8-K

0001193125-22-029001.txt : 20220207 0001193125-22-029001.hdr.sgml : 20220207 20220207063806 ACCESSION NUMBER: 0001193125-22-029001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20220204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220207 DATE AS OF CHANGE: 20220207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZIMMER BIOMET HOLDINGS, INC. CENTRAL INDEX KEY: 0001136869 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 134151777 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16407 FILM NUMBER: 22595460 BUSINESS ADDRESS: STREET 1: 345 EAST MAIN STREET CITY: WARSAW STATE: IN ZIP: 46580 BUSINESS PHONE: 5742676131 MAIL ADDRESS: STREET 1: 345 EAST MAIN STREET CITY: WARSAW STATE: IN ZIP: 46580 FORMER COMPANY: FORMER CONFORMED NAME: ZIMMER HOLDINGS INC DATE OF NAME CHANGE: 20010315 8-K 1 d295430d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2022

ZIMMER BIOMET HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-16407

13-4151777

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

345 East Main Street

Warsaw, Indiana 46580

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (574) 267-6131

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	ZBH	New York Stock Exchange
1.414% Notes due 2022	ZBH 22A	New York Stock Exchange
2.425% Notes due 2026	ZBH 26	New York Stock Exchange
1.164% Notes due 2027	ZBH 27	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 2.02

Results of Operations and Financial Condition

On February 7, 2022, Zimmer Biomet Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter and year ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and the information set forth therein is incorporated herein by reference and constitutes a part of this report.

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission (the “SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01

Other Events.

On February 4, 2022, the Board of Directors of the Company (the “Board of Directors”) approved the separation of the Company’s spine and dental businesses through the distribution of 80.3% of the outstanding shares of ZimVie common stock to the Company’s stockholders (the “Separation and Distribution”). To consummate the Separation and Distribution, the Board of Directors declared a pro rata dividend of shares of ZimVie common stock, which dividend will be effective as of 12:01 a.m., Eastern Time, on March 1, 2022, to the Company’s stockholders of record at the close of business on February 15, 2022 (the “Record Date”). Each Company stockholder at the close of business on the Record Date will receive one share of ZimVie common stock for every ten shares of Company common stock held at the close of business on the Record Date. The Company’s stockholders will receive cash in lieu of fractional shares of ZimVie common stock. Completion of the Separation and Distribution is subject to the satisfaction or waiver of certain conditions, as more fully described in ZimVie’s Registration Statement on Form 10 (File No. 001-41242).

Following the Separation and Distribution, ZimVie will be an independent, publicly traded company. The Company will retain 19.7% of the outstanding shares of ZimVie common stock.

The press release announcing certain details of the Separation and Distribution is provided as Exhibit 99.2 to this Current Report on Form 8-K and the information set forth therein is incorporated herein by reference and constitutes a part of this report.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Description

99.1		Press Release, dated February 7, 2022, regarding fourth quarter and full-year 2021 financial results.

99.2		Press Release, dated February 7, 2022, regarding certain details of the Separation and Distribution.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the potential separation of ZimVie from the Company and the distribution of ZimVie common stock to the Company’s stockholders. Forward-looking statements may be identified by the use of forward-looking terms such as

“intends,” “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “sees,” “seeks,” “should,” “could” and similar expressions or the negatives of such terms or other variations on such terms or comparable terminology. 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, including risks that the Separation and Distribution is not consummated on the anticipated terms, if at all. For a list and description of some of such risks, uncertainties and changes in circumstances, see the Company’s filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, since, while management believes the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this Current Report on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 7, 2022


ZIMMER BIOMET HOLDINGS, INC.

By:		/s/ Chad F. Phipps
Name:		Chad F. Phipps
Title:		Senior Vice President, General Counsel and Secretary

EX-99.1 2 d295430dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

345 E. Main St.

Warsaw, IN 46580

www.zimmerbiomet.com


Media		Investors
Meredith Weissman		Keri Mattox
(703) 346-3127		(215) 275-2431
meredith.weissman@zimmerbiomet.com		keri.mattox@zimmerbiomet.com

		Ezgi Yagci
		(617) 549-2443
		ezgi.yagci@zimmerbiomet.com

Zimmer Biomet Announces

Fourth Quarter and Full-Year 2021 Financial Results

•

Fourth quarter net sales of $2.038 billion decreased 2.3% and 0.8% on a constant currency¹ basis

•

Fourth quarter diluted loss per share was $0.40; adjusted¹ diluted earnings per share were $1.95

•

Full-year net sales of $7.836 billion increased 11.6% and 10.3% on a constant currency¹ basis

•

Full-year diluted earnings per share were $1.91; adjusted¹ diluted earnings per share were $7.37

•

Company provides full-year 2022 financial guidance for RemainCo Zimmer Biomet

(WARSAW, IN) February 7, 2022 — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter and year ended December 31, 2021. The Company reported fourth quarter net sales of $2.038 billion, a decrease of 2.3% from the prior year period, and a decrease of 0.8% on a constant currency basis. Net sales for the full year were $7.836 billion, an increase of 11.6% over the prior year, and an increase of 10.3% on a constant currency basis. Net loss for the fourth quarter was $84.0 million, or net earnings of $409.2 million on an adjusted basis, and for the full-year, net earnings were $401.6 million, or $1,550.0 million on an adjusted basis.

¹	Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.

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Diluted loss per share was $0.40 for the fourth quarter, and adjusted diluted earnings per share were $1.95. Full-year diluted earnings per share were $1.91 and full-year adjusted diluted earnings per share were $7.37. Both net sales and earnings metrics were negatively impacted in the fourth quarter by China volume-based procurement (“VBP”) in our Knees, Hips and S.E.T. product categories due to a combination of variables in advance of VBP implementation. The negative impact was in line with expectations in the Knees and Hips segments, but was not anticipated in the S.E.T. product category. In S.E.T., the nationalization of the provincial Trauma products tender was announced January 24, 2022 by the Chinese government.

“As we expected, the ongoing COVID pandemic continued to pressure our business in Q4. The quarter was particularly impacted throughout December due to hospital staffing shortages and the Omicron variant surge worldwide,” said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. “I remain confident in our ZB strategy and incredibly proud of our ZB team. We continued to execute in the quarter and are focused on delivering on our mission and driving value for all stakeholders.”

Planned ZimVie Spin Off Transaction

Zimmer Biomet previously announced its intent to spin off its Dental and Spine businesses into a standalone, publicly traded company, ZimVie. The transaction is expected to close on March 1, 2022 and additional details will be announced in a separate press release this morning.

