Zimmer Biomet Posts Q1 Results; Maintains Full-Year Guidance

Zimmer Biomet released the results of financial operations for its first quarter.
 
The Warsaw, Indiana-based orthopedic device company posted Q1 sales of $1.89 billion, an increase of 3.2% as reported and 4.4% in constant currency. Q1’s diluted earnings per share (EPS) were $0.84 and adjusted EPS were $1.94.
 
On the $1.89 billion of Q1 revenue, Zimmer Biomet reported earnings of $172.4 million‚ $399.7 million on an adjusted basis.
 
“We are very pleased with the execution, progress and strong performance the team delivered in the first quarter,” Zimmer Biomet president and CEO Ivan Tornos said in a press release. “As we move forward, we are focused on continuing this momentum and delivering on our key priorities to advance people and culture, achieve operational excellence and drive innovation and diversification—all with the goal of delivering on our Mission.”
 
As a result, the company reiterated its full-year 2024 financial guidance. Zimmer Biomet projects revenue change in the range of 4.5%-5.5% with adjusted diluted EPS of $8.00-$8.15.
 
“From a macro standpoint, the main enablers of our Q1 results were the adoption of ROSA technology globally, with a correlated pull-through of Persona Knee,” Tornos said in a transcript of its Q1 earnings call. “We also saw sound execution of growth drivers within S.E.T., particularly in shoulders, within sports medicine and in our CMFT, craniomaxillofacial thoracic business, in conjunction with rapid adoption of Persona OsseoTi, that is our cementless platform, which is quickly gaining share in the markets where we have launched the product.
 
Tornos also announced in the call that Keri Mattox, the company’s chief communications and administration officer, has decided to depart from the company at the end of May.
 
“Keri has been a trusted partner and a very close collaborator and friend on this journey, and has enabled great things for Zimmer Biomet in her four plus years here with ZB,” Tornos said. “She’s going to be missed and we wish her the best in her future endeavors.”

Zimmer Biomet’s Q1 Highlights