Zimmer Biomet beats Street in Q2, lowers bottom end of guidance

Zimmer Biomet (NYSE:ZBH) shares slid before hours on second-quarter results that topped the consensus forecast.

The Warsaw, Ind.-based company posted profits of $142.5 million, or 67¢ per share, on sales of just over $2 billion for the three months ended June 30, 2021, upping its bottom line from losses of -$208.6 million this time last year on sales growth of 65.3%.

Adjusted to exclude one-time items, earnings per share were $1.90, 3¢ ahead of Wall Street, where analysts were looking for sales of just shy of $2 billion.

“Our performance in the second quarter improved meaningfully from the first quarter 2021 across all regions and product categories as recovery from the global pandemic continued to take hold. While we anticipate some ongoing COVID-19 pressure, we expect continued improvement in procedure volume recovery through the second half of 2021,” Zimmer Biomet chairman, president & CEO Bryan Hanson said in a news release. “Against this backdrop, Zimmer Biomet has continued to execute, investing in our business, expanding our portfolio and developing and launching innovative products designed to improve mobility and health. This execution enables ZB to build and deliver value for our customers and shareholders and to move our mission forward for the patients we ultimately serve.”

Zimmer Biomet said it now expects to log full-year adjusted EPS of between $7.60 and $8, compared with a range of $7.65 to $7.95 previously. The company projects revenue growth between 14% and 17%, representing a change from the previous range of 14.5% and 16.5%.

ZBH shares were down -1.9% at $160 per share in pre-market trading.

Original Article: (https://www.massdevice.com/zimmer-biomet-beats-street-in-q2-lowers-bottom-end-of-guidance/)