Zimmer Biomet Holdings, Inc. ( ZBH ) reported first-quarter adjusted earnings per share of $1.94, beating the street view of $1.87. 

The company reported quarterly sales of $1.889 billion, beating the analyst consensus of $1.869 billion.

Quarterly sales rose 3.2% year over year and 4.4% on a constant currency basis.

Geographically, sales within the U.S. grew 3.7% year over year, while international sales rose 2.5%.

Segment-wise, revenues gained 3.4% in the Knees segment and fell 0.3% in the Hips unit. Sales from Sports Medicine, Extremities, Trauma, Craniomaxillofacial, and Thoracic unit gained 4.4% year over year.

The company highlighted that it received U.S. Food and Drug Administration 510(k) clearance for the ROSA Shoulder System – the world’s first robotic assistant for shoulder replacement surgery- and announced that the first surgery was successfully completed in April at Mayo Clinic.

Zimmer Biomet ( ZBH ) also received U.S. FDA 510(k) clearance for the Z1 Femoral Hip Stem, which is expected to launch later this year.

Outlook: The company reiterated adjusted diluted EPS for FY24 of $8-$8.15 versus the street view of $8.06.

Zimmer Biomet ( ZBH ) expects Constant currency revenue change for FY24 in the range of 5%-6%.

Price Action: ZBH shares are trading lower by 1.16% to $118.18 at last check Thursday.