ZimVie will host a virtual Investor Day today, February 7, 2022, from 11:00 a.m. to approximately 2:00 p.m. Eastern Time. The virtual event will feature presentations from ZimVie leaders outlining its Dental and Spine offerings, addressable market opportunity, financial outlook, business strategy and the broader organizations supporting these businesses. The event will feature a live Q&A panel following speaker presentations. A live and archived webcast of the event can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com.

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Geographic and Product Category Sales

Please see the attached schedules accompanying this press release for additional details on performance in the fourth quarter and full-year 2021, including sales by Zimmer Biomet’s three geographies and five product categories.

The following sales tables provide results by geography and product category for the three-month period and year ended December 31, 2021, as well as the percentage change compared to the prior year periods, on both a reported basis and a constant currency basis.

NET SALES - THREE MONTHS ENDED DECEMBER 31, 2021

(in millions, unaudited)


	Net Sales		% Change			Constant Currency % Change
Geographic Results
Americas	$	1,265.1		(1.5	)%		(1.5	)%
EMEA		464.0		13.6			17.3
Asia Pacific		308.8		(21.4	)		(17.5	)

Total	$	2,037.9		(2.3	)%		(0.8	)%

Product Categories
Knees
Americas	$	428.8		(3.7	)%		(3.8	)%
EMEA		173.8		22.9			26.8
Asia Pacific		117.5		(15.7	)		(12.8	)

Total		720.1		(0.8	)		0.4
Hips
Americas		260.3		(3.5	)		(3.5	)
EMEA		124.8		7.6			11.1
Asia Pacific		95.6		(19.3	)		(14.9	)

Total		480.7		(4.6	)		(2.8	)
S.E.T.*		410.5		(5.6	)		(4.3	)
Dental & Spine		260.7		(4.1	)		(3.0	)
Other		165.9		11.9			14.1

Total	$	2,037.9		(2.3	)%		(0.8	)%

*	Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic

Page 3 of 27

NET SALES - YEAR ENDED DECEMBER 31, 2021

(in millions, unaudited)


	Net Sales		% Change			Constant Currency % Change
Geographic Results
Americas	$	4,800.2		10.7	%		10.5	%
EMEA		1,671.1		20.1			16.4
Asia Pacific		1,364.9		5.2			3.4

Total	$	7,836.2		11.6	%		10.3	%

Product Categories
Knees
Americas	$	1,574.2		9.0	%		8.7	%
EMEA		588.9		21.3			17.9
Asia Pacific		484.8		8.2			5.4

Total		2,647.9		11.3			10.0
Hips
Americas		997.8		6.0			5.7
EMEA		474.0		16.2			12.8
Asia Pacific		384.3		(4.2	)		(4.7	)

Total		1,856.1		6.0			4.9
S.E.T.*		1,727.8		13.3			11.9
Dental & Spine		1,008.8		12.5			11.5
Other		595.6		25.9			25.0

Total	$	7,836.2		11.6	%		10.3	%

*	Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic

Financial Guidance

The Company is providing the following full-year 2022 financial guidance for RemainCo Zimmer Biomet – this guidance does not include any projected financial results from the businesses that are part of the planned spinoff of ZimVie from the Company. For comparison purposes only, unaudited 2021 net sales for RemainCo Zimmer Biomet are estimated to be $6.827 billion, based on total Company net sales of $7.836 billion less the Dental & Spine product category net sales of $1.009 billion.

Page 4 of 27


Projected Year Ending December 31, 2022
2022 Reported Revenue Change		(4.0)% - 0.0%
Foreign Currency Exchange Impact		(2.0)%
Adjusted Operating Profit Margin⁽¹⁾		26.5% - 27.5%
Adjusted Tax Rate⁽¹⁾		16.0% - 16.5%
Adjusted Diluted EPS⁽¹⁾		$6.40 - $6.80


⁽¹⁾		These measures are non-GAAP financial measures 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.”

Conference Call

The Company will conduct its fourth quarter and full-year 2021 investor conference call today, February 7, 2022, at 8:30 a.m. Eastern Time. 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 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.

Page 5 of 27

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 includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP.

Sales change information for the three-month period and the year ended December 31, 2021 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 (loss) and diluted earnings (loss) per share for the three-month period and the year ended December 31, 2021 are presented on a GAAP (reported) basis and on an adjusted basis. Adjusted earnings and adjusted diluted earnings per share 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 is an additional non-GAAP measure that is presented in this press release. Free cash flow is computed by deducting additions to instruments and other property, plant and equipment from net cash provided by operating activities.

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

Page 6 of 27

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, 2022. 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; quality remediation; 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, the impact of the COVID-19 pandemic on our business, including any continued recovery, the expected closing date of the planned ZimVie spinoff transaction, 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: the effects of the COVID-19 global pandemic and other adverse public health developments on the global economy, our business and operations and the business and operations of our suppliers and customers, including the deferral of elective surgical procedures and our ability to collect accounts receivable; the failure of vaccine rollouts and other strategies to

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mitigate or reverse the impacts of the COVID-19 pandemic; the failure of elective surgical procedures to recover at the levels or on the timeline anticipated; the risks and uncertainties related to our ability to successfully execute our restructuring plans; our ability to attract, retain and develop the highly skilled employees we need to support our business; the risks and uncertainties associated with the planned ZimVie spinoff transaction, including, without limitation, the significant expenses, time and efforts related to implementing such transaction, the ability to complete the transaction on our expected timeline or at all, the tax-free nature of the transaction, possible disruptions in our relationships with customers, suppliers and other business partners, and the possibility that the anticipated benefits and synergies of the transaction, strategic and competitive advantages of each company, and future growth and other opportunities for each company will not be realized within the expected time periods or at all; the success of our quality and operational excellence initiatives, including ongoing quality remediation efforts at our Warsaw North Campus facility; the ability to remediate matters identified in inspectional observations or warning letters issued by the U.S. Food and Drug Administration (FDA), while continuing to satisfy the demand for our products; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; the ability to retain the independent agents and distributors who market our products; dependence on a limited number of suppliers for key raw materials and outsourced activities; 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; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the FDA and foreign government regulators, such as more stringent requirements for regulatory clearance of products; the outcome of government investigations; competition; pricing pressures; changes in customer demand for our products and services caused by demographic changes or other factors; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors and cost containment efforts sponsored by government agencies, legislative bodies, the private sector and healthcare purchasing organizations, including the volume-based procurement process in China; dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; control of costs and expenses; the ability to obtain and maintain adequate intellectual property protection; breaches or failures of our

