Zimmer Biomet Holdings (ZBH) FY2020 results: revenue $6.1 billion, down 12.0% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $6.1 billion for fiscal 2020, the year ended 31 December 2020, down 12.0% on the year before. Net income was -$139 million, and diluted earnings per share $-0.67. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$6.1 billion
-12.0% on the year
FY2013FY2020
Operating margin
1.4%
16.0% a year earlier
FY2013FY2020
Net income
-$139 million
FY2013FY2020
Diluted EPS
-$0.67
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,128
6,961
7,933
-12.0%
Cost of revenue
1,824
1,944
2,272
-6.1%
Gross profit
4,303
5,017
5,661
-14.2%
Gross margin
70.2%
72.1%
71.4%
Research and development
323
394
392
-18.1%
Selling, general and administrative
2,713
2,810
3,379
-3.5%
Operating income
83.1
1,112
33.8
-92.5%
Operating margin
1.4%
16.0%
0.4%
Pre-tax income
-105
880
-271
Income tax
-96.0
-238
108
Effective tax rate
n/a
-27.0%
n/a
Net income
-139
1,132
-379
Net margin
-2.3%
16.3%
-4.8%
Diluted EPS
-$0.67
$5.47
-$1.86
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,204
1,586
1,747
-24.0%
Capital expenditure
112
198
163
-43.6%
Free cash flow
1,093
1,387
1,585
-21.2%
Free cash flow margin
17.8%
19.9%
20.0%
Cash from investing
-614
-729
-417
Cash from financing
-422
-780
-1,302
Depreciation and amortisation
898
871
1,040
+3.1%
Share-based compensation
73.8
77.2
65.5
-4.4%
Dividends paid
198
197
195
+0.9%
Dividend per share
$0.96
$0.96
$0.96
0.0%
Diluted shares, weighted
207m
207m
204m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,194
12,388
11,271
-1.6%
Non-controlling interest
5.2
4.7
4.8
+10.6%
Debt
8,100
8,200
8,939
-1.2%
Operating lease liabilities
165
216
n/a
-23.3%
Other liabilities
3,953
3,830
3,912
+3.2%
Total liabilities and equity
24,418
24,639
24,127
-0.9%
Fixed assets
1,864
2,077
2,015
-10.3%
Goodwill
8,983
9,197
9,594
-2.3%
Intangible assets
6,164
7,258
7,685
-15.1%
Cash and equivalents
775
618
543
+25.4%
Receivables
1,278
1,364
1,276
-6.3%
Inventory
2,174
2,385
2,256
-8.8%
Other assets
3,179
1,740
757
+82.7%
Total assets
24,418
24,639
24,127
-0.9%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.