Zimmer Biomet Q1 earnings exceed company expectations
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting first quarter net earnings of $232.5 million, compared to $14.2 million during the same period a year ago. The orthopedics device manufacturer says it achieved Q1 net sales of $1.8 billion, an increase of 10% over the prior year period.
Zimmer Biomet Chair and CEO Bryan Hanson says the quarterly performance outperformed its internal growth expectations.
“I’m proud of how our team continues to successfully navigate and manage the broader market challenges posed by inflation and the supply chain and how we are driving positive momentum as we deliver on our mission and bring value to our patients, customers and shareholders,” said Hanson.
During the quarter, Zimmer Biomet announced it had completed its acquisition of Virginia-based Embody Inc. The company said the $270 million purchase strengthens its growing sports medicine portfolio.
In November, the company reported it had received clearance from the U.S. Food and Drug Administration for its new knee replacement technology.
The Persona OsseoTi Keel Tibia system gives surgeons the ability to decide during the procedure whether bone cement is needed or not on this implant, based on bone quality and the unique needs of their patient.
Click here to view the earnings report.