Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting a full-year profit of $302.9 million, compared to $147 million the previous year. Despite the annual improvement, net earnings in the fourth quarter were $66.6 million, compared to $127 million during the same quarter in 2015.
Net sales for the full year jumped more than 28 percent to nearly $7.7 billion, driven in part by a more than 4 percent rise in the fourth quarter to just over $2 billion.
Chief Executive Officer David Dvorak said "Zimmer Biomet delivered solid revenue growth in the fourth quarter. Our performance was driven, in part, by the reacceleration of our Knee and Hip businesses, as well as the ongoing strength of our S.E.T. category and Asia Pacific region. As we reflect on the completion of our first full year as a combined company, our achievements have further strengthened our confidence in the unique value-creation opportunity we offer in the dynamic global healthcare environment. We will continue to drive growth across our broad musculoskeletal portfolio in 2017, as we remain focused on delivering against our net synergy commitments and making ongoing progress towards optimizing and harmonizing our supply chain, and manufacturing and quality systems."
The report is the first that includes four full quarters of earnings following the completed $14 billion merger between Zimmer Holdings Inc. and Biomet Inc. in mid-2015. Zimmer Biomet expects a full-year revenue increase in 2016 over 2017 in the range of $7.855 billion to $7.93 billion.
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