Zimmer reports second-quarter financials

Zimmer Holdings has published its financial results for the second quarter of the 2008 fiscal year.

The company reported an 11 per cent increase in net sales to $1.08 billion (541 million pounds), with worldwide reconstructive sales increasing by 14 per cent and worldwide knee sales grew by 15 per cent.

Diluted earnings per share increased by dive per cent on an adjusted period to $1.03.

Over the quarter, the company used $220 million in borrowings and $276 million in cash to purchase 6.9 million shares in the company, completing its £1 billion stock repurchase programme due to expire in December 2008.

It initiated the $1.25 billion share repurchase programme announced earlier this year.

David Dvorak, president and chief executive officer of Zimmer, said: “We are making substantial progress on our operating and infrastructure initiatives, in a manner designed to position Zimmer for sustainable growth in an expanding health care market.”

He added that the company has been executing plans under its enhanced compliance model and has held a number of meetings with surgeons to discuss the continuation of their partnership to enhance patient care.

Earlier this month, Zimmer Holdings announced plans to partner with AmeriCares to provide in-kind medical donations to support emergency response and ongoing medical assistance.