Zimmer Expects First Quarter 2003 Results
to Significantly Exceed Previous Guidance
(WARSAW, IN) March 14, 2003 -- Zimmer Holdings, Inc. (NYSE:ZMH) today announced that it expects its first quarter 2003 performance to significantly exceed guidance issued by the company on January 30, 2003.
The company said it projects that revenue for the quarter will be $15 to $20 million greater than the high end of the range provided by its earlier guidance of $367 million. The new projection indicates estimated sales growth for the quarter of 20% or more over the first quarter of 2002. The company projects that earnings per share will exceed the previous guidance of $0.33 per share by $0.04 to $0.05, implying earnings per share growth of more than 30% over the first quarter of 2002.
According to Zimmer Chairman, President and CEO Ray Elliott, the expected overachievement is due to several factors. “Our consolidated reported revenues for the quarter will reflect worldwide and Americas growth in reconstructive products that again exceeds 20% in constant currency,” he said. “In addition, our tremendous gains in Europe are continuing, with revenue growth currently running at 50% greater than the market, and Asia Pacific revenue growth running at double-digit rates.” Elliott said while the company’s industry leadership in Minimally Invasive Solutions™ (MIS) Procedures and Technologies has not yet contributed to incremental sales growth, it is generating an upswing in selling opportunities both with individual surgeons and health care institutions.
Zimmer Holdings will provide a full discussion of its actual results for the quarter ending March 31, 2003, during an investor conference call to be held on Thursday, April 24, 2003, at 8am EDT. A live audio webcast of Zimmer’s conference call will be accessible through the Zimmer website at www.zimmer.com (Investor Relations section). The webcast will be archived for future replay.
Zimmer, based in Warsaw, Indiana, is a global leader in the design, development, manufacture and marketing of reconstructive orthopaedic implants and trauma products. Orthopaedic reconstruction implants restore joint function lost due to disease or trauma in joints such as knees, hips, shoulders and elbows. Trauma products are devices used primarily to reattach or stabilize damaged bone and tissue to support the body’s natural healing process. Zimmer also manufactures and markets other products related to orthopaedic and general surgery. Zimmer was founded in 1927 and has more than 3,600 employees worldwide.
Investor Contact:
Sam Leno
Chief Financial Officer
574/372-4790
sam.leno@zimmer.com
Media Contact:
Brad Bishop
Public Affairs
574/372-4291
bradley.bishop@zimmer.com
