Inside INdiana Business

Quarterly profit drops for Zimmer Biomet

WARSAW, Ind. (Inside INdiana Business) — Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting third quarter net income of $146 million, down from $243 million during the same period last year. Chief Executive Officer Bryan Hanson says despite the drop, the medical device manufacturer continues to see progress.

Zimmer Biomet is reporting net sales of $1.9 billion, which is a slight decrease over the third quarter of 2020. However, the company says the numbers represent a 1.7% increase over the same period in 2019.

“Despite the continued challenges and market pressures in the third quarter, we drove significant progress in the advancement of our business priorities and continued focus on execution to create value and deliver on our mission,” Hanson said in a news release. “Our underlying business remains strong, fueled by our transformation and the launch of new innovative products that can make a difference for our customers and for patients.”

Despite the third quarter decrease, Zimmer Biomet is still seeing a big year-to-date improvement in net income. The company is reporting $485 million in net income for the first nine months of the year, compared to a net loss of $473 million during the same period in 2020.

You can connect to the full earnings report by clicking here.