- Third quarter net sales from continuing operations of $1.670 billion decreased 0.9% and increased 5.0% on a constant currency1 basis
- Third quarter diluted earnings per share from continuing operations were $0.92; adjusted1 diluted earnings per share from continuing operations were $1.58
- Company updates 2022 financial guidance, raising range for full year outlook
WARSAW, Ind., Nov. 2, 2022 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended September 30, 2022. The Company reported third quarter net sales from continuing operations of $1.670 billion, a decrease of 0.9% over the prior year period, and an increase of 5.0% on a constant currency basis. Net earnings from continuing operations for the third quarter were $194.0 million, or $333.1 million on an adjusted1 basis.
Diluted earnings per share from continuing operations were $0.92 for the third quarter, and adjusted diluted earnings per share from continuing operations were $1.58.
1. Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.
“We had another solid quarter, bolstered by our team’s execution and continued COVID recovery. Our performance and successful navigation of current macro pressures further increase our confidence and enable us to raise our financial guidance,” said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. “We believe that our strategy is working and our innovation pipeline and product portfolio position Zimmer Biomet to serve our customers and patients and deliver growth and value for our shareholders.”
Recent Highlights
Aligned with the ongoing transformation of Zimmer Biomet’s business, key third quarter highlights include:
- Announcement of a first-of-its-kind, three-year agreement with Hospital for Special Surgery (HSS) to create the HSS/Zimmer Biomet (ZB) Innovation Center for Artificial Intelligence (AI) in Robotic Joint Replacement. Through the collaboration, ZB and HSS aim to develop new decision support tools, powered by data collection and machine learning, to provide data-driven recommendations to surgeons for robotic-assisted joint surgery.
- Launch of an exclusive, multi-year co-marketing agreement with Surgical Planning Associates, Inc. to commercialize HipInsight™, the first FDA-cleared mixed reality navigation system for total hip replacement. HipInsight, the latest addition to the OptiVu™ Mixed Reality portfolio of applications, further expands the capabilities of the ZBEdge™ suite of integrated smart, digital and robotic technologies designed to deliver transformative data-powered insights with the goal of optimizing patient outcomes.
- U.S. Food and Drug Administration (FDA) 510(k) clearance of the Identity™ Shoulder System for anatomic, reverse and revision shoulder replacement. The Identity Shoulder System is a convertible system that uses proprietary technologies to align each surgeon’s approach to an individual patient’s anatomy, with the goal of alleviating pain and optimizing range of motion.
Geographic and Product Category Sales
The following sales tables provide results by geography and product category for the three and nine-month periods ended September 30, 2022, as well as the percentage change compared to the applicable prior year period, on both a reported basis and a constant currency basis.
