These figures are adjusted for non-recurring items. Switzerland passed the Federal Act on Tax Reform and AHV Financing (TRAF), effective January 1, 2020. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. If you have an ad-blocker enabled you may be blocked from proceeding. And thanks for the question, Rick. "While the stronger than expected recovery of elective procedures in the third quarter was encouraging, we also remain focused on ZB's strong operational execution, which continues to drive confidence in our underlying business," said Bryan Hanson, President and CEO of Zimmer Biomet. "It is important to note that the challenges and fluidity around COVID-19 persist as we move into the end of the year. Australia and New Zealand, our third largest market in Asia Pacific observed a sharp decline and a sharp recovery within Q2 and continues to make progress back to normalization. Thank you. So, there was a month, period of time where there was a little bit of chaos. This quarterly report represents an earnings surprise of 72.38%.
A Look Into Zimmer Biomet's Spine and Dental Spin Off Thank you. Overall, we expect that margins, earnings and cash flow will improve as our revenue profile improves. So first, the recovery that weve seen to date and really specifically in Q2 is encouraging. Thanks. So, good news obviously on the ROSA front. My sense is that, first category of patients, those that were deferred initially will likely be completely run through, by the time we get to the end of 2020, or most of them will. You saw pretty strong use despite the pandemic conditions. Zimmer Biomet is a publicly traded medical device company. The translated results are then used to determine year-over-year percentage increases or decreases. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. And weve been putting that into action at the very earlier stages of COVID-19. In the second quarters of 2020 and 2019, we recognized $33.0 million and $70.1 million, respectively, of in-process research and development ("IPR&D") intangible asset impairments on certain IPR&D projects. The Company will conduct its third quarter 2020 investor conference call today, November 6, 2020, at 8:30 a.m. Relative to the backlog, I think, its really important to note that the approximate value of this backlog just for ZB, just for this company is already worth about $700 million to $800 million in revenue. And we want to make sure that we stay investment grade, but we are clearly focused right now on active portfolio management. Please disable your ad-blocker and refresh. You got to have innovation. So, all those things kind of happen in Phase 2, and weve got to have the operating mechanisms to make sure that we deliver on those things. And then, finally, while our other businesses, at least at this point, will not receive the same level of investment and they will be managed differently, we still would expect that these businesses would drive in line, maybe to the lower end of market growth for these areas. The litigation charges and gains excluded from our non-GAAP financial measures in the periods presented relate to product liability matters where we have received numerous claims on specific products, patent litigation and commercial litigation related to a common matter in multiple jurisdictions. And with mymobility, what were really focusing on is ensuring that we have that patient-physician communication link thats even better than it was before, but allowing this to happen more virtually. And then, I had a quick follow-up on ROSA.
Zimmer Biomet Announces Third Quarter 2020 Financial Results When typing in this field, a list of search results will appear and be automatically updated as you type. We are involved in routine patent litigation, product liability litigation, commercial litigation and other various litigation matters. From a longer term perspective, we remain committed to achieving at least 30% operating margin in 2023. A quarter ago, it was expected that this orthopedic device maker would post a loss of $0.72 per share when it actually produced earnings of $0.05, delivering a surprise of 106.94%. Im just curious, in the wake of COVID, has that in any way changed maybe where you might be initially focused on the types of acquisitions or anything that now just on a go-forward basis might fit more strategically into the business, as you look forward? And were going to do that again by focusing more of our attention in those most attractive sub elements of S.E.T. Zimmer Biomet is engaged in designing, manufacturing and marketing of orthopedic reconstructive products; sports medicine, biologics, extremities and trauma pro Read More Phone Number: (574) 267-6131 Website: www.zimmerbiomet.com Revenue: $7 Billion Stock Symbol: ZBH Zimmer Biomet's Social Media Is this data correct? So, maybe with that, Ill just kind of flip it to Suky, to be able to talk more specifically about what were seeing right now. Welcome to Zimmer Biomet's first-quarter 2020 earnings conference call Joining me virtually today are Bryan Hanson, our president and CEO; and CFO, Suky Upadhyay.
