Zimmer Biomet Holdings, Inc. (ZBH) posted first-quarter 2024 adjusted earnings per share (EPS) of $1.94, exceeding the Zacks Consensus Estimate by 3.7%. The adjusted figure increased 2.6% year over year.The quarter’s adjustments included certain amortization, restructuring and other cost reduction initiatives and European Union Medical Device Regulation-related charges, among others.On a reported basis, the company registered earnings of 84 cents per share, which reflected a 24.3% decline from the year-ago ...

For the quarter ended March 2024, Zimmer Biomet (ZBH) reported revenue of $1.89 billion, up 3.2% over the same period last year. EPS came in at $1.94, compared to $1.89 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.87 billion, representing a surprise of +1.16%. The company delivered an EPS surprise of +3.74%, with the consensus EPS estimate being $1.87.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ex ...

Zimmer Biomet (ZBH) came out with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.87 per share. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.74%. A quarter ago, it was expected that this orthopedic device maker would post earnings of $2.15 per share when it actually produced earnings of $2.20, delivering a surprise of 2.33%.Over the last four quarters, t ...

[Q1 2024 Financial and Business Highlights](index=1&type=section&id=Zimmer%20Biomet%20Announces%20First%20Quarter%202024%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Q1 2024 net sales reached **$1.889 billion** (up 4.4% constant currency), with diluted EPS of **$0.84** and adjusted EPS of **$1.94**, reiterating full-year guidance Q1 2024 Key Financial Metrics | Metric | Value | YoY Change (Reported) | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | | Net Sales | $1.889 billion | +3.2% | +4.4% | | Net Earnings | $172.4 million | - | - | | Adjusted Net Earnings | $399.7 million | - | - | | Diluted EPS | $0.84 | - | - | | Adjusted Diluted EPS | $1.94 | - | - | - The company has reiterated its full-year 2024 financial guidance[3](index=3&type=chunk) [Business and Operational Highlights](index=2&type=section&id=Recent%20Highlights) Zimmer Biomet achieved key operational milestones, including FDA clearances for ROSA® Shoulder System and Z1 Femoral Hip Stem, alongside strategic partnerships and DEI/ESG recognition - Received U.S. FDA 510(k) clearance for the ROSA® Shoulder System, the world's first robotic assistant for shoulder replacement surgery, with the first successful surgery completed in April[5](index=5&type=chunk) - Obtained U.S. FDA 510(k) clearance for the Z1 Femoral Hip Stem, a modern triple taper system expected to launch later in the year[5](index=5&type=chunk) - Announced partnerships with three major U.S. pickleball organizations to promote joint health education[5](index=5&type=chunk) - Continued to receive recognition for Diversity, Equity, and Inclusion (DEI) and Environmental, Social, and Governance (ESG) efforts, including being named one of America's Greatest Workplaces for Women by Newsweek and a Supplier Engagement Leader by CDP[6](index=6&type=chunk) [Sales Performance Analysis](index=4&type=section&id=Geographic%20and%20Product%20Category%20Sales) [Sales by Geography and Product](index=4&type=section&id=Sales%20by%20Geography%20and%20Product) Q1 2024 total net sales grew **4.4%** constant currency, with U.S. up **3.7%** and International up **5.4%**, driven by Knees and S.E.T. product categories Q1 2024 Net Sales Breakdown (in millions) | Category | Geography | Net Sales | % Change (Reported) | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **Global** | **$1,889.2** | **3.2%** | **4.4%** | | By Geography | United States | $1,099.2 | 3.7% | 3.7% | | | International | $790.0 | 2.5% | 5.4% | | By Product | Knees | Total | $788.1 | 3.4% | 4.3% | | | Hips | Total | $491.2 | -0.3% | 1.5% | | | S.E.T. | Global | $452.6 | 4.4% | 5.3% | | | Other | Global | $157.3 | 10.6% | 12.2% | [Full-Year 2024 Financial Guidance](index=5&type=section&id=Financial%20Guidance) [Full-Year 2024 Projections](index=5&type=section&id=Full-Year%202024%20Projections) Zimmer Biomet reiterated its full-year 2024 guidance, projecting reported revenue growth of **4.5% to 5.5%** (constant currency **5.0% to 6.0%**) and adjusted diluted EPS of **$8.00 to $8.15** Projected Year Ending December 31, 2024 | Metric | Guidance Range | | :--- | :--- | | Reported Revenue Change | 4.5% - 5.5% | | Foreign Currency Exchange Impact | (0.5)% | | Constant Currency Revenue Change | 5.0% - 6.0% | | Adjusted Diluted EPS | $8.00 - $8.15 | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Earnings](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q1 2024 net sales increased to **$1.889 billion**, but operating profit decreased to **$265.9 million** and net earnings fell to **$172.4 million**, due to increased restructuring expenses Q1 2024 vs Q1 2023 Statement of Earnings (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $1,889.2 | $1,831.0 | | Operating Profit | $265.9 | $327.3 | | Earnings before income taxes | $215.1 | $286.8 | | Net Earnings of Zimmer Biomet | $172.4 | $232.5 | | Diluted EPS | $0.84 | $1.11 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$21.45 billion**, slightly down from year-end 2023, with stable liabilities and stockholders' equity increasing to **$12.61 billion** Balance Sheet Summary (in millions) | Line Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $4,631.5 | $4,609.5 | | Total Assets | $21,452.4 | $21,496.9 | | Total current liabilities | $1,826.9 | $1,957.5 | | Long-term debt | $4,826.2 | $4,867.9 | | Stockholders' equity | $12,606.0 | $12,488.1 | | Total Liabilities and Stockholders' Equity | $21,452.4 | $21,496.9 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash from operations decreased to **$228.0 million**, with increased investing and decreased financing activities, ending the quarter with **$393.0 million** in cash and equivalents Q1 2024 vs Q1 2023 Statement of Cash Flows (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $228.0 | $307.7 | | Net cash used in investing activities | $(195.0) | $(149.4) | | Net cash used in financing activities | $(50.1) | $(206.7) | | Change in cash and cash equivalents | $(22.7) | $(45.5) | | Cash and cash equivalents, end of period | $393.0 | $330.2 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=13&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) [Reconciliation of Reported Net Sales to Constant Currency](index=13&type=section&id=Reconciliation%20of%20Reported%20Net%20Sales%20to%20Constant%20Currency) Foreign currency exchange negatively impacted Q1 2024 total net sales by **1.2%**, with International segment most affected at **2.9%** negative impact Q1 2024 Sales Growth Reconciliation | Category | Reported % Change | Foreign Exchange Impact | Constant Currency % Change | | :--- | :--- | :--- | :--- | | **Total** | **3.2%** | **(1.2)%** | **4.4%** | | United States | 3.7% | -% | 3.7% | | International | 2.5% | (2.9)% | 5.4% | | Knees | 3.4% | (0.9)% | 4.3% | | Hips | (0.3)% | (1.8)% | 1.5% | [Reconciliation of Reported to Adjusted Net Earnings and EPS](index=14&type=section&id=Reconciliation%20of%20Reported%20to%20Adjusted%20Results) Q1 2024 reported net earnings of **$172.4 million** adjusted to **$399.7 million**, mainly due to intangible asset amortization and restructuring, yielding adjusted diluted EPS of **$1.94** Q1 2024 Reconciliation of Net Earnings and Diluted EPS | Metric | As Reported | Adjustments | As Adjusted | | :--- | :--- | :--- | :--- | | Net Earnings (in millions) | $172.4 | $227.3 | $399.7 | | Diluted EPS | $0.84 | $1.10 | $1.94 | - Key adjustments include intangible asset amortization, restructuring and other cost reduction initiatives, and costs related to the European Union Medical Device Regulation[45](index=45&type=chunk) [Reconciliation of Operating Cash Flow to Free Cash Flow](index=16&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Q1 2024 free cash flow was **$90.9 million**, down from **$178.2 million** last year, after deducting capital expenditures for instruments and other property from operating cash flow Free Cash Flow Calculation (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $228.0 | $307.7 | | Additions to instruments | $(82.0) | $(82.8) | | Additions to other property, plant and equipment | $(55.1) | $(46.7) | | **Free cash flow** | **$90.9** | **$178.2** | [Other Reconciliations (Profit Margins, Tax Rate, Net Debt)](index=17&type=section&id=Other%20Reconciliations) Adjusted gross margin improved to **72.9%**, operating profit margin to **28.6%**, effective tax rate was **18.5%**, and net debt stood at **$5.40 billion** as of March 31, 2024 Key Adjusted Metrics Comparison | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Adjusted Gross Margin | 72.9% | 72.8% | | Adjusted Operating Profit Margin | 28.6% | 28.4% | | Adjusted Effective Tax Rate | 18.5% | 16.3% | Net Debt (in millions) | Date | Net Debt | | :--- | :--- | | March 31, 2024 | $5,403.2 | | December 31, 2023 | $5,352.1 | [Company Overview and Disclosures](index=5&type=section&id=Disclosures) [About the Company](index=5&type=section&id=About%20the%20Company) Zimmer Biomet is a global medical technology leader focused on maximizing mobility and improving health through innovative products, including digital and robotic technologies - Zimmer Biomet positions itself as a global medical technology leader with a portfolio designed to maximize mobility and improve health, leveraging innovative products and a suite of integrated digital and robotic technologies[14](index=14&type=chunk)[15](index=15&type=chunk) [Note on Non-GAAP Financial Measures](index=6&type=section&id=Note%20on%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures like constant currency sales, adjusted net earnings, and free cash flow to evaluate performance and provide meaningful investor information - The company uses non-GAAP financial measures to provide information that is not impacted by certain items that can cause dramatic changes in reported income but do not affect the fundamentals of operations[26](index=26&type=chunk) - Non-GAAP measures mentioned include constant currency sales changes, adjusted operating profit, adjusted diluted EPS, and free cash flow[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=7&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) Forward-looking statements, including financial guidance, are subject to significant risks and uncertainties such as competition, pricing pressures, regulatory changes, and global economic conditions - The press release contains forward-looking statements regarding financial guidance and business prospects, which are subject to risks and uncertainties[28](index=28&type=chunk) - Key risks include competition, pricing pressures, new product development, supply chain disruptions, regulatory changes, and macroeconomic conditions[29](index=29&type=chunk)[30](index=30&type=chunk)

