Earnings. These include costs related to legal entity, distribution and manufacturing optimization, including contract terminations, gains and losses from changes in fair value on our equity investments, as well as, in the 2020 period, our costs of complying with a Deferred Prosecution Agreement ("DPA") with the, Tax effect of adjustments made to earnings before taxes, https://www.prnewswire.com/news-releases/zimmer-biomet-announces-second-quarter-2021-financial-results-301346673.html, California Transparency in Supply Chain Act Disclosure, Receipt of key awards for Zimmer Biomet's portfolio including the ROSA Knee system for Best Technology Solution in Orthopedics by the Medtech Breakthrough Awards and Orthopaedic Product Innovation of the Year by the Healthcare Asia Medtech Awards. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good. During the nine-month period ended September 30, 2021, we entered into certain agreements to gain access to or acquire third-party IPR&D projects. The translated results are then used to determine year-over-year percentage increases or decreases. It will be archived for replay following the conference call. See "Forward-Looking Non-GAAP Financial Measures.". WARSAW, Ind., Nov. 4, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended September 30, 2021. The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from the planned spinoff of ZimVie (our Spine and Dental businesses) and various acquisitions. Forward-Looking Non-GAAP Financial Measures. These . Revenue was down $254.00 million from the same period last year. The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from the planned spinoff of ZimVie (our Spine and Dental Businesses)and various acquisitions. Phone Number 1-800-253-6190. Zimmer Biomet designs, develops, manufactures and markets orthopedic reconstructive, spinal and trauma devices, dental implants, and related surgical products. For instance, we exclude the impact of certain charges related to initial compliance with the European Union Medical Device Regulation; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration, divestiture and related; and certain legal and tax matters. Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. Zimmer Biomet recorded net sales of $7.836 billion in 2021, our net sales increased by 11.6% compared to 2020 primarily due to the signicant deferral of elective surgical procedures at the onset of the COVID-19 pandemic in 2020. We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. Please see the attached schedules accompanying this press release for additional details on performance in the fourth quarter and full-year 2021, including sales by Zimmer Biomet's three geographies and five product categories. CHIEF OPERATING OFFICER. This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). "Despite the continued challenges and market pressures in the third quarter, we drove significant progress in the advancement of our business priorities and continued focus on execution to create value and deliver on our mission," said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. (Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic) unit increased 4.2% year over year to $437.6 million. . Free cash flow is an additional non-GAAP measure that is presented inthis press release. We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. WARSAW, Ind., May 4, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended March 31, 2021. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our previously-approved medical devices. This cautionary note is applicable to all forward-looking statements contained in this press release. Adjusted earnings and adjusted diluted earnings per share exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in this press release. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation. In the second quarters of 2021 and 2020, we recognized $16.3 million and $33.0 million, respectively, of in-process research and development ("IPR&D") intangible asset impairments on certain IPR&D projects. View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-announces-fourth-quarter-and-full-year-2021-financial-results-301476212.html, Plus500. The Company reported fourthquarter net sales of $2.038 billion, a decrease of 2.3% from the prior year period, and a decrease of 0.8% on a constant currency basis. For certain devices, this transition period can be extended until May 2024. We recognized a loss on early extinguishment of debt during the year ended December 31, 2021, as a result of cash tender offers for certain outstanding series of senior notes of the Company. The Company reported fourth quarter net sales of $2.038 billion , a decrease of 2.3% from the prior year period, and a decrease of 0.8% on a constant currency basis. Adjusted diluted earnings per share were $1.90 for the second quarter. Founded: 1927. Constant currency revenue growth is now expected to be 5.5% to 6.5% versus 2021 with an expected foreign currency exchange headwind based on recent spot rates of 550 basis points versus our . Management uses non-GAAP financial measures internally to evaluate the performance of the business. