Zimmer Biomet Reports Third Quarter 2017 Financial Results

The Company is updating its full-year 2017 constant currency revenue and adjusted earnings per share guidance.  For the full year, the Company now expects revenue in the range of $7.76 billion to $7.80 billion, representing growth of 1.0% to 1.5% compared to the prior year and constant currency revenue growth of 0.9% to 1.4% compared to the prior year, inclusive of approximately 120 basis points of contribution from the LDR transaction.  Previously, the Company had expected full-year, constant currency revenue growth between 1.8% and 2.7%, inclusive of approximately 120 basis points of contribution from the LDR transaction.  Additionally, the Company now expects its full-year 2017 diluted earnings per share to be in a range of $3.80 to $3.93, and in a range of $8.01 to $8.07 on an adjusted basis.  Previously, the Company had expected full-year 2017 diluted earnings per share to be in a range of $4.15 to $4.35, and in a range of $8.20 to $8.30 on an adjusted basis.

For the fourth quarter of 2017, the Company expects revenue in the range of $2.01 billion to $2.05 billion, representing growth of 0% to positive 2.0% compared to the prior year period and constant currency revenue growth of negative 1.8% to positive 0.2% compared to the prior year period.  Additionally, the Company expects its diluted earnings per share for the fourth quarter to be in a range of $0.94 to $1.08, and in a range of $2.08 to $2.14 on an adjusted basis.

Conference Call and Earnings Release Information

The Company will conduct its third quarter 2017 investor conference call today, November 1, 2017 at 8:00 a.m. Eastern Time.  The audio webcast and earnings release information, including the Company's third quarter investor presentation, can be accessed via Zimmer Biomet's Investor Relations website at http://investor.zimmerbiomet.com.  The audio webcast will be archived for replay following the conference call.

Individuals in the U.S. and Canada who wish to dial into the conference call may do so by dialing (888) 312-9837 and entering conference ID 7278985.  For a complete listing of international toll-free and local numbers, please visit http://investor.zimmerbiomet.com.  A digital recording will be available 24 hours after the completion of the conference call, from November 2, 2017 to December 1, 2017.  To access the recording, U.S. callers should dial (888) 203-1112 and international callers should dial +1 (719) 457-0820, and enter the Access Code ID 7278985.

Sales Tables

The following sales tables provide results by geography and product category, as well as the percentage change compared to the prior year quarter and nine months, on both a reported and a constant currency basis. 

NET SALES - THREE MONTHS ENDED SEPTEMBER 30, 2017
(in millions, unaudited)
										Constant
	Net									Currency
	Sales				% Change					% Change
Geographic Results
Americas	$	1,142				(2.9)		%			(3.0)		%
EMEA		381				3.3					(0.4)
Asia Pacific		295				2.4					5.2
Total	$	1,818				(0.8)		%			(1.2)		%
Product Categories
Knees
Americas	$	383				(3.8)		%			(3.9)		%
EMEA		135				3.7					0.6
Asia Pacific		106				2.3					3.9
Total		624				(1.2)					(1.7)
Hips
Americas		228				(4.5)					(4.7)
EMEA		115				2.4					(1.5)
Asia Pacific		91				2.1					6.1
Total		434				(1.4)					(1.7)
S.E.T (1)		407				1.2					1.1
Dental		93				(3.2)					(4.4)
Spine & CMF		185				0.7					0.3
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