Zimmer Biomet Announces Fourth Quarter and Full-Year 2023 Financial Results
- None.
- None.
Insights
The reported increase in Zimmer Biomet's fourth quarter and full-year net sales, accompanied by a rise in both reported and adjusted diluted earnings per share, suggests a positive performance trajectory for the company. The growth rates, notably on a constant currency basis, are indicative of robust underlying business dynamics free from exchange rate fluctuations. The closure of the FDA Warning Letter could enhance investor confidence, signaling improved regulatory compliance and operational efficiency. Furthermore, the initiation of a global restructuring program aimed at achieving cost savings may be viewed favorably by investors seeking operational excellence and margin improvements. However, the cost savings are projected over a multi-year period and the immediate impact on the P&L statement may be less apparent. The share buyback program's completion reflects a shareholder-friendly capital allocation policy, potentially supporting the stock price through reduced share count and signaling management confidence in the company's intrinsic value.
Zimmer Biomet's introduction of the HAMMR™ automated Hip Impaction System represents a strategic move to enhance its product portfolio, potentially increasing its competitive edge in the medical device market. The focus on innovation and diversification, as highlighted by the company's CEO, is essential in maintaining market share and driving long-term growth in the highly competitive orthopedic device sector. The company's sales performance across geographic regions and product categories shows a balanced growth, with the U.S. market being a significant contributor to the overall sales increase. The strong performance in the 'Knees' and 'Other' product categories, which include Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic, could be attributed to the company's strategic focus on these areas. The emphasis on ESG initiatives may also enhance the company's brand and appeal to a growing segment of socially responsible investors.
The financial guidance provided by Zimmer Biomet for the upcoming year, with an anticipated constant currency revenue change of 5.0% to 6.0%, reflects confidence in the company's ability to continue its growth momentum amidst a complex global economic environment. The projected foreign currency exchange impact of -0.5% acknowledges external macroeconomic factors that could affect reported revenue. It is important to consider the broader economic context, including potential currency volatility and global market conditions, when interpreting this guidance. The company's performance in the international market, with a higher constant currency growth rate compared to the U.S., underscores the importance of global diversification in mitigating risks associated with any single market. Investors should weigh these factors when considering the company's future financial health and its ability to meet the provided guidance.
- Fourth quarter net sales of
$1.94 0 billion6.3% and6.1% on a constant currency1 basis - Fourth quarter diluted earnings per share were
$2.01 $2.20 - Full-year net sales of
$7.39 4 billion6.5% and7.5% on a constant currency1 basis - Full-year diluted earnings per share were
$4.88 $7.55 - Company provides full-year 2024 financial guidance
Diluted earnings per share were
1. | Reconciliations of these measures to the corresponding | ||||||
"We are pleased to conclude a very successful year with strong fourth quarter results driven by consistent execution, including a healthy second-half growth profile," said Ivan Tornos, Zimmer Biomet's President and Chief Executive Officer. "I'm confident in our ability to carry our 2023 momentum into 2024 and to create further value for our stakeholders. As we look ahead, we remain laser focused on our priorities to advance people and culture, achieve operational excellence and drive innovation and diversification to deliver on our Mission."
Recent Highlights
Aligned with the ongoing transformation of Zimmer Biomet's business, key recent highlights include:
- Received notification from the
U.S. Food and Drug Administration (FDA) officially closing out the FDA Warning Letter for the Warsaw North Campus facility, allowing for the re-allocation of team time and resources to support future innovation and long-term growth - Introduced HAMMR™, an automated Hip Impaction System for bone preparation and implant placement during hip replacement surgery, strengthening Zimmer Biomet's portfolio of automated surgical instruments to help surgeons achieve customized control, precision, and energy levels
- Initiated a global restructuring program in late 2023 to optimize our cost base and drive greater efficiencies throughout the Company. These actions underscore our commitment to improving our growth profile and profitability and are expected to result in approximately
$200 million - Completed a
$500 million - Appointed Louis A. Shapiro to the Zimmer Biomet Board of Directors; as the former President and Chief Executive Officer of the Hospital for Special Surgery (HSS), a leading academic medical center focused on musculoskeletal health, Mr. Shapiro brings a significant depth of industry leadership experience and a unique customer perspective to the ZB Board
- Continued recognition for our Diversity, Equity and Inclusion (DEI) efforts with inclusion in the Newsweek America's Greatest Workplaces for Diversity 2024 list as well as earning a
100% score on the Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index - Received additional recognition for our Environmental, Social and Governance (ESG) efforts from CDP earning an 'A' score for climate change based on 2023 disclosures
Geographic and Product Category Sales
The following sales tables provide results by geography and product category for the three-month period and year ended December 31, 2023, as well as the percentage change compared to the applicable prior year period, on both a reported basis and a constant currency basis.
