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): April 6, 2018
ZIMMER BIOMET HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
001-16407 |
13-4151777 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
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)) |
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. ☐
As discussed in Zimmer Biomet Holdings, Inc.’s (the “Company,” “we” or “us”) Annual Report on Form 10-K for the year ended December 31, 2017, effective January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) and Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). We are furnishing this Form 8-K under Regulation FD to supplementally present, for informational purposes only, certain previously-reported financial information on an adjusted basis consistent with the new standards. This adjusted financial information is also being made available on our investor relations website. Beginning with the quarter ended March 31, 2018, our financial information will reflect the adoption of these standards, with prior periods adjusted accordingly.
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09. This ASU provides a five-step model for revenue recognition that all industries will apply to recognize revenue when a customer obtains control of a good or service. For us, the principal impact of the standard is the reclassification of certain immaterial costs from selling, general and administrative expense to net sales, which results in a reduction of net sales, but has no impact on operating profit. Under this ASU, entities are permitted to apply the standard and related amendments either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. We elected to adopt this new standard using the retrospective method, which results in us restating prior reporting periods presented.
In March 2017, the FASB issued ASU 2017-07. This ASU requires us to report the service cost component of pensions in the same location as other compensation costs arising from services rendered by the pertinent employees during the period. We are required to report the other components of net benefit costs in Other income (expense) in the statement of earnings. This ASU must be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the statement of earnings and prospectively, on and after January 1, 2018, for the capitalization of the service cost component of net periodic pension cost in assets. Therefore, our prior period operating and non-operating expenses are impacted by offsetting amounts.
The application of the new standards only changes the financial statement line items in which we present certain costs. Accordingly, there has been no change to our reported or adjusted net income.
Exhibit 99.1 to this Current Report on Form 8-K presents, for informational purposes only, supplemental financial information for the years ended December 31, 2017 and 2016, as well as each quarterly period in those years, on an adjusted basis consistent with the new standards. Additional information regarding the impact of the adoption of the new standards and related disclosures will be included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and in subsequent filings that we make with the Securities and Exchange Commission.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for 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 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits. |
|
(d) |
Exhibits |
EXHIBIT INDEX |
||
Exhibit No. |
|
Description |
99.1 |
|
Supplemental Financial Information of Zimmer Biomet Holdings, Inc. |
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.
Dated: April 6, 2018 |
ZIMMER BIOMET HOLDINGS, INC. |
|
|
|
|
|
By: |
/s/ Tony W. Collins |
|
Name: |
Tony W. Collins |
|
Title: |
Vice President, Corporate Controller and |
Media |
Investors |
Monica Kendrick |
Cole Lannum |
(574) 372-4989 |
(574) 371-9480 |
Monica.Kendrick@ZimmerBiomet.com |
Cole.Lannum@ZimmerBiomet.com |
|
Derek Davis (574) 372-4250 Derek.Davis@ZimmerBiomet.com
|
|
Barbara Goslee |
|
(574) 371-9449 |
|
Barb.Goslee@ZimmerBiomet.com |
The following supplemental financial information presents, for informational purposes only, certain previously-reported financial information of Zimmer Biomet Holdings, Inc. (the “Company”), as adjusted to reflect the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) and Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”).
Certain of the previously-reported financial information consisted of reconciliations of financial measures not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) to the most directly comparable GAAP measures. These reconciliations are presented below, updated to utilize the revised GAAP financial measures, which have been adjusted to reflect the adoption of ASU 2014-09 and ASU 2017-07, in the reconciliations. The 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.
