Good morning. I would like to turn the call over to Bob Marshall, Vice President, Investor Relations and Treasurer. Mr. Marshall, you may begin your call.

Thank you, Julie and good morning and welcome to Zimmer's Fourth Quarter 2014 Earnings Conference Call. I'm here with our CEO, David Dvorak and our CFO, Jim Crines. Before we start, I would like to remind you that our discussions during this call will include forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties. Also, the discussions during this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included within the earnings release, which is available on our website at investor.zimmer.com. With that, I'll now turn the call over to David.

Thank you, Bob. Good morning, everyone, and welcome to our earnings call for the fourth quarter of 2014. This morning, I'll review our fourth quarter financial results, providing commentary on 2014 and highlights from our performance. Jim will then provide additional financial details. I'll state all sales in constant currency terms and all earnings results on an adjusted basis. In the fourth quarter and throughout 2014 Zimmer delivered solid sales growth across several key product categories as well as in the Europe, Middle East and Africa region and the Asia Pacific region. Consolidated net sales for the quarter were $1.22 billion, an increase of 2.4% and our earnings per share were $1.71, an increase of 3% over the prior year period. Full year sales for 2014 were $4.67 billion, an increase of 2.4% over 2013 and our earnings per share were $6.06, an increase of 5.4%. Turning to each of our geographic regions, in the fourth quarter our Europe, Middle East and Africa business increased sales by 6.9% over the prior year and our Asia Pacific business delivered impressive 8.4% growth. Our sales decreased by 1.6% in the Americas on challenging comparisons in the prior year period, both largely to the exceptional market growth rate experienced in U.S. procedural volumes in 2013 attributable to factors related to the implementation of the Affordable Care Act. Before reviewing the performances of each of our product categories, I’d like to first comment on market conditions. We saw global musculoskeletal markets demonstrates stability in the fourth quarter despite soft and macro economic conditions in certain geographies supporting our confidence for 2015 and beyond. While increased procedural demand in the fourth quarter of 2013 resulted in challenging sales comparisons in the Americas, we believe that the steady performance of this market over the last two…

Thank you, David. I will review our fourth quarter performance in more detail and then provide additional information related to our first quarter 2015 sales and earnings guidance for Zimmer on a standalone basis. Our total revenues for the fourth quarter were $1,223 million [ph], a 2.4% constant currency increase compared to the fourth quarter of 2013. Net currency impact for the quarter decreased revenues by 3.8% or $47.5 million. The negative currency impact for the quarter related to the recent strengthening of the U.S. dollar against many international currencies which I will address in more detail in my guidance comments. Our adjusted gross profit margin was 74.4% for the quarter, an 80 basis point improvement over the fourth quarter of 2013. During the fourth quarter, we anniversary through charges related to the medical device excise tax. Together with lower inventory obsolescence and gains from our currency hedges, these improvements were modestly offset by manufacturing variances and negative price The company's R&D expense was flat when compared to the prior year. Zimmer remains committed to producing a pipeline of new and innovative products that will meet the needs of stakeholders and the evolving healthcare environment and help drive growth in future operating periods. Selling, general and administrative expenses were $459 million in the fourth quarter and at 37.5% of sales, were 90 basis points below the prior year. SG&A as a percentage of sales was 39% for the full year an improvement of 70 basis points. In the quarter and for the full year Zimmer continued to achieve process and operational efficiencies which have created opportunities to both invest in future growth as well as expand margins for the benefit of stockholders. In the quarter, the company reported pre-tax charges of $197.9 million in special items pertaining to global restructuring,…

Thanks, Jim. Throughout 2014 Zimmer delivered on our commitment to drive growth through the focused commercial execution of a comprehensive and innovative portfolio of solutions for the evolving healthcare market. Our broad-based approach to product design and business innovation has positioned Zimmer to act on a transformational opportunity to enhanced our global scale by combining with Biomet. By bringing together two highly complementary companies in the muscular scale of space we’ll accelerate our shared vision of leading the industry by delivering exceptional value to healthcare providers, their patients and to our stockholders. And now, I’d like Julie to begin the Q&A portion of our call.