NET SALES - THREE MONTHS ENDED DECEMBER 31, 2023 | |||||||||||||
(in millions, unaudited) | |||||||||||||
Constant | |||||||||||||
Net | Currency | ||||||||||||
Sales | % Change | % Change | |||||||||||
Geographic Results | |||||||||||||
$ | 1,128.2 | 4.4 | % | 4.4 | % | ||||||||
International | 811.9 | 9.1 | 8.7 | ||||||||||
Total | $ | 1,940.1 | 6.3 | % | 6.1 | % | |||||||
Product Categories | |||||||||||||
Knees | |||||||||||||
$ | 471.5 | 5.4 | % | 5.4 | % | ||||||||
International | 326.8 | 6.7 | 5.8 | ||||||||||
Total | 798.3 | 5.9 | 5.6 | ||||||||||
Hips | |||||||||||||
263.3 | 4.0 | 4.0 | |||||||||||
International | 241.5 | 2.5 | 3.2 | ||||||||||
Total | 504.8 | 3.3 | 3.6 | ||||||||||
S.E.T. * | 453.3 | 6.9 | 6.4 | ||||||||||
Other | 183.7 | 15.8 | 15.9 | ||||||||||
Total | $ | 1,940.1 | 6.3 | % | 6.1 | % | |||||||
* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic | |||||||||||||
NET SALES - YEAR ENDED DECEMBER 31, 2023 | ||||||||||||
(in millions, unaudited) | ||||||||||||
Constant | ||||||||||||
Net | Currency | |||||||||||
Sales | % Change | % Change | ||||||||||
Geographic Results | ||||||||||||
$ | 4,288.8 | 6.9 | % | 6.9 | % | |||||||
International | 3,105.4 | 6.1 | 8.2 | |||||||||
Total | $ | 7,394.2 | 6.5 | % | 7.5 | % | ||||||
Product Categories | ||||||||||||
Knees | ||||||||||||
$ | 1,770.6 | 9.6 | % | 9.6 | % | |||||||
International | 1,267.8 | 9.0 | 11.1 | |||||||||
Total | 3,038.4 | 9.4 | 10.2 | |||||||||
Hips | ||||||||||||
1,012.3 | 5.4 | 5.4 | ||||||||||
International | 954.9 | 2.2 | 4.9 | |||||||||
Total | 1,967.2 | 3.8 | 5.1 | |||||||||
S.E.T. * | 1,752.6 | 3.3 | 3.8 | |||||||||
Other | 636.0 | 11.6 | 12.6 | |||||||||
Total | $ | 7,394.2 | 6.5 | % | 7.5 | % | ||||||
* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic | ||||||||||||
Amounts reported in millions are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Percentages presented are calculated from the underlying unrounded amounts. |
Financial Guidance
The Company is providing the following full-year 2024 financial guidance:
Projected Year Ending December 31, 2024 | |
2024 Reported Revenue Change | |
Foreign Currency Exchange Impact | (0.5) % |
2024 Constant Currency Revenue Change | |
Adjusted Diluted EPS(1) | |
(1) | This measure is a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" below, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that this forward-looking non-GAAP financial measure may be materially different from the corresponding GAAP financial measure. |
Conference Call
The Company will conduct its fourth quarter and full-year 2023 investor conference call today, February 8, 2024, at 8:30 a.m. ET. The audio webcast can be accessed via Zimmer Biomet's Investor Relations website at https://investor.zimmerbiomet.com. It will be archived for replay following the conference call.
About the Company
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow Zimmer Biomet on LinkedIn at www.linkedin.com/company/zimmerbiomet or X / Twitter at www.twitter.com/zimmerbiomet.
Website Information
We routinely post important information for investors on our website, www.zimmerbiomet.com, in the "Investor Relations" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, our website or any other website referenced herein is not incorporated by reference into, and is not a part of, this document.
Note on Non-GAAP Financial Measures
This press release and our commentary in our investor conference call today include non-GAAP financial measures that differ from financial measures calculated in accordance with
Net sales change information for the three-month period and the year ended December 31, 2023 is presented on a GAAP (reported) basis and on a constant currency basis. Constant currency percentage changes exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases.
Net earnings and diluted earnings per share for the three-month period and the year ended December 31, 2023, net earnings (loss) and diluted earnings (loss) per share for the three-month period ended December 31, 2022, and net earnings and diluted earnings per share from continuing operations for the year ended December 31, 2022 are presented on a GAAP (reported) basis and on an adjusted basis. These adjusted financial measures exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in this press release.
Free cash flow from continuing operations is an additional non-GAAP measure that is presented in this press release. Free cash flow from continuing operations is computed by deducting additions to instruments and other property, plant and equipment of continuing operations from net cash provided by operating activities from continuing operations.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. This press release also contains supplemental reconciliations of additional non-GAAP financial measures that the Company presents in other contexts. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation.
Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the Company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. In addition, constant currency sales changes, adjusted operating profit, adjusted diluted earnings per share and free cash flow are used as performance metrics in our incentive compensation programs.
Forward-Looking Non-GAAP Financial Measures
This press release also includes certain forward-looking non-GAAP financial measures for the year ending December 31, 2024. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to initial compliance with the European Union Medical Device Regulation; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; and certain legal and tax matters. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding financial guidance, statements regarding continuation of execution, growth, and value creation, and any statements about our forecasts, expectations, plans, intentions, strategies or prospects. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: competition; pricing pressures; dependence on new product development, technological advances and innovation; changes in customer demand for our products and services caused by demographic changes, obsolescence, development of different therapies or other factors; shifts in the product category or regional sales mix of our products and services; the effects of business disruptions, either alone or in combination with other risks on our business and operations; the risks and uncertainties related to our ability to successfully execute our restructuring plans; control of costs and expenses; our ability to attract, retain and develop the highly skilled employees, senior management, independent agents and distributors we need to support our business; the possibility that the anticipated synergies and other benefits from mergers and acquisitions will not be realized, or will not be realized within the expected time periods; the risks and uncertainties related to our ability to successfully integrate the operations, products, employees and distributors of acquired companies; the effect of the potential disruption of management's attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; the ability to form and implement alliances; dependence on a limited number of suppliers for key raw materials and other inputs and for outsourced activities; the risk of disruptions in the supply of materials and components used in manufacturing or sterilizing our products; breaches or failures of our information technology systems or products, including by cyberattack, unauthorized access or theft; challenges relating to changes in and compliance with governmental laws and regulations affecting our
Note: Amounts reported in millions within this press release are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.
