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Zimmer Holdings

Zimmer Earnings Exceed Wall Street's Expectations

02/09/04 How Zimmer Holdings stock has performed for us: +143.9% in 27.3 months (+48% per year). How their options have performed for us: +733% in 6.5 months.

Today Zimmer released their fourth quarter and 2003 financial results. Excluding the costs of acquiring Centerpulse and InCentive Capital, Zimmer's earnings came in at 51 cents per share. Wall Street had expected 47 cents per share. Further details are in the following excerpt from the company's press release:

Fourth Quarter Highlights

-- Net Sales increased 90% reported, and 19% combined* (13% constant currency*) to $702 million

-- Worldwide Reconstructive Sales (including Dental) increased 97% reported, and 20% combined* (14% constant currency*)

-- Diluted EPS were $0.15 reported, and $0.51 adjusted*, an increase of 38% over prior year

-- Over $250 million of acquisition-related borrowings paid down in the quarter

-- Increasing 2004 Diluted EPS guidance to a range from $1.61 to $1.64 reported and $2.07 to $2.10 adjusted*

Full-Year Highlights

-- Net Sales increased 39% reported, and 20% combined* (15% constant currency*) to $1.9 billion

-- Worldwide Reconstructive Sales (including Dental) increased 43%
reported, and 22% combined* (17% constant currency*)

-- Diluted EPS (before the cumulative effect of change in accounting principle for instruments) were $1.38 reported, were $1.80 adjusted*, an increase of 37% over prior year

-- Operating cash flow of nearly $500 million

-- $3.4 billion Centerpulse AG and InCentive Capital AG acquisitions completed

-- Zimmer Institute opened and nearly 500 surgeons trained on MIS(TM) 2-Incision(TM) Hip Procedure

*Note on Non-GAAP Financial Measures

As used in this press release, the term "combined" sales includes Centerpulse for the fourth quarter of 2002 in order to provide more meaningful year-to-year comparisons. The terms "Ex FX" and "constant currency" as used herein refer to sales growth measurements computed by eliminating the effect of changes in foreign currency exchange rates between periods. The term "adjusted" refers to operating performance measures that exclude acquisition and integration expenses, in-process research and development write-offs, inventory step-up and the cumulative effect of the change in accounting principle for instruments for the fourth quarter and full-year 2003. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this press release, a Form 8-K filed February 9, 2004, and through the company's website at www.zimmer.com.

The full press release can be found at www.zimmer.com.

SOURCE Zimmer Holdings, Inc.

 




 

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