Zimmer Biomet (NYSE:ZBH) surprised analysts with its 2nd-quarter earnings in the 1st quarterly report since closing the $14 billion merger with Biomet last month.
Despite a swing to red ink, Warsaw, Ind.-based Zimmer Biomet posted adjusted earnings per share of $1.59 for the 3 months ended June 30, 4¢ ahead of expectations on Wall Street. That excludes 1-time items, including $390.6 million in merger-related expenses.
Sales were down -1.3% to $1.17 billion, shy of the $1.19 billion consensus on Wall Street. Losses were -$158.0 million, or -91¢ per share, compared with Q2 2014 profits of $176.5 million.
“During the quarter, we completed our landmark combination to create Zimmer Biomet, marking a new era for our company and an unprecedented opportunity to drive our growth and value creation strategies,” president & CEO David Dvorak said in prepared remarks. “With a broad and diversified musculoskeletal portfolio, Zimmer Biomet is well positioned to reach new heights of commercial and operational excellence, and to accelerate the pace of our innovation for the evolving healthcare landscape.”
Zimmer Biomet confirmed its top-line outlook for 2015 and raised the low end of its earnings guidance, saying it now expects to report adjusted EPS of $6.65 to $6.80 (up from $6.60 to $6.80) on constant-currency sales growth of 1.5% to 2.0%.
Pre-tax net synergies from the Biomet deal are still forecast at $350 million by the end of the 3rd year, adding 95¢ to $1.05 to EPS during the 1st year and $135 million in pre-tax net savings, the company said.
ZBH shares were down -1.6% to $105.29 apiece in early-morning trading.
The post Zimmer Biomet surprises with Q2 earnings beat appeared first on MassDevice.
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