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Zimmer Reports Fourth Quarter and 2012 Financial Results
Date:1/31/2013

jacent musculoskeletal markets.  These clinically-differentiated offerings will drive accelerated top-line growth in 2013 and beyond." 

Net earnings for the fourth quarter were $152.8 million on a reported basis and $263.5 million on an adjusted basis, an increase of 7.6% adjusted over the prior year period.  Operating cash flow for the fourth quarter was $368.0 million.  Net earnings for the full year 2012 were $755.0 million on a reported basis and $932.5 million on an adjusted basis, an increase of 3.0% adjusted over the prior year.  Operating cash flow for the full year was $1,151.9 million.

During the quarter, the Company utilized $140 million of cash to acquire 2.1 million shares.  Consequently, for the full year 2012, the Company utilized $485 million of cash to acquire 7.7 million shares.  As previously announced, the Company has a share repurchase program that authorizes purchases of up to $1.5 billion of the Company's common stock through December 31, 2014.  The Company also paid $94 million in cash dividends to stockholders during 2012.

The Company recorded a non-cash charge for goodwill impairment of $96 million net of tax or $0.55 per diluted share related to the Company's U.S. Spine reporting unit during the fourth quarter.  The Company conducts annual impairment tests during the fourth quarter.  A number of factors have resulted in a change in the outlook for the spine market in the U.S., including pressure from payers on utilization of certain types of procedures and on reimbursement rates and prices generally.  The change in outlook for the market, together with ongoing Company-specific challenges related to the U.S. Spine reporting unit, contributed to the decrease in the implied fair value of the unit compared with prior year.

The Company also recently completed a legal entity restructuring of certain international operations that led to recogn
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SOURCE Zimmer Holdings, Inc.
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