Medical device maker Zimmer Holdings Inc. reported a 23 percent increase in second-quarter profits Wednesday, primarily on higher sales of implants in Europe and Asia.
The company posted net profit of $203.8 million, or $1.06, up 23 percent from $165.5 million, or 82 cents per share, in the prior-year period. Sales increased 8 percent to $1.14 billion due to double-digit growth in Europe and the Asia Pacific.
When legal expenses and other one-time events are excluded, the company earned $1.21 per share, up from $1.09 cents per share in the prior-year period. Analysts polled by FactSet expected earnings of $1.19 on revenue of $1.13 billion.
Sales in Europe rose 17 percent while Asia Pacific sales rose 19 percent, the company said. Sales in the Americas were virtually flat at $608.6 million.
The company narrowed its full-year earnings guidance to between $4.70 and $4.80 per share, excluding items, compared with a prior estimate of between $4.60 and $4.80. Analysts are looking for earnings per share of $4.78.
In midday trading, Zimmer shares added 12 cents to $61.70.