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Zimmer Reports Fourth Quarter and 2008 Financial Results
Date:1/29/2009

    WARSAW, Ind., Jan. 29 /PRNewswire-FirstCall/ --

    - Net Sales of $1.03 billion for the fourth quarter represents a decrease
      of 4% reported (a decrease of 1% constant currency)

    - Diluted EPS for the fourth quarter were $0.75 reported, a decrease of
      33% from the prior year period, and $1.00 adjusted, a decrease of 15%
      from the prior year period

    - Net Sales of $4.12 billion for the full year represents an increase of
      6% reported (an increase of 3% constant currency)

    - Diluted EPS for the full year were $3.72 reported, an increase of 14%
      over the prior year period, and $4.05 adjusted, unchanged from the prior
      year period

Zimmer Holdings, Inc. (NYSE: ZMH; SWX: ZMH) today reported financial results for the fourth quarter and year ended December 31, 2008. For the fourth quarter, the Company announced net sales of $1.03 billion, a decrease from the prior year period of 4% reported and a decrease of 1% constant currency. Diluted earnings per share for the quarter were $0.75 reported, a decrease of 33% and $1.00 adjusted, a decrease of 15% from the prior year period. Full-year net sales were $4.12 billion, an increase of 6% reported and 3% constant currency. Diluted earnings per share for the year were $3.72 reported, an increase of 14% and $4.05 adjusted, unchanged from the prior year.

"Although we are not satisfied with our 2008 financial performance relative to the market opportunities, we have made good progress in addressing the issues that negatively impacted our results. In the fourth quarter, we continued to ramp up our surgeon training and education programs, further advanced activities on the product development front, and resolved a large number of our outstanding payments to consulting healthcare professionals and institutions," said David Dvorak, Zimmer President and CEO. "We are excited about the prospects for reestablishing positive momentum in our overall business, with the goal of restoring revenue growth as 2009 progresses."

Net earnings for the fourth quarter were $167.5 million on a reported basis and $224.6 million on an adjusted basis, a decrease of 18.6% adjusted from the prior year period. Operating cash flow for the fourth quarter was $207 million. Net earnings for the full year 2008 were $848.6 million on a reported basis and $924.3 million on an adjusted basis, a decrease of 3.9% adjusted from the prior year.

During the fourth quarter of 2008, the Company acquired 1.2 million shares of its common stock for an aggregate purchase price of $48.1 million. For the full year 2008, the Company purchased 10.7 million shares for a total of $737 million. At the end of the year, $1.13 billion of authorization remained under the Company's $1.25 billion repurchase program, which expires on December 31, 2009.

In the fourth quarter, the Company increased its provision for known and anticipated claims relating to the previously announced voluntary suspension of marketing and distribution of the Durom(R) Acetabular Component in the U.S. from the previously announced $47.5 million to $69 million. The increase is based on an assessment of the number of claims received since the end of the third quarter of 2008. Adjusted 2008 figures in this release exclude the impact of this provision.

Guidance

The Company expects full-year revenues for 2009 to increase between 1% and 3% on a constant currency basis, with revenues anticipated to be flat in the first half of the year and improving thereafter. Assuming foreign currency exchange rates remain near year-end 2008 levels, the Company estimates that foreign currency translation will reduce revenue by approximately 4% for the full year 2009. Adjusted diluted earnings per share are expected to show negative growth in the first three quarters with positive growth in the fourth quarter. Full-year 2009 adjusted diluted earnings per share are projected to be in a range of $3.85 to $4.00.

Conference Call

The Company will conduct its fourth quarter and year-end 2008 investor conference call today, January 29, 2009, at 8:00 a.m. Eastern Time. The live audio webcast can be accessed via Zimmer's Investor Relations website at http://investor.zimmer.com. It will be archived for replay following the conference.

Individuals who wish to dial into the conference call may do so at (888) 881-6248. International callers should dial (706) 634-6422. A digital recording will be available two hours after the completion of the conference call from January 29, 2009 to February 12, 2009. To access the recording, U.S./Canada callers should dial (800) 642-1687, and International callers should dial (706) 645-9291, and enter the Conference ID, 80433715. A copy of this press release and other financial and statistical information about the periods to be presented in the conference call will be accessible through the Zimmer website at http://investor.zimmer.com.

Sales Tables

The following tables provide sales results by geographic segment and product category, as well as the percentage change compared to the prior year quarter and full year on both a reported and constant currency basis.



