By Matt Grossman
Zimmer Biomet Holdings Inc. on Tuesday swung to a second-quarter loss as revenue declined amid lower volumes of elective surgeries during the Covid-19 pandemic.
However, the company reported a small per-share adjusted profit, beating analysts' expectations for an adjusted loss.
The Warsaw, Ind.-based company, which makes orthopedic medical products, recorded a second-quarter loss of $206.6 million, or $1 a share, compared with a profit of $133.7 million, or 65 cents a share, in the same three-month period a year earlier.
On an adjusted basis, Zimmer Biomet earned a profit of 5 cents a share. Analysts had expected an adjusted loss of 71 cents a share, according to FactSet.
Revenue in the latest quarter declined to $1.23 billion, from $1.99 billion in the year-earlier period. Analysts had forecast revenue of $921 million.
Zimmer Biomet declined to offer forward-looking guidance. Despite a recovery in elective-surgery volumes, the pandemic's continued impact is uncertain, it said.
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