Zimmer Biomet Swings to Huge Loss

Indiana's medical device industry is widely known as one of the strongest in the world.

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting a first quarter net loss of $509 million, compared to net income of $246 million during the same period last year. The medical device manufacturer says the coronavirus pandemic has impacted performance but it is well positioned to address the challenge.

The company says its net sales also dropped nearly 10% to $1.8 billion. Chief Executive Officer Bryan Hanson says while the first quarter results were impacted by the pandemic and the deferral of elective procedures, the company’s operational performance prior to the pandemic was trending ahead of expectations.

“Over the past two years, we have made significant strides in reshaping and evolving Zimmer Biomet. This progress has better positioned us to address the COVID-19 challenge. We have an innovative and mobilized team, operational scale and increased financial flexibility – all of which we are using to support healthcare professionals and patients,” said Hanson.

You can connect to the full earnings report by clicking here.