Zimmer Biomet posts 10% sales growth; highlights new tibia, sports medicine acquisition
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Key takeaways:
- Zimmer Biomet Holdings Inc.’s net sales grew 10.1% between the first quarters of 2022 and 2023, with the greatest growth in knee products in the U.S.
- The company raised and narrowed its revenue forecast for this year, projecting a 5% to 6% increase over 2022.
In its first-quarter financial results, Zimmer Biomet Holdings Inc. reported $10.8 billion in net sales, a 10.1% growth over the prior year period, and net earnings of $232.5 million, according to a press release.
The company highlighted its launch of the Persona OsseoTi Keel Tibia for cementless knee replacement, acquisition of soft tissue healing company Embody Inc. and enhancements to Persona IQ and other systems linked to its ZBEdge Dynamic Intelligence.
“Our strong performance in [the first quarter] outpaced our internal growth expectations, driven by continued procedure recovery, solid execution and increasing traction around ZB innovation,” Bryan Hanson, president, chairperson and CEO of the company, said in the release.
The $155 million purchase of Embody, which focuses on soft tissue healing through collagen-based biofabrication techniques targeting sports injury, was “an important step in the ongoing transformation of ZB,” Hanson said previously.
In the first quarter of 2023, net sales in a category that includes sports medicine – as well as extremities, trauma, craniomaxillofacial and thoracic products – were 4% greater than in first quarter 2022 for the company, according to the financial results. Net sales in the category totaled more than $433.4 million.
The company saw the greatest sales growth for knee products in the U.S., with an 18.1% boost over the first quarter of 2022. Internationally, knee product net sales rose 10.9% over the first quarter of 2022.
Zimmer Biomet raised and narrowed the range of its revenue forecast for this year, projecting a 5% to 6% increase in revenue – up from previous guidance of between 1.5% and 3.5%.
Reference:
- Zimmer Biomet to acquire Embody Inc. https://investor.zimmerbiomet.com/news-and-events/news/2023/01-05-2023-120317843 Published Jan. 5, 2023. Accessed May 9, 2023.
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