Zimmer Holdings, Inc. (NYSE and SIX: ZMH) today reported financial results for the quarter ended Sept. 30, 2012. The company reported third quarter net sales of $1,026 million, a decrease of 0.6 percent reported and an increase of 2.5 percent constant currency over the third quarter of 2011. Diluted earnings per share for the quarter were $1.02 reported and $1.15 adjusted, an increase of 10.6 percent adjusted over the prior year period.
“Zimmer’s third quarter performance was highlighted by strong operating margins, as well as above-market sales growth in our Europe, Middle East and Africa business,” said David Dvorak, Zimmer president and CEO. “Our focus continues to be creating value for our stockholders. We will achieve that goal through the successful commercialization of innovative new products across the portfolio, ongoing progress in our operational excellence programs, and disciplined capital deployment.”
Net earnings for the third quarter were $178.1 million on a reported basis and $202.1 million on an adjusted basis, an increase of 2.5 percent adjusted over the prior year period. Operating cash flow for the third quarter was $345 million.
During the quarter, the Company utilized $97.6 million of cash to acquire 1.56 million shares. As of Sept. 30, $1,154.3 million of share repurchase authorization remained available under the current program, which expires on Dec. 31, 2014.
At the conclusion of the third quarter, Zimmer finalized the acquisition of Dornoch Medical Systems, Inc. This acquisition enhances Zimmer’s surgical products portfolio through the addition of medical waste fluid management and disposal technology.