Zimmer Biomet Reports Profit, Update on Mobility Platform
Indiana's medical device industry is widely known as one of the strongest in the world.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWarsaw-base Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting third quarter net income of $10.6 million, compared to a $4.4 million loss during the same period a year ago. The earnings report comes as the orthopedics device maker announces preliminary results of a clinical trial it is conducting with Apple Watch and iPhone.
The Kosciusko County company developed a remote care management platform called mymobility. The digital tool would allow for frequent, virtual connections between healthcare providers and patients who undergo knee and joint replacements.
The company says the goal is to utilize virtual care management while lowering the overall cost of care with in-person visits.
Zimmer Biomet says in a randomized, controlled clinical trial, the use of mymobility led to fewer physical therapy visits on patients who underwent knee arthroplasty.
By using the sensors on an Apple Watch, the digital platform can monitor a patient’s real-time activity, such as recording the number of steps taken and measuring heart rate, after surgery.
“mymobility uses data informatics and digital technology to facilitate communications and engagement between patients and healthcare professionals. It is designed to improve adherence to recovery regimens and increase efficiency and value across the entire continuum of care,” said Yvonne Bokelman, vice president, clinical affairs and market access at Zimmer Biomet.
The company says it is seeing a stronger than expected recovery of elective procedures in Q3. However, ZB says the pace of procedure volume and patient returns slowed toward the end of the period.
“It is important to note that the challenges and fluidity around COVID-19 persist as we move into the end of the year. Still, we will continue to transform our business, invest for greater value and prioritize innovation to better position the Company for accelerated growth over the long term,” said Bryan Hanson, president and chief executive officer of Zimmer Biomet.
View the full earnings report by clicking here.