Zimmer Holdings, Inc. Reports Second Quarter 2008 Financial Results
[2008-7-29]
Tag : surgical dental instruments
Zimmer Holdings, Inc. ( ZMH ; SWX: ZMH) today reported financial results for the quarter ended June 30, 2008 . The Company reported second quarter net sales of $1.08 billion , an increase of 11% reported and 5% constant currency over thesecond quarter of 2007. Diluted earnings per share for the quarterwere $0.99 reported and $1.03 adjusted, an increase of 5% adjusted over the prior year period.
"During the quarter, our worldwide knee sales grew by 10% constantcurrency as we continue to expand our industry-leading kneebusiness by offering surgeons a comprehensive portfolio of provendesigns and innovative new treatment options," said David Dvorak , Zimmer President and CEO. "We are making substantial progress onour operating and infrastructure initiatives, in a manner designedto position Zimmer for sustainable growth in an expanding healthcare market. We have also been executing plans under our enhancedcompliance model, including holding numerous productive meetingswith surgeons to discuss how we will continue to collaborate toimprove patient care."
The Company resumed Zimmer Institute training activities, whichwill support the ongoing launches of several key products,including the Zimmer(R) NexGen(R) LPS-Flex Mobile Knee, the GenderSolutions(TM) Natural-Knee(R) Flex and the Gender Solutions(TM)Patello-Femoral Joint System in knees. Hip products include theVerSys(R) M/L Taper Hip with Kinectiv(TM) Technology and theFitmore(TM) Hip stem. Absent any unforeseen events, the Companyanticipates FDA clearance to market the EPOCH(R) Gender SolutionsHip during the second half of the year.
During the quarter, the Company utilized $276 million of cash and $220 million in borrowings to acquire 6.9 million shares. The Company completedits $1 billion stock repurchase program, which was scheduled to expire on December 31, 2008 , and initiated the $1.25 billion repurchase program announced earlier in the year. Since its firstrepurchase program in 2006, Zimmer has used nearly $2 billion in internally generated funds to acquire more than 10% of itsshares that were outstanding as of the end of 2005.
Sales Tables
Zimmer Holdings, Inc. ( ZMH ; SWX: ZMH) today reported financial results for the quarter ended June 30, 2008 . The Company reported second quarter net sales of $1.08 billion , an increase of 11% reported and 5% constant currency over thesecond quarter of 2007. Diluted earnings per share for the quarterwere $0.99 reported and $1.03 adjusted, an increase of 5% adjusted over the prior year period.
"During the quarter, our worldwide knee sales grew by 10% constantcurrency as we continue to expand our industry-leading kneebusiness by offering surgeons a comprehensive portfolio of provendesigns and innovative new treatment options," said David Dvorak , Zimmer President and CEO. "We are making substantial progress onour operating and infrastructure initiatives, in a manner designedto position Zimmer for sustainable growth in an expanding healthcare market. We have also been executing plans under our enhancedcompliance model, including holding numerous productive meetingswith surgeons to discuss how we will continue to collaborate toimprove patient care."
The Company resumed Zimmer Institute training activities, whichwill support the ongoing launches of several key products,including the Zimmer(R) NexGen(R) LPS-Flex Mobile Knee, the GenderSolutions(TM) Natural-Knee(R) Flex and the Gender Solutions(TM)Patello-Femoral Joint System in knees. Hip products include theVerSys(R) M/L Taper Hip with Kinectiv(TM) Technology and theFitmore(TM) Hip stem. Absent any unforeseen events, the Companyanticipates FDA clearance to market the EPOCH(R) Gender SolutionsHip during the second half of the year.
During the quarter, the Company utilized $276 million of cash and $220 million in borrowings to acquire 6.9 million shares. The Company completedits $1 billion stock repurchase program, which was scheduled to expire on December 31, 2008 , and initiated the $1.25 billion repurchase program announced earlier in the year. Since its firstrepurchase program in 2006, Zimmer has used nearly $2 billion in internally generated funds to acquire more than 10% of itsshares that were outstanding as of the end of 2005.
Sales Tables
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