Zimmer Biomet Trims FY24 Revenue Growth Outlook; To Acquire OrthoGrid Systems - Update

(RTTNews) - While reporting financial results for the second quarter on Wednesday, musculoskeletal healthcare firm Zimmer Biomet Holdings Inc. (ZBH) reaffirmed its adjusted earnings guidance for the full-year 2024, while trimming annual revenue growth outlook.

For fiscal 2024, the company now projects adjusted earnings in a range of $8.00 to $8.15 per share on revenue growth of 4.0 to 5.0 percent from last year on a reported basis, with constant currency revenue growth of 5.0 to 6.0 percent.

Previously, the company expected adjusted earnings in the range of $8.00 to $8.15 per share on revenue growth of 4.5 to 5.5 percent from last year on a reported basis, with constant currency revenue growth of 5.0 to 6.0 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.09 per share on revenue growth of 4.8 percent to $7.75 billion for the year. Analysts' estimates typically exclude special items.

Separately, the company agreed to acquire OrthoGrid Systems, Inc. a privately-held medical technology company, expanding Zimmer Biomet's hip portfolio with an artificial intelligence-driven surgical guidance system for total hip replacement.

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