Zimmer gets conservative on guidance as sales at the medical device company remain relatively flat; The Street pushes shares lower through midday trading.
Shares of Zimmer Holdings (NYSE:ZMH) were off about 3% on Wall Street today, as the Warsaw, Ind.-based medical device company trimmed its 2012 sales outlook and showed some softness in sales of knee and hip implants.
Zimmer officials reported $1.13 billion in sales during the 3-month-period ended on June 30, down 1% from the $1.14 billion the company posted last year. Net income was up about 5 percent to $214.5 million, compared to $203.8 million for the same period last year.
The company's reconstructive business, which includes its knee, hip and extremities product lines came in at $843.2 million, down 2% from the $856.6 million from the same period last year. Most of the decline came from softness in the EU market, which was off 6%.