(Reuters) – Zimmer Biomet Holdings Inc on Tuesday beat Wall Street estimates for third-quarter profit, as a rebound in knee surgeries lifted demand for the medical device maker’s products.
On an adjusted basis, the company reported a profit of $1.65 per share, compared with analysts’ average estimate of $1.60, according to LSEG data.
Larger peers Abbott Laboratories and Boston Scientific had also topped quarterly profit estimates on easing staffing shortages and a surge in hospital admissions for elective procedures deferred during the pandemic.
However, Zimmer cut its full-year reported revenue forecast to a growth of 6% to 6.5% from 6.5% to 7.0% earlier, citing a stronger dollar.
Sales at the company’s knees unit rose 7.5% to $706.3 million, compared to analysts’ estimate of $702.9 million.
The Indiana-based company’s third-quarter revenue rose 5% to $1.75 billion, in line with analysts’ average estimates.
Zimmer had said earlier that it expects second- and third-quarter revenue to be a “little bit lighter” compared to the first quarter.
The hip and knee implant maker reiterated its full-year profit forecast of $7.47 to $7.57 per share.
(Reporting by Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila)
