The cancellation of elective surgeries due to COVID-19 has cut into the orthopedics industry. Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting second-quarter net loss of $208 million, compared to net income of $132 million in the same period a year ago.
The company said net sales of knees, hips and other orthopedic devices were down 38% in Q2 as there was a “global decline in elective procedure volumes.”
Zimmer Biomet says April showed the deepest monthly decline, but it measured some improvement in May and June.
“While we are encouraged by our operational performance and the stronger than expected recovery of elective procedures in the second quarter, the impact of COVID-19 is still significant and remains very fluid,” said Bryan Hanson, president and chief executive officer of Zimmer Biomet. “Even in this time of ongoing challenge and uncertainty, we continue to reshape and evolve Zimmer Biomet for greater value and are investing aggressively in our primary growth initiatives and innovative R&D programs to better position us for growth over the long term.”
Hanson said the company will not provide full-year financial guidance right now as there continues to be uncertainty around the scope and duration of COVID-19 and its ongoing impact.
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