Zimmer Biomet reported a significant 2020 net sales drop Feb. 5.
Five things to know:
1. Zimmer Biomet reported 2020 net sales of $7 billion, a 12 percent drop from 2019. Fourth- quarter net sales were down 1.9 percent year over year, hitting $2 billion.
"The fourth quarter saw continued pressure from COVID and its impact on the recovery of elective procedures, yet our core business remained strong, as did our operational execution to close out 2020," said Bryan Hanson, president and CEO of Zimmer Biomet.
2. The company reported $333.7 million net earnings for the fourth quarter, but $138.9 million net loss for the full year.
3. Knee sales dropped 15 percent last year, hitting $2.3 billion. The company's 2020 hip sales were $1.7 billion, down 9.4 percent from 2019. Dental, spine, craniomaxillofacial and thoracic sales were down 12 percent to $7 billion.
4. Zimmer Biomet announced plans to spin off its spine and dental businesses Feb. 5.
5. The company declined to provide financial guidance for 2021 because of uncertainty surrounding the pandemic.
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