Monday, February 8, 2016

News: Zimmer Biomet Holdings, Inc. Reports Fourth Quarter and Full-Year 2015 Financial Results

WARSAW, Ind.Jan. 28, 2016 /PRNewswire/ --
  • Net Sales of $1.93 billion for the fourth quarter represent an increase of 58.1% over the prior year period on a reported basis, and an increase of 0.5% on an adjusted pro forma, constant currency billing day basis
  • Diluted EPS for the fourth quarter were $0.14 reported, a decrease of 84.3% from the prior year period, and $2.09 adjusted, an increase of 17.4% over the prior year period
  • Net Sales of $6.0 billion for the full year represent an increase of 28.3% reported over the prior year
  • Diluted EPS for the full year were $0.26 reported, a decrease of 93.8% from the prior year, and $6.90 adjusted, an increase of 7.8% over the prior year
  • The Company provides 2016 sales and adjusted earnings guidance
Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the fourth quarter and full year ended December 31, 2015.  The Company reported fourth quarter net sales of $1.93 billion, an increase of 58.1% over the prior year period on a reported basis, and an increase of 0.5% on an adjusted pro forma, constant currency billing day basis.  Diluted earnings per share for the quarter were $0.14 reported and $2.09 adjusted, an increase of 17.4% adjusted over the prior year period.  Full-year net sales were $6.0 billion, an increase of 28.3% reported over the prior year.  Diluted earnings per share for the year were $0.26reported and $6.90 adjusted, an increase of 7.8% adjusted over the prior year.

ZIMMER BIOMET INC. LOGO
"At the close of a transformational year for Zimmer Biomet, we achieved top line growth supported by sequential improvement from our joint reconstructive and S.E.T. businesses in the U.S.  In addition, we finished the year with strong earnings results, as we continued to execute on our global integration plans," said David Dvorak, President and CEO of Zimmer Biomet.  "Importantly, the substantial completion of our commercial integration in 2015, combined with the breadth of our musculoskeletal portfolio, positions our sales teams to accelerate our growth as we progress through 2016."


Net earnings for the fourth quarter were $29.7 million on a reported basis and $428.3 million on an adjusted basis, an increase of 39.2% adjusted over the prior year period.  Operating cash flow for the fourth quarter was $433.2 million.

During the fourth quarter, the Company paid $44.8 million in dividends and declared a fourth quarter dividend of $0.22 per share, consistent with the dividend declared for the prior year period. 

Further, the Company utilized $150 million of cash to acquire 1.4 million shares during the fourth quarter.  As of December 31, 2015$450 million remained available under the current share repurchase authorization.

Guidance
The Company expects constant currency revenue for the full year 2016, as compared to adjusted pro forma 2015 revenue, to increase between 1.5% and 2.5%.  The Company expects foreign currency translation to decrease revenues by 2.0%, resulting in reported revenue between negative 0.5% and positive 0.5% when compared to adjusted pro forma 2015 revenue. 

The Company expects full-year 2016 adjusted diluted earnings per share to be in a range of $7.80 to $7.95.

Conference Call
The Company will conduct its fourth quarter and full-year 2015 investor conference call today, January 28, 2016, at 8:00 a.m. Eastern Time.  The live audio webcast can be accessed via Zimmer Biomet's Investor Relations website at http://investor.zimmerbiomet.com.  It will be archived for replay following the conference call.

Individuals in the U.S. and Canada who wish to dial into the conference call may do so by dialing (877) 941-1227 and entering conference ID 4696684.  For a complete listing of international toll-free and local numbers, please visit http://investor.zimmerbiomet.com.  A digital recording will be available 24 hours after the completion of the conference call, from January 29, 2016 to February 28, 2016.  To access the recording, U.S. and Canada callers should dial (800) 406-7325 and international callers should dial +1 (303) 590-3030, and enter the Access Code ID 4696670.

Sales Tables
The following fourth quarter sales table provides results by geography and product category, as well as the percentage change compared to the prior year quarter on a reported basis, a pro forma reported billing day basis, and an adjusted billing day pro forma constant currency basis.  Additionally, the full-year sales table provides results on a reported basis.

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