Q1 2024 Zimmer Biomet Holdings Inc Earnings Call Transcript
Key Points
- Zimmer Biomet Holdings Inc (ZBH) reported Q1 performance ahead of expectations with 4.4% constant currency revenue growth.
- The company reaffirmed its full-year guidance, projecting 5% to 6% constant currency revenue growth and mid- to high single-digit adjusted earnings growth.
- Zimmer Biomet Holdings Inc (ZBH) saw strong adoption of ROSA technology and Persona Knee, contributing significantly to the quarter's success.
- The company has made significant progress in its strategic priorities, including operational excellence and innovation, with over 40 new products planned for release in the next 24 to 36 months.
- Zimmer Biomet Holdings Inc (ZBH) is experiencing healthy end markets driven by demographic shifts and technological advancements, supporting sustained demand.
- Despite positive growth, the company faces challenges with pricing dynamics, although they have improved to about flat compared to historical erosion.
- Zimmer Biomet Holdings Inc (ZBH) is still in the process of implementing its restructuring program, which could pose risks if not executed smoothly.
- The company's effective tax rate increased by over 200 basis points, which could impact net earnings if it continues to rise.
- Zimmer Biomet Holdings Inc (ZBH) reported a reliance on new product introductions for future growth, which could be risky if these products do not perform as expected.
- There are ongoing competitive pressures in the orthopedics market, particularly in the robotics and joint replacement segments, which could impact market share and profitability.
Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet First Quarter 2024 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded today, May 2, 2024. Following today's presentation, there will be a question-and-answer session. (Operator Instructions).
I would now like to turn the conference over to Keri Mattox, Chief Communications and Administration Officer. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Zimmer Biomet's First Quarter 2024 Earnings Conference Call. Joining me today are Ivan Tornos, our President and CEO; and CFO and EVP Finance, Operations and Supply Chain, Suky Upadhyay.
Before we get started, I'd like to remind you that our comments during this call will include forward-looking statements. Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Please
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