         63,880           66,339
Goodwill, net                                      439,335          266,860
Intangible assets, net                              90,335           53,571
Other assets                                        16,261           16,232
                                                 ---------        ---------
Total assets                                    $2,057,740       $1,787,697
                                                 =========        =========

The accompanying notes are a part of the consolidated financial statements.

BIOMET, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
at November 30, 2004 and May 31, 2004
(in thousands)

LIABILITIES AND SHAREHOLDERS' EQUITY
                                                 November 30,       May 31,
                                                     2004            2004
                                                 -----------        -------
                                                 (Unaudited)
Current liabilities:
  Short-term borrowings                          $  324,676       $  109,654
  Accounts payable                                   55,548           55,365
  Accrued income taxes                               10,013           18,940
  Accrued wages and commissions                      50,707           51,288
  Other accrued expenses                            104,558           78,155
                                                  ---------        ---------
     Total current liabilities                      545,502          313,402

Long-term liabilities:
  Deferred income taxes                              34,981           26,085
                                                  ---------        ---------
     Total liabilities                              580,483          339,487
                                                  ---------        ---------

Contingencies (Note 9)

Shareholders' equity:
  Common shares                                     178,585          167,301
  Additional paid-in capital                         60,720           60,344
  Retained earnings                               1,217,538        1,218,682
  Accumulated other comprehensive income             20,414            1,883
                                                  ---------        ---------
     Total shareholders' equity                   1,477,257        1,448,210
                                                  ---------        ---------
Total liabilities and shareholders' equity       $2,057,740       $1,787,697
                                                  =========        =========

The accompanying notes are a part of the consolidated financial statements.


BIOMET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
for the six and three month periods ended November 30, 2004 and 2003
(Unaudited, in thousands, except per share data)

                                       Six Months Ended     Three Months Ended
                                       ----------------     ------------------
                                        2004      2003         2004      2003
                                        ----      ----         ----      ----

Net sales                           $  894,834  $  757,880   $456,674  $387,561

Cost of sales                          257,087     214,408    131,115   108,790
                                     ---------   ---------    -------   -------
  Gross profit                         637,747     543,472    325,559   278,771

Selling, general and
  administrative expenses              326,765     269,061    166,305   136,664
Research and development expense        38,082      30,558     19,606    15,810
In-process research and development     26,020          --         --        --
                                     ---------   ---------    -------   -------
  Operating income                     246,880     243,853    139,648   126,297

Other income, net                         (484)      6,690        244     3,669
                                     ---------   ---------    -------   -------
  Income before income taxes and
    minority interest                  246,396     250,543    139,892   129,966

Provision for income taxes              94,764      87,229     48,693    45,250
                                     ---------   ---------    -------   -------
  Income before minority interest      151,632     163,314     91,911    84,716
Minority interest                           --       4,144         --     2,024
                                     ---------   ---------    -------   -------
  Net income                        $  151,632  $  159,170   $ 91,199  $ 82,692
                                     =========   =========    =======   =======
Earnings per share:
  Basic                                   $.60        $.62       $.36      $.32
                                          ====        ====       ====      ====
  Diluted                                 $.59        $.62       $.36      $.32
                                          ====        ====       ====      ====

Shares used in the computation
  of earnings per share:
  Basic                                253,403     256,325    252,944   255,797
                                       =======     =======    =======   =======
  Diluted                              255,586     257,904    255,225   257,599
                                       =======     =======    =======   =======
Cash dividends per common share           $.20        $.15       $ --      $ --
                                          ====        ====       ====      ====

The accompanying notes are a part of the consolidated financial statements.

BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the six months ended November 30, 2004 and 2003
(Unaudited, in thousands)

