Zimmer Biomet Reports Major Profit Jump
Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting full-year net income of $1.8 billion, up from $305 million the previous year. The medical device manufacturer says net sales for the year also increased 1.8 percent to $7.8 billion.
The report comes more than a month after the company named Bryan Hanson chief executive officer.
"Since joining the Company last month, I have been performing a thorough review of the business," said Hanson. "My immediate priorities are to improve Zimmer Biomet's execution and address a number of near-term challenges that have impacted, and will continue to impact, our performance. With that said, I fully believe in the power of the Zimmer Biomet global brand and portfolio of products, and I am confident that with sound strategy and enhanced execution we can drive sustained shareholder value."
Zimmer Biomet is also reporting fourth quarter net income of $1.3 billion, up from $70 million during the same quarter in 2016. You can connect to the full earnings report by clicking here.