As we look forward, until we see a fundamental shift in these trends, we're just going to assume that these pressure points aren't going away, but will be with us into Q4 and possibly into early 2022. And as a result, we need to update our 2021 financial guidance and really the view we have of the fourth quarter. And unfortunately, we expect these pressure points to continue into Q4. And this resulted in Q3 revenues that were lower than we had projected.
More customer staffing shortages certainly than we expected and an earlier China VBP impact than we anticipated. Q3 brought greater COVID pressure than I think anybody expected. Alternatively, Q3 was also a quarter with unexpected negative environmental impacts that are, for the most part, out of our control. And as a result, I continue to be proud of them for doing so. For the team, in my view, continues to drive results in the areas under our control. Our commercial focus and our discipline is as good as I've seen it.Īnd I'm very happy with our growth versus our key competitors in both large joints and set, particularly when it comes to the U.S. Our execution on recent M&A is going as planned, if not better.
First of all, I'm happy on our progress with our new product introductions that they're going quite well. Let me just start with the things that I'm happy about when it comes to Q3. Thanks, Keri, and thanks everyone for joining us this morning. Bryan?īryan Hanson - Chairman, President and Chief Executive OfficerĪll right. With that, I'll now turn the call over to Bryan. Reconciliation of these measures to the most directly comparable GAAP financial measures is included within our Q3 earnings release, which can be found on our website,. Additionally, the discussions on this call will include certain non-GAAP financial measures. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements. Please note, we assume no obligation to update these forward-looking statements even if actual results or future expectations change materially. Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Before we get started, I'd like to remind you that our comments during this call will include forward-looking statements. Joining me today are Bryan Hanson, our Chairman, President and CEO and EVP and CFO, Suky Upadhyay. Welcome to Zimmer Biomet's Third Quarter 2021 Earnings Conference Call. Thank you, operator, and good morning, everyone.
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