Zimmer Biomet reported a slight increase in fourth quarter and full year sales in 2019, reporting a strong performance in hips, knees and robotic system sales.
Seven things to know:
1. Fourth quarter sales were up 2.6 percent to $2.1 billion, with knee products leading the way. Knee product sales were up nearly 4.3 percent to $761 million during the quarter, while hips were up 2.7 percent to $511 million. Spine and craniomaxillofacial sales were down 0.3 percent to $197 million.
2. Full year sales were up 0.8 percent to nearly $8 billion. Knee sales were up 1.3 percent to $2.8 billion while hip sales were up 0.7 percent to $1.9 billion. Full year spine and craniomaxillofacial sales were down 2.2 percent to $747 million.
3. Sales in the Americas were up 0.8 percent for the year, hitting $4.8 billion. The European sales were down 3.1 percent, but Asian Pacific sales were up 5.1 percent.
4. During 2019, Zimmer Biomet paid down $716 million of debt, net of debt proceeds, and paid $197 million in dividends. The company reported operating cash flow at $423 million and free cash flow of $295 million for the fourth quarter.
5. Zimmer Biomet expects 2020 reported revenue to increase 2.5 percent to 3.5 percent.
6. Net earnings for 2019 were $1.1 billion, up from $379.2 million net loss in 2018.
7. The Rosa Knee System, the company's robotic knee system, accelerated sales from the third to the fourth quarter.