Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting first quarter net income of $246 million, up from $176 million during the same period last year. Despite the increase, the medical device manufacturer says it saw a more than 2 percent drop in net sales, largely due to the effect of foreign currency exchange.
Bryan Hanson, chief executive officer of Zimmer Biomet, said the company experienced a "solid quarter," driven by strong performance in the Asia Pacific and Europe, Middle East, and Africa regions.
"Our accomplishments this quarter affirm our confidence in the progress we are making to turn around the business," said Hanson. "Recently launched products and platform technologies will enable our sales force to leverage our complete ecosystem of differentiated solutions and return to offense in the second half of the year."
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