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information technology systems or products, including by cyberattack, unauthorized access or theft; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability, intellectual property and commercial litigation losses; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; and the impact of the ongoing financial and political uncertainty on countries in EMEA on the ability to collect accounts receivable in affected countries. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

Page 9 of 27

ZIMMER BIOMET HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021 and 2020

(in millions, except per share amounts, unaudited)


	2021			2020
Net Sales	$	2,037.9		$	2,085.3
Cost of products sold, excluding intangible asset amortization		661.5			647.3
Intangible asset amortization		151.9			152.6
Research and development		113.4			100.0
Selling, general and administrative		934.0			893.9
Restructuring and other cost reduction initiatives		64.2			27.7
Quality remediation		20.1			15.0
Acquisition, integration, divestiture and related		13.7			8.1

Operating expenses		1,958.8			1,844.6

Operating Profit		79.1			240.7
Other (expense) income, net		(3.9	)		8.0
Interest expense, net		(48.8	)		(53.1	)
Loss on early extinguishment of debt		(165.1	)		—

(Loss) earnings before income taxes		(138.7	)		195.6
Benefit for income taxes		(54.8	)		(138.2	)

Net (Loss) Earnings		(83.9	)		333.8
Less: Net earnings attributable to noncontrolling interest		0.1			0.1

Net (Loss) Earnings of Zimmer Biomet Holdings, Inc.	$	(84.0	)	$	333.7

(Loss) Earnings Per Common Share
Basic	$	(0.40	)	$	1.61
Diluted	$	(0.40	)	$	1.59
Weighted Average Common Shares Outstanding
Basic		208.9			207.4
Diluted		208.9			209.3

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ZIMMER BIOMET HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, except per share amounts, unaudited)


	2021			2020
Net Sales	$	7,836.2		$	7,024.5
Cost of products sold, excluding intangible asset amortization		2,341.0			2,128.3
Intangible asset amortization		615.7			597.6
Research and development		497.2			372.0
Selling, general and administrative		3,323.9			3,177.8
Goodwill and intangible asset impairment		16.3			645.0
Restructuring and other cost reduction initiatives		129.1			116.9
Quality remediation		53.1			50.9
Acquisition, integration, divestiture and related		79.8			23.8

Operating expenses		7,056.1			7,112.3

Operating Profit (Loss)		780.1			(87.8	)
Other income, net		11.8			25.4
Interest expense, net		(208.4	)		(212.0	)
Loss on early extinguishment of debt		(165.1	)		—

Earnings (loss) before income taxes		418.4			(274.4	)
Provision (benefit) for income taxes		16.3			(137.0	)

Net Earnings (Loss)		402.1			(137.4	)
Less: Net earnings attributable to noncontrolling interest		0.5			1.5

Net Earnings (Loss) of Zimmer Biomet Holdings, Inc.	$	401.6		$	(138.9	)

Earnings (Loss) Per Common Share
Basic	$	1.93		$	(0.67	)
Diluted	$	1.91		$	(0.67	)
Weighted Average Common Shares Outstanding
Basic		208.6			207.0
Diluted		210.4			207.0

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ZIMMER BIOMET HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, unaudited)


	December 31, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	478.5	$	802.1
Receivables, net		1,404.9		1,452.7
Inventories		2,394.5		2,450.7
Other current assets		607.1		377.8

Total current assets		4,885.0		5,083.3
Property, plant and equipment, net		2,016.5		2,047.7
Goodwill		9,192.2		9,261.8
Intangible assets, net		6,299.8		7,055.5
Other assets		1,062.9		969.4

Total Assets	$	23,456.4	$	24,417.7

Liabilities and Stockholders’ Equity
Current liabilities	$	1,862.8	$	2,056.9
Current portion of long-term debt		1,605.1		500.0
Other long-term liabilities		1,858.4		2,034.9
Long-term debt		5,463.7		7,626.5
Stockholders’ equity		12,666.4		12,199.4

Total Liabilities and Stockholders’ Equity	$	23,456.4	$	24,417.7

Page 12 of 27

ZIMMER BIOMET HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	2021			2020
Cash flows provided by (used in) operating activities
Net earnings (loss)	$	402.1		$	(137.4	)
Depreciation and amortization		1,067.4			1,032.7
Share-based compensation		85.3			79.7
Goodwill and intangible asset impairment		16.3			645.0
Loss on early extinguishment of debt		165.1			—
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes		(272.9	)		(279.1	)
Receivables		(15.1	)		(70.0	)
Inventories		18.8			(40.8	)
Accounts payable and accrued expenses		76.4			(95.1	)
Other assets and liabilities		(44.2	)		69.5

Net cash provided by operating activities		1,499.2			1,204.5

Cash flows provided by (used in) investing activities
Additions to instruments		(301.8	)		(291.7	)
Additions to other property, plant and equipment		(172.0	)		(117.5	)
Net investment hedge settlements		1.9			53.5
Business combination investments, net of acquired cash		—			(235.5	)
Investments in other assets		(31.7	)		(22.6	)

Net cash used in investing activities		(503.6	)		(613.8	)

Cash flows provided by (used in) financing activities
Proceeds from senior notes		1,599.8			1,497.1
Redemptions of senior notes		(2,654.8	)		(1,750.0	)
Dividends paid to stockholders		(200.1	)		(198.5	)
Proceeds from employee stock compensation plans		122.5			129.8
Net cash flows from unremitted collections from factoring programs		—			(54.6	)
Business combination contingent consideration payments		(8.9	)		(15.0	)
Deferred business combination payments		(145.0	)		—
Debt issuance costs		(13.2	)		(22.3	)
Other financing activities		(6.3	)		(8.3	)

Net cash used in financing activities		(1,306.0	)		(421.8	)

Effect of exchange rates on cash and cash equivalents		(13.2	)		15.3

(Decrease) increase in cash and cash equivalents		(323.6	)		184.2
Cash and cash equivalents, beginning of period		802.1			617.9

Cash and cash equivalents, end of period	$	478.5		$	802.1

Page 13 of 27

ZIMMER BIOMET HOLDINGS, INC.