                                                           2004          2003
                                                           ----          ----
Cash flows from (used in) operating activities:
  Net income                                            $151,632      $159,170
  Adjustments to reconcile net income to
    net cash from operating activities:
      Depreciation                                        28,969        24,036
      Amortization                                         3,290         1,512
      Write off of in-process research and development    26,020            --
      Loss (Gain) on sale of investments, net                223          (692)
      Minority interest                                       --         4,144
      Deferred income taxes                               (6,684)       (1,103)
      Changes in current assets and liabilities:
        Accounts and notes receivable, net                 7,724       (16,819)
        Inventories                                      (19,005)       (9,799)
        Accounts payable                                  (3,868)       (7,089)
        Accrued income taxes                              (7,985)       (2,620)
        Other                                             (1,133)       (1,425)
                                                         -------       -------
        Net cash from operating activities               179,183       149,315
                                                         -------       -------
Cash flows from (used in) investing activities:
  Proceeds from sales and maturities of investments       24,692        68,981
  Purchases of investments                               (22,284)      (77,237)
  Capital expenditures                                   (43,511)      (24,618)
  Acquisitions, net of cash acquired                    (266,229)           --
  Other                                                   (3,131)       (1,878)
                                                         -------        ------
        Net cash used in investing activities           (310,463)      (34,752)
                                                         -------        ------
Cash flows from (used in) financing activities:
  Increase  in short-term borrowings, net                209,385         6,877
  Issuance of common shares                               12,766        13,323
  Cash dividends                                         (50,872)      (38,604)
  Purchase of common shares                             (103,990)      (78,703)
                                                         -------        ------
        Net cash from (used in) financing activities      67,289       (97,107)
                                                         -------        ------
Effect of exchange rate changes on cash                    4,266        (1,366)
                                                         -------        ------
Increase (decrease) in cash and cash equivalents         (59,725)       16,090
Cash and cash equivalents, beginning of year             159,243       225,650
                                                         -------       -------
Cash and cash equivalents, end of period                $ 99,518      $241,740
                                                         =======       =======

The accompanying notes are a part of the consolidated financial statements.

BIOMET, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1:     BASIS OF PRESENTATION.

The accompanying consolidated financial statements include the accounts of
Biomet, Inc. and its subsidiaries (individually and collectively referred to as
the "Company").  The unaudited consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include
all of the information and notes required by accounting principles generally
accepted in the United States for complete financial statements.  In the opinion
of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.  Operating
results for the six-month period ended November 30, 2004 are not necessarily
indicative of the results that may be expected for the fiscal year ending
May 31, 2005.  For further information, refer to the consolidated financial
statements and notes thereto included in the Company's Annual Report on Form
10-K for the fiscal year ended May 31, 2004.

The accompanying consolidated balance sheet at May 31, 2004, has been derived
from the audited Consolidated Financial Statements at that date, but does not
include all disclosures required by accounting principles generally accepted
in the United States.

The Company operates in one business segment, musculoskeletal products, which
includes the designing, manufacturing and marketing of reconstructive products,
fixation devices, spinal products and other products.  Other products consist
primarily of EBI's softgoods and bracing products, Arthrotek's arthroscopy
products, general instruments and operating room supplies.  The Company manages
its business segment primarily on a geographic basis.  These geographic markets
are comprised of the United States, Europe and the Rest of World.  Major markets
included in the Rest of World geographic market are Canada, South America,
Mexico, Japan and the Pacific Rim.

Net sales of musculoskeletal products by product category are as follows for the
six and three month periods ended November 30, 2004 and 2003:

                                    Six Months Ended     Three Months Ended
                                    -----------------     ------------------
                                     2004       2003       2004        2003
                                     ----       ----       ----        ----
                                                (in thousands)

     Reconstructive               $583,867    $485,522   $301,385    $252,083
     Fixation                      123,041     122,428     60,328      60,295
     Spinal products               106,141      76,946     53,232      38,979
     Other                          81,785      72,984     41,729      36,204
                                   -------     -------    -------     -------
                                  $894,834    $757,880   $456,674    $387,561
                                   =======     =======    =======     =======

As permitted by SFAS No. 123, the Company accounts for its employee stock
options using the intrinsic value method.  Accordingly, no compensation expense
is recognized for the employee stock-based compensation plans.  If compensation
expense for the Company's employee stock options had been determined based on
the fair value method of accounting, pro forma net income and diluted earnings
per share for the six and three month periods ended November 30, 2004 and 2003
would have been as follows:

                                        Six Months Ended     Three Months Ended
                                        -----------------    ------------------
                                          2004      2003      2004        2003
                                          ----      ----      ----        ----