Revised gross profit, revised gross margin, revised operating profit (loss) and revised operating profit (loss) margin (in each case, revised to reflect the adoption of ASU 2014-09 and ASU
2017-07) are presented on a GAAP basis and on an adjusted basis. Adjusted revised gross profit and adjusted revised gross margin exclude the effects of inventory step-up, other inventory and manufacturing-related charges and intangible asset amortization. Adjusted revised operating profit and adjusted revised operating profit margin exclude the effects of inventory step-up, other inventory and manufacturing-related charges, intangible asset amortization, goodwill impairment and special items.
Management of the Company uses these non-GAAP financial measures internally to evaluate the performance of the business and believes they are useful measures that provide meaningful supplemental 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 operating results, to perform trend analysis, to better identify operating trends that may otherwise be masked or distorted by these types of items and to provide additional transparency of certain items. In addition, certain of these non-GAAP financial measures are used as performance metrics in the Company's incentive compensation programs.
Certain amounts in the 2016 and 2017 net sales by product categories have been reclassified to conform to the 2018 presentation.
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2016 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,904.0 |
|
|
$ |
(3.2 |
) |
|
$ |
1,900.8 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
640.6 |
|
|
|
- |
|
|
|
640.6 |
|
|
Intangible asset amortization |
|
|
126.6 |
|
|
|
- |
|
|
|
126.6 |
|
|
Research and development |
|
|
85.7 |
|
|
|
- |
|
|
|
85.7 |
|
|
Selling, general and administrative |
|
|
716.9 |
|
|
|
(2.0 |
) |
|
|
714.9 |
|
|
Special items |
|
|
88.7 |
|
|
|
- |
|
|
|
88.7 |
|
|
Operating expenses |
|
|
1,658.5 |
|
|
|
(2.0 |
) |
|
|
1,656.5 |
|
|
Operating Profit |
|
|
245.5 |
|
|
|
(1.2 |
) |
|
|
244.3 |
|
|
Other expense, net |
|
|
(3.8 |
) |
|
|
1.2 |
|
|
|
(2.6 |
) |
|
Interest income |
|
|
1.3 |
|
|
|
- |
|
|
|
1.3 |
|
|
Interest expense |
|
|
(88.2 |
) |
|
|
- |
|
|
|
(88.2 |
) |
|
Earnings before income taxes |
|
|
154.8 |
|
|
|
- |
|
|
|
154.8 |
|
|
Provision for income taxes |
|
|
46.1 |
|
|
|
- |
|
|
|
46.1 |
|
|
Net Earnings |
|
|
108.7 |
|
|
|
- |
|
|
|
108.7 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
108.8 |
|
|
$ |
- |
|
|
$ |
108.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.54 |
|
|
$ |
- |
|
|
$ |
0.54 |
|
|
Diluted |
|
$ |
0.54 |
|
|
$ |
- |
|
|
$ |
0.54 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
200.1 |
|
|
|
- |
|
|
|
200.1 |
|
|
Diluted |
|
|
202.2 |
|
|
|
- |
|
|
|
202.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2016 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,934.0 |
|
|
$ |
(3.9 |
) |
|
$ |
1,930.1 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
640.1 |
|
|
|
- |
|
|
|
640.1 |
|
|
Intangible asset amortization |
|
|
133.8 |
|
|
|
- |
|
|
|
133.8 |
|
|
Research and development |
|
|
88.6 |
|
|
|
- |
|
|
|
88.6 |
|
|
Selling, general and administrative |
|
|
732.0 |
|
|
|
(2.7 |
) |
|
|
729.3 |
|
|
Special items |
|
|
137.9 |
|
|
|
- |
|
|
|
137.9 |
|
|
Operating expenses |
|
|
1,732.4 |
|
|
|
(2.7 |
) |
|
|
1,729.7 |
|
|
Operating Profit |
|
|
201.6 |
|
|
|
(1.2 |
) |
|
|
200.4 |
|
|
Other expense, net |
|
|
(3.8 |
) |
|
|
1.2 |
|
|
|
(2.6 |
) |
|
Interest income |
|
|
0.8 |
|
|
|
- |
|
|
|
0.8 |
|
|
Interest expense |
|
|
(88.1 |
) |
|
|
- |
|
|
|
(88.1 |
) |
|
Earnings before income taxes |
|
|
110.5 |
|
|
|
- |
|
|
|
110.5 |
|
|
Provision for income taxes |
|
|
142.2 |
|
|
|
- |
|
|
|
142.2 |
|
|
Net (Loss) |
|
|
(31.7 |
) |
|
|
- |
|
|
|
(31.7 |
) |
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.4 |
) |
|
|
- |
|
|
|
(0.4 |
) |
|
Net (Loss) of Zimmer Biomet Holdings, Inc. |
|
$ |
(31.3 |
) |
|
$ |
- |
|
|
$ |
(31.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.16 |
) |
|
$ |
- |
|
|
$ |
(0.16 |
) |
|
Diluted |
|
$ |
(0.16 |
) |
|
$ |
- |
|
|
$ |
(0.16 |
) |
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
199.4 |
|
|
|
- |
|
|
|
199.4 |
|
|
Diluted |
|
|
199.4 |
|
|
|
- |
|
|
|
199.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,832.8 |
|
|
$ |
(3.6 |
) |
|
$ |
1,829.2 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
479.3 |
|
|
|
- |
|
|
|
479.3 |
|
|
Intangible asset amortization |
|
|
164.3 |
|
|
|
- |
|
|
|
164.3 |
|
|
Research and development |
|
|
95.6 |
|
|
|
- |
|
|
|
95.6 |
|
|
Selling, general and administrative |
|
|
727.7 |
|
|
|
(2.4 |
) |
|
|
725.3 |
|
|
Special items |
|
|
170.4 |
|
|
|
- |
|
|
|
170.4 |
|
|
Operating expenses |
|
|
1,637.3 |
|
|
|
(2.4 |
) |
|
|
1,634.9 |
|
|
Operating Profit |
|
|
195.5 |
|
|
|
(1.2 |
) |
|
|
194.3 |
|
|
Other (expense)/income, net |
|
|
(1.1 |
) |
|
|
1.2 |
|
|
|
0.1 |
|
|
Interest income |
|
|
0.6 |
|
