Zimmer Biomet reports preliminary second-quarter 2017 results

Zimmer Biomet Holdings Inc. announced that it expects second-quarter revenues to be approximately $1.954 billion, which would be a 1.1% increase compared with the prior year period.

When figures exclude approximately 240 basis points of contribution from the LDR Holding Corporation acquisition, second-quarter 2017 revenues are expected to decrease by 1.3%, or a decrease of 0.3% on a constant currency basis, from the second quarter of 2016, according to a company press release. The release also noted the adjusted diluted earnings per share for the second quarter are expected to be at or near the bottom of its previously issued guidance range of $2.08 to $2.13.

“While production output increased at our legacy Biomet manufacturing site in Warsaw, Indiana during the second quarter, certain brands did not achieve targeted production levels as quickly as anticipated,” Dan Florin, interim chief executive office, senior vice president and chief financial officer, said in the release. “We also experienced slower than expected sales recapture from previously affected customers in the United States. As we look toward the second half of 2017, we are focused on restoring full product supply and improving customer engagement, while continuing to progress on our quality enhancement efforts.”

Zimmer Biomet will provide further details regarding its second-quarter performance and will update its 2017 sales and earnings guidance during the company’s second-quarter earnings call scheduled on July 27, 2017.

Reference:

http://investor.zimmerbiomet.com/news-and-events/news/2017/07-11-2017-213047656