Zimmer Biomet Holdings (ZBH) FY2018 results: revenue $7.9 billion, up 1.7% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $7.9 billion for fiscal 2018, the year ended 31 December 2018, up 1.7% on the year before. Net income was -$379 million, and diluted earnings per share $-1.86. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$7.9 billion
+1.7% on the year
FY2011FY2018
Operating margin
0.4%
10.2% a year earlier
FY2011FY2018
Net income
-$379 million
FY2011FY2018
Diluted EPS
-$1.86
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,933
7,803
7,668
+1.7%
Cost of revenue
2,272
2,133
2,382
+6.5%
Gross profit
5,661
5,670
5,287
-0.2%
Gross margin
71.4%
72.7%
68.9%
Research and development
392
370
366
+5.9%
Selling, general and administrative
3,379
3,105
2,945
+8.8%
Operating income
33.8
799
821
-95.8%
Operating margin
0.4%
10.2%
10.7%
Interest expense
n/a
328
358
Pre-tax income
-271
465
400
Income tax
108
-1,349
95.0
Effective tax rate
n/a
-290.3%
23.8%
Net income
-379
1,814
306
Net margin
-4.8%
23.2%
4.0%
Diluted EPS
-$1.86
$8.90
$1.51
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,747
1,582
1,632
+10.4%
Capital expenditure
163
156
185
+4.3%
Free cash flow
1,585
1,426
1,448
+11.1%
Free cash flow margin
20.0%
18.3%
18.9%
Cash from investing
-417
-511
-1,692
Cash from financing
-1,302
-1,210
-743
Depreciation and amortisation
1,040
1,063
1,039
-2.1%
Share-based compensation
65.5
53.7
57.3
+22.0%
Buybacks
n/a
n/a
416
Dividends paid
195
194
188
+0.8%
Dividend per share
$0.96
$0.96
$0.96
0.0%
Diluted shares, weighted
204m
204m
202m
-0.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,271
11,736
9,669
-4.0%
Non-controlling interest
4.8
-0.3
1.0
Debt
8,939
10,142
11,241
-11.9%
Other liabilities
3,912
4,086
5,773
-4.3%
Total liabilities and equity
24,127
25,964
26,684
-7.1%
Fixed assets
2,015
2,039
2,038
-1.1%
Goodwill
9,594
10,668
10,644
-10.1%
Intangible assets
7,685
8,353
8,785
-8.0%
Cash and equivalents
543
524
634
+3.5%
Receivables
1,276
1,544
1,604
-17.4%
Inventory
2,256
2,068
1,959
+9.1%
Other assets
757
767
1,019
-1.3%
Total assets
24,127
25,964
26,684
-7.1%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.