|
|
- |
|
|
|
0.6 |
|
|
Interest expense |
|
|
(91.5 |
) |
|
|
- |
|
|
|
(91.5 |
) |
|
Earnings before income taxes |
|
|
103.5 |
|
|
|
- |
|
|
|
103.5 |
|
|
Provision for income taxes |
|
|
(54.4 |
) |
|
|
- |
|
|
|
(54.4 |
) |
|
Net Earnings |
|
|
157.9 |
|
|
|
- |
|
|
|
157.9 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.9 |
) |
|
|
- |
|
|
|
(0.9 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
158.8 |
|
|
$ |
- |
|
|
$ |
158.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.79 |
|
|
$ |
- |
|
|
$ |
0.79 |
|
|
Diluted |
|
$ |
0.78 |
|
|
$ |
- |
|
|
$ |
0.78 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
200.1 |
|
|
|
- |
|
|
|
200.1 |
|
|
Diluted |
|
|
202.9 |
|
|
|
- |
|
|
|
202.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
2,013.1 |
|
|
$ |
(4.8 |
) |
|
$ |
2,008.3 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
621.8 |
|
|
|
- |
|
|
|
621.8 |
|
|
Intangible asset amortization |
|
|
141.2 |
|
|
|
- |
|
|
|
141.2 |
|
|
Research and development |
|
|
95.7 |
|
|
|
- |
|
|
|
95.7 |
|
|
Selling, general and administrative |
|
|
756.3 |
|
|
|
(3.6 |
) |
|
|
752.7 |
|
|
Special items |
|
|
214.8 |
|
|
|
- |
|
|
|
214.8 |
|
|
Operating expenses |
|
|
1,829.8 |
|
|
|
(3.6 |
) |
|
|
1,826.2 |
|
|
Operating Profit |
|
|
183.3 |
|
|
|
(1.2 |
) |
|
|
182.1 |
|
|
Other expense, net |
|
|
(62.6 |
) |
|
|
1.2 |
|
|
|
(61.4 |
) |
|
Interest income |
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
|
Interest expense |
|
|
(90.1 |
) |
|
|
- |
|
|
|
(90.1 |
) |
|
Earnings before income taxes |
|
|
30.8 |
|
|
|
- |
|
|
|
30.8 |
|
|
Provision for income taxes |
|
|
(38.9 |
) |
|
|
- |
|
|
|
(38.9 |
) |
|
Net Earnings |
|
|
69.7 |
|
|
|
- |
|
|
|
69.7 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
69.6 |
|
|
$ |
- |
|
|
$ |
69.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
- |
|
|
$ |
0.35 |
|
|
Diluted |
|
$ |
0.34 |
|
|
$ |
- |
|
|
$ |
0.34 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
200.4 |
|
|
|
- |
|
|
|
200.4 |
|
|
Diluted |
|
|
202.5 |
|
|
|
- |
|
|
|
202.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2016 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
7,683.9 |
|
|
$ |
(15.5 |
) |
|
$ |
7,668.4 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
2,381.8 |
|
|
|
- |
|
|
|
2,381.8 |
|
|
Intangible asset amortization |
|
|
565.9 |
|
|
|
- |
|
|
|
565.9 |
|
|
Research and development |
|
|
365.6 |
|
|
|
- |
|
|
|
365.6 |
|
|
Selling, general and administrative |
|
|
2,932.9 |
|
|
|
(10.7 |
) |
|
|
2,922.2 |
|
|
Special items |
|
|
611.8 |
|
|
|
- |
|
|
|
611.8 |
|
|
Operating expenses |
|
|
6,858.0 |
|
|
|
(10.7 |
) |
|
|
6,847.3 |
|
|
Operating Profit |
|
|
825.9 |
|
|
|
(4.8 |
) |
|
|
821.1 |
|
|
Other expense, net |
|
|
(71.3 |
) |
|
|
4.8 |
|
|
|
(66.5 |
) |
|
Interest income |
|
|
2.9 |
|
|
|
- |
|
|
|
2.9 |
|
|
Interest expense |
|
|
(357.9 |
) |
|
|
- |
|
|
|
(357.9 |
) |
|
Earnings before income taxes |
|
|
399.6 |
|
|
|
- |
|
|
|
399.6 |
|
|
Provision for income taxes |
|
|
95.0 |
|
|
|
- |
|
|
|
95.0 |
|
|
Net Earnings |
|
|
304.6 |
|
|
|
- |
|
|
|
304.6 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(1.3 |
) |
|
|
- |
|
|
|
(1.3 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
305.9 |
|
|
$ |
- |
|
|
$ |
305.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.53 |
|
|
$ |
- |
|
|
$ |
1.53 |
|
|
Diluted |
|
$ |
1.51 |
|
|
$ |
- |
|
|
$ |
1.51 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
200.0 |
|
|
|
- |
|
|
|
200.0 |
|
|
Diluted |
|
|
202.4 |
|
|
|
- |
|
|
|
202.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2017 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,977.3 |
|
|
$ |
(4.9 |
) |
|
$ |
1,972.4 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
512.9 |
|
|
|
- |
|
|
|
512.9 |
|
|
Intangible asset amortization |
|
|
152.0 |
|
|
|
- |
|
|
|
152.0 |
|
|
Research and development |
|
|
91.1 |
|
|
|
- |
|
|
|
91.1 |
|
|
Selling, general and administrative |
|
|
760.8 |
|
|
|
(2.6 |
) |
|
|
758.2 |
|
|
Special items |
|
|
110.1 |
|
|
|
- |
|
|
|
110.1 |
|
|
Operating expenses |
|
|
1,626.9 |
|
|
|
(2.6 |
) |
|
|
1,624.3 |
|
|
Operating Profit |
|
|
350.4 |
|
|
|
(2.3 |
) |
|
|
348.1 |
|
|
Other expense, net |
|
|
(2.8 |
) |
|
|
2.3 |
|
|
|
(0.5 |
) |
|
Interest income |
|
|
0.5 |
|
|
|
- |
|
|
|
0.5 |
|
|
Interest expense |
|
|
(82.9 |
) |
|
|
- |
|
|
|
(82.9 |
) |
|
Earnings before income taxes |
|
|
265.2 |
|
|
|
- |
|
|
|
265.2 |
|
|
Provision for income taxes |
|
|
(34.1 |
) |
|
|
- |
|
|
|
(34.1 |
) |
|
Net Earnings |
|
|
299.3 |
|
|
|
- |
|
|
|
299.3 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
299.4 |
|
|
$ |
- |
|
|
$ |
299.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.49 |
|
|
$ |
- |
|
|
$ |
1.49 |
|
|
Diluted |
|
$ |
1.47 |
|
|
$ |
- |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
201.1 |
|
|
|
- |
|
|
|
201.1 |
|
|
Diluted |
|
|
203.1 |
|
|
|
- |
|
|
|
