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Knees Boost Zimmer Biomet; Turnaround Continues, But FDA Woes Linger

 
• By Phil Greenfield

Zimmer Biomet reported Q4 results that reflected solid progress in the company’s turnaround efforts, with knees leading the charge. But the company is making slower-than-expected progress resolving FDA warning letter issues and faces a new bribery lawsuit in Mexico.

Milan, Italy - November 1, 2017: Zimmer Biomet Holdings logo on the website homepage. - Image
• Source: Shutterstock

Fourth-quarter 2019 revenue at Zimmer Biomet Holdings Inc. rose 2.6% over the prior year period (3.2% in constant currency) to $2.13bn, fueled by a strengthening knee business, which accounted for around 35% of the $761m total knee revenue. Growth in full-year sales was 0.6% (2.2% in constant currency), to $7.98bn and was higher than the company's expectations at the beginning of 2019, where it predicted growth between -0.5% and 0.5%. But it was still below a relatively weak 1.7% reported growth in 2018.

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