               NET SALES - THREE MONTHS ENDED DECEMBER 31, 2008
                             (in millions, unaudited)

                                                                   Constant
                                             Net       Reported    Currency
                                            Sales      % Growth    % Growth
    Geographic Segments
          Americas                              $589        (1)%         - %
          Europe                                 297       (10)          -
          Asia Pacific                           144        (4)         (5)
              Total                            1,030        (4)         (1)
    Product Categories
       Reconstructive
          Americas                               457        (2)         (1)
          Europe                                 263       (10)         (1)
          Asia Pacific                           112        (6)         (6)
              Total                              832        (5)         (1)

         Knees
            Americas                             266         -           1
            Europe                               113        (9)          1
            Asia Pacific                          52        (6)         (2)
                Total                            431        (3)          1

         Hips
            Americas                             141        (5)         (4)
            Europe                               121       (11)         (2)
            Asia Pacific                          52        (2)         (6)
                Total                            314        (7)         (3)

         Extremities                              30         3           7

         Dental                                   57       (13)        (10)

       Trauma                                     57         2           4

       Spine                                      72        29          33

       OSP and other                              69       (19)        (19)



               NET SALES - TWELVE MONTHS ENDED DECEMBER 31, 2008
                             (in millions, unaudited)

                                                                    Constant
                                             Net        Reported    Currency
                                            Sales       % Growth    % Growth
    Geographic Segments
          Americas                             $2,354         3 %         3 %
          Europe                                1,179         9           4
          Asia Pacific                            588         9           2
              Total                             4,121         6           3
    Product Categories
       Reconstructive
          Americas                              1,869         4           4
          Europe                                1,054        10           4
          Asia Pacific                            468         9           3
              Total                             3,391         7           4

         Knees
            Americas                            1,090         6           6
            Europe                                452        11           6
            Asia Pacific                          221        12           6
                Total                           1,763         8           6

         Hips
            Americas                              576         1           1
            Europe                                494         7           2
            Asia Pacific                          210         8           -
                Total                           1,280         5           1

         Extremities                              121        16          15

         Dental                                   227         3           1

       Trauma                                     221         8           5

       Spine                                      231        17          16

       OSP and other                              278       (11)        (14)

About the Company

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants, and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer's 2008 sales were approximately $4.1 billion. The Company is supported by the efforts of approximately 8,500 employees worldwide.

For more information about Zimmer, visit www.zimmer.com

Note on Non-GAAP Financial Measures

As used in this press release, the term "adjusted" refers to operating performance measures that exclude the 2007 civil settlement and related tax benefit, the 2008 provision for certain Durom Cup product claims in the U.S., in-process research and development (IPR&D), inventory step-up and acquisition, integration and other expenses. The provision related to the Durom Cup is classified as a non-recurring item that is different from the Company's routine product liability claims for a number of reasons, including that the provision is limited to revisions associated with surgeries that predate the Company's voluntary suspension and which also occur within two years of the original surgery date. The term "constant currency" refers to any financial measure that excludes the effect of changes in foreign currency exchange rates. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure are included in this press release.

Zimmer Safe Harbor Statement

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 based on current expectations, estimates, forecasts and projections about the orthopaedics industry, management's beliefs and assumptions made by management. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "assumes," "guides," "targets," "forecasts," and "seeks" or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, our compliance with the Deferred Prosecution Agreement through March 2009 and the Corporate Integrity Agreement through 2012; the impact of our enhanced healthcare compliance global initiatives and business practices on our relationships with customers and consultants, our market share and our overall financial performance; the success of our quality initiatives; the outcome of the informal investigation by the U.S. Securities and Exchange Commission into Foreign Corrupt Practices Act matters announced in October 2007; price and product competition; changes in customer demand for our products and services caused by demographic changes or other factors; dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; control of costs and expenses; our ability to obtain and maintain adequate intellectual property protection; our ability to successfully integrate acquired businesses; our ability to form and implement alliances; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration and foreign government regulators and tax obligations and risks; the impact of temporarily suspending U.S. distribution of one of our key hip replacement products; product liability and intellectual property litigation losses; reductions in reimbursement levels from third-party payors and cost-containment efforts of healthcare purchasing organizations; our ability to retain the independent agents and distributors who market our products; changes in general industry and market conditions, including domestic and international growth rates and general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; and the costs of defending or resolving putative class action securities litigation and lawsuits, investigations or other proceedings resulting from our September 2007 settlement with the U.S. government and other matters. For a further list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports. Readers of this document are cautioned not to place undue reliance on these forward-looking statements, since, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this document.



