Zimmer Biomet releases financial results for the first quarter of 2020
Zimmer Biomet Holdings Inc. released financial results for the first quarter of 2020 ending on March 31, reporting a decrease in first-quarter net sales.
According to a company press release, Zimmer Biomet reported first-quarter net sales of $1.784 billion, a decrease of 9.7% from the first quarter of 2019, as well as an 8.9% decrease on a constant currency basis. The company reported a net loss of $509 million, including goodwill impairment, for the first quarter, while net earnings on an adjusted basis were $354 million. The release noted a diluted loss per share of $2.46 and adjusted diluted earnings per share of $1.70 for the first quarter.
“While our full first quarter results have been impacted by the global spread of COVID-19 and the deferral of elective procedures, our operational performance prior to the COVID-19 disruption was trending ahead of our expectations,” Bryan Hanson, president and CEO of Zimmer Biomet, said in the release. “Over the past 2 years, we have made significant strides in reshaping and evolving Zimmer Biomet. This progress has better positioned us to address the COVID-19 challenge. We have an innovative and mobilized team, operational scale and increased financial flexibility — all of which we are using to support health care professionals and patients. I continue to be so proud of our global team and out collective, unyielding commitment to the [Zimmer Biomet] ZB mission to better the lives of people around the world.”