Thank you, sir. [Operator Instructions] The first question comes from Mike Weinstein. Please go ahead.

Good morning, gentlemen. Thank you for taking the questions. I want to just try and dig into the FX commentary Jim just a little bit, the part where you talked about the net impact of FX were Biomet not hedged versus the reduced borrowing cost is very clear, I understand the $0.10 swing there but the commentary on Zimmer pre-Biomet was a bit confusing. So can you maybe just talk a bit about the impact of FX on Zimmer pre-Biomet in 2015 as we think about our models? And then in the context of that answer, can you talk a little about the FX hedging program because I'm aware that you had these long dated hedges. I just want to get a better sense of when they roll off and what impact that has not only on 2015 but on 2016? Thanks.

Sure. Maybe to frame it out a little more clearly, Mike. On a standalone basis for the full year, we’ll be expecting for Zimmer to somewhere in the range say $6.20 to $6.30 and adjusted earnings per share, that’s using our prior metric; you would add another $0.40 to that for the adjustments to get to the cash earnings major. And then if you add the $1.05 to $1.15 of accretion that we’ve provided yet assuming the transaction that close at beginning of the year, we’d be looking at for the combined enterprise at a range of 755 to 775, and as indicated that takes into account the headwind associated with currency not only on the acquired earnings of Biomet but also on Zimmer standalone earnings. And just to be specific about that headwind. With respect to the acquired earnings of Biomet its about $0.30 of headwind, but that’s going to be offset by about $0.20 of savings in interest on the acquisition related debt. With respect to Zimmer standalone earnings, yes, may there’s about $0.20 of headwind and that’s net of hedge gains that will be release earnings in 2015. And then as far as the hedging programs goes, as I indicated in my comment we with the refinements we made in that program over time, those hedges extend that as far as 24 months or more. As we described in the past the focus of that program is to hedge cash flows associated with intercompany transaction which turns as proxy but not necessarily a perfect proxy for the operating earnings connected with international operating unit. And the other thing to understand is we never fully hedge so the $0.20 that I reference with respect to the Zimmer standalone earnings as I said is net of hedge gains and if not for the hedging program would be frankly a multiple of that number.

Jim that’s incredibly helpful. I really appreciated. So only just follow-up there, so the Zimmer standalone you said 6.20 to 6.30 and that’s before-- that’s on GAAP basis the cash would be 6.60 to 6.70 on a standalone and then the $1.05 to $1.15 that’s first 12 months and obviously did you like some close yet. Do you want the street to have that full $1.05 to $1.15 that’s got to the $7.55 to $7.75 in the 2015 modelling assuming the closing ledger this quarter right on January 1?

That’s an excellent point Mike. As I said, you know, providing this – the guidance that I provided assumes that closing at the first of the year and that’s obviously not the case and for modelling purpose people need to be careful about what they including calendar 2015, because just as you pointed out, the accretion guidance is for the first 12 months following the closing of the transaction and again as I indicated in my remarks the other thing have to be thoughtful of it the fact that that accretion is going to favor the back half of the first 12 months following the close of the transaction just given the time that it takes to take the actions that are necessary to drive those synergies.

Okay. So just to make sure the contacts – the way to look at it is more prorated and obviously back half loaded for the $1.15 to $1.25 still unacceptable that $1.05 to $1.15 – don’t expect the full $1.05 to $1.15 obviously to flow through in 2015 that maybe the last three quarters of 2015 and the first quarter 2016 lane?

That’s right.

Okay. Perfect. Thanks. I'll drop and let others jump in.

Thank you the next question comes from [Indiscernible] from Morgan Stanley. Please go ahead.

Good morning. This is actually John – for David.