Net income as reported (in thousands)   $151,632  $159,170  $ 91,199  $ 82,692
Deduct: Total stock-based employee
  compensation expense determined
  under the fair value method for
  all awards net of related tax
  effects (in thousands)                   3,034     2,563     1,501     1,281
                                         -------   -------   -------   -------
Pro forma net income (in thousands)     $148,598  $156,607  $ 89,698  $ 81,411
                                         =======   =======   =======   =======
Earning per share:
  Basic, as reported                       $0.60     $0.62     $0.36     $0.32
                                            ====      ====      ====      ====
  Basic, pro forma                         $0.59     $0.61     $0.35     $0.32
                                            ====      ====      ====      ====
  Diluted, as reported                     $0.59     $0.62     $0.36     $0.32
                                            ====      ====      ====      ====
  Diluted, pro forma                       $0.58     $0.61     $0.35     $0.32
                                            ====      ====      ====      ====

On December 16, 2004, the FASB finalized SFAS No. 123R "Share-Based Payment,"
which will be effective for interim or annual reporting periods beginning after
June 15, 2005.  The new standard will require us to expense stock options and
the FASB believes the use of a binomial lattice model for  option valuation is
capable of more fully reflecting certain characteristics of employee share
options.  The Company has begun a process to analyze how the utilization of a
binomial lattice model could impact the valuation of our options.  The effect
of expensing stock options on our results of operations using the Black-Scholes
model is presented in the table above.

NOTE 2:     BUSINESS COMBINATION.

On June 18, 2004, the Company, through its EBI subsidiary, acquired Interpore
International, Inc. (Interpore) for $270.5 million in cash.  The primary reason
for making the Interpore acquisition was to broaden the product portfolio the
Company offers in the spinal market.  The Company accounted for this acquisition
as a purchase, and the operating results of Interpore have been consolidated
from the date of acquisition.  Interpore's respective assets and liabilities
have been recorded at their estimated fair values in the Company's financial
statements, with the excess purchase price being allocated to goodwill.

The Company completed its initial purchase price allocation in accordance with
U.S. generally accepted accounting principles.  The process included interviews
with Interpore management, review of the economic and competitive environment
in which Interpore operates and examination of assets, including historical
performance and future prospects.  The purchase price allocation was based on
information currently available to the Company, and expectations and
assumptions deemed reasonable to the Company's management.  No assurances can
be given, however, that the underlying assumptions used to estimate expected
technology based product revenue, development costs or profitability, or the
events associated with such technology, will occur as projected.

The following table summarizes the estimated fair values of the assets
acquired and liabilities assumed in the acquisition:

                                                                         As of
                                                                 June 16, 2004
                                                                 -------------
Current assets                                                        $ 60,316
Property, plant and equipment                                            9,307
Intangible assets not subject to amortization:
  Trademarks and trade names                                             1,260
Intangible assets subject to amortization:
  Trademarks and trade names                                             2,270
  Developed technology                                                  16,180
  Distribution and sales agreements                                     11,440
  License agreements                                                     3,450
In-process research and development                                     26,020
Other assets                                                                83
Goodwill                                                               169,596
                                                                       -------
    Total assets acquired                                              299,922
                                                                       -------

Deferred taxes                                                          14,512
Other current liabilities                                               14,909
                                                                       -------
    Total liabilities assumed                                           29,421
                                                                       -------
Net assets acquired                                                   $270,501
                                                                       =======

The $26,020,000 assigned to in-process research and development was written off
as of the acquisition date.  The weighted average amortization period for
amortizable intangibles is 10 years.  No amount of goodwill is expected to be
deductable for tax purposes.  Pro forma financial information reflecting this
acquisition has not been presented as it is not materially different from the
Company's historical results.

NOTE 3:     COMPREHENSIVE INCOME.

Other comprehensive income includes foreign currency translation adjustments
and unrealized appreciation of available-for-sale securities, net of taxes.
Other comprehensive income for the three months ended November 30, 2004
and 2003 was $17,069,000 and $9,884,000, respectively.  Other comprehensive
income for the six months ended November 30, 2004 and 2003 was $18,531,000
and $12,483,000, respectively.  Total comprehensive income combines reported
net income and other comprehensive income.  Total comprehensive income for the
three months ended November 30, 2004 and 2003 was $108,268,000 and $92,576,000,
respectively.  Total comprehensive income for the six months ended November 30,
2004 and 2003 was $170,163,000 and $171,653,000, respectively.

NOTE 4:     INVENTORIES.

Inventories at November 30, 2004 and May 31, 2004 are as  follows:

                                November 30,      May 31,
                                   2004            2004
                               ------------      -------
                                     (in thousands)

        Raw materials            $ 43,352       $ 34,075
        Work-in-process            50,267         43,187
        Finished goods            189,007        163,299
        Consigned inventory       164,085        148,830
                                  -------        -------
                                 $446,711       $389,391
                                  =======        =======
NOTE 5:     DEBT.