ZIMMER BIOMET HOLDINGS, INC. | |||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 and 2022 | |||||||
(in millions, except per share amounts, unaudited) | |||||||
2023 | 2022 | ||||||
Net Sales | $ | 1,940.1 | $ | 1,825.1 | |||
Cost of products sold, excluding intangible asset amortization | 538.8 | 520.3 | |||||
Intangible asset amortization | 144.9 | 131.5 | |||||
Research and development | 113.3 | 108.0 | |||||
Selling, general and administrative | 722.3 | 727.1 | |||||
Goodwill and intangible asset impairment | - | 289.8 | |||||
Restructuring and other cost reduction initiatives | 61.3 | 62.4 | |||||
Quality remediation | - | 11.4 | |||||
Acquisition, integration, divestiture and related | 5.3 | 2.9 | |||||
Operating expenses | 1,585.9 | 1,853.4 | |||||
Operating Profit (Loss) | 354.2 | (28.3) | |||||
Other expense, net | (19.5) | (3.9) | |||||
Interest expense, net | (50.3) | (42.6) | |||||
Earnings (loss) before income taxes | 284.4 | (74.8) | |||||
(Benefit) provision for income taxes | (135.2) | 55.4 | |||||
Net earnings (loss) | 419.6 | (130.2) | |||||
Less: Net earnings attributable to noncontrolling interest | 0.5 | 0.3 | |||||
Net Earnings (Loss) of Zimmer Biomet Holdings, Inc. | $ | 419.2 | $ | (130.5) | |||
Earnings (Loss) Per Common Share | |||||||
Basic | $ | 2.02 | $ | (0.62) | |||
Diluted | $ | 2.01 | $ | (0.62) | |||
Weighted Average Common Shares Outstanding | |||||||
Basic | 207.9 | 209.8 | |||||
Diluted | 208.6 | 209.8 | |||||
ZIMMER BIOMET HOLDINGS, INC. | |||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||
FOR THE YEARS ENDED DECEMBER 31, 2023 and 2022 | |||||||
(in millions, except per share amounts, unaudited) | |||||||
2023 | 2022 | ||||||
Net Sales | $ | 7,394.2 | $ | 6,939.9 | |||
Cost of products sold, excluding intangible asset amortization | 2,083.8 | 2,019.5 | |||||
Intangible asset amortization | 561.5 | 526.8 | |||||
Research and development | 458.7 | 406.0 | |||||
Selling, general and administrative | 2,838.9 | 2,761.7 | |||||
Goodwill and intangible asset impairment | - | 292.8 | |||||
Restructuring and other cost reduction initiatives | 151.9 | 191.6 | |||||
Quality remediation | - | 33.8 | |||||
Acquisition, integration, divestiture and related | 21.7 | 11.4 | |||||
Operating expenses | 6,116.5 | 6,243.6 | |||||
Operating Profit | 1,277.7 | 696.3 | |||||
Other expense, net | (9.3) | (128.0) | |||||
Interest expense, net | (201.2) | (164.8) | |||||
Earnings from continuing operations before income taxes | 1,067.3 | 403.5 | |||||
Provision for income taxes from continuing operations | 42.2 | 112.3 | |||||
Net Earnings from continuing operations | 1,025.1 | 291.2 | |||||
Less: Net earnings attributable to noncontrolling interest | 1.1 | 1.0 | |||||
Net Earnings from Continuing Operations of Zimmer Biomet Holdings, Inc. | 1,024.0 | 290.2 | |||||
Loss from discontinued operations, net of taxes | - | (58.8) | |||||
Net Earnings of Zimmer Biomet Holdings, Inc. | $ | 1,024.0 | $ | 231.4 | |||
Earnings Per Common Share - Basic | |||||||
Earnings from continuing operations | $ | 4.91 | $ | 1.38 | |||
Loss from discontinued operations | - | (0.28) | |||||
Net Earnings Per Common Share - Basic | $ | 4.91 | $ | 1.10 | |||
Earnings Per Common Share - Diluted | |||||||
Earnings from continuing operations | $ | 4.88 | $ | 1.38 | |||
Loss from discontinued operations | - | (0.28) | |||||
Net Earnings Per Common Share - Diluted | $ | 4.88 | $ | 1.10 | |||
Weighted Average Common Shares Outstanding | |||||||
Basic | 208.7 | 209.6 | |||||
Diluted | 209.7 | 210.3 | |||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in millions, unaudited) | ||||||||
December 31, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 415.8 | $ | 375.7 | ||||
Receivables, net | 1,442.4 | 1,381.5 | ||||||
Inventories | 2,385.2 | 2,147.2 | ||||||
Other current assets | 366.1 | 522.9 | ||||||
Total current assets | 4,609.5 | 4,427.3 | ||||||
Property, plant and equipment, net | 2,060.4 | 1,872.5 | ||||||
Goodwill | 8,818.5 | 8,580.2 | ||||||
Intangible assets, net | 4,856.4 | 5,063.8 | ||||||
Other assets | 1,152.1 | 1,122.2 | ||||||
Total Assets | $ | 21,496.9 | $ | 21,066.0 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | $ | 1,957.5 | $ | 1,813.9 | ||||
Current portion of long-term debt | 900.0 | 544.3 | ||||||
Other long-term liabilities | 1,283.4 | 1,528.6 | ||||||
Long-term debt | 4,867.9 | 5,152.2 | ||||||
Stockholders' equity | 12,488.1 | 12,027.0 | ||||||
Total Liabilities and Stockholders' Equity | $ | 21,496.9 | $ | 21,066.0 | ||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
