Orthopedics maker Zimmer Holdings Inc. said Thursday its profit edged higher in the third quarter but fell short of Wall Street earnings estimates.
For the full-year 2011, Zimmer scaled back its revenue growth projection to between 2.3 and 2.7 percent, from 2.5 to 3.5 percent. Company shares fell $1.89, or 3.5 percent, to $52.13.
Zimmer Holdings Inc. fell $1.82, or 3.4 percent, to $52.20 in morning trading.
Net profit was nearly flat at $191.5 million, or $1.01 per share, compared with $191.1, or 96 cents per share, in the third-quarter of 2010. Revenue rose 6.9 percent to $1.03 billion, with 2.5 percent of that increase coming from foreign currency exchange rates.
Analysts polled by FactSet expected earnings $1.03 and revenue of $1.03 billion.
Sales of the company's best-selling products, artificial knees, rose 3 percent to $417 million. Hip-replacement sales rose 10 percent to $316 million.
The company expects full-year earnings between $4.40 and $4.45 or $4.74 and $4.80, excluding one-time items.