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Zimmer Biomet history
Zimmer Biomet company history timeline
In 1927, Zimmer would go on to start his own orthopedic company due to his frustrations with the lack of advancement in technology.
Zimmer Biomet has been based in Warsaw since it was founded in 1927.
In 1928, the company developed a fracture bed with a system to support patients while hospital sheets were changed, and the company embraced the international market early in its history with the first order coming from a surgeon in Scotland.
1928: Zimmer lands its first international customer.
In 1930, sales topped $200,000.
1942: Sales reach $1 million.
By 1960, Zimmer's annual sales were $4 million, and its foreign sales increased with the opening of an Export Department within the company.
In 1970, total employment at Zimmer reached 522 people and sales were $27.2 million.
Ranging in age from only 26 to 31, the four entrepreneurs quit their jobs in 1978 to start Biomet.
Although Biomet had only $17,000 in sales during its first year of operation and lost a total of $63,000, by 1980 the struggling enterprise was turning a meager profit.
Biomet's second major product innovation occurred in 1980, when it introduced the metal-backed acetabular cup.
Zimmer's parent company, Bristol-Myers, began offering research grants under the Orthopedic Research and Education Foundation in 1983.
By 1984 annual sales had grown to $10.6 million and earnings topped a healthy $1.6 million.
Sales continued to swell through 1988, when the company purchased New Jersey-based Electronic-Biology Inc. (EBI), which develops and produces devices that stimulate bone growth.
In 1989, for example, Biomet technicians began utilizing computer-aided-design (CAD) systems to create three-dimensional images of diseased and damaged joints.
After posting its $1.6 million profit in 1984, Biomet entered a sustained period of steady, rapid growth that soon earned the company international recognition within the industry. As a result of this important acquisition, Biomet's 1989 revenues leapt to $136 million, of which one-third was contributed by EBI.
Under the plan proposed by the Clinton administration in 1994, companies like Biomet would have to seek federal approval of new innovations because the government would choose those technologies that could be purchased by health care providers.
With more than 3,200 employees and $1 billion in sales, Zimmer's results for 2000 showed continued growth for the company and its products.
The company's products by 2001 included knee implants, hip implants, and fracture management products, as well as other surgical products, including tourniquets, blood management systems, and orthopedic soft goods.
In the third quarter of 2001, Zimmer's first quarter as an independent publicly traded company, the company increased sales by 14 percent worldwide and 22 percent in North and South America.
In 2002, a former DePuy distributor, Rod Mayer, along with three partners founded Deo Volente Orthopedics (DVO) in a small building on Winona Avenue in Warsaw.
The United States Census Bureau estimated that the number of people over 65 would increase to 39.7 billion by 2010.
In 2013, Nextremity Solutions moved its corporate headquarters from Red Bank, NJ to 210 North Buffalo St in Warsaw.
On April 24, 2014, it was announced that Zimmer had agreed to purchase Biomet Inc. for $13.4 billion.
In October 2014, the company announced it would acquire ETEX Holdings, Inc.
Tornier went on to merge with Wright Medical in 2015 and has retained the Warsaw location as the headquarters for Upper Extremity R&D.
In March 2016, Zimmer Biomet announced it would acquire Ortho Transmission, LLC. The company also announced it would acquire sports medicine company, Cayenne Medical, Inc.
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Zimmer Biomet may also be known as or be related to Zimmer Biomet, Zimmer Biomet Holdings, Zimmer Biomet Holdings Inc and Zimmer Biomet Holdings, Inc.