SPY390.27+9.91 2.61%
DIA316.70+7.25 2.34%
IXIC13,562.15+369.80 2.80%

Press Release: Zimmer Biomet Announces Fourth -7-

· 02/05/2021 06:30
amortization 152.6 147.4 597.6 584.3 Goodwill and intangible asset impairment - - 645.0 70.1 Restructuring and other cost reduction initiatives 27.7 33.0 116.9 50.0 Quality remediation 14.0 23.0 49.8 87.6 Acquisition, integration and related 8.1 3.7 23.8 12.2 Litigation 59.4 17.0 159.8 65.0 Litigation settlement gain - - - (23.5) European Union Medical Device Regulation 6.2 12.8 25.3 30.9 Other charges 6.4 37.4 24.5 120.5 Adjusted operating profit $565.0 $617.3 $1,609.1 $2,188.5 Operating profit (loss) margin 11.5 % 15.8 % (1.2) % 14.2 % Inventory and manufacturing-related charges 2.4 0.3 0.8 0.7 Intangible asset amortization 7.3 6.9 8.5 7.3 Goodwill and intangible asset impairment - - 9.2 0.9 Restructuring and other cost reduction initiatives 1.3 1.6 1.7 0.6 Quality remediation 0.7 1.1 0.7 1.1 Acquisition, integration and related 0.4 0.2 0.3 0.2 Litigation 2.8 0.8 2.3 0.8 Litigation settlement gain - - - (0.3) European Union Medical Device Regulation 0.3 0.6 0.4 0.4 Other charges 0.4 1.7 0.2 1.5 Adjusted operating profit margin 27.1 % 29.0 % 22.9 % 27.4 % ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2020 and 2019 (unaudited) Three Months Ended Years Ended December 31, December 31, 2020 2019 2020 2019 Effective tax rate (70.7) % (11.1) % 49.9 % (24.9) % Tax effect of adjustments made to earnings before taxes(1) 27.2 9.0 6.0 5.4 Tax adjustments relating to the impacts of tax only amortization in Switzerland (10.2) - 13.8 - Switzerland tax reform 18.6 17.7 (15.7) 34.8 Other certain tax adjustments 50.1 0.4 (38.0) 1.5 Adjusted effective tax rate 15.0 % 16.0 % 16.0 % 16.8 % (1) Includes inventory and manufacturing-related charges; intangible asset amortization; goodwill and intangible asset impairment; restructuring and other cost reduction initiatives; quality remediation; acquisition, integration and related; litigation; litigation settlement gain; European Union Medical Device Regulation; and other charges ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF DEBT TO NET DEBT AS OF DECEMBER 31, 2020 and 2019 (in millions, unaudited) December 31, 2020 December 31, 2019 Debt, both current and long-term $ 8,126.5 $ 8,221.4 Cash and cash equivalents (802.1) (617.9) Net debt $ 7,324.4 $ 7,603.5

View original content to download multimedia:http://www.prnewswire.com/news-releases/zimmer-biomet-announces-fourth-quarter-and-full-year-2020-financial-results-301222847.html

SOURCE Zimmer Biomet Holdings, Inc.

/Web site: http://www.zimmerbiomet.com

(END) Dow Jones Newswires

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