Zimmer Biomet net sales increase 2%, knee sales dip .5% in Q3

Spinal Tech

Zimmer Biomet reported a slight increase in net sales during the third quarter compared to last year.

Here are eight takeaways from the report:

1. The company saw net sales of $1.93 billion. That's a 2 percent increase compared to the same time last year.

2. Diluted earnings per share were $1.16 for the third quarter, a decrease of 44.2 percent from the same period last year. Adjusted diluted earnings per share were $1.81, an increase of 2.3 percent compared to the third quarter in 2019.

3. Net sales from knee products were $402.6 million in the Americas, a 0.9 percent increase compared to last year. Overall, knee products saw net sales of $648.7 million in the third quarter, which is a 0.5 percent drop from the same period last year.

4. Hip product net sales in the Americas were $268.6 million, an uptick of 7.9 percent compared to the third quarter in 2019. A global increase for hips was 5.4 percent, leaving Zimmer with $484.1 million in overall net sales for that category in the third quarter.

5. The sports medicine, extremities and trauma category saw a 3.3 percent year-over-year increase in net sales, ending the second quarter with $359.9 million. Net sales for dental, spine, and craniomaxillofacial and thoracic products were up about 7.3 percent at $295.5 million.

6. Zimmer Biomet paid $49.6 million in dividends and declared a dividend of $0.24 per share in the third quarter.

7. The company refinanced $1.5 billion in debt that came due April 1, renegotiated the terms of its $1.5 billion revolver and secured an additional $1 billion credit facility.

8. The company saw some recovery in elective procedures during the third quarter, but because uncertainty remains around the scope and duration of the COVID-19 pandemic, it did not provide fourth-quarter financial guidance.

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