Zimmer Biomet announces second quarter 2023 financial results

Zimmer Biomet Holdings, Inc. reported financial results for the quarter ended June 30, 2023. The Company reported second quarter net sales of $1.870 billion, an increase of 4.9% over the prior year period, and an increase of 6.0% on a constant currency basis. Net earnings for the second quarter were $209.6 million, or $382.8 million on an adjusted1 basis.

Diluted earnings per share were $1.00 for the second quarter, and adjusted1 diluted earnings per share were $1.82.

“Our performance and execution in Q2 allowed us to deliver another strong quarter that was above our expectations, despite ongoing challenges in the macroenvironment,” said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. “We are raising our financial guidance for the rest of 2023 based on our confidence in our business performance, the strength of our innovation pipeline and the Zimmer Biomet team’s ability to deliver for our key stakeholders.”

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

• U.S. Food and Drug Administration 510k clearance for ActivBraid™, the first biointegrative high strength suture for tissue repair in orthopedic applications, demonstrating momentum in our growing Sports Medicine portfolio following the acquisition of Embody, Inc. in the first quarter of 2023.
• Certification in India, Poland, Puerto Rico, Switzerland and the U.S. by Great Place to Work^®, which recognizes employers who create an outstanding employee experience. This was the second consecutive certification in the U.S. for Zimmer Biomet and the first entries and certifications in the other countries.
• Continued progress in our Environmental, Social and Governance (ESG) programs with publication of our 2022 Sustainability Report and improvement in the MSCI ESG rating to “AA”, primarily due to product quality and safety progress. We also saw an improvement in our Sustainalytics ESG rating for the third consecutive year.

Geographic and product category sales
The following sales tables provide results by geography and product category for the three and six-month periods ended June 30, 2023, as well as the percentage change compared to the applicable prior year period, on both a reported basis and a constant currency basis.

Financial guidance
The Company is providing the following updated full-year 2023 financial guidance:

MB Bureau