-- Booth Highlights Include Persona® OsseoTi® Keel Tibia, a Preview of ROSA® Shoulder*, Pending 510(k) Clearance, and the HAMMR™ Automatic Hip Impaction System-- WARSAW, Ind., Feb. 12, 2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that it is showcasing the latest innovations across its product portfolio at the 2024 annual meeting of the American Academy of Orthopaedic Surgeons (AAOS) this week in San Francisco. During the meeting, ...

Financial Data and Key Metrics Changes - The company reported a constant currency revenue growth of 7.5% for the full year 2023, with adjusted earnings per share (EPS) growing nearly 9.5% [56][74] - Adjusted gross margin was 72.5%, up 80 basis points from the prior year, driven by favorable mix, higher volumes, and lower royalties [6] - Operating cash flow for the full year was just under $1.6 billion, with free cash flow totaling $979 million [7] Business Line Data and Key Metrics Changes - Global knees grew 10.2% for the full year, with a quarterly growth of 5.6% [61][74] - Global hips grew 5.1% for the full year, with a quarterly growth of 3.6% [54][74] - The S.E.T. category grew 3.8% for the full year, with a quarterly growth of 6.4% [62][74] Market Data and Key Metrics Changes - U.S. growth was 4.4%, while international growth was 8.7% [53] - The company experienced a robust sequential step-up across all regions compared to the third quarter [53] Company Strategy and Development Direction - The company is committed to a multi-year growth strategy, targeting a minimum revenue growth of 5% in 2024, with EPS growth expected to outpace revenue growth [2][58] - The strategic imperatives include focusing on people and culture, operational excellence, and innovation and diversification [38][48] - The company plans to launch over 40 new products in the next 24 months, aiming to establish category leadership [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market dynamics, citing strong demand and procedure volume as key drivers for growth [57] - The company anticipates a slight decline in gross margins due to lower foreign exchange hedge gains and increased manufacturing costs, but expects operational efficiencies to offset this [10][66] - Management emphasized the importance of new product launches and improved supply chain stability as critical factors for achieving growth targets in 2024 [80][125] Other Important Information - The company completed a $500 million share buyback program, reflecting confidence in its business outlook [19][74] - A global restructuring program was initiated to streamline operations and enhance efficiency, expected to result in cash charges of $125 million to $150 million over the next two years [67] Q&A Session Summary Question: What are the key assumptions for the 5% to 6% constant currency growth in 2024? - Management stated that the guidance reflects a well-studied commitment to operational improvements and market dynamics, with no significant headwinds anticipated [84][85] Question: Does the $500 million share buyback imply difficulty in finding good M&A targets? - Management clarified that the buyback does not indicate a deterioration in M&A opportunities, emphasizing continued confidence in executing smart acquisitions [85] Question: What impact did supply challenges have on revenue in 2023? - Management noted that while quantifying the exact impact is difficult, supply challenges hindered the ability to pursue new business effectively, which is expected to improve in 2024 [108][109] Question: What are the expectations for gross margins in 2024? - Management indicated that gross margins are expected to be slightly down year-over-year due to various headwinds, but operational efficiencies are anticipated to help maintain overall profitability [119][120] Question: Can you elaborate on the dynamics of cementless knee penetration? - Management highlighted that the current penetration rate is around 18% to 20%, with plans to rapidly increase it to 50% to 60% through strategic product launches and market development [136]

Zimmer Biomet Holdings, Inc. (ZBH) posted fourth-quarter 2023 adjusted earnings per share (EPS) of $2.20, exceeding the Zacks Consensus Estimate by 2.3%. The adjusted figure increased 17% year over year.The quarter’s adjustments included certain amortization, restructuring and European Union Medical Device Regulation-related charges, among others.On a reported basis, the company registered earnings of $2.01 per share, which reflected a significant improvement from the year-ago loss of 62 cents per share.Ful ...

Zimmer Biomet (ZBH) reported $1.94 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.3%. EPS of $2.20 for the same period compares to $1.88 a year ago.The reported revenue represents a surprise of +0.57% over the Zacks Consensus Estimate of $1.93 billion. With the consensus EPS estimate being $2.15, the EPS surprise was +2.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stre ...

Zimmer Biomet (ZBH) came out with quarterly earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.33%. A quarter ago, it was expected that this orthopedic device maker would post earnings of $1.59 per share when it actually produced earnings of $1.65, delivering a surprise of 3.77%.Over the last four quarters, t ...

Mohammed Haneefa Nizamudeen Zimmer Biomet's (NYSE:ZBH) stock has been under pressure over the past few years, which appears to be at least in part due to concerns over the impact of GLP-1 agonists. This fear appears to be misplaced though, as it will likely be decades before any negative impact will be felt. In addition, GLP-1 agonists should provide a near-term tailwind by making more patients eligible for surgery. Joint replacement procedures have been increasing 5% annually, and even if the worst-case sc ...

Zimmer Biomet Holdings, Inc. (ZBH) is scheduled to report fourth-quarter and full-year 2023 results on Feb 8, before market open.In the last reported quarter, the company’s earnings of $1.65 exceeded the Zacks Consensus Estimate by 3.8%. Over the trailing four quarters, its earnings outperformed the consensus estimate on three occasions and matched the same once, the average beat being 5.09%.Let’s take a look at how things have shaped up prior to this announcement.Factors at PlayLike its industry competitor ...

Peter Dazeley/The Image Bank via Getty Images Zimmer Biomet (NYSE:ZBH) used to operate under a turnaround business, aiming to close the gap with its major competitor, Stryker (SYK). They spun off their spine and dental divisions and refocused on high-growth areas in knees, hips, extremities, and trauma markets. Zimmer appointed their new CEO, Ivan Tornos, in April 2023, and the management team is currently emphasizing growth acceleration. I am initiating coverage with a 'Buy' rating and a fair value of $140 ...

WARSAW, Ind., Jan. 5, 2024 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that Louis A. Shapiro, formerly the President and Chief Executive Officer of the Hospital for Special Surgery (HSS), has been appointed to the Board, effective immediately. HSS has been recognized as a leading academic medical center focused on musculoskeletal health – it was ranked #1 in U.S. orthopedics hospitals for 14 years in a row by U.S. News & World Report ...

Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET Company Participants Keri Mattox – Chief Communications and Administration Officer Ivan Tornos – President and Chief Executive Officer Suky Upadhyay – Executive Vice President and Chief Financial Officer Conference Call Participants Robbie Marcus – JPMorgan Drew Ranieri – Morgan Stanley Matt Taylor – Jefferies Shagun Singh – RBC Capital Markets Josh Jennings – TD Cowen Larry Biegelsen – Wells Fargo Chris Pas ...