Watching Zimmer Biomet; Traders Circulate CEO Comments Made At The Wells Fargo 2024 Healthcare Conference Saying "Its Newly Implemented Enterprise Resource Planning Failed To Perform As Expected, And The Issue Is Likely To Impact Its H2 Revenue, The Issue Will Likely Impact Around 1% Of Its Revenue This Year And That By The Time We Exit Q4, It Should Be Largely Resolved"
Portfolio Pulse from Benzinga Newsdesk
Zimmer Biomet's shares fell after CEO Ivan Tornos announced at the Wells Fargo 2024 Healthcare Conference that their new ERP system failed to perform as expected, impacting H2 revenue by about 1%. The issue is expected to be resolved by the end of Q4.
September 05, 2024 | 3:46 pm
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Zimmer Biomet's new ERP system underperformed, affecting H2 revenue by 1%. The issue is expected to be resolved by Q4 end, but shares fell sharply.
The announcement of ERP issues directly impacts Zimmer Biomet's revenue projections, causing a negative market reaction. The 1% revenue impact is significant enough to affect investor sentiment, leading to a drop in share price. However, the resolution by Q4 end provides some reassurance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100