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Zimmer Biomet CEO exits, outlook cut

July 11, 2017

Zimmer Biomet Holdings Inc. ZBH, -0.71% shares declined in the extended session Tuesday after the maker of orthopedic and spinal medical devices announced its chief executive was stepping down and said it expects second quarter earnings to be at the low end of its guidance. Zimmer shares declined 2% to $124 after hours. Zimmer said CEO David Dvorak is stepping down effective immediately, and that Chief Financial Officer Daniel Florin will serve as interim CEO until a successor is named. In a separate statement, the company said it expects per-share earnings “to be at or near the bottom of its previously issued guidance range of $2.08 to $2.13”. Analysts polled by FactSet expect $2.11 a share.


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