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Press Release: Zimmer Biomet Announces Fourth -5-

· 02/05/2021 06:30
Litigation(7) - - - (17.0) - - - 3.1 13.9 0.07 European Union Medical Device Regulation(8) - - (12.8) - - - - 13.7 (0.9) - Other charges(9) - - (1.5) (35.9) - - - 8.4 29.0 0.14 Impacts of Swiss tax reform(10) - - - - - - - 51.2 (51.2) (0.25) Other certain tax adjustments(11) - - - - - - - 1.1 (1.1) (0.01) As Adjusted $572.3 $- $106.8 $829.3 $- $- $- $90.9 $478.1 $2.30 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF REPORTED TO ADJUSTED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2020 and 2019 (in millions, except per share amounts, unaudited) FOR THE YEAR ENDED DECEMBER 31, 2020 Cost of Net products (Loss) sold, Goodwill Earnings Diluted excluding and Restructuring Other Benefit of Zimmer (loss) intangible Intangible Selling, intangible and other cost Acquisition, income for Biomet earnings asset asset Research and general and asset reduction Quality integration (expense), income Holdings, per common amortization amortization development administrative impairment initiatives remediation and related net taxes Inc. share As Reported $2,128.3 $597.6 $372.0 $3,177.8 $645.0 $116.9 $50.9 $23.8 $25.4 $(137.0) $(138.9) $(0.67) Inventory and manufacturing-related charges(1) (54.2) - - - - - - - - 36.3 17.9 0.09 Intangible asset amortization(2) - (597.6) - - - - - - - 116.0 481.6 2.33 Goodwill and intangible asset impairment(3) - - - - (645.0) - - - - 5.7 639.3 3.09 Restructuring and other cost reduction initiatives(4) - - - - - (116.9) - - - 28.5 88.4 0.43 Quality remediation(5) 1.1 - - - - - (50.9) - - 11.9 37.9 0.18 Acquisition, integration and related(6) - - - - - - - (23.8) - 5.4 18.4 0.09 Litigation(7) - - - (159.8) - - - - - 36.9 122.9 0.59 European Union Medical Device Regulation(8) - - (25.3) - - - - - - 5.2 20.1 0.10 Other charges(9) - - - (24.5) - - - - (13.8) 7.5 3.2 0.01 Impacts of Swiss tax reform(10) - - - - - - - - - 5.0 (5.0) (0.03) Other certain tax adjustments(11) - - - - - - - - - 104.2 (104.2) (0.50) Effect of dilutive shares assuming net earnings(12) - - - - - - - - - (0.04) As Adjusted $2,075.2 $- $346.7 $2,993.5 $- $- $- $- $11.6 $225.6 $1,181.6 $5.67 FOR THE YEAR ENDED DECEMBER 31, 2019 Cost of Net products (Loss) Diluted sold, Net earnings Earnings (loss) excluding Restructuring Benefit (loss) of Zimmer earnings intangible Intangible Selling, Intangible and other cost Acquisition, for attributable to Biomet per asset asset Research and general and asset reduction Quality integration income noncontrolling Holdings, common amortization amortization development administrative impairment initiatives remediation and related taxes interest Inc. share As Reported $2,252.6 $584.3 $449.3 $3,343.8 $70.1 $50.0 $82.4 $12.2 $(225.7) $(0.1) $1,131.6 $5.47 Inventory and manufacturing-related charges(1) (53.9) - - - - - - - 23.3 - 30.6 0.15 Intangible asset amortization(2) - (584.3) - - - - - - 116.2 - 468.1 2.26 Intangible asset impairment(3) - - - - (70.1) - - - 5.5 - 64.6 0.31 Restructuring and other cost reduction initiatives(4) - - - - - (50.0) - - 5.6 - 44.4 0.22 Quality remediation(5) (5.2) - - - - (82.4) - 20.3 - 67.3 0.33 Acquisition, integration and related(6) - - - - - - - (12.2) 6.3 - 5.9 0.03 Litigation(7) - - - (65.0) - - - - 11.0 - 54.0 0.26 Litigation settlement gain(13) - - - 23.5 - - - - (5.2) - (18.3) (0.09) European Union Medical Device Regulation(8) - - (30.9) - - - - - 16.9 - 14.0 0.07 Other charges(9) - - (5.8) (114.7) - - - - 26.3 1.3 92.9 0.45 Impacts of Swiss tax reform(10) - - - - - - - - 315.0 - (315.0) (1.52) Other certain tax adjustments(11) - - - - - - - - 13.7 - (13.7) (0.07) As Adjusted $2,193.5 $- $412.6 $3,187.6 $- $- $- $- $329.2 $1.2 $1,626.4 $7.87 (1) Inventory and manufacturing-related charges in the three months and year ended December 31, 2020 and 2019 are primarily related to excess and obsolete inventory charges on certain product lines we intend to discontinue and other charges. The year ended December 31, 2019 also included a $20.8 million charge incurred to terminate a raw material supply agreement in the annual period. The excess and obsolete inventory charges on certain product lines are driven by overlapping product lines

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February 05, 2021 06:30 ET (11:30 GMT)