Zimmer Biomet Reports Major Profit Jump

Indiana's medical device industry is widely known as one of the strongest in the world.

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Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting full-year net income of $1.8 billion, up from $305 million the previous year. The medical device manufacturer says net sales for the year also increased 1.8 percent to $7.8 billion.

The report comes more than a month after the company named Bryan Hanson chief executive officer.

"Since joining the Company last month, I have been performing a thorough review of the business," said Hanson. "My immediate priorities are to improve Zimmer Biomet’s execution and address a number of near-term challenges that have impacted, and will continue to impact, our performance. With that said, I fully believe in the power of the Zimmer Biomet global brand and portfolio of products, and I am confident that with sound strategy and enhanced execution we can drive sustained shareholder value."

Zimmer Biomet is also reporting fourth quarter net income of $1.3 billion, up from $70 million during the same quarter in 2016. You can connect to the full earnings report by clicking here.