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Zimmer Biomet reports first-quarter 2018 financial results
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Zimmer Biomet Holdings Inc. announced its first-quarter 2018 financial results, which ended March 31.
Net sales for the first quarter were $2.018 billion, which was a 2.8% increase compared with the prior year period and a 1.5% decrease on a constant currency basis.
According to a press release, the net earnings for the quarter were $174.7 million or $390 million on an adjusted basis. The first-quarter operating cash flow was $490.5 million and free cash flow was $403.4 million. During the first quarter, Zimmer Biomet paid $48.6 million in dividends and declared a dividend of $0.24 per share.
The first-quarter diluted earnings per share were $0.85, a 42.2%decrease from the prior year period. The adjusted diluted earnings per share were $1.91, a 10.3% decrease from the prior year period.
“As expected, in the first quarter our performance continued to reflect supply headwinds associated with key brands within our knee, hip and S.E.T. portfolios, as well as the ongoing quality remediation work at our Warsaw North Campus facility,” Bryan Hanson, president and CEO of Zimmer Biomet, said in the release. “As we look out over the course of the next 18 to 24 months, we will stay laser-focused on taking the necessary actions to narrow our gap to market and drive sustained shareholder value. These actions include successfully driving our ongoing quality remediation program, restoring supply and scaling up the commercial launch of compelling new technologies, all of which remain on track.”
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