PDF Zimmer Biomet Holdings, Inc. Net Sales - Years Ended December 31, 2020 This cautionary note is applicable to all forward-looking statements contained in this press release. Investor Relations Stock Price $111.84 -1.51 (-1.33%) In the third quarter, the Company paid $49.6 million in dividends and declared a dividend of $0.24 per share. So Id say, its north of 50% and it looks better right now because of the placement strategy shift, not from us, but from our customers. Believe it or not, I said before, we actually developed that plan before this all happened. As with other regions, we observed the deepest trough in April and then saw steady improvement through the quarter across all major markets, with the exception of the UK where patients continue to be deferred at very-high rates. . But, what it also allows is more surgical volume, right, using robotics, because we dont slow the procedure down. But youre still going to have a pretty significant backlog left for 2021. EMEA Regional Headquarters Zimmer GmbH Zhlerweg 4 CH-6300 Zug Switzerland Phone:+41 58 854 80 00 (Reception ad interim) Careers Please visit the Zimmer Biomet Careers section Australia + New Zealand Eastern Europe, Middle East, and Africa Europe Latin America North America I would much rather have that annuity revenue that is linking me to the customer for a longer period of time than having upfront capital acquisition. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our currently-approved medical devices. We saw the deepest impact on elective procedures and revenue in April, but then saw a rapid recovery with sequential improvement in May and June. But generally speaking, Im getting very good feedback on the desire to work through the summer, work through this backlog and take care of patients. Phase 1. Okay. This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Theyre not wasting time anymore on this. "It is important to note that the challenges and fluidity around COVID-19 persist as we move into the end of the, year. But, we are still cautiously optimistic about the performance in the back half of 2020, just due to the variables associated with the pandemic that we still have to manage through. The Company reported fourthquarter net sales of $2.085billion, a decrease of 1.9% from the prior year period, and a decrease of 3.7% on a constant currency basis. Additionally, the discussions on this call will include certain non-GAAP financial measures. And that is an area that you typically dont hear, thats at a response. But, let me pull up this for a second, because I think its helpful context, because we are in a phase now where I feel much more confident and comfortable moving into active portfolio management, and we will absolutely move in that direction. United States: Carlsbad: 1900 Aston Ave: United States: Dover: 200 W Ohio Ave: United States: Edina: 7375 Bush Lake Rd: Now its early, but so far, its been better than we expected. A wealth of resources for individual investors is available at www.zacks.com. April was the trough in Americas, but we saw stronger than expected recovery in May and June, as U.S. states reopened. Its biased to paying people to grow and less biased to those that dont. Bryan, you mentioned this $700 million, $800 million backlog. 2020 Annual Report [ pdf, 6.0MB ] 2019 Annual Report [ pdf, 2.1MB ] 2018 Annual Report [ pdf, 2.7MB ] 2017 Annual Report [ pdf, 1.1MB ] 2016 Annual Report . Yes. I would now like to turn the conference over to Keri Mattox, Senior Vice President, Investor Relations, and Chief Communications Officer. The new regulations provide a transition period until May 2021 for currently-approved medical devices to meet the additional requirements. This cautionary note is applicable to all forward-looking statements contained in this press release. If the variables that I really just described, continue to play out as they are today, we would expect that sequential improvement seen in Q2 would continue through the back half of 2020, but likely at a more modest pace in Q3, Q4. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Sales change information for the three-month period and the year ended December 31, 2020 is presented on a GAAP (reported) basis and on a constant currency basis. Zimmer shares have lost about 6.9% since the beginning of the year versus the S&P 500's gain of 8.7%. Dental, spine and CMFT sales declined 37% in the quarter. And so, I just want to make sure that its clear that just because I dont have those businesses as one of the primary growth drivers of the organization, it does not mean theyre not important to us, and it does not mean that were not going to continue to invest in some level, and it does not mean that I dont expect results. The incremental costs primarily include third-party consulting necessary to supplement our internal resources. Next, lets turn to our businesses for Q2. And very importantly, were also seeing that majority of surgeons and hospitals are ramping up capacity to support that demand. In the script, you said that at the end of June, the decline was only 3.6%, but adjusted for selling days, it was down 13.5%. Interactive chart of Zimmer Biomet Holdings (ZBH) annual worldwide employee count from 2010 to 2022. Zimmer Biomet Holdings total number of employees in 2021 was 19,500, a 2.5% decline from 2020.; Zimmer Biomet Holdings total number of employees in 2020 was 20,000, a 0.5% increase from 2019.; Zimmer Biomet Holdings total number of employees in 2019 was 19,900, a 4.74% increase from 2018. I would say, the way you can calculate that is, when you look at your overall market growth delta between what we actually did in 2020 versus the market growth, whatever that delta is, in those procedures that are elective and also are connected to progressive diseases, a large majority of those patients will come back into the funnel. Also, we need to consistently deliver at-market performance in hips in the short-term. And were encouraged about what we saw in Q2 and are confident in our ability to continue to execute. The impact of COVID-19 continues to be fluid and there are a number of market dynamics and variables that we are unable to reliably quantify at this time. Acquisition of A&E Medical Corp., a privately-held company that manufactures and sells innovative and differentiated products in the sternal closure market; expanded Zimmer Biomet's sternal closure portfolio to be one of the most comprehensive in a space growing at a high single digit percentage rate annually; revenues are recorded in the Company's Dental, Spine and CMFT segment. Im curious, on the M&A front, I appreciate you are doing the start-up, smaller or tuck-in. These include costs related to legal entity, distribution and manufacturing optimization, including contract terminations, gains and losses from changes in fair value on our equity investments, as well as our costs of complying with our Deferred Prosecution Agreement ("DPA") with the U.S. government related to certain Foreign Corrupt Practices Act matters involving Biomet and certain of its subsidiaries. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. We are involved in routine patent litigation, product liability litigation, commercial litigation and other various litigation matters.