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Zimmer Biomet Holdings Inc ZBH

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Economic Moat




Zimmer Biomet Sees Solid Recovery in Third Quarter, but Pandemic Pressure Could Increase

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Zimmer Biomet delivered third-quarter top- and bottom-line results that offered significant improvement over the pandemic-driven nadir in the second quarter and remains on track to meet our full-year projections, leading us to hold steady on our fair value estimate. We continue to hold somewhat tempered expectations for the fourth quarter, especially considering how COVID-19 has seen a resurgence in Europe and the U.S. This dynamic is consistent with management’s comments about the stronger recovery seen in July and August, while performance in September seemed to slow again. Nonetheless, we remain confident in Zimmer Biomet’s wide economic moat and see signs that the firm continues to make operational improvements.

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Company Profile

Business Description

Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive implants, as well as supplies and surgical equipment for orthopedic surgery. With the acquisitions of Centerpulse in 2003 and Biomet in 2015, Zimmer holds the leading share of the reconstructive market in the United States, Europe, and Japan. Roughly 60% of total revenue is derived from sales of large joints, another 22% comes from extremities and trauma; the remaining portion is primarily related to spine and dental products.

345 East Main Street
Warsaw, IN, 46580
T +1 574 267-6131
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 19,900