NET SALES BY GEOGRAPHY

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Three Months Ended December 31,
	2021		2020		% Inc / (Dec)			Volume / Mix			Price			Foreign Exchange
Americas	$	1,265.1	$	1,283.9		(1.5	)%		(1.4	)%		(0.1	)%		—	%
EMEA		464.0		408.3		13.6			17.8			(0.5	)		(3.7	)
Asia Pacific		308.8		393.1		(21.4	)		(5.5	)		(12.0	)		(3.9	)

Total	$	2,037.9	$	2,085.3		(2.3	)%		1.6	%		(2.4	)%		(1.5	)%

ZIMMER BIOMET HOLDINGS, INC.

NET SALES BY PRODUCT CATEGORY

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Three Months Ended December 31,
	2021		2020		% Inc / (Dec)			Volume / Mix			Price			Foreign Exchange
Knees	$	720.1	$	726.1		(0.8	)%		3.2	%		(2.8	)%		(1.2	)%
Hips		480.7		504.1		(4.6	)		1.0			(3.8	)		(1.8	)
S.E.T.		410.5		434.9		(5.6	)		(2.1	)		(2.2	)		(1.3	)
Dental & Spine		260.7		271.8		(4.1	)		(3.0	)		—			(1.1	)
Other		165.9		148.4		11.9			15.1			(1.0	)		(2.2	)

Total	$	2,037.9	$	2,085.3		(2.3	)%		1.6	%		(2.4	)%		(1.5	)%

Page 14 of 27

ZIMMER BIOMET HOLDINGS, INC.

NET SALES BY GEOGRAPHY

FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Years Ended December 31,
	2021		2020		% Inc			Volume / Mix			Price			Foreign Exchange
Americas	$	4,800.2	$	4,335.4		10.7	%		11.7	%		(1.2	)%		0.2	%
EMEA		1,671.1		1,391.3		20.1			16.7			(0.3	)		3.7
Asia Pacific		1,364.9		1,297.8		5.2			8.9			(5.5	)		1.8

Total	$	7,836.2	$	7,024.5		11.6	%		12.1	%		(1.8	)%		1.3	%

ZIMMER BIOMET HOLDINGS, INC.

NET SALES BY PRODUCT CATEGORY

FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Years Ended December 31,
	2021		2020		% Inc			Volume / Mix			Price			Foreign Exchange
Knees	$	2,647.9	$	2,378.3		11.3	%		12.4	%		(2.4	)%		1.3	%
Hips		1,856.1		1,750.5		6.0			8.2			(3.3	)		1.1
S.E.T.		1,727.8		1,525.6		13.3			12.2			(0.3	)		1.4
Dental & Spine		1,008.8		897.0		12.5			11.8			(0.3	)		1.0
Other		595.6		473.1		25.9			26.7			(1.7	)		0.9

Total	$	7,836.2	$	7,024.5		11.6	%		12.1	%		(1.8	)%		1.3	%

Page 15 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF REPORTED NET SALES % CHANGE TO

CONSTANT CURRENCY % CHANGE

(unaudited)


	For the Three Months Ended December 31, 2021 vs. 2020
	% Change			Foreign Exchange Impact			Constant Currency % Change
Geographic Results
Americas		(1.5	)%		—	%		(1.5	)%
EMEA		13.6			(3.7	)		17.3
Asia Pacific		(21.4	)		(3.9	)		(17.5	)
Total		(2.3	)%		(1.5	)%		(0.8	)%
Product Categories
Knees
Americas		(3.7	)%		0.1	%		(3.8	)%
EMEA		22.9			(3.9	)		26.8
Asia Pacific		(15.7	)		(2.9	)		(12.8	)
Total		(0.8	)		(1.2	)		0.4
Hips
Americas		(3.5	)		—			(3.5	)
EMEA		7.6			(3.5	)		11.1
Asia Pacific		(19.3	)		(4.4	)		(14.9	)
Total		(4.6	)		(1.8	)		(2.8	)
S.E.T.		(5.6	)		(1.3	)		(4.3	)
Dental & Spine		(4.1	)		(1.1	)		(3.0	)
Other		11.9			(2.2	)		14.1
Total		(2.3	)%		(1.5	)%		(0.8	)%

Page 16 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF REPORTED NET SALES % CHANGE TO

CONSTANT CURRENCY % CHANGE

(unaudited)


	For the Year Ended December 31, 2021 vs. 2020
	% Change			Foreign Exchange Impact			Constant Currency % Change
Geographic Results
Americas		10.7	%		0.2	%		10.5	%
EMEA		20.1			3.7			16.4
Asia Pacific		5.2			1.8			3.4
Total		11.6	%		1.3	%		10.3	%
Product Categories
Knees
Americas		9.0	%		0.3	%		8.7	%
EMEA		21.3			3.4			17.9
Asia Pacific		8.2			2.8			5.4
Total		11.3			1.3			10.0
Hips
Americas		6.0			0.3			5.7
EMEA		16.2			3.4			12.8
Asia Pacific		(4.2	)		0.5			(4.7	)
Total		6.0			1.1			4.9
S.E.T.		13.3			1.4			11.9
Dental & Spine		12.5			1.0			11.5
Other		25.9			0.9			25.0
Total		11.6	%		1.3	%		10.3	%

Page 17 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF REPORTED NET SALES % CHANGE TO

CONSTANT CURRENCY % CHANGE

(unaudited)


	For the Three Months Ended December 31,
	Net Sales							Foreign Exchange Impact			Constant Currency % Change
	2021		2019		% Change			Foreign Exchange Impact			Constant Currency % Change
Geographic Results
Americas	$	1,265.1	$	1,288.2		(1.8	)%		0.1	%		(1.9	)%
EMEA		464.0		470.4		(1.4	)		1.6			(3.0	)
Asia Pacific		308.8		367.1		(15.9	)		(0.8	)		(15.1	)

Total	$	2,037.9	$	2,125.7		(4.1	)%		0.3	%		(4.4	)%

Product Categories
Knees	$	720.1	$	746.1		(3.5	)		0.4			(3.9	)
Hips		480.7		510.4		(5.8	)		0.2			(6.0	)
S.E.T.		410.5		437.0		(6.1	)		0.1			(6.2	)
Dental & Spine		260.7		269.5		(3.3	)		0.5			(3.8	)
Other		165.9		162.7		2.1			0.2			1.9

Total	$	2,037.9	$	2,125.7		(4.1	)%		0.3	%		(4.4	)%

Page 18 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF REPORTED TO ADJUSTED RESULTS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021 and 2020