FOR THE YEARS ENDED DECEMBER 31, 2023 and 2022 | ||||||||
(in millions, unaudited) | ||||||||
2023 | 2022 | |||||||
Cash flows provided by (used in) operating activities from continuing operations | ||||||||
Net earnings from continuing operations | $ | 1,025.1 | $ | 291.2 | ||||
Depreciation and amortization | 951.7 | 926.4 | ||||||
Share-based compensation | 99.8 | 105.0 | ||||||
Goodwill and intangible asset impairment | - | 292.8 | ||||||
(Gain) loss on investment in ZimVie Inc. | (2.5) | 116.6 | ||||||
Deferred income tax benefit | (96.3) | (64.4) | ||||||
Changes in operating assets and liabilities, net of acquired assets and liabilities | ||||||||
Income taxes | (73.8) | (152.9) | ||||||
Receivables | (51.9) | (184.7) | ||||||
Inventories | (240.4) | (75.6) | ||||||
Accounts payable and accrued liabilities | (55.3) | 103.0 | ||||||
Other assets and liabilities | 25.2 | (1.2) | ||||||
Net cash provided by operating activities from continuing operations | 1,581.6 | 1,356.2 | ||||||
Cash flows provided by (used in) investing activities from continuing operations | ||||||||
Additions to instruments | (311.7) | (258.3) | ||||||
Additions to other property, plant and equipment | (291.1) | (187.9) | ||||||
Net investment hedge settlements | 33.4 | 89.4 | ||||||
Acquisition of intellectual property rights | (86.4) | - | ||||||
Business combination investments, net of acquired cash | (134.9) | (99.8) | ||||||
Other investing activities | 11.8 | (65.4) | ||||||
Net cash used in investing activities from continuing operations | (778.9) | (522.0) | ||||||
Cash flows provided by (used in) financing activities from continuing operations | ||||||||
Net payments on revolving facilities | (325.0) | 375.0 | ||||||
Proceeds from senior notes | 499.8 | - | ||||||
Redemption of senior notes | (86.3) | (1,275.8) | ||||||
Proceeds from term loan | - | 83.0 | ||||||
Payments on term loans | (33.9) | (242.9) | ||||||
Dividends paid to stockholders | (200.9) | (201.2) | ||||||
Proceeds from employee stock compensation plans | 101.1 | 78.1 | ||||||
Distribution from ZimVie, Inc. | - | 540.6 | ||||||
Business combination contingent consideration payments | (10.3) | - | ||||||
Deferred business combination payments | (4.0) | - | ||||||
Repurchase of common stock | (692.2) | (126.4) | ||||||
Other financing activities | (11.9) | (6.1) | ||||||
Net cash used in financing activities from continuing operations | (763.5) | (775.7) | ||||||
Cash flows provided by (used in) discontinued operations | ||||||||
Net cash used in operating activities | - | (71.5) | ||||||
Net cash used in investing activities | - | (7.2) | ||||||
Net cash used in financing activities | - | (68.1) | ||||||
Net cash flows used in discontinued operations | - | (146.8) | ||||||
Effect of exchange rates on cash and cash equivalents | 0.9 | (14.5) | ||||||
Increase (decrease) in cash and cash equivalents | 40.1 | (102.8) | ||||||
Cash and cash equivalents, beginning of period (includes | 375.7 | 478.5 | ||||||
Cash and cash equivalents, end of period | $ | 415.8 | $ | 375.7 | ||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||
RECONCILIATION OF REPORTED NET SALES % CHANGE TO | ||||||||||||||
CONSTANT CURRENCY % CHANGE | ||||||||||||||
(unaudited) | ||||||||||||||
For the Three Months Ended | ||||||||||||||
December 31, 2023 vs. 2022 | ||||||||||||||
Foreign | Constant | |||||||||||||
Exchange | Currency | |||||||||||||
% Change | Impact | % Change | ||||||||||||
Geographic Results | ||||||||||||||
4.4 | % | - | % | 4.4 | % | |||||||||
International | 9.1 | 0.4 | 8.7 | |||||||||||
Total | 6.3 | % | 0.2 | % | 6.1 | % | ||||||||
Product Categories | ||||||||||||||
Knees | ||||||||||||||
5.4 | % | - | % | 5.4 | % | |||||||||
International | 6.7 | 0.9 | 5.8 | |||||||||||
Total | 5.9 | 0.3 | 5.6 | |||||||||||
Hips | ||||||||||||||
4.0 | - | 4.0 | ||||||||||||
International | 2.5 | (0.7) | 3.2 | |||||||||||
Total | 3.3 | (0.3) | 3.6 | |||||||||||
S.E.T. | 6.9 | 0.5 | 6.4 | |||||||||||
Other | 15.8 | (0.1) | 15.9 | |||||||||||
Total | 6.3 | % | 0.2 | % | 6.1 | % | ||||||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||
RECONCILIATION OF REPORTED NET SALES % CHANGE TO | ||||||||||||||
CONSTANT CURRENCY % CHANGE | ||||||||||||||
(unaudited) | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, 2023 vs. 2022 | ||||||||||||||
Foreign | Constant | |||||||||||||
Exchange | Currency | |||||||||||||
% Change | Impact | % Change | ||||||||||||
Geographic Results | ||||||||||||||
6.9 | % | - | % | 6.9 | % | |||||||||
International | 6.1 | (2.1) | 8.2 | |||||||||||
Total | 6.5 | % | (1.0) | % | 7.5 | % | ||||||||
