Zimmer Biomet Holdings (ZBH) FY2019 results: revenue $7.0 billion, down 12.3% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $7.0 billion for fiscal 2019, the year ended 31 December 2019, down 12.3% on the year before. Net income was $1.1 billion, and diluted earnings per share $5.47. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$7.0 billion
-12.3% on the year
FY2012FY2019
Operating margin
16.0%
0.4% a year earlier
FY2012FY2019
Net income
$1.1 billion
FY2012FY2019
Diluted EPS
$5.47
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,961
7,933
7,803
-12.3%
Cost of revenue
1,944
2,272
2,133
-14.4%
Gross profit
5,017
5,661
5,670
-11.4%
Gross margin
72.1%
71.4%
72.7%
Research and development
394
392
370
+0.6%
Selling, general and administrative
2,810
3,379
3,105
-16.8%
Operating income
1,112
33.8
799
+3,189.9%
Operating margin
16.0%
0.4%
10.2%
Interest expense
n/a
n/a
328
Pre-tax income
880
-271
465
Income tax
-238
108
-1,349
Effective tax rate
-27.0%
n/a
-290.3%
Net income
1,132
-379
1,814
Net margin
16.3%
-4.8%
23.2%
Diluted EPS
$5.47
-$1.86
$8.90
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,586
1,747
1,582
-9.2%
Capital expenditure
198
163
156
+21.9%
Free cash flow
1,387
1,585
1,426
-12.5%
Free cash flow margin
19.9%
20.0%
18.3%
Cash from investing
-729
-417
-511
Cash from financing
-780
-1,302
-1,210
Depreciation and amortisation
871
1,040
1,063
-16.3%
Share-based compensation
77.2
65.5
53.7
+17.9%
Dividends paid
197
195
194
+0.8%
Dividend per share
$0.96
$0.96
$0.96
0.0%
Diluted shares, weighted
207m
204m
204m
+1.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,388
11,271
11,736
+9.9%
Non-controlling interest
4.7
4.8
-0.3
-2.1%
Debt
8,200
8,939
10,142
-8.3%
Operating lease liabilities
216
n/a
n/a
Other liabilities
3,830
3,912
4,086
-2.1%
Total liabilities and equity
24,639
24,127
25,964
+2.1%
Fixed assets
2,077
2,015
2,039
+3.1%
Goodwill
9,197
9,594
10,668
-4.1%
Intangible assets
7,258
7,685
8,353
-5.6%
Cash and equivalents
618
543
524
+13.8%
Receivables
1,364
1,276
1,544
+6.9%
Inventory
2,385
2,256
2,068
+5.7%
Other assets
1,740
757
767
+129.7%
Total assets
24,639
24,127
25,964
+2.1%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.