WARSAW, Ind., July 28, 2016 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended June 30, 2016. The Company reported second quarter net sales of $1.93 billion, an increase of 65.6% and an increase of 4.5% on an adjusted pro forma, constant currency basis, compared to the second quarter of 2015. Diluted net loss per share for the quarter was $(0.16), compared to a net loss per share of $(1.00) for the prior year period, and adjusted diluted earnings per share for the quarter were $2.02, an increase of 27.8% adjusted over the prior year period.
"In the second quarter, Zimmer Biomet accelerated revenue growth above the top end of our expectations, highlighted by the results of our S.E.T. category and our ongoing strength in the Asia Pacific region," said David Dvorak, President and CEO of Zimmer Biomet. "Our top line performance, coupled with the ongoing capture of operational synergies, supported investments into strategic growth drivers, while delivering adjusted earnings per share above our guidance range. We will continue to execute on commercial opportunities across our broad portfolio in the second half of the year, as well as expand our clinical offerings with differentiated new technologies, services and solutions."
Net loss for the second quarter was $(31.3) million, an increase from a net loss of $(173.6) million from the prior year period. On an adjusted basis, net earnings increased 47.0% over the prior year period, to $407.1 million. Operating cash flow for the second quarter was $379.6 million.
In the quarter, the Company paid $47.8 million in dividends and declared a second quarter dividend of $0.24 per share. The Company also repaid $100.0 million on its outstanding term loan during the quarter.
Guidance
The Company updated its full-year 2016 constant currency revenue and adjusted earnings per share guidance. The Company now estimates full-year revenue to be in a range of $7.680 billion to $7.715 billion, or an increase of approximately 28% and 3.00% to 3.50% on an adjusted pro forma basis, in each case, as compared to the prior year. The adjusted pro forma revenue guidance range is inclusive of approximately 100 basis points of contribution related to the LDR Spine transaction. The Company also now expects foreign currency translation to decrease revenues in the full-year 2016 by approximately 0.50%, compared to its previous estimate of 1.0%. Organic revenue growth, on a constant currency adjusted pro forma basis, is now expected to be in a range of 2.5% to 3.0%. Previously, the Company estimated full-year revenue growth to be in a range of 2.0% to 3.0% on a similar basis.
Additionally, the Company now expects its full-year 2016 diluted earnings per share to be in a range of $1.50 to $1.75 and $7.90 to $8.00 on an adjusted basis.
To read full press release, please click here.