Product Categories | ||||||||||||||
Knees | ||||||||||||||
9.6 | % | - | % | 9.6 | % | |||||||||
International | 9.0 | (2.1) | 11.1 | |||||||||||
Total | 9.4 | (0.8) | 10.2 | |||||||||||
Hips | ||||||||||||||
5.4 | - | 5.4 | ||||||||||||
International | 2.2 | (2.7) | 4.9 | |||||||||||
Total | 3.8 | (1.3) | 5.1 | |||||||||||
S.E.T. | 3.3 | (0.5) | 3.8 | |||||||||||
Other | 11.6 | (1.0) | 12.6 | |||||||||||
Total | 6.5 | % | (1.0) | % | 7.5 | % | ||||||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS | ||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER, 2023 and 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts, unaudited) | ||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Cost of products | Intangible | Research and | Selling, general | Restructuring and | Acquisition, | Other expense, | (Benefit) provision | Net Earnings | Diluted earnings | |||||||||||||||||||||||||||||||
As Reported | $ | 538.8 | $ | 144.9 | $ | 113.3 | $ | 722.3 | $ | 61.3 | $ | 5.3 | $ | (19.5) | $ | (135.2) | $ | 419.2 | $ | 2.01 | ||||||||||||||||||||
Inventory and manufacturing-related charges(1) | (4.9) | - | - | - | - | - | - | (0.3) | 5.2 | 0.02 | ||||||||||||||||||||||||||||||
Intangible asset amortization(2) | - | (144.9) | - | - | - | - | - | 29.0 | 115.9 | 0.56 | ||||||||||||||||||||||||||||||
Restructuring and other cost reduction initiatives(3) | - | - | - | - | (61.3) | - | - | 19.3 | 42.0 | 0.20 | ||||||||||||||||||||||||||||||
Acquisition, integration, divestiture and related(4) | - | - | - | - | - | (5.3) | - | 0.3 | 5.0 | 0.02 | ||||||||||||||||||||||||||||||
Litigation(5) | - | - | - | (13.9) | - | - | - | 4.7 | 9.2 | 0.04 | ||||||||||||||||||||||||||||||
European Union Medical Device Regulation(6) | - | - | (13.5) | - | - | - | - | 3.2 | 10.3 | 0.05 | ||||||||||||||||||||||||||||||
Other charges(7) | - | - | - | 9.6 | - | - | 26.4 | (2.4) | 19.2 | 0.09 | ||||||||||||||||||||||||||||||
Other certain tax adjustments(8) | - | - | - | - | - | - | - | 167.8 | (167.8) | (0.80) | ||||||||||||||||||||||||||||||
As Adjusted | $ | 533.9 | $ | - | $ | 99.7 | $ | 717.9 | $ | - | $ | - | $ | 6.9 | $ | 86.4 | $ | 458.1 | $ | 2.20 | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products | Intangible | Research and | Selling, general | Goodwill and | Restructuring and | Quality | Acquisition, | Other expense, | (Benefit) provision | Net Earnings | Diluted earnings | |||||||||||||||||||||||||||||||||||||
As Reported | $ | 520.3 | $ | 131.5 | $ | 108.0 | $ | 727.1 | $ | 289.8 | $ | 62.4 | $ | 11.4 | $ | 2.9 | $ | (3.9) | $ | 55.4 | $ | (130.5) | $ | (0.62) | ||||||||||||||||||||||||
Inventory and manufacturing-related charges(1) | (3.4) | - | - | - | - | - | - | - | - | (3.1) | 6.5 | 0.03 | ||||||||||||||||||||||||||||||||||||
Intangible asset amortization(2) | - | (131.5) | - | - | - | - | - | - | - | 27.2 | 104.3 | 0.50 | ||||||||||||||||||||||||||||||||||||
Goodwill and intangible asset impairment(9) | - | - | - | - | (289.8) | - | - | - | - | - | 289.8 | 1.38 | ||||||||||||||||||||||||||||||||||||
Restructuring and other cost reduction initiatives(3) | - | - | - | - | - | (62.4) | - | - | - | 17.0 | 45.4 | 0.22 | ||||||||||||||||||||||||||||||||||||
Quality remediation(10) | - | - | - | - | - | - | (11.4) | - | - | 2.7 | 8.7 | 0.04 | ||||||||||||||||||||||||||||||||||||
Acquisition, integration, divestiture and related(4) | - | - | - | - | - | - | - | (2.9) | - | 0.3 | 2.6 | 0.01 | ||||||||||||||||||||||||||||||||||||
Litigation(5) | - | - | - | (26.8) | - | - | - | - | - | 6.9 | 19.9 | 0.09 | ||||||||||||||||||||||||||||||||||||
European Union Medical Device Regulation(6) | - | - | (15.8) | - | - | - | - | - | - | 3.6 | 12.2 | 0.06 | ||||||||||||||||||||||||||||||||||||
Other charges(7) | - | - | - | (1.2) | - | - | - | - | 6.6 | 9.9 | (2.1) | (0.01) | ||||||||||||||||||||||||||||||||||||
Other certain tax adjustments(8) | - | - | - | - | - | - | - | - | - | (39.5) | 39.5 | 0.19 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive shares assuming net earnings(11) | - | - | - | - | - | - | - | - | - | - | - | (0.01) | ||||||||||||||||||||||||||||||||||||
As Adjusted | $ | 516.9 | $ | - | $ | 92.2 | $ | 699.1 | $ | - | $ | - | $ | - | $ | - | $ | 2.7 | $ | 80.4 | $ | 396.3 | $ | 1.88 | ||||||||||||||||||||||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS | ||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts, unaudited) | ||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Cost of products | Intangible | Research and | Selling, general | Restructuring and | Acquisition, | Other expense, | Provision for | Net Earnings | Diluted earnings | |||||||||||||||||||||||||||||||