In connection with the Interpore acquisition, the Company entered into a 36
month revolving credit facility in the amount of $200 million.  Interest is
payable at LIBOR plus 0.5%.  At November 30, 2004, $200 million was outstanding
and the interest rate was 2.68%.


NOTE 6:     COMMON SHARES.

During the six months ended November 30, 2004, the Company issued 743,908
Common Shares upon the exercise of outstanding stock options for proceeds
aggregating $12,766,000.  Purchases of Common Shares pursuant to the Common
Share Repurchase Programs aggregated 2,328,400 shares for $103,990,000 during
the six months ended November 30, 2004.

NOTE 7:     EARNINGS PER SHARE.

Earnings per common share amounts ("basic EPS") are computed by dividing net
income by the weighted average number of common shares outstanding and excludes
any potential dilution.  Earnings per common share amounts assuming dilution
("diluted EPS") are computed by reflecting potential dilution from the
exercise of stock options.

NOTE 8:     INCOME TAXES.

The difference between the reported provision for income taxes and a provision
computed by applying the federal statutory rate to pre-tax accounting income is
primarily attributable to state income taxes, tax benefits relating to
operations in Puerto Rico, tax-exempt income, tax credits and the write-off of
in-process research and development which is not tax affected.

NOTE 9:     CONTINGENCIES.

On October 3, 2002, a complaint was filed against the Company by Spinal
Concepts, Inc. ("Spinal Concepts") alleging that certain U.S. Patents owned
by Spinal Concepts are infringed by the VueLock(R) Anterior Cervical Plate
System manufactured by EBI, L.P. ("EBI").  On June 28, 2004, the Company's
subsidiary, Cross Medical Products Inc., filed suit against Spinal Concepts
alleging that Spinal Concepts' InCompass(R), Pathfinder(TM) and Speedlink(TM)
products infringe U.S. Patent Nos. 5,466,237, 5,474,555 and 5,624,442, all
of which are owned by Cross Medical.  On July 14, 2004, the Company's
subsidiary, EBI, also filed suit against Spinal Concepts alleging that an
instrument sold with Spinal Concepts' AcuFix(TM) cervical plate infringes
U.S. Patent No. 6,599,290 owned by EBI.  On December 23, 2004, the Company
and Spinal Concepts executed a global Settlement Agreement amicably resolving
all three lawsuits between the Companies.  The essential terms of the
settlement include an exchange of paid-up cross licenses to all patents at
issue, an exchange of covenants not to sue on any products that were at
issue, and a payment of $1 million to Spinal Concepts.  Stipulations of
dismissal are in the process of being filed and management considers this
matter concluded.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

FINANCIAL CONDITION AS OF November 30, 2004

The Company's cash and investments decreased $61,307,000 to $174,305,000 at
November 30, 2004.  This decrease resulted from the $50,872,000 dividend paid
during the first quarter, the $103,990,000 used to purchase shares during the
first six months pursuant to the Company's share repurchase programs and the
acquisition of Interpore during the first quarter, offset by positive cash flow
from operations and an increase in short term borrowings.

Cash flows provided by operating activities were $179,183,000 for the first six
months of fiscal 2005 compared to $149,315,000 in 2004.  The primary sources of
fiscal year 2005 cash flows from operating activities were net income,
depreciation and the write-off of in-process research and development at the
acquisition date of Interpore.  The primary use was an increase in inventory.
Inventories increased from new product introductions, specifically new knee
systems introduced in the US and Europe.  Accounts and notes receivable and
inventory balances were increased during the six month period by $5.7 million
and $12.8 million, respectively, due to currency exchange rates.

Cash flows used in investing activities were $310,463,000 for the first six
months of fiscal 2005 compared to $34,752,000 in 2004.  The primary use of cash
flows from investing activities were the acquisition of Interpore and capital
expenditures. (see Footnote 2 in the Notes to Consolidated Financial Statements)

Cash flows from financing activities were $67,289,000 for the first six months
of fiscal 2005 compared to a use of $97,107,000 in 2004.  The primary source of
cash flows from financing activities was the 36 month revolving credit facility
in the amount of $200 million used for the Interpore acquisition. The primary
uses were the cash dividend paid and the share repurchase programs. In July
2004, the Company's Board of Directors declared a cash dividend of twenty cents
($0.20) per share payable to shareholders of record at the close of business on
July 16, 2004.

