Zimmer Biomet reports decrease in net sales for Q2

Zimmer Biomet has announced its second-quarter financial results, which included $1.17 billion in net sales — a 1.3% decrease from the previous year — and an increase of 5.7% of constant currency compared with 2014 second-quarter results.

The company reported a total net loss of $158 million. However, adjusted net earnings increased by 2.8% from the previous year to $278.7 million, and operating cash flow was $186.8 million for the second quarter, according to a company press release.

With the Biomet merger, the company documented $465 million of related charges, including non-recurring, pre-tax expenses, as well as $89.6 million of claims and special items, according to the release.

The full-year constant currency for 2015 is expected to increase 1.5% to 2% compared with the 2014 pro forma revenue. Zimmer Biomet also expects a 6% decrease in revenues for the 2015 year from foreign currency translation, meaning a 4% to 4.5% decrease compared with 2014 pro forma revenue.

Diluted earnings per share are expected to be between $6.65 and $6.80 for the entire year, which the company had estimated previously, according to the release. Zimmer Biomet has also projected $350 million in pre-tax, net synergies by the conclusion of the third year after the conclusion of the merger.

Zimmer Biomet expects $0.95 to $1.05 earnings per share within 12 months after closing with pre-tax, net synergy savings of $135 million, the release stated.

Reference: investor.zimmerbiomet.com.