Zimmer Biomet released its first quarter of 2018 financial results. While the company experienced an increase in net sales, other areas saw dips.
Here are five details.
1. During the first quarter, Zimmer Biomet generated $2.018 billion in net sales, a 2.3 percent increase year-over-year.
2. However, the company's diluted earnings per share in the first quarter dropped 44.2 percent to $0.85. Zimmer Biomet's adjusted diluted earnings per share also experienced a 10.3 percent slip to $1.19.
3. Zimmer Biomet's net earnings reached $174.7 million and operating cash flow hit $490.5 million for the first quarter. Additionally, the company's free cash flow was $403.4 million for the quarter.
4. Zimmer Biomet reported its spine segment sales at approximately $183 million for the quarter, a slight decrease of 1.7 percent year-over-year.
5. However, Zimmer Biomet's hip and knee segments both experienced growth. The hip segment generated $492 million in sales for the quarter, a 3.8 percent increase, and the knee segment registered $713 million in sales for the quarter, a 1.8 percent increase.
Zimmer Biomet's President and CEO Bryan Hanson said, "As expected, in the first quarter our performance continued to reflect supply headwinds associated with key brands within our knee, hip and S.E.T. portfolios, as well as the ongoing quality remediation work at our Warsaw [Ind.] North Campus facility."