Core Insights - Zimmer Biomet reported $1.91 billion in revenue for the quarter ended March 2025, reflecting a year-over-year increase of 1.1% and an EPS of $1.81 compared to $1.94 a year ago, with revenue exceeding the Zacks Consensus Estimate of $1.89 billion by +0.88% and an EPS surprise of +2.84% [1] Revenue Performance - Net Sales for Knees in the United States were $459 million, slightly below the average estimate of $464.68 million, representing a year-over-year change of +0.2% [4] - Net Sales for Hips in the United States reached $264.30 million, surpassing the average estimate of $258.29 million, with a year-over-year increase of +3.7% [4] - International Net Sales for Hips were $231.50 million, slightly above the average estimate of $229.39 million, showing a year-over-year decline of -2% [4] - International Net Sales for Knees were $333.90 million, exceeding the average estimate of $328.76 million, with a year-over-year increase of +1.2% [4] - Total International Net Sales amounted to $795.50 million, surpassing the estimated $783.50 million, reflecting a +0.7% change year-over-year [4] - Total Net Sales in the United States were $1.11 billion, slightly above the estimated $1.10 billion, indicating a +1.3% year-over-year change [4] - Overall Net Sales for Knees were $792.90 million, exceeding the average estimate of $787.14 million, with a year-over-year increase of +0.6% [4] - Net Sales for Other products were $149.90 million, below the average estimate of $152.71 million, representing a year-over-year decline of -4.7% [4] - Net Sales for S.E.T. reached $470.50 million, surpassing the average estimate of $460.26 million, with a year-over-year increase of +4% [4] - Net Sales for Hips totaled $495.80 million, exceeding the average estimate of $488.84 million, reflecting a +0.9% year-over-year change [4] Stock Performance - Zimmer's shares have returned -4.6% over the past month, contrasting with the Zacks S&P 500 composite's +0.4% change, and the stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Company Performance - Zimmer Biomet reported quarterly earnings of $1.81 per share, exceeding the Zacks Consensus Estimate of $1.76 per share, but down from $1.94 per share a year ago, representing an earnings surprise of 2.84% [1] - The company posted revenues of $1.91 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.88% and showing a slight increase from $1.89 billion year-over-year [2] - Over the last four quarters, Zimmer has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Outlook - The immediate price movement of Zimmer's stock will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Zimmer shares have declined approximately 3.1% since the beginning of the year, slightly outperforming the S&P 500's decline of 3.3% [3] - The current consensus EPS estimate for the upcoming quarter is $2.02 on revenues of $1.98 billion, and for the current fiscal year, it is $8.22 on revenues of $7.88 billion [7] Industry Context - The Medical - Products industry, to which Zimmer belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Zimmer's stock performance [5][6]

Financial Data and Key Metrics Changes - The company reported net sales of $1.909 billion, an increase of 1.1% on a reported basis and 2.3% excluding foreign currency impact [27] - Adjusted earnings per share (EPS) was $1.81, down from $1.94 in the prior year [33] - Free cash flow generated was $279 million, representing robust growth compared to the prior year [34] - Adjusted gross margin was 71.5% and adjusted operating margin was 26.2%, both lower than the prior year but in line with expectations [33] Business Line Data and Key Metrics Changes - U.S. hips sales grew nearly 4%, while U.S. knees grew only 0.2% [7][30] - The U.S. SET (Surgical Equipment and Technology) business grew by 4.9%, marking the sixth consecutive quarter of at least mid-single-digit growth [31] - International sales grew 3.7%, driven by mid-single-digit growth in knees and high-single-digit growth in SET [28] Market Data and Key Metrics Changes - The U.S. market showed a notable performance with a 1.3% growth overall, driven by nearly 4% growth in hips and SET [27] - Global hips grew 2.4%, with U.S. growing 3.7% and international growing 1% [29] - Global knees grew 1.9%, with U.S. growing 0.2% and international growing 4.2% [30] Company Strategy and Development Direction - The company is focusing on three strategic priorities: people and culture, operational excellence, and innovation and diversification [12] - The integration of the Paragon 28 acquisition