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Zimmer Biomet Q2 Results Top Estimates

(RTTNews) - Zimmer Biomet Holdings Inc. (ZBH) reported that its second-quarter net loss was $206.6 million or $1.00 per share compared to net income of $133.7 million or $0.65 per share in the prior year.

Second quarter performance was negatively impacted by COVID-19, which reached a pandemic level in March and has resulted in a global decline in elective procedure volumes. The deepest decline in those procedures to-date was seen by the company in April 2020, with incremental improvement in May and June, the company said.

Adjusted earnings per share were $0.05 for the second quarter, a decrease of 97.4% from the prior year period. Analysts polled by Thomson Reuters expected the company to report a loss of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.226 billion, a decrease of 38.3% from the prior year period, and a decrease of 38.0% on a constant currency basis. Analysts expected revenue of $909.41 million for the quarter.

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