Zimmer Biomet Stock Falls After Lowering Bottom End Of FY21 Outlook; Q2 Earnings Beat

Zimmer Biomet Holdings Inc ZBH posted Q2 adjusted EPS of $1.90, ahead of the consensus of $1.87 and higher than $0.05 posted a year ago.
It reported a profit of $142.5 million, upping its bottom line from a loss of $(208.60) million in Q2 of 2020.
Q2 sales reached $2.03 billion, +65% Y/Y, marginally ahead of the consensus of $1.98 billion. The increase was attributable to higher volume, partially offset by lower prices.
"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.
FY21 Outlook: Zimmer Biomet said it expects to log adjusted EPS of $7.60 - $8.00, compared with $7.65 - $7.95 previously. It is lower than the $7.86 consensus.
It projects revenue growth between 14% and 17%, representing a change from the previous range of 14.5% and 16.5%.
Price Action: ZBH shares are down 7.07% at $151.48 during the market session on the last check Tuesday.