203.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2017 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,954.4 |
|
|
$ |
(4.9 |
) |
|
$ |
1,949.5 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
527.7 |
|
|
|
- |
|
|
|
527.7 |
|
|
Intangible asset amortization |
|
|
147.7 |
|
|
|
- |
|
|
|
147.7 |
|
|
Research and development |
|
|
90.1 |
|
|
|
- |
|
|
|
90.1 |
|
|
Selling, general and administrative |
|
|
748.0 |
|
|
|
(2.7 |
) |
|
|
745.3 |
|
|
Special items |
|
|
158.6 |
|
|
|
- |
|
|
|
158.6 |
|
|
Operating expenses |
|
|
1,672.1 |
|
|
|
(2.7 |
) |
|
|
1,669.4 |
|
|
Operating Profit |
|
|
282.3 |
|
|
|
(2.2 |
) |
|
|
280.1 |
|
|
Other expense, net |
|
|
(3.9 |
) |
|
|
2.2 |
|
|
|
(1.7 |
) |
|
Interest income |
|
|
0.3 |
|
|
|
- |
|
|
|
0.3 |
|
|
Interest expense |
|
|
(82.3 |
) |
|
|
- |
|
|
|
(82.3 |
) |
|
Earnings before income taxes |
|
|
196.4 |
|
|
|
- |
|
|
|
196.4 |
|
|
Provision for income taxes |
|
|
12.3 |
|
|
|
- |
|
|
|
12.3 |
|
|
Net Earnings |
|
|
184.1 |
|
|
|
- |
|
|
|
184.1 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
184.2 |
|
|
$ |
- |
|
|
$ |
184.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.91 |
|
|
$ |
- |
|
|
$ |
0.91 |
|
|
Diluted |
|
$ |
0.90 |
|
|
$ |
- |
|
|
$ |
0.90 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
201.8 |
|
|
|
- |
|
|
|
201.8 |
|
|
Diluted |
|
|
203.7 |
|
|
|
- |
|
|
|
203.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
1,818.1 |
|
|
$ |
(5.0 |
) |
|
$ |
1,813.1 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
500.9 |
|
|
|
- |
|
|
|
500.9 |
|
|
Intangible asset amortization |
|
|
152.7 |
|
|
|
- |
|
|
|
152.7 |
|
|
Research and development |
|
|
91.2 |
|
|
|
- |
|
|
|
91.2 |
|
|
Selling, general and administrative |
|
|
694.5 |
|
|
|
(2.8 |
) |
|
|
691.7 |
|
|
Goodwill impairment |
|
|
32.7 |
|
|
|
- |
|
|
|
32.7 |
|
|
Special items |
|
|
132.7 |
|
|
|
- |
|
|
|
132.7 |
|
|
Operating expenses |
|
|
1,604.7 |
|
|
|
(2.8 |
) |
|
|
1,601.9 |
|
|
Operating Profit |
|
|
213.4 |
|
|
|
(2.2 |
) |
|
|
211.2 |
|
|
Other expense, net |
|
|
(4.5 |
) |
|
|
2.2 |
|
|
|
(2.3 |
) |
|
Interest income |
|
|
0.6 |
|
|
|
- |
|
|
|
0.6 |
|
|
Interest expense |
|
|
(82.3 |
) |
|
|
- |
|
|
|
(82.3 |
) |
|
Earnings before income taxes |
|
|
127.2 |
|
|
|
- |
|
|
|
127.2 |
|
|
Provision for income taxes |
|
|
28.4 |
|
|
|
- |
|
|
|
28.4 |
|
|
Net Earnings |
|
|
98.8 |
|
|
|
- |
|
|
|
98.8 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
98.8 |
|
|
$ |
- |
|
|
$ |
98.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.49 |
|
|
$ |
- |
|
|
$ |
0.49 |
|
|
Diluted |
|
$ |
0.48 |
|
|
$ |
- |
|
|
$ |
0.48 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
202.3 |
|
|
|
- |
|
|
|
202.3 |
|
|
Diluted |
|
|
204.0 |
|
|
|
- |
|
|
|
204.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
2,074.3 |
|
|
$ |
(6.0 |
) |
|
$ |
2,068.3 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
591.4 |
|
|
|
- |
|
|
|
591.4 |
|
|
Intangible asset amortization |
|
|
151.5 |
|
|
|
- |
|
|
|
151.5 |
|
|
Research and development |
|
|
95.0 |
|
|
|
- |
|
|
|
95.0 |
|
|
Selling, general and administrative |
|
|
770.6 |
|
|
|
(3.8 |
) |
|
|
766.8 |
|
|
Goodwill impairment |
|
|
272.0 |
|
|
|
- |
|
|
|
272.0 |
|
|
Special items |
|
|
231.7 |
|
|
|
- |
|
|
|
231.7 |
|
|
Operating expenses |
|
|
2,112.2 |
|
|
|
(3.8 |
) |
|
|
2,108.4 |
|
|
Operating Profit |
|
|
(37.9 |
) |
|
|
(2.2 |
) |
|
|
(40.1 |
) |
|
Other expense, net |
|
|
(7.1 |
) |
|
|
2.2 |
|
|
|
(4.9 |
) |
|
Interest income |
|
|
0.8 |
|
|
|
- |
|
|
|
0.8 |
|
|
Interest expense |
|
|
(80.0 |
) |
|
|
- |
|
|
|
(80.0 |
) |
|
Earnings before income taxes |
|
|
(124.2 |
) |
|
|
- |
|
|
|
(124.2 |
) |
|
Provision for income taxes |
|
|
(1,355.4 |
) |
|
|
- |
|
|
|
(1,355.4 |
) |
|
Net Earnings |
|
|
1,231.2 |
|
|
|
- |
|
|
|
1,231.2 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.2 |
) |
|
|
- |
|
|
|
(0.2 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
1,231.4 |
|
|
$ |
- |
|
|
$ |
1,231.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
6.08 |
|
|
$ |
- |
|
|
$ |
6.08 |
|
|
Diluted |
|
$ |
6.03 |
|
|
$ |
- |
|
|
$ |
6.03 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
202.5 |
|
|
|
- |
|
|
|
202.5 |
|
|
Diluted |
|
|
204.1 |
|
|
|
- |
|
|
|
204.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2017 |
|||||||||||||
(in millions, except per share amounts, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Net Sales |
|
$ |
7,824.1 |
|
|
$ |
(20.8 |
) |
|
$ |
7,803.3 |
|
|
Cost of products sold, excluding intangible asset amortization |
|
|
2,132.9 |
|
|
|
- |
|
|
|
2,132.9 |
|
|
Intangible asset amortization |
|
|
603.9 |
|
|
|
- |
|
|
|
603.9 |
|
|
Research and development |
|
|
367.4 |
|
|
|
- |
|
|
|
367.4 |
|
|
Selling, general and administrative |
|
|
2,973.9 |
|
|
|
(11.9 |
) |
|
|
2,962.0 |
|
|
Goodwill impairment |
|
|
304.7 |
|
|
|
- |
|
|
|
304.7 |
|
|
Special items |
|
|
633.1 |
|
|
|
- |
|
|
|
633.1 |
|
|
Operating expenses |
|
|
7,015.9 |
