Zimmer Holdings Inc. today reported second-quarter earnings of $152 million, or 89 cents per diluted common share, a 29 percent decline from the $215 million, or $1.22 a share, posted for the same three months of 2012.
Profit was on net sales of $1.17 billion, a 4 percent increase from the previous year’s second quarter.
The Warsaw-based maker of orthopedic devices set aside $47 million during the period ended June 30 to pay existing and anticipated claims associated with the Durom Acetabular Component, a part formerly used in some total hip replacements.
During the quarter, Zimmer used $69 million in cash to buy 880,000 shares of its own stock. The company also acquired U.S.-based Knee Creations LLC and Germany-based Normed Medizin-Technik GmbH.
David Dvorak, Zimmer president and CEO, credited new products and growth in strategic markets for the sales increase.
“We are confident that the company will sustain this accelerated top line performance in the second half of the year,” he said in a statement. “Through disciplined capital deployment and our commitment to operational excellence, we will remain focused on creating value for our stockholders.”