Shares in Zimmer Biomet (NYSE:ZBH) are mostly steady this morning after the medical device maker narrowly beat expectations on Wall Street with its first quarter 2019 earnings release.
The Warsaw, Ind.-based company posted profits of $246.1 million, or $1.20 per share, on sales of approximately $1.98 million for the three months ended March 31, for bottom-line growth of 40.9% while sales shrunk 2.1% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.87, just ahead of the $1.86 consensus on Wall Street where analysts expected to see sales of $1.96 billion, which the company also topped.
“We delivered another solid quarter, driven by overall strong performance in the Asia Pacific and Europe, Middle East and Africa regions. Our accomplishments this quarter affirm our confidence in the progress we are making to turn around the business. Recently launched products and platform technologies will enable our sales force to leverage our complete ecosystem of differentiated solutions and return to offense in the second half of the year,” prez & CEO Bryan Hanson said in a press release.
The company reiterated its previous guidance for 2019.
Zimmer Biomet shares are up 0.4% so far today, at $125.25 as of 9:39 a.m. EDT.
Late last month, Zimmer Biomet said that it won FDA 510(k) clearance for its robotic Rosa One Spine System intended for use in robotically assisted minimally invasive complex spine procedures.
