Inside Indiana Business
WARSAW — Zimmer Biomet Holdings Inc. reports annual net profit of $402 million last year, compared to a loss of $137 million in 2020.
The medical device maker also says it plans to close the previously announced spin-off of its company ZimVie on March 1.
Once the spin-off is complete, ZimVie common stock is expected to begin trading on the Nasdaq under the symbol “ZIMV.”
ZimVie will be the spin-off of Zimmer Biomet’s spine and dental businesses. The company announced plans for the spin-off last year and named Vafa Jamali its chief executive.
The company also reported net sales of $7.8 billion for the full year, an increase of 11.6% over the previous year.
“As we expected, the ongoing COVID pandemic continued to pressure our business in the fourth quarter,” said Bryan Hanson, chief executive officer of Zimmer Biomet. “The quarter was particularly impacted throughout December due to the shortage of hospital staff and the ramp-up of the Omicron variant globally. We continued our execution during the quarter and are focused on achieving our mission and creating value for all stakeholders.”
The company also reports a net loss of $84 million in the fourth quarter, compared to a net profit of $334 million during the same period in 2020.