                              ZIMMER HOLDINGS, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
              FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 and 2007
                (in millions, except per share amounts, unaudited)

                                               2008         2007   % Inc/(Dec)
     Net Sales                               $1,030.2     $1,073.5       (4) %
     Cost of products sold                      243.1        253.9       (4)
     Gross Profit                               787.1        819.6       (4)

     Research and development                    47.2         50.8       (7)
     Selling, general and administrative        435.6        401.2        9
     Certain claims                              21.5            -      100
     Acquisition, integration and other
      expense                                    43.1         15.7      171
          Operating expenses                    547.4        467.7       17

     Operating Profit                           239.7        351.9      (32)
     Interest and other, net                     (4.2)         1.1     (502)
     Earnings before income taxes and
      minority interest                         235.5        353.0      (33)
     Provision for income taxes                  67.9         89.0      (24)
     Minority interest                           (0.1)        (0.2)     (66)

     Net Earnings                              $167.5       $263.8      (37)

     Earnings Per Common Share
           Basic                                $0.75        $1.13      (34)
           Diluted                              $0.75        $1.12      (33)

     Weighted Average Common Shares
      Outstanding
         Basic                                  223.7        233.3
         Diluted                                224.2        234.8



                              ZIMMER HOLDINGS, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
              FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 and 2007
                     (in millions, except per share amounts)

                                              2008          2007   % Inc/(Dec)
                                           (unaudited)
     Net Sales                               $4,121.1     $3,897.5        6  %
     Cost of products sold                      997.3        875.9       14
     Gross Profit                             3,123.8      3,021.6        3

     Research and development                   194.0        209.6       (7)
     Selling, general and administrative      1,702.3      1,489.7       14
     Settlement                                     -        169.5     (100)
     Certain claims                              69.0            -      100
     Acquisition, integration and other
      expense                                    68.5         25.2      171
          Operating expenses                  2,033.8      1,894.0        7

     Operating Profit                         1,090.0      1,127.6       (3)
     Interest and other, net                     31.8          4.0      698
     Earnings before income taxes and
      minority interest                       1,121.8      1,131.6       (1)
     Provision for income taxes                 272.3        357.9      (24)
     Minority interest                           (0.9)        (0.5)      59

     Net Earnings                              $848.6       $773.2       10

     Earnings Per Common Share
           Basic                                $3.73        $3.28       14
           Diluted                              $3.72        $3.26       14

     Weighted Average Common Shares
      Outstanding
         Basic                                  227.3        235.5
         Diluted                                228.3        237.5



                              ZIMMER HOLDINGS, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (in millions)

                                                 December 31,     December 31,
                                                     2008             2007
                                                 (unaudited)
     Assets
     Current Assets:
       Cash and equivalents                         $212.6            $463.9
       Restricted cash                                 2.7               2.5
       Receivables, net                              732.8             674.3
       Inventories, net                              928.3             727.8
       Other current assets                          302.2             214.2
           Total current assets                    2,178.6           2,082.7

     Property, plant and equipment, net            1,264.1             971.9
     Goodwill                                      2,774.8           2,621.4
     Intangible assets, net                          872.1             743.8
     Other assets                                    149.4             213.9
     Total Assets                                 $7,239.0          $6,633.7

     Liabilities and Shareholders' Equity

     Current liabilities                            $771.1            $748.6
     Other long-term liabilities                     353.9             328.4
     Long-term debt                                  460.1             104.3
     Minority interest                                 3.6               2.8
     Shareholders' equity                          5,650.3           5,449.6
     Total Liabilities and Shareholders'
      Equity                                      $7,239.0          $6,633.7



                              ZIMMER HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 and 2007
                                  (in millions)

                                                     2008              2007
                                                 (unaudited)
     Cash flows provided by (used in)
      operating activities
     Net earnings                                   $848.6            $773.2
     Depreciation and amortization                   275.1             230.0
     Gain on sale of other assets                    (38.8)                -
     In-process research and development              38.5               6.5
     Share-based compensation                         69.9              70.1
     Inventory step-up                                 7.0               0.5
     Income tax benefits from employee
      stock compensation plans                        12.5              40.8
     Excess income tax benefits from
      employee stock compensation plans               (6.5)            (27.0)
     Changes in operating assets and
      liabilities
         Income taxes                                (75.3)             70.0
         Receivables                                 (44.4)            (12.5)
         Inventories                                (148.1)            (58.0)
         Accounts payable and accrued
          expenses                                   119.3              61.9
         Other assets and liabilities                (19.7)            (71.1)
     Net cash provided by operating
      activities                                   1,038.1           1,084.4

