Yahoo Finance Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Q1 2024 Earnings Call Transcript
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Q1 2024 Earnings Call Transcript May 2, 2024
Zimmer Biomet Holdings, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: 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. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to Keri Mattox, Chief Communications and Administration Officer. Please go ahead.
Keri Mattox: Thank you, Operator, and good morning, everyone. Welcome to Zimmer Biomet 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 note we assume no obligation to update these forward-looking statements, even if the actual results or future expectations change materially. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties, in addition to the inherent limitations of such forward-looking statements.
Additionally, the discussions on this call will include certain non-GAAP financial measures, some of which are forward-looking non-GAAP financial measures. Reconciliation of these measures to the most directly comparable GAAP financial measures and an explanation of our basis for calculating these measures is included within our Q1 earnings release, which can be found on our website, zimmerbiomet.com. With that, I’ll turn the call over to Ivan. Ivan?
Ivan Tornos: Thank you, Keri, and thank you everyone for joining the call here this morning. I’d like to start today the way that I typically do, by taking a moment to recognize and to show my gratitude to the 18,000 Zimmer Biomet team members across the globe who each and every day work relentlessly in driving our mission forward. Simply put, I’m very proud of each and every one of you. Thank you for your dedication, for your commitment, resilience and for your strong performance to the start of this year 2024. It is truly this great workforce and the culture that we have here in place at Zimmer Biomet that gives me, gives us, confidence behind the financial commitments that we’re making. Given the fact that we have a very robust Investor Day coming up in just a few weeks, I will keep my opening remarks short with the goal of moving quickly into today’s Q&A session.
I’ll touch on three key areas briefly. First, I’m going to provide some general comments on the results in the quarter versus our own expectations. Secondly, I’ll cover the drivers of the performance and we’ll touch on why we believe that these drivers are sustainable. And then lastly, I’ll close with a brief summary on our progress against our three strategic priorities, which have been discussed since day one. Those being people and culture, operational excellence and diversification innovation. Starting with the quarterly results, overall, we are very encouraged with our Q1 performance, which was ahead of our own expectations, driven by healthy end markets, combined with a strong execution across the organization globally. We ended the quarter continuing the momentum that we saw in 2023, delivering 4.4% constant currency revenue growth, while overstepping a sizable day rate headwind and facing rather difficult coms versus a year ago.
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