Credit where due – Zimmer Biomet’s (ZBH) management gave more than a few indications during the quarter that business was recovering at a faster than expected pace, but few listened (Morgan Stanley’s David Lewis and Goldman’s Amit Hazan were notable exceptions). Although revenue was still down sharply due to COVID-19 restrictions and lockdowns, Zimmer thumped expectations with stronger results across the board and some actual share gains in major joints.
The biggest question I have is whether this was a one-quarter fluke or whether the first quarter of major joint outperformance since