Hi, John.

I had a quick follow-up on some of the information that you gave, Mike’s question. The main thing was really just trying to figure out what interest rate you guys are assuming that the new Biomet debt will be able re-finance that?

Yes. You could assume at this point and obviously we haven’t gone to market yet but we will certainly before the closing of the transaction, somewhere in the range of 3.5 of 3.75 on the acquisition debt.

Okay, very helpful. And further I guess the real question. In December there is some news about the European Commission and needing to divest you know one Knee, one Elbow brand in Europe and then one total knee brand across two specific European countries. I was wondering if you could provide any additional detail to the size and allocation of these products and if not if you can discuss how these divestitures related to your expectations and what you think that means to you heading into FTC approvals in the U.S.?

Sure John as we stated previously the discussions with the regulators are tracking quite consistently with the anti-trust analysis that we performed prior to entering into the merger agreement. As you point out, last month relative to the European Commission we disclosed the proposed remedy package that includes the three pieces that you just referenced and we continue to work with the European Commission to finalize the remaining details for remedy package. We also continue to make progress as it relates to the U.S. and Japan although we are not in a position to provide any specifics on that we would do so as appropriate moving forward and all of this work leads us to reiterating what we said upfront that we still continue to expect to be in a position to close the merger before the end of the first quarter here.

Thank you very much.

You’re welcome.

Thank you. The next question comes from Bob Hopkins from Bank of America. Please go ahead.

Well thanks can you hear me, okay.

We can, Bob, good morning.

Great, good morning. So just a follow up on Mike’s question and your very helpful commentary about the $7.55 to $7.75 and as you just discussed there is a difference between closing and the beginning at the end of the quarter, you know we calculate that the difference is roughly $0.25 to $0.30 so you would subtract about $0.30 from that $7.55 to $7.75 range. I just want to check with you if that is math that you agree with?

Yes you know Bob they are colors that added color we’ll obviously be able to provide after the transaction closes in terms of what the expectations are so. Particularly with respect to the synergies which you know as we point out you know but still as we indicated back in April we are expecting $135 million in EBIT synergies in the first 12 months following the close, but again, you know those are going to be somewhat back-end loaded in those first 12 months, which you are doing is not unreasonable but again, just be mindful of the fact that as I said that synergies are going to be back-end loaded.

Right. So we missed one, you know one quarter of the synergy level or perhaps it’s a little bit more than the $0.30. Okay just trying to try – to a good number for the combined entity for 2015 relative to the information that you are providing. So two of the really quick things, one, Jim can you just give as far as theQ1 guidance is concerned that $1.58 to $1.60 what is the like-for-like number in the year ago period and then I also wanted to get your views on the U.S. hip number of minus 4% in the quarter that was sort of the one particular weak spot and just wanted to see if you could highlight what you think went on there in a little more detail?

So I said I think first quarter adjusted EPS you know in the prior year was $1.50 and you would add that roughly that had $0.10 to that you can say that the cash you know earnings measure so that the year-to-year comparison you are looking at to hit the similar sort of expectations for bottom line adjusted cash EPS and keep in mind that you know that includes about $0.05 of headwind related to currency ,there is another say couple of pennies of headwind related to the tax rate which will be higher in 2015 relative to2014. I will say with respect to the tax rate that there will be opportunities to reduce that overtime, but it requires changes in sourcing that to take time and then finally – given the fact that we put our share repurchase program on hold there is obviously no leverage you know on those bottom line expectations associated with any share ahead [ph] very little or no leverage associated with share repurchases.

Bob as it relates to the U.S. performance in the hip category that is an area that we look to improve upon moving forward obviously remember that that’s of of a difficult comparison we were in mid single digit growth in the U.S. or there are about in 2013 fourth quarter, so a lot of that sluggishness is driven by the math of the prior year terms. That said, you know we are obviously pushing more focus naturally with the Persona launch on the knee side and we need to energize the sales force and create more focus on the hip side, the product portfolio is very competitive as evidenced by the stronger performance of U.S. within that category. So the opportunity is clearly there.

