Zimmer Biomet announces first-quarter financial results for 2016

Zimmer Biomet Holdings Inc. announced its first-quarter financial results for 2016 which include $1.9 billion in net sales — an increase of 67.8% on a reported basis and a 1.2% increase on an adjusted pro forma, constant currency basis compared with results for the same time last year.

According to a company press release, the diluted earnings per share were $0.52 reported and $2.00 adjusted for the quarter, demonstrating a 29.9% adjusted increase compared with the previous year.

“Zimmer Biomet’s first-quarter revenue was at the high end of our expectations coming into the year, laying the groundwork for sequential sales improvement as 2016 progresses,” David Dvorak, president and chief executive officer of Zimmer Biomet, said in the release. “We remain on pace to exit the year at or above market growth rates, driven by our focused commercial channel and the cross-selling opportunities across our market-leading musculoskeletal portfolio.”

Zimmer Biomet reportedly had $105.9 million in net earnings on a reported basis and $404.3 million on an adjusted basis for the first quarter of 2016. This was a 51.5% adjusted increase compared with the first quarter of 2015. According to the release, the company expects a 2% to 3% increase in constant currency revenue for the full year of 2016 compared with the adjusted pro forma revenue for 2015 and expects the adjusted diluted earnings per share to be between $7.85 and $8.00 for the full year of 2016.

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