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Zimmer Holdings, Inc. Reports First Quarter 2011 Financial Results
Date:4/28/2011

WARSAW, Ind., April 28, 2011 Zimmer Holdings, Inc. (NYSE and SIX: ZMH) today reported financial results for the quarter ended March 31, 2011.  The Company reported first quarter net sales of $1,116 million, an increase of 5.0% reported and 3.3% constant currency over the first quarter of 2010.  Diluted earnings per share for the quarter were $1.08 reported and $1.19 adjusted, an increase of 16.7% adjusted over the prior year period.

"Driven by the success of recently launched products, Zimmer delivered solid sales results across all geographic segments in the first quarter, resulting in improved margins and leveraged earnings," said David Dvorak, Zimmer President and CEO.  "Our first quarter performance demonstrated continued progress toward our goal of consistently achieving growth at or above market rates in all of our geographies and businesses.  We will continue to deliver value to our stakeholders through product innovation, operational excellence initiatives and disciplined capital deployment."

Net earnings for the first quarter were $208.9 million on a reported basis and $230.9 million on an adjusted basis, an increase of 11.4% adjusted over the prior year period.  Operating cash flow for the first quarter was $182.2 million.  

During the quarter, the Company utilized $236 million of cash to acquire 4.2 million shares.  At the end of the first quarter, $969.7 million of share repurchase authorization remained available under the current program, which expires on December 31, 2013.

Guidance The Company reaffirmed its full-year revenue and adjusted EPS guidance for 2011.  Full-year revenues for 2011 are expected to increase between 2% and 4% on a constant currency basis from 2010.  The Company estimates that foreign currency translation will increase revenues by approximately 3% for the full year 2011, resulting in reported revenue growth between 5% and 7%.  Full-year 2011
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SOURCE Zimmer Holdings, Inc.
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