Benzinga -
- Zimmer Biomet Holdings Inc (NYSE: ZBH) reported Q1 FY23 adjusted EPS of $1.89 Tuesday, compared to $1.61 a year ago and the consensus estimate of $1.64.
- It posted Q1 sales of $1.831 billion, up 10.1% on a reported basis and 13.2% on a constant currency basis. Revenues came in above the consensus of $1.7 billion.
- "Our strong performance in Q1 outpaced our internal growth expectations, driven by continued procedure recovery, solid execution, and increasing traction around ZB innovation," said Bryan Hanson, Chairman, President & CEO of Zimmer Biomet.
- Revenue from knee products increased 15% Y/Y to $762.5 million (+18.2% constant currency).
- Monday, Zimmer Biomet agreed to acquire Ossis, a maker of personalized 3D-printed implants.
- Ossis also offers complex hip replacements, including second-time replacements and ones involving bone tumors and trauma.
- Hip products increased 9.3% to $492.8 million (+12.9%).
- Guidance: Zimmer Biomet expects an adjusted EPS of $7.40-$7.50 for 2023, up from the prior forecast of $6.95-$7.15 per share previously forecast. Analysts, on average, were expecting a profit of $7.06 per share.
- The company expects revenue to grow 5%-6% this year, compared with its previous forecast of 1.5%-3.5%.
- ZBH Price Action: ZBH shares are up 4.3% at $144.81 Tuesday morning.
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