(in millions, except per share amounts, unaudited)


FOR THE THREE MONTHS ENDED DECEMBER 31, 2021
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Restructuring and other cost reduction initiatives			Quality remediation			Acquisition, integration, divestiture and related			Other (expense) income, net			Loss on early extinguishment of debt			Benefit for income taxes			Net (Loss) Earnings of Zimmer Biomet Holdings, Inc.			Diluted (loss) earnings per common share
As Reported	$	661.5		$	151.9		$	113.4		$	934.0		$	64.2		$	20.1		$	13.7		$	(3.9	)	$	(165.1	)	$	(54.8	)	$	(84.0	)	$	(0.40	)
Inventory and manufacturing-related charges⁽¹⁾		(28.8	)		—			—			—			—			—			—			—			—			11.7			17.1			0.08
Intangible asset amortization⁽²⁾		—			(151.9	)		—			—			—			—			—			—			—			35.9			116.0			0.56
Restructuring and other cost reduction initiatives⁽⁴⁾		(1.4	)		—			—			—			(64.2	)		—			—			—			—			8.0			57.6			0.28
Quality remediation⁽⁵⁾		(0.1	)		—			—			—			—			(20.1	)		—			—			—			5.0			15.2			0.07
Acquisition, integration, divestiture and related⁽⁶⁾		(2.0	)		—			—			—			—			—			(13.7	)		—			—			3.7			12.0			0.06
Litigation⁽⁷⁾		—			—			—			(139.6	)		—			—			—			—			—			20.0			119.6			0.57
European Union Medical Device Regulation⁽⁸⁾		—			—			(17.1	)		—			—			—			—			—			—			4.1			13.0			0.06
Other charges⁽¹⁰⁾		—			—			—			(9.0	)		—			—			—			4.0			—			10.6			2.4			0.01
Loss on early extinguishment of debt ⁽¹¹⁾		—			—			—			—			—			—			—			—			165.1			30.5			134.6			0.64
Swiss tax reform⁽¹²⁾		—			—			—			—			—			—			—			—			—			(1.7	)		1.7			0.01
Other certain tax adjustments⁽¹³⁾		—			—			—			—			—			—			—			—			—			(4.0	)		4.0			0.02
Effect of dilutive shares assuming net earnings⁽¹⁴⁾		—			—			—			—			—			—			—			—			—			—			—			(0.01	)

As Adjusted	$	629.2		$	—		$	96.3		$	785.4		$	—		$	—		$	—		$	0.1		$	—		$	69.0		$	409.2		$	1.95


FOR THE THREE MONTHS ENDED DECEMBER 31, 2020
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Restructuring and other cost reduction initiatives			Quality remediation			Acquisition, integration, divestiture and related			Other (expense) income, net			Benefit for income taxes			Net (Loss) Earnings of Zimmer Biomet Holdings, Inc.			Diluted (loss) earnings per common share
As Reported	$	647.3		$	152.6		$	100.0		$	893.9		$	27.7		$	15.0		$	8.1		$	8.0		$	(138.2	)	$	333.7		$	1.59
Inventory and manufacturing-related charges⁽¹⁾		(49.9	)		—			—			—			—			—			—			—			26.1			23.8			0.11
Intangible asset amortization⁽²⁾		—			(152.6	)		—			—			—			—			—			—			38.5			114.1			0.55
Restructuring and other cost reduction initiatives⁽⁴⁾		—			—			—			—			(27.7	)		—			—			—			9.8			17.9			0.09
Quality remediation⁽⁵⁾		1.0			—			—			—			—			(15.0	)		—			—			4.6			9.4			0.04
Acquisition, integration, divestiture and related⁽⁶⁾		—			—			—			—			—			—			(8.1	)		—			2.5			5.6			0.03
Litigation⁽⁷⁾		—			—			—			(59.4	)		—			—			—			—			18.2			41.2			0.20
European Union Medical Device Regulation⁽⁸⁾		—			—			(6.2	)		—			—			—			—			—			2.0			4.2			0.02
Other charges⁽¹⁰⁾		—			—			—			(6.4	)		—			—			—			(1.3	)		(0.4	)		5.5			0.03
Swiss tax reform⁽¹²⁾		—			—			—			—			—			—			—			—			16.6			(16.6	)		(0.08	)
Other certain tax adjustments⁽¹³⁾		—			—			—			—			—			—			—			—			98.1			(98.1	)		(0.47	)

As Adjusted	$	598.4		$	—		$	93.8		$	828.1		$	—		$	—		$	—		$	6.7		$	77.8		$	440.7		$	2.11

Page 19 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF REPORTED TO ADJUSTED RESULTS

FOR THE YEAR ENDED DECEMBER 31, 2021 and 2020

(in millions, except per share amounts, unaudited)


FOR THE YEAR ENDED DECEMBER 31, 2021
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Goodwill and intangible asset impairment			Restructuring and other cost reduction initiatives			Quality remediation			Acquisition, integration, divestiture and related			Other income, net		Loss on early extinguishment of debt			Provision (benefit) for income taxes			Net Earnings (Loss) of Zimmer Biomet Holdings, Inc.			Diluted earnings (loss) per common share
As Reported	$	2,341.0		$	615.7		$	497.2		$	3,323.9		$	16.3		$	129.1		$	53.1		$	79.8		$	11.8	$	(165.1	)	$	16.3		$	401.6		$	1.91
Inventory and manufacturing-related charges⁽¹⁾		(41.8	)		—			—			—			—			—			—			—			—		—			27.7			14.1			0.07
Intangible asset amortization⁽²⁾		—			(615.7	)		—			—			—			—			—			—			—		—			121.3			494.4			2.35
Goodwill and intangible asset impairment⁽³⁾		—			—			—			—			(16.3	)		—			—			—			—		—			2.1			14.2			0.07
Restructuring and other cost reduction initiatives⁽⁴⁾		(1.4	)		—			—			—			—			(129.1	)		—			—			—		—			22.5			108.0			0.51
Quality remediation⁽⁵⁾		(0.1	)		—			—			—			—			—			(53.1	)		—			—		—			12.4			40.8			0.19
Acquisition, integration, divestiture and related⁽⁶⁾		(2.0	)		—			—			—			—			—			—			(79.8	)		—		—			16.9			64.9			0.31
Litigation⁽⁷⁾		—			—			—			(192.9	)		—			—			—			—			—		—			25.3			167.6			0.80
European Union Medical Device Regulation⁽⁸⁾		(0.1	)		—			(46.4	)		—			—			—			—			—			—		—			10.5			36.0			0.17
Certain R&D agreements⁽⁹⁾		—			—			(65.0	)		—			—			—			—			—			—		—			15.3			49.7			0.24
Other charges⁽¹⁰⁾		—			—			—			(11.4	)		—			—			—			—			0.5		—			8.1			3.8			0.02
Loss on early extinguishment of debt ⁽¹¹⁾		—			—			—			—			—			—			—			—			—		165.1			30.5			134.6			0.64
Swiss tax reform⁽¹²⁾		—			—			—			—			—			—			—			—			—		—			(30.1	)		30.1			0.14
Other certain tax adjustments⁽¹³⁾		—			—			—			—			—			—			—			—			—		—			9.8			(9.8	)		(0.05	)

