Zimmer Biomet posts $509M loss in Q1; expects 'significant negative impact' in Q2

Alan Condon - Last Modified   Print  | Email

Zimmer Biomet on May 11 posted a first quarter net loss of $509 million, dropping from a net profit of $246.1 million for the same period last year.

The company noted a steep decline in elective procedure volumes at the end of the first quarter and is projecting a "significant negative impact" in the second quarter.

Seven things to know:

1. First-quarter net sales decreased 9.7 percent to $1.78 billion year over year. 

2. The company's dental, spine and craniomaxillofacial and thoracic sales decreased 12.4 percent to $252 million, compared to the same period in 2019.

3. Knee sales in the first quarter decreased 9.3 percent to $630 million and hip sales fell 10.3 percent to $433 million year over year.

4. The company's sports medicine, extremities and trauma sales dropped 6.5 percent in the first quarter to $333 million.

5. Diluted loss per share was $2.46 for the first quarter. Adjusted diluted earnings per share were $1.70, representing a 9.1 decrease year over year.

6. While Zimmer Biomet's first quarter financial results were severely impacted by COVID-19, its operational performance was "trending ahead of our expectations" prior to the pandemic, according to CEO Bryan Hanson.

7. Due to the uncertainty surrounding the duration of the COVID-19 pandemic, the company is not providing a full-year financial forecast. 

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