|
|
|
(11.9 |
) |
|
|
7,004.0 |
|
|
Operating Profit |
|
|
808.2 |
|
|
|
(8.9 |
) |
|
|
799.3 |
|
|
Other expense, net |
|
|
(18.3 |
) |
|
|
8.9 |
|
|
|
(9.4 |
) |
|
Interest income |
|
|
2.2 |
|
|
|
- |
|
|
|
2.2 |
|
|
Interest expense |
|
|
(327.5 |
) |
|
|
- |
|
|
|
(327.5 |
) |
|
Earnings before income taxes |
|
|
464.6 |
|
|
|
- |
|
|
|
464.6 |
|
|
Provision for income taxes |
|
|
(1,348.8 |
) |
|
|
- |
|
|
|
(1,348.8 |
) |
|
Net Earnings |
|
|
1,813.4 |
|
|
|
- |
|
|
|
1,813.4 |
|
|
Less: Net Loss attributable to noncontrolling interest |
|
|
(0.4 |
) |
|
|
- |
|
|
|
(0.4 |
) |
|
Net Earnings of Zimmer Biomet Holdings, Inc. |
|
$ |
1,813.8 |
|
|
$ |
- |
|
|
$ |
1,813.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
8.98 |
|
|
$ |
- |
|
|
$ |
8.98 |
|
|
Diluted |
|
$ |
8.90 |
|
|
$ |
- |
|
|
$ |
8.90 |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
201.9 |
|
|
|
- |
|
|
|
201.9 |
|
|
Diluted |
|
|
203.7 |
|
|
|
- |
|
|
|
203.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassication of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09 and a reclassification of certain components of pension expense from Selling, general and administrative expenses to Other expense, net due to the adoption of ASU 2017-07. |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
NET SALES |
|||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2016 |
|||||||||||||
(in millions, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,177.2 |
|
|
$ |
(3.2 |
) |
|
$ |
1,174.0 |
|
|
EMEA |
|
|
456.3 |
|
|
|
- |
|
|
|
456.3 |
|
|
Asia Pacific |
|
|
270.5 |
|
|
|
- |
|
|
|
270.5 |
|
|
Total |
|
$ |
1,904.0 |
|
|
$ |
(3.2 |
) |
|
$ |
1,900.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
430.2 |
|
|
$ |
(1.1 |
) |
|
$ |
429.1 |
|
|
EMEA |
|
|
174.0 |
|
|
|
- |
|
|
|
174.0 |
|
|
Asia Pacific |
|
|
99.9 |
|
|
|
- |
|
|
|
99.9 |
|
|
Total |
|
|
704.1 |
|
|
|
(1.1 |
) |
|
|
703.0 |
|
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
245.2 |
|
|
$ |
(0.7 |
) |
|
$ |
244.5 |
|
|
EMEA |
|
|
136.7 |
|
|
|
- |
|
|
|
136.7 |
|
|
Asia Pacific |
|
|
85.1 |
|
|
|
- |
|
|
|
85.1 |
|
|
Total |
|
|
467.0 |
|
|
|
(0.7 |
) |
|
|
466.3 |
|
|
S.E.T.(2) |
|
|
401.0 |
|
|
|
(1.1 |
) |
|
|
399.9 |
|
|
Dental |
|
|
108.6 |
|
|
|
- |
|
|
|
108.6 |
|
|
Spine & CMF |
|
|
141.2 |
|
|
|
- |
|
|
|
141.2 |
|
|
Other |
|
|
82.1 |
|
|
|
(0.3 |
) |
|
|
81.8 |
|
|
Total |
|
$ |
1,904.0 |
|
|
$ |
(3.2 |
) |
|
$ |
1,900.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|||||||||||||
NET SALES |
|||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2016 |
|||||||||||||
(in millions, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,181.0 |
|
|
$ |
(3.9 |
) |
|
$ |
1,177.1 |
|
|
EMEA |
|
|
460.9 |
|
|
|
- |
|
|
|
460.9 |
|
|
Asia Pacific |
|
|
292.1 |
|
|
|
- |
|
|
|
292.1 |
|
|
Total |
|
$ |
1,934.0 |
|
|
$ |
(3.9 |
) |
|
$ |
1,930.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
417.9 |
|
|
$ |
(1.1 |
) |
|
$ |
416.8 |
|
|
EMEA |
|
|
168.8 |
|
|
|
- |
|
|
|
168.8 |
|
|
Asia Pacific |
|
|
111.1 |
|
|
|
- |
|
|
|
111.1 |
|
|
Total |
|
|
697.8 |
|
|
|
(1.1 |
) |
|
|
696.7 |
|
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
247.9 |
|
|
$ |
(0.6 |
) |
|
$ |
247.3 |
|
|
EMEA |
|
|
138.7 |
|
|
|
- |
|
|
|
138.7 |
|
|
Asia Pacific |
|
|
89.8 |
|
|
|
- |
|
|
|
89.8 |
|
|
Total |
|
|
476.4 |
|
|
|
(0.6 |
) |
|
|
475.8 |
|
|
S.E.T.(2) |
|
|
412.2 |
|
|
|
(1.4 |
) |
|
|
410.8 |
|
|
Dental |
|
|
118.0 |
|
|
|
- |
|
|
|
118.0 |
|
|
Spine & CMF |
|
|
145.8 |
|
|
|
(0.4 |
) |
|
|
145.4 |
|
|
Other |
|
|
83.8 |
|
|
|
(0.4 |
) |
|
|
83.4 |
|
|
Total |
|
$ |
1,934.0 |
|
|
$ |
(3.9 |
) |
|
$ |
1,930.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,175.9 |
|
|
$ |
(3.6 |
) |
|
$ |
1,172.3 |
|
EMEA |
|
|
368.8 |
|
|
|
- |
|
|
|
368.8 |
|
Asia Pacific |
|
|
288.1 |
|
|
|
- |
|
|
|
288.1 |
|
Total |
|
$ |
1,832.8 |
|
|
$ |
(3.6 |
) |
|
$ |
1,829.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
398.2 |
|
|
$ |
(1.2 |
) |
|
$ |
397.0 |
|
EMEA |
|
|
130.3 |
|
|
|
- |
|
|
|
130.3 |
|
Asia Pacific |
|
|
103.9 |
|
|
|
- |
|
|
|
103.9 |
|
Total |
|
|
632.4 |
|
|
|
(1.2 |
) |
|
|
631.2 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
238.3 |
|
|
$ |
(0.7 |
) |
|
$ |
237.6 |
|
EMEA |
|
|
112.1 |
|
|
|
- |
|
|
|
112.1 |
|
Asia Pacific |
|
|
89.3 |
|
|
|
- |
|
|
|
89.3 |
|
Total |
|
|
439.7 |
|
|
|
(0.7 |
) |
|
|
439.0 |
|
S.E.T.(2) |
|
|
401.8 |
|
|
|
(1.3 |
) |
|
|
400.5 |
|
Dental |
|
|
95.9 |
|
|
|
- |
|
|
|
95.9 |
|
Spine & CMF |
|
|
183.7 |
|
|
|
(0.1 |
) |
|
|
183.6 |
|
Other |
|
|
79.3 |
|
|
|
(0.3 |
) |
|
|
79.0 |
|
Total |
|
$ |
1,832.8 |
|
|
$ |
(3.6 |
) |
|
$ |
1,829.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,268.1 |
|
|
$ |
(4.8 |
) |
|
$ |
1,263.3 |
|
EMEA |
|
|
444.4 |
|
|
|
- |
|
|
|
444.4 |
|
Asia Pacific |
|
|
300.6 |
|
|
|
- |
|
|
|
300.6 |
|
Total |
|
$ |
2,013.1 |
|
|
$ |
(4.8 |
) |
|
$ |
2,008.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