Great. Thanks for the help

You’re welcome.

[Operator Instructions] the next question comes from Matt Taylor from Barclays. Please go ahead.

Hi, thanks for taking the questions, can you hear okay.

We can, good morning.

Good morning, thanks. Great. So I just wanted to ask a question about your synergy targets. So you mentioned that you are confident in the 270 number and gave the 135 for the first 12 months. I guess if there is one area that people maybe concerned about is commercial disruptions. So the question is kind of a two part, but really around A; what you think on the commercial side and can you give us any update on your integration planning and how your expectations around commercial outcomes and revenue growth are evolving here as you move towards close? And then two, if we saw upside to the 270, where do you think that could come from?

Maybe I’ll take the first part and Jim can respond to the second Matt. I – this has been a multiple month process for us and the tough news about that is it’s long time to have one of these combination spending, the good news side of it is the capability to plan forward has been extraordinarily and both teams on the Biomet and the Zimmer side have done a terrific job of engaging in those planning processes in a manner that I think puts us in an excellent position to move into the execution phase upon closing. And the commercial teams are no exception at all to that we have very detailed plans by territory we made some of the statements upfront because of the nature of the opportunity that we have for cross selling and pulling the product offerings together that we were going to retain every sales position and we stand by that commitment and I would tell you if anything as we get into the detailed planning and the cross selling opportunities get fully characterised, I think those opportunities are every bit as big as what we initially thought and both the revenue the synergies that naturally are going to be part of the integration and the revenue synergy side by virtue of the media [ph] cross sell opportunities are factored into our synergy number that we provided, so that 135 after year one and 270 by year three number is a net number and obviously we continue to be very comfortable that revenue synergy opportunities offsetting some are all the revenue the synergies and then the straight expense synergy element to that nets out to those numbers that we’ve been talking about. And the detailed plans exist is well in the same manner for the operational synergy elements of it, so maybe Jim you could comment on other opportunities beyond…

Matt, I would tell you that there will be opportunities beyond the $270 million and we’re getting good visibility to that through the planning process that’s underway. And you know they come in any number of areas including first of all the cross selling opportunities that we’ll have. I think they can very easily be more significant that you know we are planning for at this point. So it’s a question of getting the sales channels trained, getting instrument investments in place, getting the surge in training program up in running that will support those opportunities. There will be, there may not be in the first three years, but we are putting longer term plans in place that would tell you with respect to manufacturing, there will be opportunities to drive some significant savings in manufacturing cost overtime as we sort of rationalise the manufacturing plant network and look to source product from the most optimal notes within that network. And then the you know the other major sort of source of opportunity will be just getting the right structure in place and you know as you know we’ve had experience in working through a very discipline and some layers you know processed in the past that was very instrumental you know when we kicked off were going to improve programs and getting Zimmer on a standalone basis on the right track in just terms of having the right organization in place with the right spend in some layers drive speed at decision making and efficiency. So we are excited about the opportunities ahead

Thanks. Thanks a lot for the details.

Thank you. The next question comes from Larry Biegelsen from Wells Fargo Securities. Please go ahead

Hi, good morning. Thanks for taking the question. Just two questions from me. First, we know you are focussed on paying down debt as quickly as possible. How should we think about the paydown in terms of years and you know related to that how are you going to use the $3 billion of U.S. cash – gaining to access to that have a favourable impact on accretion in the – and I had one follow up.

