Sam Brusco, Associate Editor11.07.23
Zimmer Biomet has released its financial results for this year's third quarter, ended September 30, 2023.
With $1.754 billion sales posted in Q3, the company vaulted 5% over last year’s Q3 (with 4.7% increase on a constant currency basis). Net earnings for Q3 were $162.7 million ($346.5 million on an adjustment basis) with $0.77 in diluted earnings per share ($346.5 million on an adjusted basis).
Knee product sales in Q3 rose 5% to $706.3 million. S.E.T. (Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic) revenue and Other revenue grew 3.3% to $423.2 million and 17.2% to 158.8 million, respectively. Q3 Hips proceeds, however, fell 0.6% to $465.8 million.
Zimmer Biomet’s Q3 also saw the hiring of Ivan Tornos as the company’s president and CEO, following predecessor Bryan Hanson’s departure to lead the upcoming 3M Health Care spinoff.
"We're very pleased to report another Zimmer Biomet quarter with strong revenue growth and earnings per share. Our team continues to successfully drive execution and growth, focusing on innovation to create value for the stakeholders we serve," Tornos told the press. "As ZB's new CEO, I'm more confident than ever in our team, our full year expectations for 2023 and that our solid growth—on both the top and bottom lines—will continue in 2024."
Chief financial officer (CFO) Suky Upadhyay’s role was also expanded to CFO and EVP Finance, Operations & Supply Chain. Other updates to the company’s executive team included appointing Wilfred van Zuilen to Group President, EMEA and Mark Bezjak to President of the Americas, and chief science, technology and innovation officer Nitin Goyal MD to the executive leadership team.
Zimmer Biomet lowered its full-year guidance from 6.5%-7% reported revenue change to 6-6.5%, as well.
With $1.754 billion sales posted in Q3, the company vaulted 5% over last year’s Q3 (with 4.7% increase on a constant currency basis). Net earnings for Q3 were $162.7 million ($346.5 million on an adjustment basis) with $0.77 in diluted earnings per share ($346.5 million on an adjusted basis).
Knee product sales in Q3 rose 5% to $706.3 million. S.E.T. (Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic) revenue and Other revenue grew 3.3% to $423.2 million and 17.2% to 158.8 million, respectively. Q3 Hips proceeds, however, fell 0.6% to $465.8 million.
Zimmer Biomet’s Q3 also saw the hiring of Ivan Tornos as the company’s president and CEO, following predecessor Bryan Hanson’s departure to lead the upcoming 3M Health Care spinoff.
"We're very pleased to report another Zimmer Biomet quarter with strong revenue growth and earnings per share. Our team continues to successfully drive execution and growth, focusing on innovation to create value for the stakeholders we serve," Tornos told the press. "As ZB's new CEO, I'm more confident than ever in our team, our full year expectations for 2023 and that our solid growth—on both the top and bottom lines—will continue in 2024."
Chief financial officer (CFO) Suky Upadhyay’s role was also expanded to CFO and EVP Finance, Operations & Supply Chain. Other updates to the company’s executive team included appointing Wilfred van Zuilen to Group President, EMEA and Mark Bezjak to President of the Americas, and chief science, technology and innovation officer Nitin Goyal MD to the executive leadership team.
Zimmer Biomet lowered its full-year guidance from 6.5%-7% reported revenue change to 6-6.5%, as well.