Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting third quarter net earnings of $98.8 million, compared to $158.8 million during the same period last year. Interim Chief Executive Officer Daniel Florin says the "challenged" results are a reflection of factors including softened domestic market conditions.
He adds "while we are not satisfied with our overall performance during the quarter, we remain confident in the Company’s dedicated sales forces, the breadth of our portfolio and our strategic innovation pipeline. Looking forward, our global teams will continue to make progress towards increasing supply availability and enabling commercial execution, which we expect will translate into accelerated sales growth."
Sales were down nearly one percent compared to the same quarter in 2016, coming in at $1.818 billion. Zimmer revised down its full-year outlook. It now expects revenue to finish in the range of $7.76 billion to $7.8 billion. For the fourth quarter, it expects revenue to finish in the range of $2.01 billion to $2.05 billion, representing a flat-to-slightly-increased outlook.
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