As Adjusted	$	2,295.6		$	—		$	385.8		$	3,119.6		$	—		$	—		$	—		$	—		$	12.3	$	—		$	288.6		$	1,550.0		$	7.37


FOR THE YEAR ENDED DECEMBER 31, 2020
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Goodwill and intangible asset impairment			Restructuring and other cost reduction initiatives			Quality remediation			Acquisition, integration, divestiture and related			Other income, net			Provision (benefit) for income taxes			Net Earnings (Loss) of Zimmer Biomet Holdings, Inc.			Diluted earnings (loss) per common share
As Reported	$	2,128.3		$	597.6		$	372.0		$	3,177.8		$	645.0		$	116.9		$	50.9		$	23.8		$	25.4		$	(137.0	)	$	(138.9	)	$	(0.67	)
Inventory and manufacturing-related charges⁽¹⁾		(54.2	)		—			—			—			—			—			—			—			—			36.3			17.9			0.09
Intangible asset amortization⁽²⁾		—			(597.6	)		—			—			—			—			—			—			—			116.0			481.6			2.33
Goodwill and intangible asset impairment⁽³⁾		—			—			—			—			(645.0	)		—			—			—			—			5.7			639.3			3.09
Restructuring and other cost reduction initiatives⁽⁴⁾		—			—			—			—			—			(116.9	)		—			—			—			28.5			88.4			0.43
Quality remediation⁽⁵⁾		1.1			—			—			—			—			—			(50.9	)		—			—			11.9			37.9			0.18
Acquisition, integration, divestiture and related⁽⁶⁾		—			—			—			—			—			—			—			(23.8	)		—			5.4			18.4			0.09
Litigation⁽⁷⁾		—			—			—			(159.8	)		—			—			—			—			—			36.9			122.9			0.59
European Union Medical Device Regulation⁽⁸⁾		—			—			(25.3	)		—			—			—			—			—			—			5.2			20.1			0.10
Other charges⁽¹⁰⁾		—			—			—			(24.5	)		—			—			—			—			(13.8	)		7.5			3.2			0.01
Swiss tax reform⁽¹²⁾		—			—			—			—			—			—			—			—			—			5.0			(5.0	)		(0.03	)
Other certain tax adjustments⁽¹³⁾		—			—			—			—			—			—			—			—			—			104.2			(104.2	)		(0.50	)
Effect of dilutive shares assuming net earnings⁽¹⁴⁾		—			—			—			—			—			—			—			—			—			—			—			(0.04	)

As Adjusted	$	2,075.2		$	—		$	346.7		$	2,993.5		$	—		$	—		$	—		$	—		$	11.6		$	225.6		$	1,181.6		$	5.67

Page 20 of 27

⁽¹⁾

Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue, incremental cost of products sold from stepping up inventory to its fair value from its manufactured cost in business combination accounting 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 the first quarter of 2020, we recognized goodwill impairment charges of $470.0 million and $142.0 million related to our EMEA and Dental reporting units, respectively. In the second quarters of 2021 and 2020, we recognized $16.3 million and $33.0 million, respectively, of in-process research and development (“IPR&D”) intangible asset impairments on certain IPR&D projects.

⁽⁴⁾

In 2019 and 2021, our Board of Directors approved, and we initiated, new global restructuring programs that include a reorganization of key businesses and an overall effort to reduce costs in order to accelerate decision-making and focus the organization on priorities to drive growth. Restructuring and other cost reduction initiatives also include other cost reduction 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 retention period salaries and benefits and relocation costs.

⁽⁵⁾

We are addressing inspectional observations on Form 483 and a Warning Letter issued by the U.S. Food and Drug Administration (“FDA”) following its previous inspections of our Warsaw North Campus facility, among other matters. This quality remediation has required us to devote significant financial resources. The majority of the expenses are related to consultants who are helping us to update previous documents and redesign certain processes.

⁽⁶⁾	The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from the planned spinoff of ZimVie (our Spine and Dental businesses) and various acquisitions.

⁽⁷⁾

We are involved in routine 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 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. In regards to the product liability matters, due to the complexities involved and claims filed in multiple districts, the expenses associated with these matters are significant to our operating results. 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.

⁽⁸⁾

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. 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 include temporary personnel and third-party professionals necessary to supplement our internal resources.

⁽⁹⁾	During the year ended December 31, 2021, we entered into certain agreements to gain access to or acquire third-party IPR&D projects.

⁽¹⁰⁾

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 legal entity, distribution and manufacturing optimization, including contract terminations, gains and losses from changes in fair value on our equity investments, as well as, in the 2020 period, our costs of complying with a Deferred Prosecution Agreement (“DPA”) with the U.S. government related to certain Foreign Corrupt Practices Act matters involving Biomet and certain of its subsidiaries, which DPA concluded in February 2021.

⁽¹¹⁾	We recognized a loss on early extinguishment of debt during the year ended December 31, 2021, as a result of cash tender offers for certain outstanding series of senior notes of the Company.

⁽¹²⁾

We recognized a tax benefit related to Switzerland’s Federal Act on Tax Reform and AHV Financing (“TRAF”) in addition to an impact from certain restructuring transactions in Switzerland. Also included are tax adjustments relating to ongoing impacts of tax only amortization resulting from TRAF as well as certain restructuring transactions in Switzerland.

Page 21 of 27

⁽¹³⁾	Other certain tax adjustments relate to various discrete tax period adjustments as well as US tax reform planning.

