Zimmer Biomet Holdings on Thursday reported second-quarter earnings of $153 million, or 77 cents per diluted common share, a 37% decline from the $243 million, or $1.18 a share, posted for the same three months of last year.

The Warsaw-based orthopedic devices maker’s net sales increased, however, by 7% to $2.08 billion for the quarter ended June 30.

Ivan Tornos, the company’s chairman, president and CEO, said a “significant acceleration” in the sales of hip and knee replacements in the U.S. market contributed to the sales increase.

Zimmer Biomet announced during the quarter its definitive agreement to acquire AI-driven robotics company Monogram Technologies. The equity deal is valued at $177 million.

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