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Re: DewDiligence post# 122

Tuesday, 02/13/2024 2:18:43 PM

Tuesday, February 13, 2024 2:18:43 PM

Post# of 126
ZBH reports 4Q23 results—issues 2024 guidance:

https://investor.zimmerbiomet.com/~/media/Files/Z/ZimmerBiomet-IR/press-release/zimmer-biomet-press-release-q4-2023.pdf

2024 guidance for revenue growth is +5-6% YoY in constant currency and +4.5-5.5% in USD.

2024 non-GAAP EPS guidance is $8.00-8.15. At the current share price (~$123), the midpoint of the guidance range represents a forward EPS of ~15x.

Note: ZBH’s non-GAAP EPS excludes restructuring costs, which were $61.2M ($0.29/sh) in 4Q23. I object to this policy for companies such as ZBH who are in a restructuring mode continually.

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