445.1 |
|
|
$ |
(1.5 |
) |
|
$ |
443.6 |
|
EMEA |
|
|
165.0 |
|
|
|
- |
|
|
|
165.0 |
|
Asia Pacific |
|
|
111.7 |
|
|
|
- |
|
|
|
111.7 |
|
Total |
|
|
721.8 |
|
|
|
(1.5 |
) |
|
|
720.3 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
253.3 |
|
|
$ |
(0.6 |
) |
|
$ |
252.7 |
|
EMEA |
|
|
134.6 |
|
|
|
- |
|
|
|
134.6 |
|
Asia Pacific |
|
|
93.4 |
|
|
|
- |
|
|
|
93.4 |
|
Total |
|
|
481.3 |
|
|
|
(0.6 |
) |
|
|
480.7 |
|
S.E.T.(2) |
|
|
429.4 |
|
|
|
(1.5 |
) |
|
|
427.9 |
|
Dental |
|
|
105.4 |
|
|
|
- |
|
|
|
105.4 |
|
Spine & CMF |
|
|
191.3 |
|
|
|
(0.8 |
) |
|
|
190.5 |
|
Other |
|
|
83.9 |
|
|
|
(0.4 |
) |
|
|
83.5 |
|
Total |
|
$ |
2,013.1 |
|
|
$ |
(4.8 |
) |
|
$ |
2,008.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2016 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
4,802.2 |
|
|
$ |
(15.5 |
) |
|
$ |
4,786.7 |
|
EMEA |
|
|
1,730.4 |
|
|
|
- |
|
|
|
1,730.4 |
|
Asia Pacific |
|
|
1,151.3 |
|
|
|
- |
|
|
|
1,151.3 |
|
Total |
|
$ |
7,683.9 |
|
|
$ |
(15.5 |
) |
|
$ |
7,668.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,691.4 |
|
|
$ |
(4.9 |
) |
|
$ |
1,686.5 |
|
EMEA |
|
|
638.1 |
|
|
|
- |
|
|
|
638.1 |
|
Asia Pacific |
|
|
426.6 |
|
|
|
- |
|
|
|
426.6 |
|
Total |
|
|
2,756.1 |
|
|
|
(4.9 |
) |
|
|
2,751.2 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
984.7 |
|
|
$ |
(2.6 |
) |
|
$ |
982.1 |
|
EMEA |
|
|
522.1 |
|
|
|
- |
|
|
|
522.1 |
|
Asia Pacific |
|
|
357.6 |
|
|
|
- |
|
|
|
357.6 |
|
Total |
|
|
1,864.4 |
|
|
|
(2.6 |
) |
|
|
1,861.8 |
|
S.E.T.(2) |
|
|
1,644.4 |
|
|
|
(5.3 |
) |
|
|
1,639.1 |
|
Dental |
|
|
427.9 |
|
|
|
- |
|
|
|
427.9 |
|
Spine & CMF |
|
|
662.0 |
|
|
|
(1.3 |
) |
|
|
660.7 |
|
Other |
|
|
329.1 |
|
|
|
(1.4 |
) |
|
|
327.7 |
|
Total |
|
$ |
7,683.9 |
|
|
$ |
(15.5 |
) |
|
$ |
7,668.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2017 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,234.8 |
|
|
$ |
(4.9 |
) |
|
$ |
1,229.9 |
|
EMEA |
|
|
453.2 |
|
|
|
- |
|
|
|
453.2 |
|
Asia Pacific |
|
|
289.3 |
|
|
|
- |
|
|
|
289.3 |
|
Total |
|
$ |
1,977.3 |
|
|
$ |
(4.9 |
) |
|
$ |
1,972.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
429.9 |
|
|
$ |
(1.9 |
) |
|
$ |
428.0 |
|
EMEA |
|
|
167.9 |
|
|
|
- |
|
|
|
167.9 |
|
Asia Pacific |
|
|
104.9 |
|
|
|
- |
|
|
|
104.9 |
|
Total |
|
|
702.7 |
|
|
|
(1.9 |
) |
|
|
700.8 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
245.5 |
|
|
$ |
(1.0 |
) |
|
$ |
244.5 |
|
EMEA |
|
|
136.2 |
|
|
|
- |
|
|
|
136.2 |
|
Asia Pacific |
|
|
93.1 |
|
|
|
- |
|
|
|
93.1 |
|
Total |
|
|
474.8 |
|
|
|
(1.0 |
) |
|
|
473.8 |
|
S.E.T.(2) |
|
|
425.1 |
|
|
|
(1.6 |
) |
|
|
423.5 |
|
Dental |
|
|
107.8 |
|
|
|
- |
|
|
|
107.8 |
|
Spine & CMF |
|
|
186.3 |
|
|
|
- |
|
|
|
186.3 |
|
Other |
|
|
80.6 |
|
|
|
(0.4 |
) |
|
|
80.2 |
|
Total |
|
$ |
1,977.3 |
|
|
$ |
(4.9 |
) |
|
$ |
1,972.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2017 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,208.8 |
|
|
$ |
(4.9 |
) |
|
$ |
1,203.9 |
|
EMEA |
|
|
438.2 |
|
|
|
- |
|
|
|
438.2 |
|
Asia Pacific |
|
|
307.4 |
|
|
|
- |
|
|
|
307.4 |
|
Total |
|
$ |
1,954.4 |
|
|
$ |
(4.9 |
) |
|
$ |
1,949.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
406.8 |
|
|
$ |
(1.4 |
) |
|
$ |
405.4 |
|
EMEA |
|
|
159.8 |
|
|
|
- |
|
|
|
159.8 |
|
Asia Pacific |
|
|
114.8 |
|
|
|
- |
|
|
|
114.8 |
|
Total |
|
|
681.4 |
|
|
|
(1.4 |
) |
|
|
680.0 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
244.2 |
|
|
$ |
(0.8 |
) |
|
$ |
243.4 |
|
EMEA |
|
|
130.7 |
|
|
|
- |
|
|
|
130.7 |
|
Asia Pacific |
|
|
93.9 |
|
|
|
- |
|
|
|
93.9 |
|
Total |
|
|
468.8 |
|
|
|
(0.8 |
) |
|
|
468.0 |
|
S.E.T.(2) |
|
|
422.8 |
|
|
|
(1.7 |
) |
|
|
421.1 |
|
Dental |
|
|
110.4 |
|
|
|
- |
|
|
|
110.4 |
|
Spine & CMF |
|
|
194.0 |
|
|
|
(0.7 |
) |
|
|
193.3 |
|
Other |
|
|
77.0 |
|
|
|
(0.3 |
) |
|
|
76.7 |
|
Total |
|
$ |
1,954.4 |
|
|
$ |
(4.9 |
) |
|
$ |
1,949.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,142.0 |
|
|
$ |
(5.0 |
) |
|
$ |
1,137.0 |
|
EMEA |
|
|
381.1 |
|
|
|
- |
|
|
|
381.1 |
|
Asia Pacific |
|
|
295.0 |
|
|
|
- |
|
|
|
295.0 |
|
Total |
|
$ |
1,818.1 |
|
|
$ |
(5.0 |
) |
|
$ |
1,813.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
383.2 |
|
|
$ |
(1.7 |
) |
|
$ |
381.5 |
|
EMEA |
|
|
135.1 |
|
|
|
- |
|
|
|
135.1 |
|
Asia Pacific |
|
|
106.3 |
|
|
|
- |
|
|
|
106.3 |
|
Total |
|
|
624.6 |
|
|
|
(1.7 |
) |
|
|
622.9 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
227.4 |
|
|
$ |
(0.8 |
) |
|
$ |
226.6 |
|
EMEA |
|
|
115.1 |
|
|
|
- |
|
|
|
115.1 |
|
Asia Pacific |
|
|
91.1 |
|
|
|
- |
|
|
|
91.1 |
|
Total |
|
|
433.6 |
|
|
|
(0.8 |
) |
|
|
432.8 |
|
S.E.T.(2) |
|
|
406.6 |
|
|
|
(1.8 |
) |
|
|
404.8 |
|
Dental |
|
|
92.9 |
|
|
|
- |
|
|
|
92.9 |
|
Spine & CMF |
|
|
184.9 |
|
|
|
(0.4 |
) |
|
|
184.5 |
|
Other |
|
|
75.5 |
|
|
|
(0.3 |
) |
|
|
75.2 |
|
Total |
|
$ |
1,818.1 |
|
|
$ |
(5.0 |
) |
|
$ |
1,813.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,280.0 |
