Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) says its third quarter profit increased more than sixfold over the same quarter last year. The orthopedics manufacturer is reporting net earnings of $159 million, compared to $22 million. Zimmer Biomet attributes the boost to factors including a flurry of acquisitions.
Chief Executive Officer David Dvorak says the performance was "highlighted by further acceleration of our global S.E.T. category, as well as our continued strength in the Asia Pacific region. We believe that our comprehensive and expanding portfolio of musculoskeletal solutions positions us extremely well to address the evolving needs of customers in the dynamic healthcare environment in which they operate. Going forward, we will continue to focus on enhancements to our commercial and operational execution to more fully leverage our opportunities to improve the quality of life for patients and create value for our stockholders."
Net sales were also up four percent to more than $1.8 billion.
Acquisitions during the quarter included cervical disc replacement company LDR Holding Corp., immunoassay and biomarker testing firm CD Diagnostics and just this month, robotics platform Medtech SA.
The company boosted its full-year revenue guidance by 27 percent to a range of $7.63 billion to $7.65 billion
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