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Zimmer Reports Fourth Quarter and 2010 Financial Results
Date:1/27/2011

$1.2 billion of share repurchase authorization remained available under this program, which expires on December 31, 2013.  

Substantially all of the difference between net earnings and net earnings per share on a reported basis as compared to an adjusted basis was attributable to a non-cash charge for goodwill impairment of $204.0 million net of tax or $1.03 per diluted share related to the Company's U.S. Spine reporting unit made during the fourth quarter.  The Company conducts annual impairment tests during the fourth quarter.  A change in the outlook for the spine market in the U.S., along with decreased projected revenues related to the Dynesys® Dynamic Stabilization System, as well as products that have been affected as the Company works through the integration of the U.S. sales channel following the Abbott Spine acquisition, contributed to the decrease in the implied fair value of the U.S. Spine reporting unit compared with prior year.

As previously announced, the Company completed acquisitions of Beijing Montagne Medical Device Co., Ltd., a China-based manufacturer of orthopaedic implants, and Sodem Diffusion S.A., the manufacturer of SoPlus Orthopaedic Surgical Power Equipment, in the fourth quarter of 2010.

Guidance The Company expects full-year revenues for 2011 to increase between 2% and 4% on a constant currency basis.  The Company estimates that foreign currency translation will increase revenues by approximately 1% for the full year 2011, resulting in reported revenue growth between 3% and 5%.  Full-year 2011 diluted earnings per share are projected to be in a range of $4.25 to $4.45 on a reported basis and $4.60 to $4.80 on an adjusted basis.  The difference between projected diluted earnings per share on a reported basis and on an adjusted basis is explained below.

In 2011, the Company expects to continue and expand global restructuring and transformation initiatives designed t
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SOURCE Zimmer Holdings, Inc.
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