Zimmer Biomet’s Q4 profits plunge

Fourth-quarter profits plunged nearly -81% for Zimmer Biomet (NYSE:ZBH), but the orthopedics giant still managed to beat Wall Street’s earnings expectations by a nickel.

Warsaw, Ind.-based Zimmer Biomet posted profits of $29.7 million, or 14¢ per share, on sales of $1.93 billion for the 3 months ended Dec. 31, 2015. That amounts to a -80.7% bottom-line slide on sales growth of 58.1%, compared with Q4 2014.

Adjusted to exclude 1-time items, earnings per share were $2.09, 5¢ ahead of expectations on The Street.

Full-year profits were $49.7 million, or 26¢ per share, on sales of $6.0 billion, marking a -93.1% profit slide on sales growth of 28.3% compared with 2014. Adjusted EPS were $6.90, missing The Street by 6¢.

“At the close of a transformational year for Zimmer Biomet, we achieved top-line growth supported by sequential improvement from our joint reconstructive and S.E.T. businesses in the U.S. In addition, we finished the year with strong earnings results, as we continued to execute on our global integration plans,” president & CEO David Dvorak said in prepared remarks. “Importantly, the substantial completion of our commercial integration in 2015, combined with the breadth of our musculoskeletal portfolio, positions our sales teams to accelerate our growth as we progress through 2016.”

Zimmer Biomet said it expects to post adjusted EPS of $7.80 to $7.95 on constant-currency sales growth of 1.5% to 2.5%.

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