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

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
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SOURCE Zimmer Holdings, Inc.
Copyright©2009 PR Newswire.
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