WARSAW — Zimmer Biomet Holdings Inc. reported today, Thursday, April 28, financial results for the quarter ended March 31.
The company reported first-quarter net sales of $1.90 billion, an increase of 67.8 percent on a reported basis and an increase of 1.2 percent on an adjusted pro forma, constant currency basis, compared to the first quarter of 2015. Diluted earnings per share for the quarter were 52 cents reported and $2 adjusted, an increase of 29.9 percent adjusted over the prior year period.
“Zimmer Biomet’s first-quarter revenue was at the high end of our expectations coming into the year, laying the groundwork for sequential sales improvement as 2016 progresses. We also continued to make good progress against our net synergy commitments, which supported our ability to again deliver operating margin leverage and strong adjusted earnings per share results,” said David Dvorak, president and CEO of Zimmer Biomet. “We remain on pace to exit the year at or above market growth rates, driven by our focused commercial channel and the cross-selling opportunities across our market-leading musculoskeletal portfolio.”
Net earnings for the first quarter were $105.9 million on a reported basis and $404.3 million on an adjusted basis, an increase of 51.5% adjusted over the prior year period. Operating cash flow for the first quarter was $265.2 million.
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