Zimmer Biomet Holdings Inc (ZBH) Reports 5% Increase in Q3 2023 Net Sales
Zimmer Biomet Holdings Inc (NYSE:ZBH) reported a 5.0% increase in third quarter net sales, reaching $1.754 billion.
The company's diluted earnings per share for the quarter were $0.77, with adjusted diluted earnings per share at $1.65.
ZBH has updated its 2023 reported revenue guidance due to currency expectations, while reaffirming its 2023 constant currency revenue growth and adjusted earnings per share financial guidance.
The company's net earnings for the third quarter were $162.7 million, or $346.5 million on an adjusted basis.
Zimmer Biomet Holdings Inc (NYSE:ZBH) released its earnings report for the third quarter of 2023 on November 7, 2023. The company reported net sales of $1.754 billion, marking a 5.0% increase over the same period in the previous year. On a constant currency basis, the increase was 4.7%. The company's net earnings for the quarter were $162.7 million, or $346.5 million on an adjusted basis.
Financial Performance
According to the report, ZBH's diluted earnings per share for the third quarter were $0.77, with adjusted diluted earnings per share standing at $1.65. The company has also updated its 2023 reported revenue guidance due to currency expectations, while reaffirming its 2023 constant currency revenue growth and adjusted earnings per share financial guidance.
Geographic and Product Category Sales
In terms of geographic results, ZBH's net sales in the United States increased by 6.0% to $1,031.4 million, while international sales saw a 3.6% increase, reaching $722.2 million. The company's total net sales for the third quarter were $1,753.6 million, marking a 5.0% increase on a reported basis and a 4.7% increase on a constant currency basis.
Looking at product categories, sales for knees increased by 7.5% to $706.3 million, while sales for hips decreased slightly by 0.6% to $465.3 million. Sales for Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic (S.E.T.) increased by 3.3% to $423.2 million, and other sales increased by 17.2% to $158.8 million.
Financial Guidance
ZBH has updated its full-year 2023 financial guidance, modifying the expected foreign currency exchange impact and reaffirming constant currency revenue growth as well as adjusted EPS guidance. The company now expects a 2023 reported revenue change of 6.0% - 6.5%, down from the previous guidance of 6.5% - 7.0%. The foreign currency exchange impact is expected to be (1.0)%, up from the previous guidance of (0.5)%. The 2023 constant currency revenue change and adjusted diluted EPS remain unchanged at 7.0% - 7.5% and $7.47 - $7.57, respectively.
Zimmer Biomet Holdings Inc (NYSE:ZBH) is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. The company operates in over 25 countries and sells its products in over 100 countries.
Explore the complete 8-K earnings release (here) from Zimmer Biomet Holdings Inc for further details.
This article first appeared on GuruFocus.