Currently available funds, together with anticipated cash flows generated from
future operations are believed to be adequate to cover the Company's anticipated
cash requirements, including capital expenditures, research and development
costs and share repurchases.

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2004
AS COMPARED TO THE SIX MONTHS ENDED NOVEMBER 30, 2003

Net sales increased 18% to $894,834,000 for the six months ended November 30,
2004, from $757,880,000 for the same period last year.  This sales growth
includes a positive impact from foreign currency of $16.6 million and additional
sales from the acquisition of Interpore of $27.4 million, leaving net sales
growth for the six months in local currencies at 12%.  The Company's U.S.-based
revenue increased 17% to $605,310,000 during the first six months of fiscal
2005, while foreign sales increased 20% to $289,524,000. The Interpore
acquisition added $21.8 million to U.S.-based revenue and $5.6 million to
foreign revenue.  The Company's worldwide sales of reconstructive products
during the first six months of fiscal 2005 were $583,867,000, representing a
20% increase compared to the first six months of last year.  Sales of fixation
products were $123,041,000 for the first six months fiscal 2005, representing
a 1% increase as compared to the same period in 2004.  Sales of spinal products
were $106,141,000 for the first six months of fiscal 2005, representing a 38%
increase as compared to the same period in 2004.  The increase was primarily a
result of the Interpore acquisition and strong growth in EBI's spinal implants
and orthobiological products.  Fixation and spinal product sales have been
negatively impacted by the combination of the Interpore and EBI sales forces,
and at the same time the integration of Biomet's internal fixation sales force
into EBI's fixation sales force.  The Company expects this negative impact to
continue during the next quarter.  The Company's sales of other products
totaled $81,785,000, representing a 12% increase over the first six months of
fiscal year 2004.

Cost of sales increased as a percentage of net sales to 28.7% for the first
six months of fiscal 2005 from 28.3% for the same period last year.  The
current period impact of inventory step-up relating to acquisitions was 1.6%.
This 1.6% increase was offset by a decrease of 1.2% in the percentage primarily
as result of higher growth rates in domestic sales, where gross margins are
higher, versus foreign sales.  Selling, general and administrative expenses,
as a percentage of net sales, increased to 36.5% compared to 35.5% for the
first six months last year.  This increase is a result of Interpore's
traditionally higher selling, general and administrative expenses (0.3%),
increased bad debt expense for EBI's domestic insurance receivables (0.4%) and
continued expansion and consolidation of EBI's direct sales force.  Research
and development expenditures increased 25% during the first six months to
$38,082,000 reflecting the Company's continued emphasis on new product
introductions and Interpore's traditionally higher expenditures on research
and development (7%).  In-process research and development expense relates
to the acquired in-process research and development related to the Interpore
acquisition, which was written off at the acquisition date.  Operating
income increased 1% from $243,853,000 for the first six months of fiscal
2004, to $246,880,000 for the first six months of fiscal 2005.  The affect on
operating income for the previously discussed acquisition related expenses was
a reduction of $40,424,000.  Other income decreased from $6,690,000 last year
to $(484,000) this year.  Other income has been negatively impacted by a
reduction in cash available for investments and an increase in short term debt,
due to acquisitions.  In addition, over the last twelve quarters, the Company
has used $705,897,000 to purchase its common stock.  The effective income tax
rate increased to 38.5% for the first six months of fiscal year 2005 from
34.8% last year primarily as a result of write-off of in-process research
and development not being tax affected.

These factors resulted in a 5% decrease in net income from $159,170,000 to
$151,632,000, a 3% decrease in basic earnings per share from  $0.62 to $0.60
and a 5% decrease in diluted earnings per share from $0.62 to $0.59 for the
periods presented.  The affect of acquisition related expenses as discussed
in the preceding paragraph, net of tax, on net income, basic earnings per
share and diluted earnings per share was to decrease them by $35,421,000,
$0.14 per share and $0.14 per share, respectively.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2004
AS COMPARED TO THE THREE MONTHS ENDED NOVEMBER 30, 2003