Larry, this is Jim. First of all the bank, syndicated bank facility that we have in place has a term structure to it. And it requires that first end of that we paid down in each of the first three years I think 15 in the fourth year and the balance in the fifth year. So that’s $3 billion of the total acquisition financing. So we at the very least you know will be paying $300 million down in the first year and potentially more. The – I would tell you when we had talked about that publicly that among other activities you know we’ve been involved in planning in -- planning process that would enable us to get access to the cash being generated at offshore. I believe there is an opportunity to kind of get access to several billion dollars over the next say, five or more years and that will provide the opportunity to perhaps get a share repurchase program reinstated to otherwise might have been able to and you know we’ll provide the management team with an opportunity to head potentially to drive higher accretion.

I would tell you that just in terms of how you may be thinking about long term growth in adjusted EPS, that the longer term plan that the management team is putting together with the flip side of combined company, you know we are targeted at the very least growing bottom line earnings in a range of say 10%.

That’s very helpful. And second for me you gave underlying Zimmer EPS guidance for 2015 before the impact earlier, should we think about the Q1 sales guidance of 1.5% to 2.5% as represented of the full year 2015, is that kind of what’s implied in the EPS guidance you gave us earlier and I’ll drop next.

Well again you know that additional color will be provided after the close of the transaction but it’s fair to say that there’s an expectation that the revenues for the combined entities on a proforma basis, we’ve got to take whatever rent [ph] are required out of the base year but on a proforma basis the expectation would be there will be about a growth sales lets say in at least low single digit.

Thanks for taking the questions.

Sure.

Thank you. The next question comes from Bill Plovanic from Canaccord Genuity. Please go ahead.

Hi great, thanks, good morning. Thank you for taking my questions. Really if I could I just like to focus on Asia Pac in Japan. I mean you put up a very solid quarter over there and I’m curious how much of the Asia Pac was driven by Japan and then you know obviously when your competitors saw some challenges, how sticky do you think that business will be?

Well we’ve been performing well for a good number of quarters in the Asia Pacific geographic segment and Japan is obviously our largest business within that segment. But I would tell you that the growth is very broad based and we’ve done well in other important markets including Australia we’ve done very well in important emerging markets, importantly China in that regard which is a very big business for us over there and a very strategic business as well. So it is broad based and I think as a consequence of that geographic diversity within the region we feel very comfortable that this is a segment that’s going to continue to perform well for us, so if what you are getting at is how much of that is driven by Japan and is that one time I would tell you that I don’t feel like there’s any element of that within Japan that isn’t sustainable for us with the team that we have in place and I don’t feel like there’s an element of Japan driving the regions performance that would cause the regions positive performance to not be sustainable either. We are in a good place within that market and I felt just strongly about Europe, Middle East and Africa’s performance.

And then for Jim just on the guidance the 620 to 630, you mentioned you had a 20%, $0.20 FX headwind for Zimmer in 2015. Does that 620, to 630 include that headwind?

It does. Yes that’s right.

Okay. Great. Thanks.

Okay.

Thank you. The next question comes from Joanne Wuensch from BMO Capital Markets. Please go ahead.

Good morning and thank you for taking the question. I want to circle back a little bit to what we may think about full year revenue growth to look like on a constant currency basis. Biomet management on their previous their last call briefly mentioned some early the synergies and I think when I speak with investors that topic comes up very frequently recognizing that longer term there obviously are many synergies to be had.

Well just in general our expectations as we said in the beginning Joanne is that on a combined basis to grow after market in the range that Jim provided a couple of questions ago is consistent with that. Right now, I think it’s the case for Jim on a standalone basis where we are obviously performing very strong outside the U.S. and there are categories where we are making the right kinds of improvements within the United States, other categories such as hips where we have more work to do. So you know it could be the case that there are some puts and takes to our performance relative to market growth rates once we consummate the transaction and are performing on a combined basis, but we would still expect the combined company in the initial years to perform at market and we believe that we have opportunities where sales for specialization and the innovation pipeline across all opportunities as we progress through the early stages of the execution, integration and get sort of towards the back part of that three year phased integration approach to be able to accelerate to above market rate growth. I guess maybe if – can causes [ph] me to want to just highlight one other point which is there’s a lot of focus about the product category mix and we feel strongly about the strength in the musculoskeletal diversification that comes with this combination. If you look at the non large joint segments, round numbers it will step down as a percentage of the combined company revenues from what Zimmer has on a standalone basis, its 70% to on a combined basis about 60% from large joints or hips and knees. And then we were going to have excellent scale opportunities to be leveraged in other product categories including some of the faster growing areas such as sports medicine, extremities and trauma. So that’s a big opportunity as well to shift the mix by product category to faster growing areas and that’s going to help our topline growth rate. We are very optimistic about our build to realize that potential.

