Summary of Conference Call for Zimmer Biomet Industry and Company Overview - The conference call involved Zimmer Biomet, a company in the orthopedic medical device industry, focusing on product launches and financial guidance for 2025 [1][2]. Key Points and Arguments Tariff Impact - Estimated overall tariff impact for 2025 is between $60 million to $80 million, primarily affecting the second half of the year [5][6]. - Key assumptions include a 10% baseline tariff globally, with specific higher tariffs on products from China and the U.S. [5][9]. - The company is taking a conservative approach regarding the Nairobi protocol, not speculating on its applicability [8][12]. - The situation regarding tariffs remains fluid, and updates will be provided in the second quarter call [6][7]. Financial Guidance and Growth Projections - The company is confident in achieving organic, constant currency revenue growth of 3% to 5% for 2025, despite a slower first quarter growth of approximately 2.3% to 2.4% [18][19]. - The second half of 2025 is expected to show stronger growth due to favorable comparisons and new product launches [19][20]. - New product introductions, referred to as the "Magnificent Seven," are anticipated to significantly impact growth in the latter half of the year [19][20]. New Product Launches - Strong momentum is noted in the hip product category, particularly with the triple taper hip stem and AI navigation products [31][32]. - The company expects robust growth in knee products in the second half of the year, particularly with Persona Osteo Tie and robotics [32][33]. - The market for cementless knees is underpenetrated, with expectations for increased adoption due to better fixation rates and surgical efficiency [35][36]. Competitive Landscape - Zimmer Biomet remains the number one company in the knee and hip markets, despite competitive pressures from companies like Smith & Nephew and J&J [42][43]. - The company is focused on maintaining its leadership position through new product innovations and strategic investments [43]. Leadership and Organizational Changes - A new head of U.S. commercial operations has been appointed, emphasizing an evolutionary approach rather than radical changes [44][46]. - The leadership team is confident in executing the 2025 plan and long-range plan (LRP) [47][48]. Acquisition Strategy - The integration of Paragon 28 is progressing well, with no talent loss and positive opportunities in the ASC environment [50][51]. - The company aims for responsible M&A to achieve a 5% WEMGARD growth rate by 2027, with a focus on organic growth as well [54][55]. Financial Performance and Margins - The company has consistently grown earnings at a rate of 5% to 9% over the past four years, with expectations to replicate this growth in 2025 [69][70]. - Gross margins are expected to remain stable despite potential headwinds from tariffs and currency fluctuations [72][73]. Stock Buybacks and Capital Deployment - The company is open to opportunistic stock buybacks, balancing this strategy with M&A opportunities [82][83]. Other Important Content - The company is focused on reallocating resources effectively to enhance growth, with a significant investment in innovation [60][66]. - The management emphasizes the importance of maintaining a strong balance sheet to support ongoing and future growth initiatives [84][85].

Core Viewpoint - Treace Medical Concepts, Inc. has filed a lawsuit against Zimmer Biomet Holdings, Inc. and Paragon 28, Inc. for patent infringement related to its Lapiplasty® 3D Bunion Correction® technologies, seeking injunctive relief and damages [1]. Group 1: Company Overview - Treace Medical Concepts is a medical technology company focused on advancing surgical treatment for bunions and midfoot deformities, with an estimated 67 million Americans affected by bunions, of which 1.1 million are annual surgical candidates [3]. - The company has developed and patented the Lapiplasty® 3D Bunion Correction® System, which addresses the root cause of bunions by correcting deformities in three planes and stabilizing the affected joint [3]. - Treace's patent portfolio includes 80 granted U.S. patents and 26 granted patents worldwide, along with over 150 pending patent applications, highlighting its commitment to innovation and intellectual property protection [2]. Group 2: Legal Action - The lawsuit filed by Treace aims to protect its significant investments in research and technology, emphasizing the importance of enforcing intellectual property rights to foster continued innovation [2]. - The legal action is seen as a necessary step to safeguard the company's pioneering position in the surgical treatment of bunions [2].

