The Warsaw, Ind.-based company report losses of -$208.2 million, or -$1.00 per share, on sales of $1.2 billion for the three months ended June 30, for a bottom-line sales loss of -37% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were 5¢, 78¢ ahead of the curve, where analysts were looking for sales of $909.4 million.
“While we are encouraged by our operational performance and the stronger than expected recovery of elective procedures in the second quarter, the impact of COVID-19 is still significant and remains very fluid,” president and CEO Bryan Hanson said in a news release.
“Even in this time of ongoing challenge and uncertainty, we continue to reshape and evolve Zimmer Biomet for greater value and are investing aggressively in our primary growth initiatives and innovative R&D programs to better position us for growth over the long term. I am so proud of our global team for the support we continue to provide healthcare professionals and patients every day and our ongoing commitment to the ZB mission to better the lives of people around the world.”
Zimmer Biomet said second-quarter performance was negatively impacted by the COVID-19 pandemic due to a global decline in elective procedure volumes. The deepest decline occurred in April but saw “incremental improvement” in May and June.
Since there continues to be uncertainties surrounding the COVID-19 pandemic, Zimmer Biomet is unable to provide full-year financial guidance.
Shares in ZBH were up 0.90% to $137 apiece in pre-market hours.