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Zimmer Biomet Raises FY22 Outlook As Q2 Performance Exceeds Expectations

·1 min read
  • Zimmer Biomet Holdings Inc's (NYSE: ZBHQ2 sales increased by 1% Y/Y to $1.78 billion (up 6% on a constant currency basis), beating the consensus of $1.72 billion.

  • Adjusted EPS was $1.82, which exceeded the consensus of $1.65 and $1.51 a year ago.

  • "Our performance in Q2 was well above our internal expectations due to stronger than anticipated COVID recovery in the quarter and the continued execution from the ZB team across our regions and segments. Despite expected increased pressure from foreign exchange rates and inflation, we are once again updating our guidance," said Bryan Hanson, Chairman, President, and CEO of Zimmer Biomet.

  • Hip segment sales increased 2.7% to $487.2 million, and Knee product revenues increased 5.9% to $704.9 million.

  • Guidance: Zimmer Biomet expects FY22 sales growth of (1.0)% - 1.0%, versus earlier guidance of (1.5)% - 0.5%.

  • The company expects an adjusted operating profit margin of 26.75% - 27.75% compared to 26.5% - 27.5% expected earlier.

  • It expects to log adjusted EPS of $6.70 - $6.90 (consensus $6.72) versus prior guidance of $6.65 - $6.85.

  • Price Action: ZBH shares are up 2.95% at $113.00 on the last check Tuesday.

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