Zimmer Biomet logs beat-n-raise Q1

Zimmer Biomet (NYSE:ZBH) logged a beat-and-raise 1st quarter despite a -38.2% profit slide as sales surged 67.8% compared with Q1 2015.

The Warsaw, Ind.-based orthopedics giant posted profits of $105.9 million, or 52 per share, on sales of $1.90 billion for the 3 months ended March 31; adjusted to exclude 1-time items, earnings per share were $2 even, a full 7 ahead of the consensus expectation on Wall Street, where analysts were looking for revenues of $1.88 billion.

“Zimmer Biomet’s 1st-quarter revenue was at the high end of our expectations coming into the year, laying the groundwork for sequential sales improvement as 2016 progresses. We also continued to make good progress against our net synergy commitments, which supported our ability to again deliver operating margin leverage and strong adjusted earnings per share results,” president & CEO David Dvorak said in prepared remarks. “We remain on pace to exit the year at or above market growth rates, driven by our focused commercial channel and the cross-selling opportunities across our market-leading musculoskeletal portfolio.”

Zimmer Biomet boosted its outlook for the rest of the year, saying it now expects to report adjusted EPS of $7.85 to $8.00, up from $7.80 to $7.95 previously, on constant-currency sales growth of 2.0% to 3.0% compared with prior guidance of between 1.5% and 2.5%.

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