3. Zimmer Biomet
2018 revenue: $7.9 billion
Zimmer Biomet (NYSE:ZBH) is in its second year of a two-year restructuring effort to boost competitiveness under CEO Bryan Hanson, a former Medtronic EVP who took the reins of the Warsaw, Ind.–based ortho device giant in late 2017. About 70% of Zimmer Biomet’s leadership team is new to the job, Hanson said during a February earnings call, transcribed by Seeking Alpha.
Backorders are down, and the company is executing a remediation plan at its Warsaw North Campus as it continues to communicate with the FDA, Hanson said.
Zimmer Biomet has also achieved some important clearances from the government watchdog. In October 2018, the agency granted 510(k) clearance for the Persona revision knee implant, which has customized components to match each patient’s anatomy. Early this year, Zimmer Biomet won clearance for the Rosa Knee robot-assisted total knee replacement surgery platform, followed by clearance for the Rosa One robotic spine system.
There is also Mymobility, Zimmer Biomet’s new patient care management app for the Apple Watch and iPhone.
Zimmer Biomet lost $379.2 million off $7.93 billion in sales in 2018. The company also suffered a legal loss in late 2018 when a federal appeals court affirmed Stryker’s enhanced $248 million win against Zimmer Biomet in a surgical tool patent case.
“Overall, our financial results for the full year were in-line with our expectations for the progress of the turnaround of the business, and increase our confidence in achieving our 2019 objectives,” Hanson said in a news release at the time.
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