Zimmer Biomet Shares Hit After Lowering Annual Guidance

Zimmer Biomet Holdings Inc's ZBH Q3 sales decreased marginally by 0.3% Y/Y to $1.92 billion (down 0.8% on a constant currency basis), missing the Street estimate of $1.95 billion.
Sales dipped sequentially as well from $2.03 billion in Q2 FY21.
The company reported 0.7% increase in volume/mix and 1.5% decline in prices.
Adjusted EPS were $1.81, ahead of Wall Street estimate of $1.77.
"Despite the continued challenges and market pressures in the third quarter, we drove significant progress in the advancement of our business priorities and continued focus on execution to create value and deliver on our mission," said Chairman, President & CEO Bryan Hanson.
Guidance: Zimmer Biomet expects to log adjusted EPS of $7.32 - $7.47, down from the previous estimate of $7.65 - $7.95 (consensus $7.70).
The company updated its sales guidance for growth of 11.3% - 12.5%, dipping from a previously projected 14.5% - 16.5%.
Related Link: Zimmer Biomet Scores FDA De Novo Nod For Smart Knee Implant.
Price Action: ZBH shares are down 6.91% at $138.46 during the market session on the last check Thursday.

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