Thank you. That fits in perfectly with my second question which is you really did great in spine and dental during the quarter. And selling your products are helping there, but I’m trying to understand since it’s such a change in the previous quarter trajectory, if there was stocking in there or if we just sort of think of this as the start of a new product cycle for those segments?

Yes, I think that – true Joanne I think it’s a – it is a bit of a mix of when you describe as it pertains to dental because some of that business is a bit lumpier with stocking distributor orders, but it also is driven by new product introductions. We have a strong regenerative portfolio that we continue to build out and strengthen them, we are completing the Trabecular Metal Dental Implant offering and that’s a premium technology that’s going to help us continue to take share in that market we believe we have the launching in earnest really of the value based implant which is a segment that we’ve had less presence in and a very important segment of that within dental and then we continue to make good progress on our digital dentistry offerings and so we have a lot of product launches and innovations that are hitting the right places within that market. And so I think that our progress there is bright and the future is bright. When you look at the spine performance, we probably had ten or a dozen important product launches in 2014, so that’s the culmination of several years of hard work by that team. We’re rounding out our portfolio, we’ve got a lot of traction in that regard and I would tell you the pipeline in that respect is very full as well, so it’s a game changer for us in the sense of the distribution channel can focus exclusively on Zimmer products as opposed to wrapping other company products as we round up that portfolio and I just think if that’s going to create momentum to sustain a nice top line growth opportunity for us and continue to be able to reinvest and maintain that momentum going forward. So, again we are really optimistic about our opportunities in that $9 billion market and it will end up post closing doubling the size of that business combined with the Biomet spine business, so that’s going to create more opportunity.

Thank you.

You’re welcome

Thank you. The next question comes from Mike Matson from Needham & Company. Please go ahead.

Thanks. I just wanted to ask a question that’s actually sort of not related to the merger with Biomet. So you know just based on some of the discussions I’ve had with people in the industry, channel checks, etcetera it sounds like the Persona Knee and I guess just the newer knees in general are seeing some pushback from hospitals because it sounds like what I’m hearing is that both you guys in J&J have tried to get pricing a little bit of a pricing premium and that’s made it difficult to drive the penetration of those new knees. So I’m just wondering if you know do you think things have changed for the industry in terms of new product launches to the point where it is much harder to drive those and command a little bit of a premium?

There’s no doubt over the last you know five, ten years the capability to realize benefit from mix has become more challenging. That said, I would tell you that market checks are not consistent with the experience that we’ve had with the Persona launch. Either in the penetration of that product or ability to realize a premium for it and to hold that premium, so we’ve been successful in pricing that the way we think it should be priced, there are variance of the Persona system it is a big system that includes cemented, non cemented and we are working towards other elements in the small type phase launch of the Persona system but we’re continuing to be optimistic and quite confident about our ability to execute the premium prices for the element of the technology that we think were in it.

But I guess I just like to challenge out a little because you know looking at the growth rate in knees I mean there hasn’t been much of a differential between the growth that you guys have been putting up and you need a business and change it as well, in fact in some cases we’ve seen better growth in hips from those companies despite having a newer product on the knee side.

