Zimmer Biomet Q3 sales drop, led by 2.9% decrease in the Americas: 5 key notes

Spinal Tech

Zimmer Biomet reported a slight decrease in third quarter net sales, owing to slow sales in the United States.


Here are five things to know:


1. Interim CEO, Senior Vice President and CFO Daniel Florin reported the revenue decrease in the third quarter was driven by the slow pace of supply recovery in key brands as well as slower-than-anticipated sales recapture in the U.S. "While we are not satisfied with our overall performance during the quarter, we remain confident in the company's dedicated sales force, the breadth of our portfolio and our strategic innovation pipeline," he said.


2. Net earnings for the quarter were $98.8 million, a 37.8 percent drop over the same period last year. The company's operating cash flow was $455.1 million.


3. Net sales in the Americas hit $1.1 billion, a 2.9 percent decrease over the same period last year. Knee sales in the Americas were down 3.8 percent to $383 million and hip sales were down 4.5 percent to $228 million. Spine and CMF sales increased 0.7 percent to $185 million.


4. Zimmer Biomet updated its full-year guidance, with revenue hitting $7.76 billion to $7.8 billion, expecting 1 percent to 1.5 percent growth with 120 basis points contributed from the LDR acquisition. Earlier in the year, the company expected 1.8 percent to 2.7 percent growth.


5. In the fourth quarter, Zimmer Biomet expects revenue to hit $2 billion to $2.05 billion.


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