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Zimmer Biomet Q2 profit falls YOY; 2018 revenue guidance lowered

Zimmer Biomet Holdings Inc. said adjusted net earnings for the second quarter amounted to $1.92 per share, down 7.7% year over year from $2.08 per share.

The S&P Capital IQ consensus normalized EPS estimate for the second quarter is $1.89.

Adjusted net earnings totaled $392.0 million, compared to $424.6 million in the prior-year period.

Net sales rose on an annual basis to $2.01 billion from $1.95 billion, and research and development expenses rose 7.0% from the prior-year period to $99.1 million from $92.6 million.

Reported net earnings totaled $185.0 million, or 90 cents per share, compared with $184.2 million, or 90 cents per share, in 2017.

For the six months ended June 30, the company's adjusted net earnings totaled $3.83 per share, down from $4.22 per share in the prior-year period.

Adjusted net earnings was $782.9 million, a decline from $858.0 million in the prior-year period.

Year-to-date net sales rose from the prior-year period to $4.03 billion from $3.92 billion.

The Warsaw, Ind.-based medical device company forecasts revenue growth in the range of 1% to 2.5% for the full year, a decrease from the previous guidance in the range of 1.5% to 3.5%. Zimmer said other prior guidance for 2018 is unchanged.