Zimmer Biomet Holdings (ZBH) FY2014 results: revenue $4.7 billion, up 1.1% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $4.7 billion for fiscal 2014, the year ended 31 December 2014, up 1.1% on the year before. Net income was $720 million, down 7.7%, and diluted earnings per share $4.19. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.
Revenue
$4.7 billion
+1.1% on the year
FY2007FY2014
Operating margin
22.2%
23.1% a year earlier
FY2007FY2014
Net income
$720 million
-7.7% on the year
FY2007FY2014
Diluted EPS
$4.19
-7.7% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,673
4,623
4,472
+1.1%
Cost of revenue
1,243
1,267
1,125
-1.9%
Gross profit
3,424
3,337
3,346
+2.6%
Gross margin
73.3%
72.2%
74.8%
Research and development
187
203
226
-7.7%
Selling, general and administrative
1,751
1,749
1,807
+0.1%
Operating income
1,037
1,069
1,047
-2.9%
Operating margin
22.2%
23.1%
23.4%
Interest expense
63.1
70.1
72.9
-10.0%
Pre-tax income
939
1,008
990
-6.8%
Income tax
220
230
237
-4.1%
Effective tax rate
23.4%
22.8%
24.0%
Net income
720
780
755
-7.7%
Net margin
15.4%
16.9%
16.9%
Diluted EPS
$4.19
$4.54
$4.29
-7.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,060
963
1,152
+10.1%
Capital expenditure
145
100
115
+44.9%
Free cash flow
916
863
1,037
+6.1%
Free cash flow margin
19.6%
18.7%
23.2%
Cash from investing
n/a
-282
-592
Cash from financing
n/a
-467
-436
Depreciation and amortisation
376
358
363
+4.8%
Share-based compensation
49.4
48.5
55.0
+1.9%
Buybacks
400
721
486
-44.4%
Dividends paid
146
132
94.4
+9.9%
Dividend per share
$0.88
$0.80
$0.54
+10.0%
Diluted shares, weighted
172m
172m
176m
-0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,550
6,297
5,861
+4.0%
Non-controlling interest
1.8
2.8
5.4
-35.7%
Short-term borrowings
n/a
0.5
n/a
Debt
1,426
1,672
1,821
-14.8%
Other liabilities
1,681
1,608
1,325
+4.5%
Total liabilities and equity
9,658
9,581
9,012
+0.8%
Fixed assets
1,285
1,230
1,211
+4.5%
Goodwill
2,514
2,611
2,572
-3.7%
Intangible assets
604
708
741
-14.7%
Investments
612
727
672
-15.7%
Cash and equivalents
1,083
1,081
884
+0.2%
Receivables
912
937
885
-2.6%
Inventory
1,193
1,074
995
+11.1%
Other assets
1,454
1,214
1,053
+19.8%
Total assets
9,658
9,581
9,012
+0.8%
10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.