     Cash flows provided by (used in)
      investing activities
     Additions to instruments                       (237.9)           (138.5)
     Additions to other property, plant
      and equipment                                 (250.0)           (192.7)
     Acquisition of intellectual property
      rights                                        (109.4)                -
     Proceeds from sale of other assets               54.9                 -
     Abbott Spine acquisition, net of
      acquired cash                                 (363.0)                -
     Other acquisitions, net of acquired
      cash                                           (18.8)           (160.3)
     Net cash used in investing
      activities                                    (924.2)           (491.5)

     Cash flows provided by (used in)
      financing activities
     Net borrowings under credit
      facilities                                     330.0                 -
     Proceeds from employee stock
      compensation plans                              57.0             149.8
     Excess income tax benefits from
      employee stock compensation plans                6.5              27.0
     Repurchase of common stock                     (737.0)           (576.3)
     Net cash used in financing
      activities                                    (343.5)           (399.5)

     Effect of exchange rates on cash and
      equivalents                                    (21.7)              4.8

     Increase (decrease) in cash and
      equivalents                                   (251.3)            198.2
     Cash and equivalents, beginning of
      period                                         463.9             265.7
     Cash and equivalents, end of period            $212.6            $463.9



                              ZIMMER HOLDINGS, INC.
                         NET SALES BY GEOGRAPHIC SEGMENT
         FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 and 2007
                                  (in millions)

                          Three Months Ended            Twelve Months Ended
                             December 31,                  December 31,

                      2008        2007    % (Dec)     2008       2007    % Inc
                   (unaudited) (unaudited)         (unaudited)
     Americas        $589.0      $594.1      (1)%   $2,353.9   $2,277.0     3%
     Europe           296.8       329.0     (10)     1,179.1    1,081.0     9
     Asia Pacific     144.4       150.4      (4)       588.1      539.5     9

     Total         $1,030.2    $1,073.5      (4)    $4,121.1   $3,897.5     6



                              ZIMMER HOLDINGS, INC.
                          NET SALES BY PRODUCT CATEGORY
         FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 and 2007
                                  (in millions)

                        Three Months Ended             Twelve Months Ended
                           December 31,                   December 31,
                                              %                          %
                      2008        2007    Inc/(Dec)   2008     2007  Inc/(Dec)
                  (unaudited) (unaudited)         (unaudited)
     Reconstructive  $832.5      $876.9     (5)%   $3,391.0  $3,181.0    7%
     Trauma            57.0        55.8      2        221.4     205.8    8
     Spine             71.8        55.5     29        230.6     197.0   17
     OSP and other     68.9        85.3    (19)       278.1     313.7  (11)

     Total         $1,030.2    $1,073.5     (4)    $4,121.1  $3,897.5    6



                              ZIMMER HOLDINGS, INC.
                      RECONCILIATION OF REPORTED % GROWTH TO
                            CONSTANT CURRENCY % GROWTH
                                   (unaudited)

                                           For the Three Months Ended
                                               December 31, 2008

                                                    Foreign   Constant
                                          Reported  Exchange  Currency
                                          % Growth   Impact   % Growth
    Geographic Segments
          Americas                            (1)%      (1)%       - %
          Europe                             (10)      (10)        -
          Asia Pacific                        (4)        1        (5)
              Total                           (4)       (3)       (1)
    Product Categories
       Reconstructive
          Americas                            (2)       (1)       (1)
          Europe                             (10)       (9)       (1)
          Asia Pacific                        (6)        -        (6)
              Total                           (5)       (4)       (1)

          Knees
             Americas                          -        (1)        1
             Europe                           (9)      (10)        1
             Asia Pacific                     (6)       (4)       (2)
                 Total                        (3)       (4)        1

          Hips
             Americas                         (5)       (1)       (4)
             Europe                          (11)       (9)       (2)
             Asia Pacific                     (2)        4        (6)
                 Total                        (7)       (4)       (3)

          Extremities                          3        (4)        7

          Dental                             (13)       (3)      (10)

       Trauma                                  2        (2)        4

       Spine                                  29        (4)       33

       OSP and other                         (19)        -       (19)



                             ZIMMER HOLDINGS, INC.
                     RECONCILIATION OF REPORTED % GROWTH TO
                           CONSTANT CURRENCY % GROWTH
                                  (unaudited)

                                         For the Twelve Months Ended
                                              December 31, 2008

                                                   Foreign  Constant
                                          Reported Exchange Currency
                                          % Growth  Impact  % Growth
    Geographic Segments
          Americas                             3 %     - %       3 %
          Europe                               9       5         4
          Asia Pacific                         9       7         2
              Total                            6       3         3
    Product Categories
       Reconstructive
          Americas                             4       -         4
          Europe                              10       6         4
          Asia Pacific                         9       6         3
              Total                            7       3         4