As Reported | $ | 2,083.8 | $ | 561.5 | $ | 458.7 | $ | 2,838.9 | $ | 151.9 | $ | 21.7 | $ | (9.3) | $ | 42.2 | $ | 1,024.0 | $ | 4.88 | ||||||||||||||||||||
Inventory and manufacturing-related charges(1) | (18.3) | - | - | - | - | - | - | 7.5 | 10.8 | 0.05 | ||||||||||||||||||||||||||||||
Intangible asset amortization(2) | - | (561.5) | - | - | - | - | - | 113.9 | 447.6 | 2.13 | ||||||||||||||||||||||||||||||
Restructuring and other cost reduction initiatives(3) | - | - | - | - | (151.9) | - | - | 39.8 | 112.1 | 0.53 | ||||||||||||||||||||||||||||||
Acquisition, integration, divestiture and related(4) | - | - | - | - | - | (21.7) | - | 0.7 | 21.0 | 0.10 | ||||||||||||||||||||||||||||||
Litigation(5) | - | - | - | (10.1) | - | - | - | 3.9 | 6.2 | 0.03 | ||||||||||||||||||||||||||||||
European Union Medical Device Regulation(6) | - | - | (56.1) | - | - | - | - | 13.1 | 43.0 | 0.21 | ||||||||||||||||||||||||||||||
Other charges(7) | - | - | - | 10.6 | - | - | 16.6 | (9.5) | 15.5 | 0.07 | ||||||||||||||||||||||||||||||
Other certain tax adjustments(8) | - | - | - | - | - | - | - | 96.0 | (96.0) | (0.46) | ||||||||||||||||||||||||||||||
As Adjusted | $ | 2,065.4 | $ | - | $ | 402.6 | $ | 2,839.4 | $ | - | $ | - | $ | 7.4 | $ | 307.6 | $ | 1,584.2 | $ | 7.55 | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products | Intangible | Research and | Selling, general | Goodwill and | Restructuring and | Quality | Acquisition, | Other expense, | Provision for | Net Earnings | Diluted earnings | |||||||||||||||||||||||||||||||||||||
As Reported | $ | 2,019.5 | $ | 526.8 | $ | 406.0 | $ | 2,761.7 | $ | 292.8 | $ | 191.6 | $ | 33.8 | $ | 11.4 | $ | (128.0) | $ | 112.3 | $ | 290.2 | $ | 1.38 | ||||||||||||||||||||||||
Inventory and manufacturing-related charges(1) | (18.1) | - | - | - | - | - | - | - | - | 9.3 | 8.8 | 0.04 | ||||||||||||||||||||||||||||||||||||
Intangible asset amortization(2) | - | (526.8) | - | - | - | - | - | - | - | 107.1 | 419.7 | 2.00 | ||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment(9) | - | - | - | - | (292.8) | - | - | - | - | 0.8 | 292.0 | 1.39 | ||||||||||||||||||||||||||||||||||||
Restructuring and other cost reduction initiatives(3) | - | - | - | - | - | (191.6) | - | - | - | 47.5 | 144.1 | 0.69 | ||||||||||||||||||||||||||||||||||||
Quality remediation(10) | - | - | - | - | - | - | (33.8) | - | - | 7.7 | 26.1 | 0.12 | ||||||||||||||||||||||||||||||||||||
Acquisition, integration, divestiture and related(4) | - | - | - | - | - | - | - | (11.4) | - | 4.7 | 6.7 | 0.03 | ||||||||||||||||||||||||||||||||||||
Litigation(5) | - | - | - | (61.8) | - | - | - | - | - | 15.1 | 46.7 | 0.22 | ||||||||||||||||||||||||||||||||||||
European Union Medical Device Regulation(6) | - | - | (53.1) | - | - | - | - | - | - | 12.1 | 41.0 | 0.20 | ||||||||||||||||||||||||||||||||||||
Other charges(7) | - | - | - | (8.1) | - | - | - | - | 135.2 | 5.7 | 137.6 | 0.65 | ||||||||||||||||||||||||||||||||||||
Other certain tax adjustments(8) | - | - | - | - | - | - | - | - | - | (36.3) | 36.3 | 0.17 | ||||||||||||||||||||||||||||||||||||
As Adjusted | $ | 2,001.4 | $ | - | $ | 352.9 | $ | 2,691.8 | $ | - | $ | - | $ | - | $ | - | $ | 7.2 | $ | 286.0 | $ | 1,449.2 | $ | 6.89 | ||||||||||||||||||||||||
(1) | Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue, the acceleration of depreciation and fixed overhead costs expensed immediately related to a manufacturing plant shutdown, and other inventory and manufacturing-related charges or gains. |
(2) | We exclude intangible asset amortization as well as deferred tax rate changes on our intangible assets from our non-GAAP financial measures because we internally assess our performance against our peers without this amortization. Due to various levels of acquisitions among our peers, intangible asset amortization can vary significantly from company to company. |
(3) | In December 2019, 2021, and 2023 we initiated global restructuring programs that included a reorganization of key businesses and an overall effort to reduce costs in order to accelerate decision-making, focus the organization on priorities to drive growth and, in the case of the December 2021 program, to prepare for the spinoff of ZimVie. Restructuring and other cost reduction initiatives also include other cost reduction and optimization initiatives that have the goal of reducing costs across the organization. The costs include employee termination benefits; contract terminations for facilities and sales agents; and other charges, such as consulting fees, project management expenses, retention period salaries and benefits and relocation costs. |
