Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting net earnings of $22.2 million, compared to $173.1 million during the same period the previous year. Chief Executive Officer David Dvorak says he’s pleased with the results during Zimmer Biomet’s first quarter as a combined company, and says it is "well positioned to continue improving revenue growth."
The company is reporting net sales of $1.76 billion, which is an increase of more than 59 percent over the prior year period. It has also raised its estimate for post-closing net synergies for the first 12 months to $155 million.
Zimmer announced the blockbuster $13 billion acquisition last year. The deal closed in June. Dvorak calls the merger a "momentous achievement," promising a "seamless and efficient transition." Zimmer divested certain Unicompartmental High-Flex Knee System, Biomet Discovery Elbow System and Cobalt bone cement assets as part of an effort to address U.S. Federal Trade Commission concerns.