Zimmer Biomet Holdings (ZBH) FY2021 results: revenue $6.8 billion, up 11.4% on the year

Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $6.8 billion for fiscal 2021, the year ended 31 December 2021, up 11.4% on the year before. Net income was $402 million, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$6.8 billion

+11.4% on the year

FY2014FY2021

Operating margin

12.6%

1.4% a year earlier

FY2014FY2021

Net income

$402 million

FY2014FY2021

Diluted EPS

$1.91

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	6,827	6,128	6,961	+11.4%
Cost of revenue	1,960	1,824	1,944	+7.5%
Gross profit	4,867	4,303	5,017	+13.1%
Gross margin	71.3%	70.2%	72.1%
Research and development	436	323	394	+35.0%
Selling, general and administrative	2,843	2,713	2,810	+4.8%
Operating income	860	83.1	1,112	+935.3%
Operating margin	12.6%	1.4%	16.0%
Pre-tax income	499	-105	880
Income tax	53.5	-96.0	-238
Effective tax rate	10.7%	n/a	-27.0%
Net income	402	-139	1,132
Net margin	5.9%	-2.3%	16.3%
Diluted EPS	$1.91	-$0.67	$5.47

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,499	1,204	1,586	+24.5%
Capital expenditure	144	112	198	+28.3%
Free cash flow	1,356	1,093	1,387	+24.1%
Free cash flow margin	19.9%	17.8%	19.9%
Cash from investing	-504	-614	-729
Cash from financing	-1,306	-422	-780
Depreciation and amortisation	938	898	871	+4.4%
Share-based compensation	76.0	73.8	77.2	+3.0%
Dividends paid	200	198	197	+0.8%
Dividend per share	$0.96	$0.96	$0.96	0.0%
Diluted shares, weighted	210m	207m	207m	+1.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	12,661	12,194	12,388	+3.8%
Non-controlling interest	5.7	5.2	4.7	+9.6%
Debt	7,100	8,100	8,200	-12.3%
Operating lease liabilities	175	165	216	+5.9%
Other liabilities	3,515	3,953	3,830	-11.1%
Total liabilities and equity	23,456	24,418	24,639	-3.9%
Fixed assets	1,837	1,864	2,077	-1.5%
Goodwill	8,919	8,983	9,197	-0.7%
Intangible assets	5,534	6,164	7,258	-10.2%
Cash and equivalents	378	775	618	-51.2%
Receivables	1,260	1,278	1,364	-1.4%
Inventory	2,148	2,174	2,385	-1.2%
Other assets	3,381	3,179	1,740	+6.3%
Total assets	23,456	24,418	24,639	-3.9%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.