Zimmer Biomet reports financial results from second quarter 2016

Zimmer Biomet Holdings Inc. announced the financial results from the second quarter of 2016.

According to a press release, the second quarter net sales were $1.93 billion, a 65.6% increase and a 4.5% increase on adjusted pro forma of constant currency basis. The diluted net loss per share was reportedly $0.16 vs. the $1 net loss from the second quarter of the previous year. For the quarter, the adjusted diluted earnings per share were $2.02, a 27.8% increase.

“In the second quarter, Zimmer Biomet accelerated revenue growth above the top end of our expectations, highlighted by the results of our SET category and our ongoing strength in the Asia Pacific region,” David Dvorak, president and chief executive officer of Zimmer Biomet, said in the release. “Our top line performance, coupled with the ongoing capture of operational synergies, supported investments into strategic growth drivers, while delivering adjusted earnings per share above our guidance range. We will continue to execute on commercial opportunities across our broad portfolio in the second half of the year, as well as expand our clinical offerings with differentiated new technologies, services and solutions.”

The second quarter net loss was $31.3 million, which increased from the $173.6 million from the 2015 second quarter. The operating cash flow was reportedly $379.6 million. Zimmer Biomet anticipates the full-range revenue for the full year to be between $7.680 billion to $7.715 billion, which is a 28% increase. The company also reportedly anticipates the diluted earnings for the full-year of 2016 to be between $1.5 and $1.75 and $7.9 and $8 on an adjusted basis.

Reference:

http://investor.zimmerbiomet.com