Zimmer Holdings reported a 21 percent decrease in earnings during the 2010 second quarter, largely a result of setting aside $75 million for voluntary suspension of the Durom Acetabular hip implant, according to a company news release.
Net earnings for the second quarter were reported as $165.5 million non-adjusted and $221.2 million on an adjusted basis, which is a 2.6 percent increase when adjusted over last year's report. The diluted earnings for the quarter were reported as $0.82 per share on net sales of $1.06 billion. Zimmer board of directors approved an additional $1.5 billion stock repurchase program.
The company also announced their agreement to acquire Beigin Montagne Medical Device, an orthopedic implant company based in China.
Read the Zimmer Holdings release on 2010 2Q financial results.
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Net earnings for the second quarter were reported as $165.5 million non-adjusted and $221.2 million on an adjusted basis, which is a 2.6 percent increase when adjusted over last year's report. The diluted earnings for the quarter were reported as $0.82 per share on net sales of $1.06 billion. Zimmer board of directors approved an additional $1.5 billion stock repurchase program.
The company also announced their agreement to acquire Beigin Montagne Medical Device, an orthopedic implant company based in China.
Read the Zimmer Holdings release on 2010 2Q financial results.
Read other coverage on Zimmer Holdings.
-Zimmer Names New President of Global Business
-Zimmer Launces Cephalomedullary Nail System
-Simmer Net Sales Grow 7.5 Percent