Zimmer Biomet narrows full-year outlook, shares dip

NEW YORK - Zimmer Biomet Holdings, Inc. (NYSE:ZBH ) reported third-quarter results that met analyst expectations, while narrowing its full-year guidance range. The medical device maker's shares fell 2.3% in pre-market Wednesday trade.

Zimmer Biomet reported adjusted earnings per share of $1.74 for the third quarter, matching the analyst consensus. Revenue came in at $1.82 billion, slightly above the $1.8 billion estimate and representing a 4.0% increase YoY, or 4.1% on a constant currency basis.

The company narrowed its full-year 2024 earnings guidance to between $7.95 and $8.05 per share, compared to the previous analyst consensus of $7.95. Zimmer Biomet also updated its revenue forecast to $7.95 billion, above the prior $7.66 billion consensus.

"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 CEO. He added that the team successfully managed ERP issues and mitigated negative impacts on the company's annual performance.

The orthopedic device maker highlighted recent developments, including plans to launch its Z1™ Femoral Hip System and the acquisition of OrthoGrid Systems Inc., expanding its AI-driven surgical guidance capabilities.

Zimmer Biomet's third-quarter net earnings were $249.1 million, or $353.2 million on an adjusted basis. The company continues to focus on its innovation pipeline and new product introductions as it aims to advance its mission of alleviating pain and improving quality of life for patients.

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Source: Investing.com