Zimmer Biomet Holdings Inc. (ZBH) shares plummeted 8.90% in pre-market trading on Wednesday, despite reporting third-quarter earnings that beat analyst expectations. The medical device company's stock took a hit as investors reacted to a slight revenue miss and a lowered price target from Barclays.

For the third quarter of 2025, Zimmer Biomet reported adjusted earnings per share of $1.90, surpassing the analyst consensus estimate of $1.88. This represents a 9.2% increase from the same period last year. However, the company's quarterly sales of $2.001 billion narrowly missed the analyst consensus estimate of $2.005 billion, although it still marked a 9.70% increase year-over-year.

Adding to the downward pressure, Barclays cut its price target for Zimmer Biomet from $112 to $105. Despite the company maintaining its full-year 2025 reported revenue growth guidance and narrowing its constant currency and organic constant currency revenue growth guidance, investors seem to be focusing on the slight revenue miss and the reduced price target. The sharp pre-market decline suggests that market participants may be reassessing their expectations for the company's future performance in light of these developments.