⁽¹⁴⁾	Due to the reported net loss for certain periods, 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		Year Ended
	December 31, 2021		December 31, 2020
Diluted shares		208.9		207.0
Dilutive shares assuming net earnings		1.3		1.4

Adjusted diluted shares		210.2		208.4

Page 22 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Three Months Ended December 31,						Years Ended December 31,
	2021			2020			2021			2020
Net cash provided by operating activities	$	365.7		$	425.1		$	1,499.2		$	1,204.5
Additions to instruments		(78.9	)		(68.9	)		(301.8	)		(291.7	)
Additions to other property, plant and equipment		(63.1	)		(27.7	)		(172.0	)		(117.5	)

Free cash flow	$	223.7		$	328.5		$	1,025.4		$	795.3

Page 23 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF GROSS PROFIT & MARGIN TO ADJUSTED GROSS PROFIT & MARGIN

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Three Months Ended December 31,						Years Ended December 31,
	2021			2020			2021			2020
Net Sales	$	2,037.9		$	2,085.3		$	7,836.2		$	7,024.5
Cost of products sold, excluding intangible asset amortization		661.5			647.3			2,341.0			2,128.3
Intangible asset amortization		151.9			152.6			615.7			597.6

Gross Profit	$	1,224.5		$	1,285.4		$	4,879.5		$	4,298.6
Inventory and manufacturing-related charges		28.8			49.9			41.8			54.2
Restructuring and other cost reduction initiatives		1.4			—			1.4			—
Quality remediation		0.1			(1.0	)		0.1			(1.1	)
Acquisition, integration, divestiture and related		2.0			—			2.0			—
European Union Medical Device Regulation		—			—			0.1			—
Intangible asset amortization		151.9			152.6			615.7			597.6

Adjusted gross profit	$	1,408.7		$	1,486.9		$	5,540.6		$	4,949.3

Gross margin		60.1	%		61.6	%		62.3	%		61.2	%
Inventory and manufacturing-related charges		1.4			2.4			0.5			0.8
Restructuring and other cost reduction initiatives		0.1			—			—			—
Quality remediation		—			—			—			—
Acquisition, integration, divestiture and related		0.1			—			—			—
European Union Medical Device Regulation		—			—			—			—
Intangible asset amortization		7.4			7.3			7.9			8.5

Adjusted gross margin		69.1	%		71.3	%		70.7	%		70.5	%

Page 24 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF OPERATING PROFIT (LOSS) & MARGIN TO ADJUSTED OPERATING PROFIT & MARGIN

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	Three Months Ended December 31,						Years Ended December 31,
	2021			2020			2021			2020
Operating profit (loss)	$	79.1		$	240.7		$	780.1		$	(87.8	)
Inventory and manufacturing-related charges		28.8			49.9			41.8			54.2
Intangible asset amortization		151.9			152.6			615.7			597.6
Goodwill and intangible asset impairment		—			—			16.3			645.0
Restructuring and other cost reduction initiatives		65.6			27.7			130.5			116.9
Quality remediation		20.2			14.0			53.2			49.8
Acquisition, integration, divestiture and related		15.7			8.1			81.8			23.8
Litigation		139.6			59.4			192.9			159.8
European Union Medical Device Regulation		17.1			6.2			46.5			25.3
Certain R&D agreements		—			—			65.0			—
Other charges		9.0			6.4			11.4			24.5

Adjusted operating profit	$	527.0		$	565.0		$	2,035.2		$	1,609.1

Operating profit (loss) margin		3.9	%		11.5	%		10.0	%		(1.2	)%
Inventory and manufacturing-related charges		1.4			2.4			0.5			0.8
Intangible asset amortization		7.4			7.3			7.9			8.5
Goodwill and intangible asset impairment		—			—			0.2			9.2
Restructuring and other cost reduction initiatives		3.2			1.3			1.7			1.7
Quality remediation		1.0			0.7			0.7			0.7
Acquisition, integration, divestiture and related		0.8			0.4			1.0			0.3
Litigation		6.9			2.8			2.5			2.3
European Union Medical Device Regulation		0.8			0.3			0.6			0.4
Certain R&D agreements		—			—			0.8			—
Other charges		0.5			0.4			0.1			0.2

Adjusted operating profit margin		25.9	%		27.1	%		26.0	%		22.9	%

Page 25 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2021 and 2020

(unaudited)


	Three Months Ended December 31,						Years Ended December 31,
	2021			2020			2021			2020
Effective tax rate		39.6	%		(70.7	)%		3.9	%		49.9	%
Tax effect of adjustments made to earnings before taxes⁽¹⁾		(29.5	)		27.2			16.7			6.0
Swiss tax reform		1.3			8.4			(7.2	)		(1.9	)
Other certain tax adjustments		3.0			50.1			2.3			(38.0	)

Adjusted effective tax rate		14.4	%		15.0	%		15.7	%		16.0	%

⁽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; certain R&D agreements, other charges, and loss on early extinguishment of debt.

Page 26 of 27

ZIMMER BIOMET HOLDINGS, INC.

RECONCILIATION OF DEBT TO NET DEBT

AS OF DECEMBER 31, 2021 and 2020

(in millions, unaudited)


	December 31, 2021			December 31, 2020
Debt, both current and long-term	$	7,068.8		$	8,126.5
Cash and cash equivalents		(478.5	)		(802.1	)

Net debt	$	6,590.3		$	7,324.4

Page 27 of 27

EX-99.2 3 d295430dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

345 E. Main St.

Warsaw, IN 46580

www.zimmerbiomet.com


Media		Investors
Meredith Weissman		Keri Mattox
(703) 346-3127		(215) 275-2431
meredith.weissman@zimmerbiomet.com		keri.mattox@zimmerbiomet.com

		Ezgi Yagci
		(617) 549-2443
		ezgi.yagci@zimmerbiomet.com

Zimmer Biomet Announces Expected Completion Date of March 1, 2022 for Spinoff of ZimVie

•

“When-issued” trading of ZimVie common stock expected to begin on February 14, 2022

•

Record date for distribution of ZimVie common stock will be February 15, 2022

•

ZimVie leadership team will host a virtual Investor Day at 11 a.m. ET today, February 7, 2022

WARSAW, IN (February 7, 2022) —Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today announced that its Board of Directors has declared a pro rata dividend of 80.3% of the outstanding common stock of ZimVie Inc. (“ZimVie”) to Zimmer Biomet shareholders of record as of the close of business on February 15, 2022 (the “Record Date”). The dividend is payable at 12:01 a.m. ET on March 1, 2022 (the “Distribution Date”). As a result of the dividend, Zimmer Biomet shareholders will receive one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock they hold on the Record Date. Immediately following the dividend, Zimmer Biomet will retain 19.7% of the outstanding shares of ZimVie common stock, which Zimmer Biomet intends to divest after the separation in a tax-efficient manner.

