Zimmer Biomet (NYSE:ZBH) reported third-quarter results today that beat the consensus forecast on Wall Street.
The Warsaw, Ind.–based orthopedic device giant reported profits of $432 million, or $2.08 per share, on sales of $1.89 billion for the three months ended Sept. 30, 2019, nearly tripling the bottom line and growing sales 3% compared with Q3 2018.
Adjusted to exclude one-time items, earnings per share were $1.77, two pennies ahead of The Street, where analysts were looking EPS of $1.75 on sales of $1.87 billion.
“Our global team delivered strong results this quarter, fueled by a clear focus on our strategic priorities and key new product introductions,” Zimmer Biomet CEO Bryan Hanson said in a news release.
“I’m excited by the momentum across the organization and am grateful for the commitment and winning spirit from our team members around the world,” Hanson said.
Zimmer Biomet’s guidance for the full fiscal year remains unchanged: adjusted EPS of $7.75 to $7.90 and a top-line growth outlook of flat to 0.5%.
Investors reacted by sending ZBH shares up more than 3% to $4.24 apiece today by midday trading.