WARSAW, Ind., Jan. 10, 2017 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today announced preliminary financial results for the fourth quarter and full year ended December 31, 2016.
Based on preliminary unaudited financial information, the Company expects fourth quarter net sales to be approximately $2.013 billion, an increase of 4.1% over the prior year period. On an adjusted, constant currency basis, revenue increased by 4.4% over the prior year period, with the recently acquired LDR Holding Corporation contributing approximately 230 basis points. Excluding the contribution from the LDR transaction and adjusting for one less billing day in the quarter, the Company estimates that revenues increased 3.5% over the fourth quarter of 2015. Previously, the Company had estimated fourth quarter revenue growth to be in a range of 1.0% to 2.0% on a similar basis.
Preliminary full year net sales are projected to be $7.684 billion, an increase of 28.1% over the prior year. On a constant currency, adjusted pro forma basis, the Company expects that full year revenue increased by 3.4% over the prior year, with the recently acquired LDR Holding Corporation contributing approximately 110 basis points. Therefore, full year revenues increased by 2.3% on a constant currency, adjusted pro forma basis, excluding the contribution from the LDR transaction. Previously, the Company had estimated full year revenue growth to be in a range of 1.65% to 1.90% on a similar basis.
The Company is unable to provide updated GAAP (reported) guidance for full-year 2016 diluted earnings per share, without unreasonable efforts, as the Company is finalizing the accounting for certain integration-related items that are excluded from the computation of adjusted diluted earnings per share. The Company now expects full year 2016 adjusted diluted earnings per share to be towards the upper end of the previously estimated range of $7.90 to $7.95.
"Zimmer Biomet's solid fourth quarter sales performance was driven by improved results in joint reconstruction and the continued strong momentum of our S.E.T. category and the Asia Pacific region," said David Dvorak, President and CEO of Zimmer Biomet. "During the quarter, our commercial and operations teams around the world worked tirelessly to meet existing customer demand, as we continued to make progress towards harmonizing and optimizing our supply chain, manufacturing, and quality management systems. We look forward to sharing further highlights on our performance during our fourth quarter earnings call on January 31st."
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