(4) | The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from various acquisitions, post-separation costs we have incurred related to ZimVie and gains related to a transition services agreement for services we provide to ZimVie and a transition manufacturing and supply agreement for products we supply to ZimVie for a limited period. |
(5) | We are involved in patent litigation, product liability litigation, commercial litigation and other various litigation matters. We review litigation matters from both a qualitative and quantitative perspective to determine if excluding the losses or gains will provide our investors with useful incremental information. Litigation matters can vary in their characteristics, frequency and significance to our operating results. The litigation charges and gains excluded from our non-GAAP financial measures in the periods presented relate to patent litigation and product liability litigation. Once the litigation matter has been excluded from our non-GAAP financial measures in a particular period, any additional expenses or gains from changes in estimates are also excluded, even if they are not significant, to ensure consistency in our non-GAAP financial measures from period-to-period. |
(6) | The European Union Medical Device Regulation imposes significant additional premarket and postmarket requirements. The new regulations provided a transition period until May 2021 for previously-approved medical devices to meet the additional requirements. For certain devices, this transition period can be extended until May 2024. A conditional extension of the transition period has been implemented until December 2027 and 2028 depending on the legacy medical device's risk class. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our previously-approved medical devices. The incremental costs primarily relate to temporary personnel and third-party professionals necessary to supplement our internal resources. |
(7) | We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. These include costs related to contract terminations, a gain related to an asset sale, and gains and losses from changes in fair value on our equity investments including our investment in ZimVie, among other various costs. |
(8) | Other certain tax adjustments are related to certain significant and discrete tax adjustments including intercompany transactions between jurisdictions, ongoing impacts of tax only amortization resulting from certain restructuring transactions, impacts of significant tax reform including Swiss reform and certain favorable tax settlements. |
(9) | In the fourth quarter of 2022, we recognized a goodwill impairment charge of |
(10) | We addressed inspectional observations on Form 483 and a Warning Letter issued by the |
(11) | Due to the reported net loss for three months ended December 31, 2022, the effect of dilutive shares assuming net earnings is shown as an adjustment. Diluted share count used in Adjusted Diluted EPS is: |
Three Months Ended | |||
December 31, 2022 | |||
Diluted shares | 209.8 | ||
Dilutive shares assuming net earnings | 0.7 | ||
Adjusted diluted shares | 210.5 | ||
ZIMMER BIOMET HOLDINGS, INC. | |||||||||||||||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES FROM | |||||||||||||||
CONTINUING OPERATIONS TO FREE CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 and 2022 | |||||||||||||||
(in millions, unaudited) | |||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities from continuing operations | $ | 588.4 | $ | 244.2 | $ | 1,581.6 | $ | 1,356.2 | |||||||
Additions to instruments | (79.0) | (66.1) | (311.7) | (258.3) | |||||||||||
Additions to other property, plant and equipment | (62.9) | (63.4) | (291.1) | (187.9) | |||||||||||
Free cash flow from continuing operations | $ | 446.5 | $ | 114.7 | $ | 978.8 | $ | 910.0 | |||||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||||
RECONCILIATION OF GROSS PROFIT & MARGIN FROM CONTINUING OPERATIONS | ||||||||||||||||
TO ADJUSTED GROSS PROFIT & MARGIN FROM CONTINUING OPERATIONS | ||||||||||||||||
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 and 2022 | ||||||||||||||||
(in millions, unaudited) | ||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Sales | $ | 1,940.1 | $ | 1,825.1 | $ | 7,394.2 | $ | 6,939.9 | ||||||||
Cost of products sold, excluding intangible asset amortization | 538.8 | 520.3 | 2,083.8 | 2,019.5 | ||||||||||||
Intangible asset amortization | 144.9 | 131.5 | 561.5 | 526.8 | ||||||||||||
