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Zimmer Biomet swings to huge loss

(Provided Photo/Zimmer Biomet Holdings)

WARSAW, Ind. (Inside INdiana Business) – Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting a first quarter net loss of $509 million, compared to net income of $246 million during the same period last year. The medical device manufacturer says the coronavirus pandemic has impacted its performance but it is well positioned to address the challenge.

The company says its net sales also dropped nearly 10% to $1.8 billion. Chief Executive Officer Bryan Hanson says while the first quarter results were impacted by the pandemic and the deferral of elective procedures, the company’s operational performance prior to the pandemic was trending ahead of expectations.

“Over the past two years, we have made significant strides in reshaping and evolving Zimmer Biomet. This progress has better positioned us to address the COVID-19 challenge. We have an innovative and mobilized team, operational scale and increased financial flexibility – all of which we are using to support healthcare professionals and patients,” said Hanson.

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