Zimmer Biomet Announces Fourth Quarter and Full-Year 2022 Financial Results
- Fourth quarter net sales from continuing operations of $1.825 billion increased 2.7% and 8.3% on a constant currency1 basis
- Fourth quarter diluted loss per share from continuing operations was $0.62; adjusted1 diluted earnings per share from continuing operations were $1.88
- Full-year net sales from continuing operations of $6.940 billion increased 1.6% and 6.6% on a constant currency1 basis
- Full-year diluted earnings per share from continuing operations were $1.38; adjusted1 diluted earnings per share from continuing operations were $6.89
- Company provides full-year 2023 financial guidance
WARSAW, Ind., Feb. 3, 2023 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter and year ended December 31, 2022. The Company reported fourth quarter net sales from continuing operations of $1.825 billion, an increase of 2.7% over the prior year period, and an increase of 8.3% on a constant currency basis. Net sales from continuing operations for the full year were $6.940 billion, an increase of 1.6% over the prior year, and an increase of 6.6% on a constant currency basis. Net loss from continuing operations for the fourth quarter was $130.5 million, or net earnings from continuing operations of $396.3 million on an adjusted1 basis. For the full year, net earnings from continuing operations were $290.2 million, or $1,449.2 million on an adjusted1 basis.
Diluted loss per share from continuing operations was $0.62 for the fourth quarter, and adjusted1 diluted earnings per share from continuing operations were $1.88. Full-year diluted earnings per share from continuing operations were $1.38 and full-year adjusted1 diluted earnings per share from continuing operations were $6.89.
“We closed out the fourth quarter strong, driven by the solid execution of our team and meaningful innovation in our portfolio – all against a backdrop of continued recovery post-pandemic,” said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. “As we enter 2023, we expect macro pressures to continue, but also to stabilize, setting up ZB to achieve attractive growth and mark another key milestone in our transformation journey. We remain committed to building out our portfolio, delivering on our mission and creating value for all of our stakeholders.”
1. Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.
Aligned with the ongoing transformation of Zimmer Biomet’s business, key recent highlights include:
- U.S. Food and Drug Administration (FDA) 510(k) clearance for the Persona® OsseoTi® Keel Tibia for cementless knee replacement. Persona OsseoTi is the latest addition to the clinically proven Persona Knee System, and features a new porous version of the Persona anatomic tibia with Zimmer Biomet’s OsseoTi Porous Metal Technology, offering a comprehensive single system solution for a cementless or cemented application.
- Presentation of one-year data from a multicenter, prospective, randomized controlled trial to evaluate the impact of mymobility® with Apple Watch, a first-of-its-kind remote care management platform. The data show that using mymobility with Apple Watch following primary knee arthroplasty can effectively guide rehabilitation, demonstrate similar outcomes to traditional care models, and significantly reduce the number of outpatient physical therapy visits. In addition, use of mymobility with Apple Watch was associated with significantly fewer surgery-related emergency department visits, which could translate to lower costs of care.
- Reached a definitive agreement to acquire Embody, Inc., a privately-held medical device company focused on soft tissue healing, to include Embody’s complete portfolio of collagen-based biointegrative solutions to support healing in the most challenging orthopedic soft tissue injuries – including the TAPESTRY® biointegrative implant for tendon healing and TAPESTRY® RC, one of the first arthroscopic implant systems for rotator cuff repair. The transaction is subject to customary closing conditions and is expected to be completed in February 2023.