Gross Profit | $ | 1,256.4 | $ | 1,173.3 | $ | 4,748.9 | $ | 4,393.6 | ||||||||
Inventory and manufacturing-related charges | 4.9 | 3.4 | 18.3 | 18.1 | ||||||||||||
Intangible asset amortization | 144.9 | 131.5 | 561.5 | 526.8 | ||||||||||||
Adjusted gross profit | $ | 1,406.2 | $ | 1,308.2 | $ | 5,328.8 | $ | 4,938.5 | ||||||||
Gross margin | 64.8 | % | 64.3 | % | 64.2 | % | 63.3 | % | ||||||||
Inventory and manufacturing-related charges | 0.3 | 0.2 | 0.2 | 0.3 | ||||||||||||
Intangible asset amortization | 7.5 | 7.2 | 7.6 | 7.6 | ||||||||||||
Adjusted gross margin | 72.5 | % | 71.7 | % | 72.1 | % | 71.2 | % | ||||||||
ZIMMER BIOMET HOLDINGS, INC. | ||||||||||||||||
RECONCILIATION OF OPERATING PROFIT (LOSS) & MARGIN FROM CONTINUING OPERATIONS TO ADJUSTED OPERATING PROFIT & MARGIN FROM CONTINUING OPERATIONS | ||||||||||||||||
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 and 2022 | ||||||||||||||||
(in millions, unaudited) | ||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating profit (loss) | $ | 354.2 | $ | (28.3) | $ | 1,277.7 | $ | 696.3 | ||||||||
Inventory and manufacturing-related charges | 4.9 | 3.4 | 18.3 | 18.1 | ||||||||||||
Intangible asset amortization | 144.9 | 131.5 | 561.5 | 526.8 | ||||||||||||
Goodwill and intangible asset impairment | - | 289.8 | - | 292.8 | ||||||||||||
Restructuring and other cost reduction initiatives | 61.3 | 62.4 | 151.9 | 191.6 | ||||||||||||
Quality remediation | - | 11.4 | - | 33.8 | ||||||||||||
Acquisition, integration, divestiture and related | 5.3 | 2.9 | 21.7 | 11.4 | ||||||||||||
Litigation | 13.9 | 26.8 | 10.1 | 61.8 | ||||||||||||
European Union Medical Device Regulation | 13.5 | 15.8 | 56.1 | 53.1 | ||||||||||||
Other charges | (9.6) | 1.2 | (10.6) | 8.1 | ||||||||||||
Adjusted operating profit | $ | 588.5 | $ | 516.9 | $ | 2,086.9 | $ | 1,893.8 | ||||||||
Operating profit (loss) margin | 18.3 | % | (1.5) | % | 17.3 | % | 10.0 | % | ||||||||
Inventory and manufacturing-related charges | 0.3 | 0.2 | 0.2 | 0.3 | ||||||||||||
Intangible asset amortization | 7.5 | 7.2 | 7.6 | 7.6 | ||||||||||||
Goodwill and intangible asset impairment | - | 15.9 | - | 4.2 | ||||||||||||
Restructuring and other cost reduction initiatives | 3.2 | 3.4 | 2.1 | 2.8 | ||||||||||||
Quality remediation | - | 0.6 | - | 0.5 | ||||||||||||
Acquisition, integration, divestiture and related | 0.3 | 0.1 | 0.3 | 0.1 | ||||||||||||
Litigation | 0.7 | 1.5 | 0.1 | 0.9 | ||||||||||||
European Union Medical Device Regulation | 0.7 | 0.9 | 0.8 | 0.8 | ||||||||||||
Other charges | (0.5) | - | (0.1) | 0.1 | ||||||||||||
Adjusted operating profit margin | 30.3 | % | 28.3 | % | 28.2 | % | 27.3 | % | ||||||||
ZIMMER BIOMET HOLDINGS, INC. | |||||||||||||||||
RECONCILIATION OF EFFECTIVE TAX RATE FROM CONTINUING OPERATIONS TO ADJUSTED EFFECTIVE TAX RATE FROM CONTINUING OPERATIONS | |||||||||||||||||
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 and 2022 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Effective tax rate | (47.6) | % | (74.0) | % | 4.0 | % | 27.9 | % | |||||||||
Tax effect of adjustments made to earnings before taxes(1) | 4.5 | 38.0 | 3.3 | (2.5) | |||||||||||||
Other certain tax adjustments(2) | 58.9 | 52.9 | 9.0 | (8.9) | |||||||||||||
Adjusted effective tax rate | 15.8 | % | 16.9 | % | 16.3 | % | 16.5 | % | |||||||||
(1) Includes inventory and manufacturing-related charges; intangible asset amortization; goodwill and intangible asset impairment; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration, divestiture and related; litigation; European Union Medical Device Regulation; and other charges | |||||||||||||||||
(2) Other certain tax adjustments are related to certain significant and discrete tax adjustments including intercompany transactions between jurisdictions, ongoing impacts of tax only amortization resulting from certain restructuring transactions, impacts of significant tax reform including Swiss reform and certain favorable tax settlements |
ZIMMER BIOMET HOLDINGS, INC. | |||||||
RECONCILIATION OF DEBT TO NET DEBT | |||||||
AS OF DECEMBER 31, 2023 and 2022 | |||||||
(in millions, unaudited) | |||||||
December 31, 2023 | December 31, 2022 | ||||||
Debt, both current and long-term | $ | 5,767.9 | $ | 5,696.5 | |||
Cash and cash equivalents | (415.8) | (375.7) | |||||
Net debt | $ | 5,352.1 | $ | 5,320.8 | |||
Media | Investors |
Heather Zoumas-Lubeski | Zach Weiner |
(445) 248-0577 | (908) 591-6955 |
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SOURCE Zimmer Biomet Holdings, Inc.
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