What's Going On With Zimmer Biomet Shares After Q1 Earnings?

Zinger Key Points
  • Zimmer Biomet surpasses Q1 earnings and sales estimates, reporting $1.94 EPS and $1.889B in revenue, up 3.2% YoY.
  • Zimmer Biomet received FDA clearance for innovative ROSA Shoulder System and Z1 Femoral Hip Stem, maintains FY24 EPS outlook of $8-$8.15.

Zimmer Biomet Holdings, Inc. ZBH reported first-quarter adjusted earnings per share of $1.94, beating the street view of $1.87. 

The company reported quarterly sales of $1.889 billion, beating the analyst consensus of $1.869 billion.

Quarterly sales rose 3.2% year over year and 4.4% on a constant currency basis.

Geographically, sales within the U.S. grew 3.7% year over year, while international sales rose 2.5%.

Segment-wise, revenues gained 3.4% in the Knees segment and fell 0.3% in the Hips unit. Sales from Sports Medicine, Extremities, Trauma, Craniomaxillofacial, and Thoracic unit gained 4.4% year over year.

The company highlighted that it received U.S. Food and Drug Administration 510(k) clearance for the ROSA Shoulder System – the world’s first robotic assistant for shoulder replacement surgery- and announced that the first surgery was successfully completed in April at Mayo Clinic.

Zimmer Biomet also received U.S. FDA 510(k) clearance for the Z1 Femoral Hip Stem, which is expected to launch later this year.

Outlook: The company reiterated adjusted diluted EPS for FY24 of $8-$8.15 versus the street view of $8.06.

Zimmer Biomet expects Constant currency revenue change for FY24 in the range of 5%-6%.

Price Action: ZBH shares are trading lower by 1.16% to $118.18 at last check Thursday.

Photo via Wikimedia Commons

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