Zimmer beats on revenue, updates guidance

 

• Third quarter net sales of $1.824 billion increased 4.0% and 4.1% on a constant currency1 basis
• Third quarter diluted earnings per share were $1.23; adjusted1 diluted earnings per share were $1.74
• Company updates 2024 financial guidance, reducing and narrowing range for full year outlook

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended September 30, 2024.  The Company reported third quarter net sales of $1.824 billion, an increase of 4.0% over the prior year period, and an increase of 4.1% on a constant currency1 basis.  Net earnings for the third quarter were $249.1 million, or $353.2 million on an adjusted1 basis.

Diluted earnings per share were $1.23 for the third quarter, and adjusted1 diluted earnings per share were $1.74. 

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1.	Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.

"We are pleased with the strong performance we delivered in the third quarter, despite our ERP implementation challenges," said Ivan Tornos, Zimmer Biomet's President and Chief Executive Officer. "I am proud of the team and how they came together to manage the ERP issues and mitigate the negative impact on the Company's performance for the year, positioning us to focus on our exciting innovation pipeline and planned new product introductions. We look forward to delivering on our strategic priorities and advancing our mission to help millions of people alleviate pain and improve their quality of life."

Recent Highlights

• Announced plans for the broad commercial launch of the Z1™ Femoral Hip System for total hip arthroplasty at the upcoming 2024 annual meeting of the American Association of Hip and Knee Surgeons (AAHKS). The launch of the Z1 Femoral Hip System, a triple-taper femoral system, pairs with Zimmer Biomet's industry-leading G7® Acetabular System to provide surgeons with a versatile, streamlined and efficient total hip arthroplasty solution.
• Completed the acquisition of OrthoGrid Systems Inc., a privately-held medical technology company focused on artificial intelligence (AI)-driven surgical guidance systems for total hip replacement. The acquisition includes OrthoGrid's AI-powered fluoroscopy-based surgical assistance product Hip AI®, as well as two additional orthopedic applications and over 40 patents.

https://www.prnewswire.com/news-releases/zimmer-biomet-announces-third-quarter-2024-financial-results-302290752.html