Zimmer Biomet Swings to Huge Loss

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WARSAW -

Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting a fourth quarter net loss of $903 million, compared to net income of $1.2 billion during the same period the previous year. The medical device manufacturer says the loss included goodwill impairment and litigation charges.

The company is also reporting a full-year net loss of $379 million last year, compared to net income of $1.8 billion in 2017. However, net sales for the quarter and year increased 0.1 percent and 1.7 percent, respectively.

"We are encouraged with the solid close to 2018, driven by strong fourth quarter performance in the Asia Pacific and Europe, Middle East and Africa regions, and in our Spine & CMF category," said Bryan Hanson, chief executive officer of Zimmer Biomet. "Overall, our financial results for the full year were in-line with our expectations for the progress of the turnaround of the business, and increase our confidence in achieving our 2019 objectives. We look forward to delivering on our near-term commitments to transition to offense and drive enhanced shareholder value, including the launch of a number of exciting new products and platform technologies to expand our ecosystem of differentiated solutions."

You can view the full earnings report by clicking here.

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