|
|
$ |
(6.0 |
) |
|
$ |
1,274.0 |
|
EMEA |
|
|
472.7 |
|
|
|
- |
|
|
|
472.7 |
|
Asia Pacific |
|
|
321.6 |
|
|
|
- |
|
|
|
321.6 |
|
Total |
|
$ |
2,074.3 |
|
|
$ |
(6.0 |
) |
|
$ |
2,068.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
443.4 |
|
|
$ |
(1.8 |
) |
|
$ |
441.6 |
|
EMEA |
|
|
181.6 |
|
|
|
- |
|
|
|
181.6 |
|
Asia Pacific |
|
|
107.1 |
|
|
|
- |
|
|
|
107.1 |
|
Total |
|
|
732.1 |
|
|
|
(1.8 |
) |
|
|
730.3 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
255.4 |
|
|
$ |
(1.0 |
) |
|
$ |
254.4 |
|
EMEA |
|
|
136.4 |
|
|
|
- |
|
|
|
136.4 |
|
Asia Pacific |
|
|
106.4 |
|
|
|
- |
|
|
|
106.4 |
|
Total |
|
|
498.2 |
|
|
|
(1.0 |
) |
|
|
497.2 |
|
S.E.T.(2) |
|
|
454.6 |
|
|
|
(2.2 |
) |
|
|
452.4 |
|
Dental |
|
|
107.5 |
|
|
|
- |
|
|
|
107.5 |
|
Spine & CMF |
|
|
194.3 |
|
|
|
(0.5 |
) |
|
|
193.8 |
|
Other |
|
|
87.6 |
|
|
|
(0.5 |
) |
|
|
87.1 |
|
Total |
|
$ |
2,074.3 |
|
|
$ |
(6.0 |
) |
|
$ |
2,068.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||
NET SALES |
|
|||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2017 |
|
|||||||||||
(in millions, unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Originally Reported |
|
|
Adjustments (1) |
|
|
As Adjusted |
|
|||
Geographic Results |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
4,865.6 |
|
|
$ |
(20.8 |
) |
|
$ |
4,844.8 |
|
EMEA |
|
|
1,745.2 |
|
|
|
- |
|
|
|
1,745.2 |
|
Asia Pacific |
|
|
1,213.3 |
|
|
|
- |
|
|
|
1,213.3 |
|
Total |
|
$ |
7,824.1 |
|
|
$ |
(20.8 |
) |
|
$ |
7,803.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Categories |
|
|
|
|
|
|
|
|
|
|
|
|
Knees |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,663.3 |
|
|
$ |
(6.8 |
) |
|
$ |
1,656.5 |
|
EMEA |
|
|
644.4 |
|
|
|
- |
|
|
|
644.4 |
|
Asia Pacific |
|
|
433.1 |
|
|
|
- |
|
|
|
433.1 |
|
Total |
|
|
2,740.8 |
|
|
|
(6.8 |
) |
|
|
2,734.0 |
|
Hips |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
972.5 |
|
|
$ |
(3.6 |
) |
|
$ |
968.9 |
|
EMEA |
|
|
518.4 |
|
|
|
- |
|
|
|
518.4 |
|
Asia Pacific |
|
|
384.5 |
|
|
|
- |
|
|
|
384.5 |
|
Total |
|
|
1,875.4 |
|
|
|
(3.6 |
) |
|
|
1,871.8 |
|
S.E.T.(2) |
|
|
1,709.1 |
|
|
|
(7.3 |
) |
|
|
1,701.8 |
|
Dental |
|
|
418.6 |
|
|
|
- |
|
|
|
418.6 |
|
Spine & CMF |
|
|
759.5 |
|
|
|
(1.6 |
) |
|
|
757.9 |
|
Other |
|
|
320.7 |
|
|
|
(1.5 |
) |
|
|
319.2 |
|
Total |
|
$ |
7,824.1 |
|
|
$ |
(20.8 |
) |
|
$ |
7,803.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New accounting standard adjustments include a reclassification of certain costs from Selling, general and administrative expenses to Net Sales due to the adoption of ASU 2014-09. |
|
|||||||||||
(2) Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma |
|
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||||||||||
Reconciliation of Revised Gross Profit & Margin to Adjusted Gross Profit & Margin |
|
|||||||||||||||||||
For the Quarterly and Full Year Periods in Calendar Year Ended December 31, 2017 |
|
|||||||||||||||||||
(in millions, unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||
|
|
March 31, 2017 |
|
|
June 30, 2017 |
|
|
September 30, 2017 |
|
|
December 31, 2017 |
|
|
December 31, 2017 |
|
|||||
Revised(1) Net Sales |
|
$ |
1,972.4 |
|
|
$ |
1,949.5 |
|
|
$ |
1,813.1 |
|
|
$ |
2,068.3 |
|
|
$ |
7,803.3 |
|
Cost of products sold, excluding intangible asset amortization |
|
|
512.9 |
|
|
|
527.7 |
|
|
|
500.9 |
|
|
|
591.4 |
|
|
|
2,132.9 |
|
Intangible asset amortization |
|
|
152.0 |
|
|
|
147.7 |
|
|
|
152.7 |
|
|
|
151.5 |
|
|
|
603.9 |
|
Revised(1) Gross profit |
|
$ |
1,307.5 |
|
|
$ |
1,274.1 |
|
|
$ |
1,159.5 |
|
|
$ |
1,325.4 |
|
|
$ |
5,066.5 |
|
Inventory step-up and other inventory and manufacturing related charges |
|
|
23.2 |
|
|
|
24.9 |
|
|
|
10.4 |
|
|
|
26.1 |
|
|
|
84.6 |
|
Intangible asset amortization |
|
|
152.0 |
|
|
|
147.7 |
|
|
|
152.7 |
|
|
|
151.5 |
|
|
|
603.9 |
|
Adjusted gross profit |
|
$ |
1,482.7 |
|
|
$ |
1,446.7 |
|
|
$ |
1,322.6 |
|
|
$ |
1,503.0 |
|
|
$ |
5,755.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised(1) Gross margin |
|
|
66.3 |
% |
|
|
65.4 |
% |
|
|
64.0 |
% |
|
|
64.1 |
% |
|
|
64.9 |
% |
Inventory step-up and other inventory and manufacturing related charges |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
|
1.2 |
|
Intangible asset amortization |
|
|
7.7 |
|
|
|
7.6 |
|
|
|
8.4 |
|
|
|
7.3 |
|
|
|
7.7 |
|
Adjusted gross margin |
|
|
75.2 |
% |
|
|
74.2 |
% |
|
|
72.9 |
% |
|
|
72.7 |
% |
|
|
73.8 |
% |
(1) Revisions resulting from adoption of ASU 2014-09
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||||||||||
Reconciliation of Revised Gross Profit & Margin to Adjusted Gross Profit & Margin |
|
|||||||||||||||||||
For the Quarterly and Full Year Periods in Calendar Year Ended December 31, 2016 |
|
|||||||||||||||||||
(in millions, unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||
|
|
March 31, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2016 |
