Zimmer Biomet (NYSE:ZBH) topped the consensus forecasts for both its 4th-quarter and full-year 2016 results, despite a nearly -50% profit slide for the quarter.
The Warsaw, Ind.-based orthopedics giant posted profits of $66.6 million, or 33¢ per share, on sales of $2.01 billion for the 3 months ended Dec. 31, for a bottom-line decline of -47.6% on sales growth of 4.1% compared with Q4 2015.
Adjusted to exclude 1-time items, earnings per share were 2.14, 3¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $1.98 billion.
Full-year profits were a different story, rising 106.1% to $302.9 million, or $1.50 per share, on sales of $7.68 billion – a 28.1% top-line gain. Adjusted EPS for the year also beat estimates, coming in 4¢ above the consensus at $7.96 per share. Analysts were looking for sales of $7.65 billion for 2016.
“Zimmer Biomet delivered solid revenue growth in the 4th quarter. Our performance was driven, in part, by the re-acceleration of our knee and hip businesses, as well as the ongoing strength of our [sports, extremities & trauma] category and Asia-Pacific region,” president & CEO David Dvorak said in prepared remarks. “As we reflect on the completion of our 1st full year as a combined company, our achievements have further strengthened our confidence in the unique value-creation opportunity we offer in the dynamic global healthcare environment. We will continue to drive growth across our broad musculoskeletal portfolio in 2017, as we remain focused on delivering against our net synergy commitments and making ongoing progress towards optimizing and harmonizing our supply chain, and manufacturing and quality systems.”
Zimmer Biomet said it expects to report adjusted EPS of $8.50 to $8.68 on sales of $7.86 billion to $7.93 billion this year.
ZBH shares closed down -1.3% yesterday at $115.39 apiece.
The post Zimmer Biomet’s Q4, 2106 numbers top estimates appeared first on MassDevice.
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