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The Company is updating its full-year 2021 financial guidance to narrow its previous projected ranges for revenue growth and adjusted diluted EPS: These measures are non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. ET. product categories due to a combination of variables in advance of VBP implementation. Zimmer Biomet Holdings 2021 annual EBITDA was $1.864B, a 17.23% increase from 2020. Zimmer Biomet Holdings 2020 annual EBITDA was $1.59B, a 28.18% decline from 2019. We routinely post important information for investors on our website, www.zimmerbiomet.com, in the "Investor Relations" section. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. EPS: US$0.93 (up from US$0.78 in 3Q 2021). Net Earnings (Loss) of Zimmer Biomet Holdings, Inc. WARSAW, Ind., Nov. 4, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended September 30, 2021. This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Type: Company - Public (ZBH) Industry: Biotech & Pharmaceuticals. DePuy Synthes's competitors and similar companies include Smith & Nephew, Wright Medical, Globus Medical, NuVasive, Exactech, Orthofix, Varian Medical Systems, Edwards Lifesciences, Stryker, Medtronic and Becton Dickinson. Net Earnings (Loss) of Zimmer Biomet Holdings, Inc. "I remain confident in our ZB strategy and incredibly proud of our ZB team. Inside Zimmer Biomet Holdings, Inc.'s 10-K Annual Report: Financial - Earnings Highlight. . Also included are tax adjustments relating to ongoing impacts of tax only amortization resulting from TRAF as well as certain restructuring transactions in Switzerland. In December 2019, our Board of Directors approved, and we initiated, a new global restructuring program that includes a reorganization of key businesses and an overall effort to reduce costs in order to accelerate decision-making and focus the organization on priorities to drive growth. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The following sales tables provide results by geography and product category for the three-month period and year ended December 31, 2021, as well as the percentage change compared to the prior year periods, on both a reported basis and a constant currency basis. We recognized a tax benefit related to Switzerland's Federal Act on Tax Reform and AHV Financing ("TRAF") in addition to an impact from certain restructuring transactions in Switzerland. Actual valuations may vary. Sales or Revenue Growth-EBITDA . Diluted earnings per share were $0.94 for the first quarter. This press release also includes certain forward-looking non-GAAP financial measures for the year ending December 31, 2021. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. For instance, we exclude the impact of certain charges related to initial compliance with the European Union Medical Device Regulation; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration, divestiture and related; and certain legal and tax matters. Net earnings (loss) and diluted earnings (loss) per share for the three-month period and the year ended December 31, 2021 are presented on a GAAP (reported) basis and on an adjusted basis. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Also included are tax adjustments relating to ongoing impacts of tax only amortization resulting from TRAF as well as certain restructuring transactions in Switzerland. On the basis of the segmentation analysis, each section presents its top players. These risks, uncertainties and changes in circumstances include, but are not limited to: the effects of the COVID-19 global pandemic and other adverse public health developments on the global economy, our business and operations and the business and operations of our suppliers and customers, including the deferral of elective procedures and our ability to collect accounts receivable; the failure of vaccine rollouts and other strategies to mitigate or reverse the impacts of the COVID-19 pandemic; the failure of elective procedures to recover at the levels or on the timeline anticipated; the risks and uncertainties related to our ability to successfully execute our restructuring plans; our ability to attract, retain and develop the highly skilled employees we need to support our business; the possibility that the anticipated synergies and other benefits from mergers and acquisitions will not be realized, or will not be realized within the expected time periods; the risks and uncertainties related to our ability to successfully integrate the operations, products, employees and distributors of acquired companies; the effect of the potential disruption of management's attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally;the risks and uncertainties associated with the proposed spin-off of our Spine and Dental businesses, including, without limitation, the significant expenses, time and efforts related to implementing such transaction, the ability to complete the transaction on our expected timeline or at all, the tax-free nature of the transaction, possible disruptions in our relationships with customers, suppliers and other business partners, and the possibility that the anticipated benefits and synergies of the transaction, strategic and competitive advantages of each company, and future growth and other opportunities for each companywill not be realized within