Zimmer Biomet has reported strong financial results for the first quarter of 2016.
Here are eight key points:
1. The company reported net sales of $1.9 billion in first quarter 2016, an increase of 67.8 percent on a reported basis and an increase of 1.2 percent on an adjusted pro forma, constant currency basis, as compared to the first quarter of 2015.
2. Net earnings for the first quarter were $105.9 million on a reported basis and $404.3 million on an adjusted basis, representing an increase of 51.5 percent adjusted over the same period last year.
3. Operating cash flow for the first quarter of 2016 was $265.2 million.
4. Zimmer Biomet's knees category saw net sales of $703.3 million. The hips category saw net sales of $467.9 million and the spine and CMF category saw net sales reach $141.2 million.
5. Zimmer Biomet used $415.5 million to repurchase 4.2 million shares.
6. The company paid $44.6 million in dividends and declared a first quarter dividend of $0.24 per share in the first quarter of 2016.
7. The company increased its full-year 2016 constant currency revenue and adjusted earnings per share guidance.
8. Zimmer Biomet now expects constant currency revenue for the full year 2016, as compared to adjusted pro forma 2015 revenue, to increase between 2 percent and 3 percent. Previously, the company had expected full-year constant currency revenue to increase between 1.5 percent and 2.5 percent.