Core Viewpoint - Zimmer Biomet's shares have underperformed the S&P 500, losing about 0.5% in the past month, raising questions about its upcoming earnings release and potential for a breakout [1]. Group 1: Earnings Estimates and Trends - Fresh estimates for Zimmer Biomet have trended downward over the past month, indicating a negative outlook [2][4]. - The stock has a Zacks Rank of 4 (Sell), suggesting expectations of below-average returns in the coming months [4]. Group 2: VGM Scores - Zimmer Biomet has an average Growth Score of C, a Momentum Score of F, and a Value Score of B, placing it in the top 40% for value investment strategy [3]. - The aggregate VGM Score for Zimmer is C, which is relevant for investors not focused on a single strategy [3]. Group 3: Industry Performance Comparison - In comparison, Stryker, a competitor in the same medical products industry, has gained 0.9% over the past month and reported revenues of $5.87 billion, reflecting a year-over-year increase of 11.9% [5]. - Stryker's earnings per share (EPS) for the last quarter was $2.84, up from $2.50 a year ago, and it is expected to post an EPS of $3.06 for the current quarter, representing a year-over-year change of 8.9% [5][6].

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 2025年5月28日， 捷迈邦美（Zimmer Biomet） 宣布，任命 Kevin Thornal 担任全球业务及美洲集团总 裁，该任命自2025年7月1日起生效。Kevin Thornal将直接向候任董事长、总裁兼首席执行官 Ivan Tornos 汇报。 在新职位上，他将负责领导美洲地区的商业运营，并统筹 全球膝关节、髋关节、外科与运动医学及创伤 （S.E.T.）业务单元 以及数据、技术和赋能解决方案事业部的战略制定与执行。 # Kevin Thornal的职业经历 此后，从2014年8月至2023年4月，Thornal 在 Hologic 担任全球诊断解决方案集团总裁，负责领导全球诊断 业务。在他的领导下，该业务在2022年实现了 约29亿美元 的销售额，其中包括 COVID检测收入 。特别是 在COVID-19大流行期间，他领导团队迅速推出了三种高精度的分子诊断CO ...

Core Viewpoint - Zimmer Biomet (ZBH) is focusing on strategic priorities, new product launches, and international expansion, which enhances confidence in the stock despite macroeconomic challenges and foreign exchange issues [1] Group 1: Favorable Factors - The global musculoskeletal market is showing gradual stability with better-than-expected sales growth in certain regions, driven by improved procedural volume and favorable demographics [2] - In Q1 2025, Zimmer Biomet experienced strong growth due to continued procedure growth and solid momentum from new innovations, with large joints business growing 1.9%, 2.4%, and 4.9% for Knees, Hips, and S.E.T. respectively at constant exchange rates [3] Group 2: Expansion Strategy - Zimmer Biomet is implementing a four-pillar expansion strategy aimed at achieving a 5% weighted average market growth rate by 2027, which includes boosting patient awareness, enhancing safety, improving efficiency, and elevating outcomes [4][5] - The company has completed the acquisition of Paragon 28, which is expected to add 270 basis points to sales growth in 2025 [6] Group 3: Stock Performance - Over the past three months, ZBH shares have declined by 6.3%, while the industry has gained 1.5%, but strategic market expansion and new product launches are expected to help regain momentum [7] Group 4: Challenges - Industry-wide staffing shortages and supply chain issues are negatively impacting growth, compounded by geopolitical complications affecting raw material and labor costs [8] - The ongoing tariff issue is projected to impact 2025 operating profit by $60–$80 million, with full-year adjusted operating margins expected to decrease by 100–150 basis points compared to 2024 [9] - A significant portion of Zimmer Biomet's foreign revenues is affected by the strong U.S. dollar, with Q1 2025 net sales impacted by 1.2% due to foreign exchange rate changes [10]

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 2025年4月1日， 捷迈邦美 Zimmer Biomet （纽约证券交易所代码：ZBH）宣布，其 RibFix Advantage 固定系统获得了 CE 认证 。据称，这是 首 个 获得 CE 认证的胸内肋骨固定系统。RibFix 提供胸腔镜下肋骨骨折的固定、稳定和融合，相比传统开放复位内固定术，它采用微创方法，可减少软 组织损伤。 # 产品信息 RibFix Advantage 固定系统 的 Advantage Bridge 在拧紧时能适应肋骨的解剖结构并自动贴合，以减少骨折。 系统提供微创植入选项，也可与开放手术方法结合使用，旨在支撑肋骨的自然弧度，以在骨折部位恢复稳定性。该系 统通 过双皮质固定肋骨，无需依赖螺纹与骨骼的啮合。 将钻孔导向器置于期望的位置，使器械的针脚抵住肋骨的上缘。通过钻孔导向器插入直径 4.00 毫米的钻头（麻花钻尖），在骨骼中钻一个 将导管穿过钻孔 ...