Well if you look at the performance that we were generating going back pre Persona launch there’s several 100 basis points of transition over and we clearly have been growing at above market rates with their needs for several quarters now since the launch really took hold, so you know that’s a big business for us. We are about a quarter of the market in knees currently and so it takes a lot to move that needle but Persona has moved that needle so we are quite satisfied with the product itself and the execution on the commercial side.

Okay, thanks. And then just you know the growth rates have slowed I guess for both you and Biomet and so I was wondering if you and do you believe that there has been any disruption ahead of the deal you had spent sort of a long time coming and that’s probably created some uncertainty among employees and sales people.

Well naturally I mean there’s a long tendency period but I think if you look at the company’s overall performance Zimmer’s that is you see a stable performance I think that in markets where you are reliant upon an independent distributor network that uncertainty could lead to a pause on certain actions in investment in particular but I would tell you we’ve been tracking the attrition rates very carefully and have not seen a spike up in that so I think that we are entering the closing period for planning and moving towards consummating the deal and then to the execution of the integration in a very good position to create moment momentum right out of the blocks.

All right. Thank you.

Welcome.

Julia, we have time for one additional question.

Thank you. The last question comes from Glenn Novarro from RBC Capital Markets. Please go ahead.

Hi. Thanks for squeezing me in here. Two broader questions on the overall U.S. knee and hip market and I apologize if you've already addressed this. I've been jumping around conference calls this morning. If I look at the U.S. market in the fourth quarter, Biomet, J&J, Stryker, you guys all came in a little light. I understand it's a tough comp, but I'm wondering if you have any other thoughts or commentary as to why maybe 4Q did come in a little light across the board, at least relative to Street expectations. Is there any chance -- because 3Q came in better -- is there any chance maybe we pull forward some cases in 3Q? So commentary there. And then, in your prepared remarks, you said your outlook for knees and hips for 2015 was up, but can you -- is that U.S? Is that worldwide? Is that units? And then any guidance on pricing for 2015? Thanks

The knee and hip markets on a global basis have performed in a very consistent manner over the last couple of years. If you look at its probably closer to 3% growth rate in 2013 and that was positively impacted most importantly by the uptick in the U.S. hip and knee business market within the fourth quarter of 2013. The growth rate for knees and hips on a global basis in 2014 looks like it is close to that same number, maybe 2.5% as opposed to 3 the close to that same number and I think that you’re just going to see stability around that kind of a number on a global basis. The real difference maker in the quarter itself, the fourth quarter of 2014 that is – is infact the U.S. business where you know those markets look like they were growing not just at low single digits but upper single digits in the prior year comparison that is the fourth quarter of 2013. For Zimmer’s business we grew hips mid-single digits and we grew knees low double digits in that quarter and so you just run through the map on that front, Glenn it really does produce a market comp that is much of the explanation for why the market looks a little bit choppy maybe going from Q3 to Q4, but I think overall you want to focus on kind of a two year trend along the lines of what I was describing at the beginning of the reply.

Okay. And then the guide or your assumptions for 2015, again, you gave it to me, gave it to us on the call I just want a little more clarification, knee and hip growth is going to be up according to commentary is that U.S. worldwide and what was the pricing assumption for 2015?

Glenn, I think that the overall musculoskeletal market is probably what we were intending to reference with something that approaches mid-single digits because you have some faster growing subsets right within the musculoskeletal market. I think that the growth rate for knees and hips I would estimate along the lines of what I was just describing you know kind of a net 3 percentish range. And then as it relates to price we guided for the first quarter in a very consistent manner with going into 2014 expecting minus 2% to minus 3%. We ended the year at minus 2.4% so we don’t see that climate changing in any material way in the first quarter and you could extrapolate that as a view as to what we would expect to see in 2015 at this point.

Okay. Great. Thank you.

You’re welcome.

So with that I’d like to thank everyone for joining the call today and for your continued interest and support for Zimmer. We look forward to speaking to you on our first quarter conference call which is scheduled for 08:00 am on April 30. With that, I’ll turn the call back to you Julie.