WARSAW, Ind., Jan. 31, 2017 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the fourth quarter and full year ended December 31, 2016. The Company reported fourth quarter net sales of $2.013 billion, an increase of 4.1% over the prior year period, and an increase of 4.4% on an adjusted constant currency basis. Excluding approximately 230 basis points of contribution from the LDR Holding Corporation transaction and adjusting for one less billing day in the quarter, revenues increased by 3.5% over the fourth quarter of 2015. Diluted earnings per share for the quarter were $0.33 reported, a decrease of 46.8% from the prior year period, and $2.14 adjusted, an increase of 2.4% adjusted over the prior year period.
Full-year 2016 net sales were $7.684 billion, an increase of 28.1% over the prior year, and an increase of 3.4% on a constant currency, adjusted pro forma basis. Full-year revenues increased by 2.3% on a constant currency, adjusted pro forma basis, excluding approximately 110 basis points of contribution from the LDR transaction. Diluted earnings per share for the year were $1.50 reported, an increase of 94.8% over the prior year, and $7.96 adjusted, an increase of 15.4% over the prior year.
“Zimmer Biomet delivered solid revenue growth in the fourth quarter. Our performance was driven, in part, by the reacceleration of our Knee and Hip businesses, as well as the ongoing strength of our S.E.T. category and Asia Pacific region,” said David Dvorak, President and CEO of Zimmer Biomet. “As we reflect on the completion of our first full year as a combined company, our achievements have further strengthened our confidence in the unique value-creation opportunity we offer in the dynamic global healthcare environment. We will continue to drive growth across our broad musculoskeletal portfolio in 2017, as we remain focused on delivering against our net synergy commitments and making ongoing progress towards optimizing and harmonizing our supply chain, and manufacturing and quality systems.”
Net earnings for the fourth quarter were $66.6 million, a decrease of 47.5% from the prior year period, and $434.1 million on an adjusted basis, an increase of 1.3% over the prior year period. Operating cash flow for the fourth quarter was $627 million.
Net earnings for full-year 2016 were $302.9 million, an increase of 106.1% over the prior year, and $1.611 billion on an adjusted basis, an increase of 22.9% over the prior year.
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