Over 60% of Zimmer Biomet's total revenue comes from the Americas region, where fourth-quarter sales rose 2.3% to $1.29 billion. WARSAW, Ind., Aug. 4, 2020 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended June 30, 2020. Like this post. The Company will conduct its second quarter 2020 investor conference call today, August 4, 2020, at 8:30 a.m. NET SALES - THREE MONTHS ENDED JUNE 30, 2020, * Sports Medicine, Extremities and Trauma, NET SALES - SIX MONTHS ENDED JUNE 30, 2020. Free cash flow is an additional non-GAAP measure that is presented in this press release. RECONCILIATION OF NET CASH (USED IN) PROVIDED BY OPERATING, FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 and 2019, Net cash (used in) provided by operating activities, RECONCILIATION OF GROSS PROFIT & MARGIN TO ADJUSTED GROSS, Inventory and manufacturing-related charges, RECONCILIATION OF OPERATING PROFIT & 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), Tax adjustments relating to the impacts of tax only amortization in Switzerland, (1) Includes inventory and manufacturing-related charges; intangible asset amortization; goodwill and intangible asset impairment; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration and related; litigation; litigation settlement gain; European Union Medical Device Regulation; and other charges, AS OF JUNE 30, 2020 and DECEMBER 31, 2019, View original content to download multimedia:http://www.prnewswire.com/news-releases/zimmer-biomet-announces-second-quarter-2020-financial-results-301105144.html, Changes in operating assets and liabilities, net of acquired assets and, Net cash provided by operating activities, Tax adjustments relating to the impacts of tax only amortization in, Effect of dilutive shares assuming net earnings, Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue and other inventory and manufacturing-related charges. Do they have no heart!?! WARSAW, Ind., Sept. 10, 2020 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced that … 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. The Company reported second quarter net sales of $1.226 billion, a decrease of 38.3% from the prior year period, and a decrease of 38.0% on a constant currency basis. What areas are the layoffs at Zimmer Biomet coming from? The Company reported second quarter net sales of $1.226 billion, a decrease of 38.3% from the prior year period, and … Can Upcoming Catalysts Help Onconova Therapeutics Stock Rebound? FiercePharma's Top Pharma Companies in the World. Close the Stamford office and consolidate in Warsaw. The company's adjusted net income was $2.30 per share, up from $2.18 per share in Q4 2018. Zimmer Biomet's adjusted earnings also easil… Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue and other inventory and manufacturing-related charges. It will be archived for replay following the conference call. Alongside some of the world's top healthcare professionals, we help deliver new possibilities to patients. • Other companies could run into challenges related to the coronavirus outbreak, with travel restrictions and business shutdowns in China cause problems. 2, Yesterday will always be known at ZB as "Termination Tuesday', Posted 10 months ago Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. 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. If you can't find your company please let us know and we'll get a board created right away. Net income was $321.4 million, or $1.54 per share, based on generally accepted accounting principles (GAAP). Adjusted earnings and adjusted diluted earnings per share exclude the effects of certain inventory and manufacturing-related charges including charges to discontinue certain product lines; intangible asset amortization; goodwill and intangible asset impairment; restructuring and other cost reduction initiative expenses; quality remediation expenses; acquisition, integration and related expenses; certain litigation gains and charges; expenses to establish initial compliance with the European Union Medical Device Regulation; other charges; any related effects on our income tax provision associated with these items; tax adjustments relating to the impacts of tax only amortization in Switzerland; other certain tax adjustments; and, with respect to earnings per share information, provide for the effect of dilutive shares assuming net earnings in a period of a reported net loss. Anticipating a roughly 10 percent drop in first-quarter revenues, Zimmer announced CEO Bryan Hanson is temporarily eliminating his salary, while other leaders are having their compensation reduced. We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; office based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. Diluted loss per share was $1.00 for the second quarter. Net (Loss) Earnings of Zimmer Biomet Holdings, Inc. Weighted Average Common Shares Outstanding, FOR THE SIX MONTHS ENDED JUNE 30, 2020 and 2019, Total Liabilities and Stockholders' Equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Cash flows provided by (used in) operating activities, Changes in operating assets and liabilities, net of acquired assets and liabilities, Net cash provided by operating activities (1), Cash flows provided by (used in) investing activities, Additions to other property, plant and equipment, Acquisition of intellectual property rights, Cash flows provided by (used in) financing activities, Proceeds from employee stock compensation plans, Net cash flows from unremitted collections from factoring programs, Business combination contingent consideration payments, Effect of exchange rates on cash and cash equivalents, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of period, (1)  2019 reflects approximately $168 million paid related to a patent litigation matter, RECONCILIATION OF REPORTED NET SALES % CHANGE TO, RECONCILIATION OF REPORTED TO ADJUSTED RESULTS, FOR THE THREE MONTHS ENDED JUNE 30, 2020 and 2019, Inventory and manufacturing-related charges(1), Restructuring and other cost reduction initiatives(4), European Union Medical Device Regulation(8), Tax adjustments relating to the impacts of tax only amortization in Switzerland(10), Effect of dilutive shares assuming net earnings(12), Net Earnings attributable to noncontrolling interest. Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. Your email address will never be used for any other reason and will never be sold to email marketers. For certain devices, this transition period can be extended until May 2024. Other certain tax adjustments relate to various discrete tax period adjustments. Some healthcare stocks could experience significant volatility over the next year as the future of the U.S. healthcare system is debated in the presidential campaign. • This cautionary note is applicable to all forward-looking statements contained in this press release. 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. Represents tax adjustments relating to the impacts of tax only amortization resulting from Swiss Tax Reform as well as certain restructuring transactions in Switzerland. Will the FDA Approval Expanded Label for Vascepa? No borrowings are outstanding under these credit facilities. We have operations in more than 25 countries around the world and sell products in more than 100 countries. Hold on tight and save some of that paycheck. In addition, constant currency sales changes, adjusted operating profit, adjusted diluted earnings per share and free cash flow are used as performance metrics in our incentive compensation programs. WARSAW, Ind., Aug. 4, 2020 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended June 30, 2020. See you at the top! This also gives us a way to get in touch with you privately to discuss your reasoning if we feel the thread has been reported without merit. We are involved in routine patent litigation, product liability litigation, commercial litigation and other various litigation matters. class action lawsuits coming payroll cut backs then 2 weeks off while a crew works too hard w pay cuts. Constant currency percentage changes exclude the effects of foreign currency exchange rates. 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. Due to various levels of acquisitions among our peers, intangible asset amortization can vary significantly from company to company. These include costs related to legal entity, distribution and manufacturing optimization, including contract terminations, as well as our costs of complying with our Deferred Prosecution Agreement ("DPA") with the, Represents tax adjustments relating to the impacts of tax only amortization resulting from Swiss Tax Reform as well as certain restructuring transactions in, http://www.prnewswire.com/news-releases/zimmer-biomet-announces-second-quarter-2020-financial-results-301105144.html, California Transparency in Supply Chain Act Disclosure. We are addressing inspectional observations on Form 483 and a Warning Letter issued by the U.S. Food and Drug Administration ("FDA") following its previous inspections of our Warsaw North Campus facility, among other matters. We collaborate with healthcare professionals around the globe to advance the pace of innovation.

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