Fractional shares of ZimVie common stock will not be distributed to Zimmer Biomet shareholders. Instead, the fractional shares of ZimVie common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Zimmer Biomet shareholders who otherwise would have received fractional shares of ZimVie common stock.

No action is required by Zimmer Biomet shareholders to receive the distributed shares of ZimVie common stock. An information statement containing details regarding the distribution of ZimVie common stock and ZimVie’s business and management following the consummation of the distribution will be mailed to Zimmer Biomet shareholders prior to the Distribution Date. The distribution of ZimVie common stock remains subject to the satisfaction or waiver of customary conditions, as described in the information statement. There is no current market for ZimVie common stock. “When-issued” trading of ZimVie common stock is expected to begin on February 14, 2022, on NASDAQ, under the symbol “ZIMVV.” “Regular-way” trading of ZimVie common stock is expected to begin on NASDAQ on March 1, 2022, under the symbol “ZIMV.” The “when-issued” trading market is a market for ZimVie common stock that will be distributed to holders of Zimmer Biomet common stock at 12:01 a.m. ET on March 1, 2022. Shareholders who own Zimmer Biomet common stock at the close of business on the Record Date will be entitled to ZimVie common stock distributed pursuant to the distribution and may trade this entitlement to shares of ZimVie common stock, without Zimmer Biomet common stock they own, on the “when-issued” market.

Shares of Zimmer Biomet common stock will continue to trade “regular-way” on the New York Stock Exchange (“NYSE”) under the symbol “ZBH” through and after the Distribution Date. Zimmer Biomet expects that, beginning February 15, 2022, there will be two markets in Zimmer Biomet common stock on the NYSE: “regular-way” under the symbol “ZBH” and “ex-distribution” under the symbol “ZBH WI.” Prior to the Distribution Date, shares of Zimmer Biomet common stock that trade in the “regular-way” market will trade with the right to receive shares of ZimVie common stock on the Distribution Date. Shares of Zimmer Biomet common stock that trade in the “ex-distribution” market will trade without the right to receive shares of ZimVie common stock on the Distribution Date. Holders of Zimmer Biomet common stock are encouraged to consult with their financial advisors regarding the specific implications of selling Zimmer Biomet common stock on or before the Distribution Date.

About Zimmer Biomet

About ZimVie

ZimVie will focus on the dental and spine markets and their respective growth drivers such as implants, surgical tools, bone graft substitutes, spinal fusion implants, non-fusion alternatives, and digital care management solutions. “Zim” derives from Zimmer Biomet, the new company’s roots — and “Vie” is the French word for “life,” symbolizing the future. ZimVie’s headquarters will be in Westminster, Colorado.

Website Information

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 the statements regarding our anticipated spinoff of 80.3% of the outstanding shares of common stock of ZimVie, the retention or divestiture by Zimmer Biomet of 19.7% of the outstanding shares of common stock of ZimVie, including the respective timing thereof or the tax-efficient nature thereof, the anticipated “when-issued” trading of ZimVie common stock, the anticipated “ex-distribution” trading of Zimmer Biomet common stock, the anticipated U.S. federal income tax treatment of the distribution and any other statements regarding events, developments, 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: the effects of the COVID-19 global pandemic and other adverse public health developments on the global economy, our business and operations and the business and operations of our suppliers and customers, including the deferral of elective surgical procedures and our ability to collect accounts receivable; the failure of vaccine rollouts and other strategies to mitigate or reverse the impacts of the COVID-19 pandemic; the failure of elective surgical procedures

to recover at the levels or on the timeline anticipated; the risks and uncertainties related to our ability to successfully execute our restructuring plans; our ability to attract, retain and develop the highly skilled employees we need to support our business; the risks and uncertainties associated with the planned spinoff of ZimVie, including, without limitation, the significant expenses, time and efforts related to implementing such transaction, the ability to complete the transaction on our expected timeline or at all, the tax-free nature of the transaction, possible disruptions in our relationships with customers, suppliers and other business partners, and the possibility that the anticipated benefits and synergies of the transaction, strategic and competitive advantages of each company, and future growth and other opportunities for each company will not be realized within the expected time periods or at all; the success of our quality and operational excellence initiatives, including ongoing quality remediation efforts at our Warsaw North Campus facility; the ability to remediate matters identified in inspectional observations or warning letters issued by the U.S. Food and Drug Administration (FDA), while continuing to satisfy the demand for our products; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; the ability to retain the independent agents and distributors who market our products; dependence on a limited number of suppliers for key raw materials and outsourced activities; 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; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the FDA and foreign government regulators, such as more stringent requirements for regulatory clearance of products; the outcome of government investigations; competition; pricing pressures; changes in customer demand for our products and services caused by demographic

changes or other factors; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors and cost containment efforts sponsored by government agencies, legislative bodies, the private sector and healthcare purchasing organizations, including the volume-based procurement process in China; dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; control of costs and expenses; the ability to obtain and maintain adequate intellectual property protection; breaches or failures of our information technology systems or products, including by cyberattack, unauthorized access or theft; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability, intellectual property and commercial litigation losses; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; and the impact of the ongoing financial and political uncertainty on countries in EMEA on the ability to collect accounts receivable in affected countries. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

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Document and Entity Information	Feb. 04, 2022
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001136869
Document Type	8-K
Document Period End Date	Feb. 04, 2022
Entity Registrant Name	ZIMMER BIOMET HOLDINGS, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-16407
Entity Tax Identification Number	13-4151777
Entity Address, Address Line One	345 East Main Street
Entity Address, City or Town	Warsaw
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46580
City Area Code	(574)
Local Phone Number	267-6131
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.01 par value
Trading Symbol	ZBH
Security Exchange Name	NYSE
M 1.414 Notes Due 20223 [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.414% Notes due 2022
Trading Symbol	ZBH 22A
Security Exchange Name	NYSE
M 2.425 Notes Due 20261 [Member]
Document And Entity Information [Line Items]
Security 12b Title	2.425% Notes due 2026
Trading Symbol	ZBH 26
Security Exchange Name	NYSE
M 1.164 Notes Due 20272 [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.164% Notes due 2027
Trading Symbol	ZBH 27
Security Exchange Name	NYSE

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