Zimmer announces “considerable progress” in financial results

Zimmer is pleased with the progress it has made on its existing initiatives, its president and chief executive has stated.

David Dvorak makes his comments as Zimmer announces its financial results for the quarter ended September 30th.

“We are pleased with the considerable progress that we have made on our previously announced operating, infrastructure and compliance initiatives,” he states.

Mr Dvorak adds he is confident the implementation of a model for collaborating with surgeon consultants – who are “vital” to solving clinical issues and improving patient outcomes – will position Zimmer to capture future growth opportunities, despite the fact it is currently negatively impacting on the company’s operating results.

Zimmer’s net earnings for the third quarter of the year were $214.7 million (135.4 million pounds) on a reported basis and $218.5 million on an adjusted basis.

This reflects an increase of 1.4 per cent adjusted over the prior year, the company states.

During the three-month period, Zimmer acquired 720,000 shares for an aggregate purchase price of $48.6 million under its $1.25 billion repurchase scheme.

In recent days, the company announced the completion of the acquisition of Abbott Spine for a total payment of $360 million.