Zimmer Biomet (NYSE:ZBH) today posted third-quarter results that topped expectations for both sales and earnings and stood by its prior forecast for the rest of the year.
The Warsaw, Ind.-based orthopedics giant reported profits of $162.2 million, or 79¢ per share, on sales of $1.84 billion for the three months ended Sept. 30, for a bottom-line gain of 64.2% on sales growth of 1.3% compared Q3 2017.
Adjusted to exclude one-time items, earnings per share were $1.63, 2¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $1.83 billion.
“We are pleased with our third-quarter accomplishments, which reflect our sustained progress in a number of areas. Although our sales results clearly benefited from less challenging sales comparisons, as well as the timing of certain tenders and capital sales, our organic growth continued to signal that we are turning the business around consistent with our expectations,” president & CEO Bryan Hanson said in prepared remarks. “Looking to the balance of the year, we will continue to focus on priorities to improve the consistency of our results and drive sustained value creation. These include important new innovations that are expanding our comprehensive portfolio, advancing standards of care and creating new opportunities for our salesforce to deliver growth.”
Zimmer Biomet said it still expects to see revenue growth of between 1% and 2.5% with full-year free cash flow of between $1.20 billion and $1.35 billion.
