WARSAW, Ind. - Zimmer Biomet Holdings, Inc. (NYSE:ZBH), a prominent player in the medical technology field, has announced the appointment of Devdatt "Dev" Kurdikar to its Board of Directors. Kurdikar, who is currently the President, CEO, and a board member of Embecta Corp. (NASDAQ:EMBC), assumes his new role effective immediately.
Kurdikar's extensive background in medical technology and leadership is expected to contribute significantly to Zimmer Biomet's strategic goals and ongoing mission. Chris Begley, Chairman of Zimmer Biomet's Board, expressed confidence in Kurdikar's abilities, citing his "wealth of medtech, innovation and leadership experience" as key assets that will aid the company in enhancing its strategic priorities and commitment to improving patient care.
Before his tenure at Embecta, which began following the company's spinoff from Becton, Dickinson and Company on April 1, 2022, Kurdikar held the position of Worldwide President of Diabetes Care at BD. His career also includes leadership roles at Cardiac Science Corporation, Boston Scientific Corporation (NYSE:BSX), and Baxter International (NYSE:BAX), Inc., showcasing a diverse range of experience in the healthcare sector.
Kurdikar's academic credentials are equally impressive, holding a Bachelor's degree in Chemical Engineering from the University of Bombay, a Master of Science and a Ph.D. in Chemical Engineering from Washington State University and Purdue University respectively, and an MBA from Washington University.
In addition to his role at Embecta, Kurdikar also serves on the board of AdvaMed, emphasizing his standing in the medical technology community.
Zimmer Biomet, with a history spanning over 90 years, has established itself as a leader in the medical technology industry, offering a broad portfolio of products designed to enhance mobility and overall health. The company operates in over 25 countries and sells its products in more than 100 countries.
This announcement is based on a press release statement.
In other recent news, Embecta Corp. announced a revenue increase of 3.6% on an as-reported basis and 4.5% on a constant currency basis in its fiscal second quarter 2024 earnings call, totaling $287 million. Despite surpassing revenue expectations and raising financial guidance, the company experienced declines in gross profit, operating income, and net income due to inflation, manufacturing variances, foreign currency impacts, and increased expenses.
Embecta also made significant strides in its strategic initiatives, including the implementation of its ERP system, operationalizing its distribution network, and the completion of its separation from its former parent company.
Looking ahead, the full-year 2024 revenue is projected to be flat to down 0.5%, with currency translation posing a headwind. However, Embecta has raised guidance for adjusted gross margin, operating margin, EBITDA margin, and earnings per share. The company's cash balance is expected to remain comparable to the second quarter at the end of the fiscal year 2024, with improvements anticipated for the fiscal year 2025.
In other developments, Embecta is in discussions with potential entrants into the GLP-1 market, considering an Investor Day event to discuss long-term financial strategies, and evaluating the Tidepool pipeline algorithm for type 2 diabetes, awaiting FDA clearance.
These are the recent developments in the company's business operations.
InvestingPro Insights
As Devdatt "Dev" Kurdikar joins the board of Zimmer Biomet, it's worth noting the financial health of Embecta Corp. (NASDAQ:EMBC), where he serves as President and CEO. Embecta's current market capitalization stands at $718.57 million, reflecting investor valuation of the company. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, is at 10.33, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 7.85, indicating potential undervaluation compared to earnings.
An InvestingPro Tip highlights that Embecta's liquid assets exceed its short-term obligations, suggesting the company is well-positioned to manage its debts and financial obligations in the near term. Additionally, analysts are optimistic about the company's profitability, predicting that Embecta will be profitable this year, a sentiment supported by the company's performance over the last twelve months.
Revenue growth figures for Embecta also paint a picture of stability. With a quarterly revenue growth in Q2 2024 of 3.64% and a modest annual growth rate of 1.25%, Embecta seems to be maintaining a steady financial trajectory. Gross profit margins are particularly strong at 65.57%, indicating efficient operations and a solid grasp on cost management.
For those interested in deeper financial analysis and additional insights, InvestingPro offers more tips for Embecta, which can be found at https://www.investing.com/pro/EMBC. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and metrics to inform investment decisions. With several more tips available on InvestingPro, investors have the opportunity to gain a comprehensive understanding of Embecta's financial health and future prospects.
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