Zimmer Biomet (NYSE:ZBH) stock is up a bit on third-quarter results that came in just ahead of the consensus forecast.
Shares of ZBH rose more than 1% to $103.88 apiece in pre-market trading today.
The Warsaw, Indiana-based orthopedic giant reported profits of $249.1 million. That equals $1.23 per share on sales of $1.82 billion for the three months ended Sept. 30, 2024.
Zimmer Biomet recorded a 53.1% bottom-line gain on a sales uptick of 4%.
Adjusted to exclude one-time items, earnings per share came in at $1.74. That landed 1¢ ahead of expectations on Wall Street. Sales came in just ahead of the estimates, too, as experts projected $1.8 billion in revenue.
“We are pleased with the strong performance we delivered in the third quarter, despite our ERP implementation challenges,” said Ivan Tornos, Zimmer Biomet president and CEO. “I am proud of the team and how they came together to manage the ERP issues and mitigate the negative impact on the Company’s performance for the year, positioning us to focus on our exciting innovation pipeline and planned new product introductions. We look forward to delivering on our strategic priorities and advancing our mission to help millions of people alleviate pain and improve their quality of life.”
Zimmer Biomet slashed its 2024 sales and adjusted EPS guidance. It now expects full-year revenue growth between 3.5% and 4% and adjusted EPS between $7.95 and $8.05. The company previously suggested sales growth between 4% and 5% and adjusted EPS between $8 and $8.15.
