Zimmer Biomet shares lift after reporting big gains in sales

Zimmer Biomet (NYSE:ZBH) shares have risen nearly 5% after releasing solid 2nd quarter earnings, beating the street on earnings per share and seeing sales swell 65.6% compared to last year.

The Warsaw, Ind.-based company reported losses of $31.3 million, or 16¢ per share, on sales of $1.9 billion for the 3 months ended June 30.

Losses shrunk 82% when compared to the same period the previous year, while sales grew a massive 65.6%, according to the company’s release.

Adjusting to exclude 1-time items puts earnings per share at $2.02, a good 5¢ above what analysts on Wall Street were looking for. Sales met Analyst expectations, which were for approximately $1.9 billion for the quarter.

Shares of Zimmer Biomet have lifted 4.7% to $128.42 as of 10:08 a.m. EDT.

“In the 2nd quarter, Zimmer Biomet accelerated revenue growth above the top end of our expectations, highlighted by the results of our S.E.T. category and our ongoing strength in the Asia Pacificregion. Our top line performance, coupled with the ongoing capture of operational synergies, supported investments into strategic growth drivers, while delivering adjusted earnings per share above our guidance range.  We will continue to execute on commercial opportunities across our broad portfolio in the second half of the year, as well as expand our clinical offerings with differentiated new technologies, services and solutions,” CEO David Dvorak said in prepared remarks

Zimmer Biomet updated its full-year 2016 guidance, expecting revenue between $7.68 and $7.71 billion and adjusted earnings per share between $7.90 and $8.00, up 5¢ on the low range from previous guidance.

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