Net sales increased 18% to $456,674,000 for the second quarter ended November
30, 2004, from $387,561,000 for the same period last year.  This sales growth
includes a positive impact from foreign currency of $9.6 million and additional
sales from the acquisition of Interpore of $13.7 million, leaving net sales
growth for the quarter in local currencies at 12%.  The Company's U.S.-based
revenue increased 17% to $309,006,000 during the second quarter of fiscal 2005,
while foreign sales increased 20% to $147,668,000.  The Interpore acquisition
added $10.4 million to U.S.-based revenue and $3.3 million to foreign revenue.
The Company's worldwide sales of reconstructive products during the second
quarter of fiscal 2005 were $301,385,000, representing a 20% increase compared
to the second quarter of last year.  Sales of fixation products were
$60,328,000 for the second quarter fiscal 2005, representing a slight increase
as compared to the same period in 2004.  Sales of spinal products were
$53,232,000 for the second quarter of fiscal 2005, representing a 37% increase
as compared to the same period in 2004.  The increase was primarily a result
of the Interpore acquisition and strong growth in EBI's spinal implants and
orthobiological products.  Fixation and spinal product sales have been
negatively impacted by the combination of the Interpore and EBI sales forces,
and at the same time the integration of Biomet's internal fixation sales force
into EBI's fixation sales force.  The Company expects this negative impact
to continue during the next quarter.  The Company's sales of other products
totaled $41,729,000, representing a 15% increase over the second quarter of
fiscal year 2004.

Cost of sales increased as a percentage of net sales to 28.7% for the second
quarter of fiscal 2005 from 28.1% for the same period last year.  The current
period impact of inventory step-up relating to acquisitions was 1.6%.  This
1.6% increase was offset by a decrease of 1% in the percentage primarily as a
result of higher  growth rates in domestic sales, where gross margins are
higher, versus foreign sales.  Selling, general and administrative expenses, as
a percentage of net sales, increased to 36.4% compared to 35.3% for the second
quarter last year.  This increase is a result of Interpore's traditionally
higher selling, general and administrative expenses (0.2%), increased bad debt
expense for EBI's domestic insurance receivables (0.8%) and continued expansion
and consolidation of EBI's direct sales force.  Research and development
expenditures increased 24% during the second quarter to $19,606,000 reflecting
the Company's continued emphasis on new product introductions and Interpore's
traditionally higher expenditures on research and development (7%).  Operating
income increased 11% from $126,297,000 for the second quarter of fiscal 2004,
to $139,648,000 for the second quarter of fiscal 2005.  The affect on operating
income for the previously discussed acquisition related expenses was a
reduction of $7,402,000.  Other income decreased from $3,669,000 last year to
$244,000 this year.  Other income has been negatively impacted by a reduction
in cash available for investments and an increase in short term debt, due to
acquisitions and common stock repurchases.  The effective income tax rate
remained relatively flat at 34.8%.

These factors resulted in a 10% increase in net income to $91,199,000 for the
second quarter of fiscal 2005 as compared to $82,692,000 for the same period
in fiscal 2004, while basic and diluted earnings per share increased 13%, from
$0.32 to $0.36 for the periods presented.  The affect of acquisition related
expenses as discussed in the preceding paragraph, net of tax, on net income,
basic earnings per share and diluted earnings per share was to decrease them
by $4,831,000, $0.02 per share and $0.02 per share, respectively.

Item 3.  Quantitative and Qualitative Disclosures about Market Risks.

There have been no material changes from the information provided in the
Company's Annual Report on Form 10-K for the year ended May 31, 2004.

Item 4.  Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.  As of the end of the
period covered by this report, the Company carried out an evaluation, under
the supervision and with the participation of its management, including the
Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the Company's disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934).
Based on this evaluation, the Company's Chief Executive Officer and Chief
Financial Officer have concluded that the Company's disclosure controls and
procedures are effective in timely notification to them of information the
Company is required to disclose in its periodic SEC filings and in ensuring
that this information is recorded, processed summarized and reported within
the time periods specified in the SEC's rules and regulations.

(b) Changes in Internal Control.  During the second quarter of fiscal 2005
covered by this report, there have been no significant changes in internal
control over financial reporting that have materially affected, or were
reasonably likely to materially affect, our internal control over financial
reporting.


PART II.  OTHER INFORMATION

Item 1:   Legal Proceedings.