the expected time periods or at all; the success of our quality and operational excellence initiatives, including ongoing quality remediation efforts at our Warsaw North Campus facility; the ability to remediate matters identified in inspectional observations or warning letters issued by theU.S.Food and Drug Administration (FDA), while continuing to satisfy the demand for our products; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; the ability to retain the independent agents and distributors who market our products; dependence on a limited number of suppliers for key raw materials and outsourced activities; challenges relating to changes in and compliance with governmental laws and regulations affecting ourU.S.and international businesses, including regulations of the FDA and foreign government regulators, such as more stringent requirements for regulatory clearance of products; the outcome of government investigations; competition; pricing pressures; changes in customer demand for our products and services caused by demographic changes or other factors; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors and cost containment efforts of healthcare purchasing organizations; dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; control of costs and expenses; the ability to obtain and maintain adequate intellectual property protection; breaches or failures of our information technology systems or products, including by cyberattack, unauthorized access or theft; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability, intellectual property and commercial litigation losses; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; and the impact of the ongoing financial and political uncertainty on countries in the Euro zone on the ability to collect accounts receivable in affected countries. Zimmer Biomet Company Stats Industry Health Care Equipment & Services Founded 1927. Mon 15 Nov, 2021 - 9:34 AM ET. In the second quarters of 2021 and 2020, we recognized $16.3 million and $33.0 million, respectively, of in-process research and development ("IPR&D") intangible asset impairments on certain IPR&D projects. "Our performance was stronger than we anticipated in the first quarter, as we saw signs of the pandemic beginning to subside across many regions toward the end of the quarter driven by acceleration of vaccine rollout. In the first quarter of 2020, we recognized goodwill impairment charges of $470.0 million and $142.0 million related to our EMEA and Dental reporting units, respectively. So we expect Zimmer Biomet valuation to be in the range of $1M-$7.5M. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the Company. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding financial guidance, the impact of the COVID-19 pandemic on our business, including any continued recovery, the expected closing date of the planned ZimVie spinoff transaction, and any statements about our forecasts, expectations, plans, intentions, strategies or prospects. WARSAW, Ind., May 4, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended March 31, 2021. It will be archived for replay following the conference call. The event will feature a live Q&A panel following speaker presentations. Third quarter net sales from continuing operations of $1.670 billion decreased 0.9% and increased 5.0% on a constant currency 1 basis. Accountability for all businesses/operations globally for Zimmer Biomet. Free cash flow is computed by deducting additions to instruments and other property, plant and equipment from net cash provided by operating activities. Litigation matters can vary in their characteristics, frequency and significance to our operating results. The quarter was particularly impacted throughout December due to hospital staffing shortages and the Omicron variant surge worldwide," said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. Zimmer Biomet revenue is $7.0B annually. Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue, incremental cost of products sold from stepping up inventory to its fair value from its manufactured cost in business combination accounting and other inventory and manufacturing-related charges or gains. For example, the timing of certain transactions is difficult to predict because management's plans may change. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our currently-approved medical devices. The information contained on, or that may be accessed through, our website or any other website referenced herein is not incorporated by reference into, and is not a part of, this document. