Zimmer Biomet
(NYSE: ZBH)
shares slipped this morning despite fourth-quarter results that topped the consensus forecast.
Shares of ZBH shares fell 4.5% at $121.79 apiece in early-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.3%.
The Warsaw, Indiana-based orthopedic giant posted profits of $419.2 million in the quarter. That amounts to $2.01 per share on sales of $1.94 billion for the three months ended Dec. 31, 2023.
Zimmer Biomet recorded a massive bottom-line gain compared to losses of $130.5 million in the same period last year. It posted sales growth of 6.3% year-over-year.
Adjusted to exclude one-time items, earnings per share totaled $2.20, landing 5¢ ahead of Wall Street projections. Zimmer Biomet narrowly topped expectations of $1.93 billion in revenue, too.
“We are pleased to conclude a very successful year with strong fourth-quarter results driven by consistent execution, including a healthy second-half growth profile,” said Ivan Tornos, Zimmer Biomet president and CEO. “I’m confident in our ability to carry our 2023 momentum into 2024 and to create further value for our stakeholders. As we look ahead, we remain laser-focused on our priorities to advance people and culture, achieve operational excellence and drive innovation and diversification to deliver on our mission.”
Zimmer Biomet expects 2024 revenue growth between 4.5% and 5.5%, with adjusted EPS ranging between $8 and $8.15.