WARSAW, Ind. (AP) _ Zimmer Biomet Holdings Inc. (ZBH) on Tuesday reported first-quarter net income of $198.1 million, after reporting a loss in the same period a year earlier.
The Warsaw, Indiana-based company said it had net income of 94 cents per share. Earnings, adjusted for amortization costs and restructuring costs, were $1.71 per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.
The orthopedic device maker posted revenue of $1.85 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $1.74 billion.
Zimmer expects full-year earnings in the range of $7.60 to $8 per share.
Zimmer shares have risen 15% since the beginning of the year. The stock has increased 53% in the last 12 months.
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