Zimmer Biomet reports third quarter 2023 financial results

• Third quarter net sales of $1.754 billion increased 5.0% and 4.7% at constant exchange rates¹ base
• Third quarter diluted earnings per share were $0.77; adjusted¹ diluted earnings per share were $1.65
• The company updates reported 2023 revenue expectations due to currency expectations and reaffirms consistent 2023 foreign exchange revenue growth and adjusted¹ financial guidelines for earnings per share

WARSAW, Ind., Nov. 7, 2023 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended September 30, 2023. The company reported third quarter net sales of $1.754 billion, up 5.0% from the same period last year, and an increase of 4.7% at constant exchange rates¹ base. Net income for the third quarter was $162.7 million, or $346.5 million adjusted¹ base.

Diluted earnings per share were $0.77 for the third quarter and were adjusted¹ diluted earnings per share were $1.65.

1.	Reconciliations of these measures to the corresponding US generally accepted accounting principles are included in this press release.

“We are very pleased to report another Zimmer Biomet quarter of strong revenue growth and earnings per share. Our team continues to successfully drive execution and growth with a focus on innovation to create value for the stakeholders we serve,” said Ivan Tornos, President and Chief Executive Officer of Zimmer Biomet. “As the new CEO of ZB, I am more confident than ever in our team, our full-year expectations for 2023 and that our solid growth – both top and bottom line – will continue in 2024.”

Recent Highlights

In line with the ongoing transformation of Zimmer Biomet’s business, key recent highlights include:

• Appointment of Ivan Tornos as President and Chief Executive Officer and expansion of Chief Financial Officer Suketu (Suky) Upadhyay’s role to CFO and EVP, Finance, Operations & Supply Chain as part of Zimmer Biomet’s increased focus on innovation and commercial execution
• Major updates to the Zimmer Biomet Executive Leadership Team, including the promotion of Wilfred van Zuilen to Group President, EMEA and Mark Bezjak to President of the Americas, as well as the appointment of Chief Science, Technology and Innovation Officer Nitin Goyal, MD to the Executive Leadership team
• Registration of 100,000 patients since the launch of mymobility® care management platform, which provides a guided orthopedic patient experience, with automation, data and insights for physicians
• Continued recognition for our Environmental, Social and Governance (ESG) programs with inclusion on the Newsweek Americas Greenest Companies 2024 and Sustainability Magazine Top 10: Sustainable Healthcare Device Companies lists

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, 2023, as well as the percentage change compared to the applicable prior year period, both on a reported and constant currency basis.

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