Zimmer Biomet Holdings (ZBH) FY2011 results: revenue $4.5 billion, up 5.5% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $4.5 billion for fiscal 2011, the year ended 31 December 2011, up 5.5% on the year before. Net income was $761 million, up 27.5%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$4.5 billion
+5.5% on the year
FY2007FY2011
Operating margin
23.0%
21.7% a year earlier
FY2007FY2011
Net income
$761 million
+27.5% on the year
FY2007FY2011
Diluted EPS
$4.03
+35.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
4,452
4,220
4,095
+5.5%
Cost of revenue
1,122
1,012
991
+10.8%
Gross profit
3,330
3,208
3,105
+3.8%
Gross margin
74.8%
76.0%
75.8%
Research and development
238
218
205
+9.1%
Selling, general and administrative
1,834
1,757
1,729
+4.4%
Operating income
1,024
917
1,019
+11.7%
Operating margin
23.0%
21.7%
24.9%
Interest expense
55.3
60.2
22.4
-8.1%
Pre-tax income
979
860
998
+13.8%
Income tax
219
263
281
-16.9%
Effective tax rate
22.4%
30.6%
28.1%
Net income
761
597
717
+27.5%
Net margin
17.1%
14.1%
17.5%
Diluted EPS
$4.03
$2.97
$3.32
+35.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,177
1,194
1,118
-1.4%
Capital expenditure
114
79.2
105
+43.7%
Free cash flow
1,063
1,114
1,012
-4.6%
Free cash flow margin
23.9%
26.4%
24.7%
Cash from investing
-624
-727
-381
Cash from financing
-456
-490
-262
Depreciation and amortisation
360
340
337
+5.8%
Share-based compensation
60.5
62.0
75.3
-2.4%
Buybacks
1,050
506
924
+107.7%
Dividend per share
$0.18
n/a
n/a
Diluted shares, weighted
189m
201m
216m
-6.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,507
5,771
5,639
-4.6%
Non-controlling interest
7.6
0.0
0.0
Short-term borrowings
n/a
0.0
n/a
Debt
1,719
1,142
1,128
+50.5%
Other liabilities
1,281
1,086
1,019
+17.9%
Total liabilities and equity
8,515
8,000
7,786
+6.4%
Fixed assets
1,207
1,214
1,222
-0.5%
Goodwill
2,626
2,581
2,784
+1.8%
Intangible assets
798
827
858
-3.5%
Investments
456
265
66.4
+71.8%
Cash and equivalents
768
669
692
+14.9%
Receivables
839
776
751
+8.1%
Inventory
930
936
913
-0.7%
Other assets
891
732
500
+21.8%
Total assets
8,515
8,000
7,786
+6.4%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.