Warsaw, Ind.-based Zimmer Biomet said it expects to report $2.01 billion in revenue for the 4th quarter, up 4.1% from the previous year. The company released preliminary expectations of $7.7 billion for the full year 2016, up a considerable 28.1% compared with 2015.
For the quarter, revenue fell well ahead of expectations on The Street of $1.97 billion. For the full year, the company beat out expectations of $7.6 billion.
Shares in Zimmer Biomet rose 6.2% today to close at $113.67.
Last month, Zimer Biomet said it closed its an offering of Euro-dominated senior notes, bringing in over $1 billion.
The company brought in $530 million (EU €500 million) in principal amount of 1.414% senior unsecured notes due 2022 and an additional $530 million (EU €500 million) principal amount of 2.425% senior unsecured notes due 2026.
Funds from the round were used to buy and cancel its 5.75% senior notes due 2039, its 4.45% senior notes due 2045, its 4.25% senior notes due 2035, its 3.55% senior notes due 2025 and its 4.625% senior notes due 2019.