Core Insights - Zimmer Biomet Holdings, Inc. reported better-than-expected earnings for Q1, with adjusted EPS of $1.81, down from $1.94 a year ago, surpassing Street estimates of $1.77 [1] - The company achieved sales of $1.91 billion, reflecting a 1.1% increase on a reported basis and a 2.3% increase on a constant currency basis, nearly aligning with the consensus of $1.9 billion [1] Financial Guidance - For fiscal year 2025, the company expects adjusted EPS in the range of $7.90-$8.10, a decrease from the previous guidance of $8.15-$8.35, compared to consensus expectations of $8.19 [2] - Revenue growth for 2025 is projected at 5.7% – 8.2%, an increase from the earlier expectation of 1% – 3.5%, with a foreign currency exchange impact anticipated between 0.0% and 0.5% [3] Stock Performance and Analyst Ratings - Following the earnings announcement, Zimmer Biomet shares increased by 0.7%, trading at $91.08 [3] - Analysts have adjusted their price targets for Zimmer Biomet, with Baird lowering it from $130 to $115, Wells Fargo from $113 to $98, JP Morgan from $128 to $105, and others making similar reductions [8]

Group 1 - Zimmer Biomet's stock fell nearly 10% following the release of weak first quarter results and a significant reduction in full year earnings guidance [1] - The company is currently facing a range of factors impacting its business, leading to the reported weakness [1] - Narweena, an asset manager, focuses on identifying market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities [1] Group 2 - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities, differing from past trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] Group 3 - The economic landscape is increasingly characterized by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, holds degrees in engineering and finance, along with an MBA, and has passed the CFA exams [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2025 Commission File Number 001-16407 ZIMMER BIOMET HOLDINGS, INC. (Exact name of registrant as specified in its charter) 345 East Main Street, Warsaw, IN 46580 (Address of principal executive offices) Telephone: (574) 373-3333 Securities registered pursuant to Section 12(b) of the Act: | Title of ea ...

Core Viewpoint - Zimmer Biomet Holdings, Inc. reported mixed results for Q1 2025, with adjusted EPS beating estimates but showing a year-over-year decline, while revenues exceeded expectations and showed slight growth [1][11]. Financial Performance - Adjusted EPS for Q1 2025 was $1.81, beating the Zacks Consensus Estimate by 2.3%, but down 6.7% year over year [1]. - Reported EPS was 91 cents, reflecting an 8.3% increase year over year [2]. - Q1 net sales reached $1.91 billion, a 1.1% increase year over year, and up 2.3% at constant exchange rates (CER), exceeding the Zacks Consensus Estimate by 1% [3]. Revenue Breakdown - U.S. sales totaled $1.11 billion, up 1.3% year over year, while international sales were $795.5 million, up 0.7% year over year and 3.7% at CER [4]. - Revenue by segment showed: - Knees: $792.9 million, up 1.9% at CER [5]. - Hips: $495.8 million, up 2.4% at CER [5]. - S.E.T.: $470.5 million, up 4.9% at CER [6]. - Technology & Data, Bone Cement and Surgical: $149.9 million, down 3.5% at CER [6]. Margin Analysis - Adjusted gross margin was 71.2%, a contraction of 168 basis points [7]. - Selling, general and administrative expenses rose 3.1% to $758.8 million, while R&D expenses increased 2.5% to $110.6 million [7]. - Adjusted operating margin contracted 254 basis points to 25.7% [7]. Cash Position - Cash and cash equivalents at the end of Q1 were $1.38 billion, up from $525.5 million at the end of Q4 2024 [8]. - Cumulative net cash from operating activities was $382.8 million, compared to $228 million in the previous year [8]. 2025 Outlook - The company expects reported revenue growth for 2025 to be between 5.7% and 8.2% year over year, an increase from earlier guidance of 1% to 3.5% [9]. - Adjusted EPS for the full year is projected to be in the range of $7.90 to $8.10 [9]. - The Zacks Consensus Estimate for 2025 adjusted EPS is $8.22 on revenues of $7.88 billion [10]. Strategic Insights - The company is gaining momentum in the U.S. Hips market, supported by new product offerings [13]. - The acquisition of Paragon 28 is expected to enhance innovation and expand the S.E.T. business into high-growth segments [13].