Here are five things to know:
1. In addition to net sales growth, Zimmer Biomet reported $162.2 million in net earnings and recorded $48.8 million in dividends.
2. The company reported net sales were up 1.5 percent in the Americas, reaching $1.1 billion, but down 2.3 percent in Europe, the Middle East and Africa.
3. Overall knee sales increased 0.8 percent to $628 million and hip sales were up 2.8 percent to $445 million. Spine and craniomaxillofacial sales were largely flat, reporting 0.2 percent increase to $185 million.
4. The company reiterated full-year guidance, with slight updates due to foreign currency impact as well as the expected adjusted effective tax rate. Zimmer Biomet now expects the positive impact of foreign currency to be slightly below the low end of the 100 to 150 basis point range. It also expects the adjusted effective tax rate for the full year to be slightly below the low end of the 18.5 percent to 19.5 percent range.
5. President and CEO Bryan Hanson said the company will now focus on improving the consistency of results and driving sustained value creation. “These include important new innovations that are expanding our comprehensive portfolio, advancing standards of care and creating new opportunities for our sales force to deliver growth.”
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