On October 3, 2002, a complaint was filed against the Company by Spinal
Concepts, Inc. ("Spinal Concepts") alleging that certain U.S. Patents owned
by Spinal Concepts are infringed by the VueLock(R) Anterior Cervical Plate
System manufactured by EBI, L.P. ("EBI").  On June 28, 2004, the Company's
subsidiary, Cross Medical Products Inc., filed suit against Spinal Concepts
alleging that Spinal Concepts' InCompass(R), Pathfinder(TM) and Speedlink(TM)
products infringe U.S. Patent Nos. 5,466,237, 5,474,555 and 5,624,442, all
of which are owned by Cross Medical.  On July 14, 2004, the Company's
subsidiary, EBI, also filed suit against Spinal Concepts alleging that an
instrument sold with Spinal Concepts' AcuFix(TM) cervical plate infringes
U.S. Patent No. 6,599,290 owned by EBI.  On December 23, 2004, the Company
and Spinal Concepts executed a global Settlement Agreement amicably resolving
all three lawsuits between the Companies.  The essential terms of the
settlement include an exchange of paid-up cross licenses to all patents at
issue, an exchange of covenants not to sue on any products that were at
issue, and a payment of $1 million to Spinal Concepts.  Stipulations of
dismissal are in the process of being filed and management considers this
matter concluded.


Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

As of November 30, 2004, the Company had two publicly-announced share repurchase
programs outstanding.  The first, announced July 1, 2004, approved the
purchase of 2,500,000 shares to be automatically purchased in equal
installments over a twelve-month period expiring July 1, 2005.  The second,
also announced July 1, 2004, approved the purchase of shares up to $100 million
in open market or privately negotiated transactions.  Information on shares
repurchased in the most recently completed quarter is as follows:

                                           Total Number       Maximum Number of
                                           of Shares      Shares (or Approximate
              Total Number   Average     Purchased as     Dollar Value) that May
               of shares    Price Paid  Part of Publicly     Yet be Purchased
Period         Purchased    Per Share   Announced Plans      Under the Plans
------        ------------  ----------  ----------------  ----------------------
September 1-30     252,000      $47.14           252,000        1,756,000 shares
                                                                 and $64,414,746
October 1-31       331,000       45.60           331,000        1,504,000 shares
                                                                 and $60,945,118
November 1-30      252,000       47.75           252,000        1,252,000 shares
                                                                 and $60,945,118
                   -------       -----           -------       -----------------
                   835,000       46.71           835,000        1,252,000 shares
                                                                 and $60,945,118




Item 6.  Exhibits.

See Index to Exhibits.




SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                           BIOMET, INC.
                                           ------------


DATE:   1/10/2005                    BY:   /s/  Gregory D. Hartman
       ----------                          -----------------------
                                           Gregory D. Hartman
                                           Senior Vice President - Finance
                                           (Principal Financial Officer)

                                           (Signing on behalf of the registrant
                                           and as principal financial officer)

BIOMET, INC.

FORM 10-Q

INDEX TO EXHIBITS

Number Assigned
  in Regulation
   S-K Item 601         Description of Exhibit

            (2)         No exhibit

            (4)         4.1 Specimen certificate for Common Shares.
                        (Incorporated by reference to Exhibit 4.1 to
                        the registrant's Report on Form 10-K for the
                        fiscal year ended May 31, 1985.)

                        4.2  Rights Agreement between Biomet, Inc. and
                        Lake City Bank, as Rights Agent, dated as of
                        December 16, 1999. (Incorporated by reference to
                        Exhibit 4.01  to Biomet, Inc. Form 8-K Current
                        Report dated December 16, 1999, Commission File
                        No. 0-12515), as amended September 1, 2002 to
                        change rights agent to American Stock Transfer
                        & Trust Company.

           (10)         No Exhibit.

           (11)         No exhibit

           (15)         No exhibit.

           (18)         No exhibit.

           (19)         No exhibit.

           (22)         No exhibit.

           (23)         No exhibit.

           (24)         No exhibit.

           (31)         31.1  Certification of Chief Exectuive Officer pursuant
                        to Section 302 of the Sarbanes-Oxley Act of 2002.

                        31.2  Certification of Chief Financial Officer pursuant
                        to Section 302 of the Sarbanes-Oxley Act of 2002.

           (32)         32.1 Written Statement of Chief Executive Officer and
                        Chief Financial Officer Pursuant to Sections 906 of the
                        Sarbanes-Oxley Act of 2002.