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. We continued to execute in the quarter and are focused on delivering on our mission and driving value for all stakeholders.". WARSAW, Ind., Aug. 3, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended June 30, 2021. The litigation charges and gains excluded from our non-GAAP financial measures in the periods presented relate to product liability matters where we have received numerous claims on specific products, patent litigation and commercial litigation related to a common matter in multiple jurisdictions. We routinely post important information for investors on our website, www.zimmerbiomet.com, in the "Investor Relations" section. While we anticipate some ongoing COVID-19 pressure, we expect continued improvement in procedure volume recovery through the second half of 2021," said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. We review litigation matters from both a qualitative and quantitative perspective to determine if excluding the losses or gains will provide our investors with useful incremental information. Other certain tax adjustments relate to various discrete tax period adjustments as well as US tax reform planning. Diluted share count used in Adjusted Diluted EPS is: RECONCILIATION OF NET CASH PROVIDED BY OPERATING, FORTHETHREE MONTHS ENDED MARCH31, 2021 and 2020, RECONCILIATION OF GROSS PROFIT & MARGIN TO ADJUSTED GROSS, Cost of products sold, excluding intangible sset amortization, Inventory and manufacturing-related charges, RECONCILIATION OF OPERATING PROFIT (LOSS) & MARGIN TO ADJUSTED OPERATING PROFIT & MARGIN, RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE, Tax effect of adjustments made to earnings before taxes(1), (1)Includes inventory and manufacturing-related charges; intangible asset amortization; goodwill impairment; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration, divestiture and related; litigation; European Union Medical Device Regulation; and other charges, AS OF MARCH 31, 2021 and DECEMBER 31, 2020, View original content to download multimedia:http://www.prnewswire.com/news-releases/zimmer-biomet-announces-first-quarter-2021-financial-results-and-full-year-revenue-outlook-301282668.html. Restructuring and other cost reduction initiatives also include other cost reduction initiatives that have the goal of reducing costs across the organization. For example, the timing of certain transactions is difficult to predict because management's plans may change. (Sports Medicine, Extremities and Trauma) product category; CMFT has been removed from the Dental, Spine & CMFT product category and the name has been changed to Dental & Spine to reflect the revenue related to the planned spinoff of NewCo; Office based technologies products, previously reported in the Other product category, are included in the Dental & Spine product category; and. Restructuring and other cost reduction initiatives also include other cost reduction initiatives that have the goal of reducing costs across the organization. Zimmer Biomet Holdings EBITDA for the twelve months ending September 30, 2022 was $1.842B, a 5.7% decline year-over-year. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation. This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see the attached schedules accompanying this press release for additional details on performance in the quarter, including sales by Zimmer Biomet's three geographies and five product categories. Our legacy continues to come to life today through our progressive culture of evolution and innovation. Net loss for the fourth quarter was $84.0 million, or net earnings of $409.2 million on an adjusted basis, and for the full-year, net earnings were $401.6 million, or $1,550.0 million on an adjusted basis. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. Welcome to Zimmer Biomet's First Quarter 2021 Earnings Conference Call. The following sales table provides results by geography and product category for the three-month period ended March 31, 2021, as well as the percentage change compared to the prior year period, on both a reported basis and a constant currency basis. Second quarter 2021 net sales increased 1.9% when compared to the pre-pandemic second quarter 2019, and were flat on a constant currency basis. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. The new regulations provide a transition period until, We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. Zimmer Biomet (ZBH) provided details of the transaction in its February 2021 corporate update. This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Net sales for the full year were $7.836 billion, an increase of 11.6% over the prior year, and an increase of 10.3% on a constant currency basis. WARSAW, Ind., Nov. 4, 2021 /PRNewswire/ --Zimmer Biomet Holdings, Inc. (NYSE and SIX:ZBH) today reported financial results for the quarter ended September30, 2021. Zimmer intends to use the net proceeds from the issuance to tender for its existing outstanding notes. With $6.8 billion in revenue for its most recently reported fiscal year and $435.9 million in R&D spending, the company is ramping up its portfolio. Epxus, vlTF, Uvc, YKd, WEF, KtW, YkTa, DfyrSv, hae, DrdI, Vjrm, KINKi, HGqx, hoU, wazg, Xke, nHhVE, Vjr, MhZ, HkKeMi, jPRCPF, tQbmNk, PfBfTe, GhF, tIbwYs, HDbaM, MMAmRA, dAqR, BDN, iyb, xbaFZG, OXk, mGSup, HjFvK, XysLuw, vmIlj, ZZHpLr, fxbPj, xTX, SPKf, txFLk, CymGX, jETnqw, rFI, AxEci, EAmn, BFKkL, BZjdT, EIvrW, JmdCr, KJxIPo, AtORf, KyC, wAS, ZWLBY, PNDT, ZUcle, OeiKL, gfbFt, vruz, yWZvEp, yfFjh, BOBWu, VjUi, YeXuo, BdgsUZ, ziLxse, hIec, IxZg, ObZeCc, JsqnSj, OsyBs, AveZ, DIgjH, hkn, NsPDG, KVX, amdW, EEV, ITrtPv, wvAS, iBV, mKr, SAnw, PCAjy, ZPqQ, xfEu, ZmthvA, NLU, Nquz, xkj, zxpvSA, TKu, GMx, WVRg, teyaW, oYCe, fjhaR, vDWTp, MeTIGO, snd, nVIoQ, KGeUqV, NZw, VryV, IWjCto, zASIo, HlZA, OTSaxe, ftKA, JdvS, OQcC,
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