Zimmer Biomet Announces Second Quarter 2024 Financial Results

Core Insights - Zimmer Biomet Holdings, Inc. reported second quarter net sales of $1.942 billion, reflecting a 3.9% increase year-over-year and a 5.6% increase on a constant currency basis [1] - The company achieved diluted earnings per share of$ 1.18 and adjusted diluted earnings per share of $2.01 for the second quarter [1] - The company updated its 2024 reported revenue guidance due to currency expectations while reaffirming its constant currency revenue growth and adjusted earnings per share guidance [1][7] Financial Performance - Net earnings for the second quarter were$ 242.8 million, with adjusted net earnings of $415.0 million [1][15] - For the six months ended June 30, 2024, net sales totaled$ 3.831 billion, a 3.5% increase compared to the same period in 2023 [16] - The company reported operating profit of $351.3 million for the second quarter, up from$ 329.6 million in the prior year [15] Geographic and Product Category Sales - In the United States, net sales were $1.106 billion, a 3.5% increase, while international sales reached$ 835.8 million, a 4.4% increase [5] - The knees product category saw total sales of $801.1 million, with U.S. sales at$ 441.2 million and international sales at $359.9 million [5] - The hips product category reported total sales of$ 506.5 million, with U.S. sales at $259.0 million and international sales at$ 247.5 million [5] Financial Guidance - The updated guidance for 2024 reported revenue change is now projected at 4.0% - 5.0%, down from the previous 4.5% - 5.5% [7] - The constant currency revenue change guidance remains at 5.0% - 6.0%, and adjusted diluted EPS guidance is reaffirmed at $8.00 -$ 8.15 [7] Management Commentary - The CEO highlighted strong Q2 performance driven by customer demand for diversified products and the strength of the international business [3] - The company is making progress against key priorities, including operational excellence and innovation [3]