In its upcoming report, Zimmer Biomet (ZBH) is predicted by Wall Street analysts to post quarterly earnings of $1.88 per share, reflecting a decline of 0.5% compared to the same period last year. Revenues are forecasted to be $1.87 billion, representing a year-over-year increase of 2.2%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during th ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Zimmer Biomet (ZBH) , which belongs to the Zacks Medical - Products industry, could be a great candidate to consider.This orthopedic device maker has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 3.05%.For the last reported quarter, Zimmer came o ...

Zimmer Biomet Holdings, Inc. (ZBH) is scheduled to report first-quarter 2024 results on May 2, before market open.In the last reported quarter, the company’s earnings of $2.20 exceeded the Zacks Consensus Estimate by 2.3%. Over the trailing four quarters, its earnings outperformed the consensus estimate on three occasions and matched the same once, the average beat being 4.99%.Let’s take a look at how things have shaped up prior to this announcement.Factors at PlayLike its industry competitors, Zimmer Biome ...

-- Zimmer Biomet Brings Joint Health Education and the Importance of Movement to America's Fastest-Growing Sport, Engaging the 48.3 Million Players, Fans of the Sport, and Raising Awareness as a Trusted Partner for Joint Replacement-- WARSAW, Ind., April 4, 2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced partnerships with three top pickleball organizations in the United States, becoming the first and only medical device partner for t ...

WARSAW, Ind., April 3, 2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today announced its first quarter earnings conference call will be webcast on Thursday, May 2, 2024 at 8:30 a.m. ET. A news release detailing the quarterly results will be made available that day at 6:30 a.m. ET. The live audio webcast can be accessed via Zimmer Biomet's Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the conference call. Individuals in the ...

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