          Knees
             Americas                          6       -         6
             Europe                           11       5         6
             Asia Pacific                     12       6         6
                 Total                         8       2         6

          Hips
             Americas                          1       -         1
             Europe                            7       5         2
             Asia Pacific                      8       8         -
                 Total                         5       4         1

          Extremities                         16       1        15

          Dental                               3       2         1

       Trauma                                  8       3         5

       Spine                                  17       1        16

       OSP and other                         (11)      3       (14)



                              ZIMMER HOLDINGS, INC.
            Reconciliation of Net Earnings and Adjusted Net Earnings
              For the Three Months Ended December 31, 2008 and 2007
                            (in millions, unaudited)

                                                         Three Months
                                                      Ended December 31,
                                                     2008              2007

     Net Earnings                                   $167.5            $263.8
     Inventory step-up                                 3.8               0.3
     Certain claims                                   21.5                -
     Acquisition, integration and other               43.1              15.7
     Taxes on inventory step-up, certain
      claims and acquisition, integration and
      other                                          (11.3)             (3.7)
     Adjusted Net Earnings                          $224.6            $276.1



                              ZIMMER HOLDINGS, INC.
            Reconciliation of Net Earnings and Adjusted Net Earnings
             For the Twelve Months Ended December 31, 2008 and 2007
                            (in millions, unaudited)

                                                        Twelve Months
                                                      Ended December 31,
                                                     2008              2007

     Net Earnings                                   $848.6            $773.2
     Inventory step-up                                 7.0               0.5
     Settlement                                          -             169.5
     Certain claims                                   69.0                 -
     Acquisition, integration and other               68.5              25.2
     Taxes on inventory step-up, certain
      claims and acquisition, integration and
      other                                          (38.0)             (6.8)
     Tax benefit from settlement                     (30.8)               -
     Adjusted Net Earnings                          $924.3            $961.6



                              ZIMMER HOLDINGS, INC.
             Reconciliation of Diluted EPS and Adjusted Diluted EPS
              For the Three Months Ended December 31, 2008 and 2007
                                   (unaudited)

                                                          Three Months
                                                       Ended December 31,
                                                      2008              2007

     Diluted EPS                                     $0.75             $1.12
     Inventory step-up                                0.01               -
     Certain claims                                   0.10               -
     Acquisition, integration and other               0.19              0.07
     Taxes on inventory step-up, certain
      claims and acquisition, integration and
      other                                          (0.05)            (0.01)
     Adjusted Diluted EPS                            $1.00             $1.18



                              ZIMMER HOLDINGS, INC.
             Reconciliation of Diluted EPS and Adjusted Diluted EPS
             For the Twelve Months Ended December 31, 2008 and 2007
                                   (unaudited)

                                                         Twelve Months
                                                       Ended December 31,
                                                     2008              2007

     Diluted EPS                                     $3.72             $3.26
     Inventory step-up                                0.03               -
     Settlement                                        -                0.71
     Certain claims                                   0.30               -
     Acquisition, integration and other               0.30              0.11
     Taxes on inventory step-up, certain
      claims and acquisition, integration and
      other                                          (0.17)            (0.03)
     Tax benefit from settlement                     (0.13)              -
     Adjusted Diluted EPS                            $4.05             $4.05



                              ZIMMER HOLDINGS, INC.
                  Reconciliation of 2009 Projected Diluted EPS
                       and Projected Adjusted Diluted EPS
                                   (unaudited)

     Projected Twelve Months Ended
      December 31, 2009:                              Low              High

     Diluted EPS                                     $3.68             $3.83
     Inventory step-up, net of tax                    0.04              0.04
     Acquisition, integration and other,
      net of tax                                      0.13              0.13
     Adjusted Diluted EPS                            $3.85             $4.00


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(Date:2/12/2016)...  This month,s issue of the Journal of ... in-depth look at various causes and consequences associated with rising health ... which has generated significant public outrage and calls for ... E. Happe , PharmD, MPH. --> JMCP ... --> In 2014 prescription drug spending in ...
(Date:2/12/2016)... PAULO , Feb. 12, 2016 ... commenced a cash tender offer (the "Tender Offer") ... million outstanding aggregate principal amount of its 6.500% ... and ISIN Nos. US44915JAA88/ USP5246AAF05) (the "Notes"). In ... soliciting (the "Consent Solicitation") consents (the "Consents") of ...
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