|
|
December 31, 2016 |
|
|
December 31, 2016 |
|
|||||
Revised(1) Net Sales |
|
$ |
1,900.8 |
|
|
$ |
1,930.1 |
|
|
$ |
1,829.2 |
|
|
$ |
2,008.3 |
|
|
$ |
7,668.4 |
|
Cost of products sold, excluding intangible asset amortization |
|
|
640.6 |
|
|
|
640.1 |
|
|
|
479.3 |
|
|
|
621.8 |
|
|
|
2,381.8 |
|
Intangible asset amortization |
|
|
126.6 |
|
|
|
133.8 |
|
|
|
164.3 |
|
|
|
141.2 |
|
|
|
565.9 |
|
Revised(1) Gross profit |
|
$ |
1,133.6 |
|
|
$ |
1,156.2 |
|
|
$ |
1,185.6 |
|
|
$ |
1,245.3 |
|
|
$ |
4,720.7 |
|
Inventory step-up and other inventory and manufacturing related charges |
|
|
178.3 |
|
|
|
156.6 |
|
|
|
22.8 |
|
|
|
111.4 |
|
|
|
469.1 |
|
Intangible asset amortization |
|
|
126.6 |
|
|
|
133.8 |
|
|
|
164.3 |
|
|
|
141.2 |
|
|
|
565.9 |
|
Adjusted gross profit |
|
$ |
1,438.5 |
|
|
$ |
1,446.6 |
|
|
$ |
1,372.7 |
|
|
$ |
1,497.9 |
|
|
$ |
5,755.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised(1) Gross margin |
|
|
59.6 |
% |
|
|
59.9 |
% |
|
|
64.8 |
% |
|
|
62.0 |
% |
|
|
61.6 |
% |
Inventory step-up and other inventory and manufacturing related charges |
|
|
9.4 |
|
|
|
8.1 |
|
|
|
1.2 |
|
|
|
5.6 |
|
|
|
6.1 |
|
Intangible asset amortization |
|
|
6.7 |
|
|
|
6.9 |
|
|
|
9.0 |
|
|
|
7.0 |
|
|
|
7.4 |
|
Adjusted gross margin |
|
|
75.7 |
% |
|
|
74.9 |
% |
|
|
75.0 |
% |
|
|
74.6 |
% |
|
|
75.1 |
% |
(1) Revisions resulting from adoption of ASU 2014-09
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||||||||||
Reconciliation of Revised Operating Profit (Loss) & Margin to Adjusted Operating Profit & Margin |
|
|||||||||||||||||||
For the Quarterly and Full Year Periods in Calendar Year Ended December 31, 2017 |
|
|||||||||||||||||||
(in millions, unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||
|
|
March 31, 2017 |
|
|
June 30, 2017 |
|
|
September 30, 2017 |
|
|
December 31, 2017 |
|
|
December 31, 2017 |
|
|||||
Revised(1) Operating profit (loss) |
|
$ |
348.1 |
|
|
$ |
280.1 |
|
|
$ |
211.2 |
|
|
$ |
(40.1 |
) |
|
$ |
799.3 |
|
Inventory step-up and other inventory and manufacturing related charges |
|
|
23.2 |
|
|
|
24.9 |
|
|
|
10.4 |
|
|
|
26.1 |
|
|
|
84.6 |
|
Intangible asset amortization |
|
|
152.0 |
|
|
|
147.7 |
|
|
|
152.7 |
|
|
|
151.5 |
|
|
|
603.9 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
32.7 |
|
|
|
272.0 |
|
|
|
304.7 |
|
Special items |
|
|
110.1 |
|
|
|
158.6 |
|
|
|
132.7 |
|
|
|
231.7 |
|
|
|
633.1 |
|
Adjusted operating profit |
|
$ |
633.4 |
|
|
$ |
611.3 |
|
|
$ |
539.7 |
|
|
$ |
641.2 |
|
|
$ |
2,425.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised(1) Operating profit (loss) margin |
|
|
17.7 |
% |
|
|
14.4 |
% |
|
|
11.7 |
% |
|
|
(1.9 |
)% |
|
|
10.2 |
% |
Inventory step-up and other inventory and manufacturing related charges |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
|
1.2 |
|
Intangible asset amortization |
|
|
7.7 |
|
|
|
7.6 |
|
|
|
8.4 |
|
|
|
7.3 |
|
|
|
7.7 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
1.8 |
|
|
|
13.2 |
|
|
|
3.9 |
|
Special items |
|
|
5.5 |
|
|
|
8.2 |
|
|
|
7.4 |
|
|
|
11.1 |
|
|
|
8.1 |
|
Adjusted operating profit margin |
|
|
32.1 |
% |
|
|
31.4 |
% |
|
|
29.8 |
% |
|
|
31.0 |
% |
|
|
31.1 |
% |
(1) Revisions resulting from adoption of ASU 2014-09 and ASU 2017-07
ZIMMER BIOMET HOLDINGS, INC. |
|
|||||||||||||||||||
Reconciliation of Operating Profit & Margin to Adjusted Operating Profit & Margin |
|
|||||||||||||||||||
For the Quarterly and Full Year Periods in Calendar Year Ended December 31, 2016 |
|
|||||||||||||||||||
(in millions, unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||
|
|
March 31, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2016 |
|
|
December 31, 2016 |
|
|
December 31, 2016 |
|
|||||
Revised(1) Operating profit |
|
$ |
244.3 |
|
|
$ |
200.4 |
|
|
$ |
194.3 |
|
|
$ |
182.1 |
|
|
$ |
821.1 |
|
Inventory step-up and other inventory and manufacturing related charges |
|
|
178.3 |
|
|
|
156.6 |
|
|
|
22.8 |
|
|
|
111.4 |
|
|
|
469.1 |
|
Intangible asset amortization |
|
|
126.6 |
|
|
|
133.8 |
|
|
|
164.3 |
|
|
|
141.2 |
|
|
|
565.9 |
|
Special items |
|
|
88.7 |
|
|
|
137.9 |
|
|
|
170.4 |
|
|
|
214.8 |
|
|
|
611.8 |
|
Adjusted operating profit |
|
$ |
637.9 |
|
|
$ |
628.7 |
|
|
$ |
551.8 |
|
|
$ |
649.5 |
|
|
$ |
2,467.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised(1) Operating profit margin |
|
|
12.9 |
% |
|
|
10.4 |
% |
|
|
10.6 |
% |
|
|
9.1 |
% |
|
|
10.7 |
% |
Inventory step-up and other inventory and manufacturing related charges |
|
|
9.4 |
|
|
|
8.1 |
|
|
|
1.2 |
|
|
|
5.6 |
|
|
|
6.1 |
|
Intangible asset amortization |
|
|
6.7 |
|
|
|
6.9 |
|
|
|
9.0 |
|
|
|
7.0 |
|
|
|
7.4 |
|
Special items |
|
|
4.6 |
|
|
|
7.2 |
|
|
|
9.4 |
|
|
|
10.6 |
|
|
|
8.0 |
|
Adjusted operating profit margin |
|
|
33.6 |
% |
|
|
32.6 |
% |
|
|
30.2 |
% |
|
|
32.3 |
% |
|
|
32.2 |
% |
(1) Revisions resulting from adoption of ASU 2014-09 and ASU 2017-07