Zimmer Biomet beats by $0.03, beats on revs; guides FY15 EPS in-line
Reports Q2 (Jun) earnings of $1.59 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.56; revenues fell 1.3% year/year to $1.17 bln vs the $1.15 bln consensus. Co issues in-line guidance for FY15, sees EPS of $6.65-6.80 (Prior $6.60-6.80) vs. $6.71 Capital IQ Consensus Estimate. Full-year 2015 constant currency revenue, compared to pro forma 2014 revenue, is still expected to increase between 1.5% and 2.0%. The pro forma adjustments to the prior year reflect the inclusion of Biomet revenue for the comparable post-merger closing period in the prior year and the impact of the previously announced divestiture remedies. The Company expects foreign currency translation to decrease revenues approximately 6.0% for the full year, resulting in reported revenue decreasing between 4.0% and 4.5% when compared to pro forma 2014 revenue.