is a top priority, with the expectation of contributing approximately 270 basis points to sales growth in 2025 [10][23] - The company aims to achieve a 5% Vanguard weighted average market growth rate environment by the end of 2027 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year organic constant currency revenue growth expectations of 3% to 5% [10] - The impact of tariffs is expected to be a headwind of $60 million to $80 million in 2025, with mitigation efforts already in place [38][47] - The second half of 2025 is anticipated to show higher organic constant currency growth due to easier comparisons and new product launches [37][56] Other Important Information - The company has made significant changes in leadership and sales strategies to bolster U.S. performance [12][27] - The introduction of new products, particularly in the hips and knees segments, is expected to drive growth [10][58] - The company is committed to reducing inventory days on hand, moving from over 400 days to approximately 370 days [15][34] Q&A Session Summary Question: Impact of tariffs on EPS and mitigation efforts - Management explained that the majority of production is in the U.S., which lowers exposure to tariffs, and outlined steps taken to mitigate impacts, including optimizing sourcing and moderating discretionary spending [46][47] Question: Clarification on growth expectations and new product impacts - Management indicated that Q1 growth of 2.3% constant currency, when adjusted for one less selling day, is close to mid-single-digit growth expectations, with confidence in new product introductions driving growth in the second half of 2025 [55][58] Question: Performance in ASC versus hospital channels - Management noted that over 20% of U.S. sales now come from the ASC environment, a significant increase from pre-COVID levels, and expressed confidence in continued growth in this area [96][97] Question: Pricing environment and future expectations - Management stated that pricing is expected to be flat for the year, with recent performance slightly better than initial guidance, and emphasized the stability of pricing in the near term [70][72]

Financial Data and Key Metrics Changes - In Q1 2025, Zimmer Biomet reported net sales of $1.909 billion, reflecting a 1.1% increase on a reported basis and a 2.3% increase excluding foreign currency impact [27] - Adjusted earnings per share (EPS) for the quarter was $1.81, down from $1.94 in the prior year, attributed to higher costs and investments [32] - The company generated $279 million in free cash flow, demonstrating robust growth compared to the previous year [26] Business Line Data and Key Metrics Changes - U.S. hips sales grew nearly 4%, while U.S. knees saw a modest growth of 0.2% [29] - The S.E.T. segment grew by 4.9%, with notable growth in CMFT and Sports categories [30] - International sales grew by 3.7%, driven by mid-single digit growth in knees and high-single digit growth in S.E.T. [28] Market Data and Key Metrics Changes - The U.S. market showed a 1.3% growth overall, with hips and S.E.T. driving performance [27] - Internationally, hips grew by 2.4%, with U.S. hips growing at 3.7% and international hips at 1% [29] - The company anticipates a full-year organic constant currency revenue growth of 3% to 5% for 2025 [10] Company Strategy and Development Direction - Zimmer Biomet is focusing on three strategic priorities: people and culture, operational excellence, and innovation and diversification [12] - The company aims to enhance its U.S. market performance through leadership changes and optimizing sales channels [14] - The recent acquisition of Paragon 28 is expected to contribute approximately 270 basis points to sales growth in 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year guidance despite challenges such as tariffs and foreign exchange impacts [34] - The company is optimistic about new product launches and expects second-half growth to be higher than the first half due to favorable comparisons and new product uptake [35] - Management acknowledged the need for improved performance in the U.S. knee segment and is implementing strategies to enhance competitiveness [81] Other Important Information - The company reported a reduction in days on hand inventory from over 400 days in early 2024 to approximately 370 days [15] - The Paragon 28 acquisition was successfully integrated with minimal disruption, retaining key leadership and sales teams [110] Q&A Session Summary Question: Impact of tariffs on EPS and mitigation efforts - Management detailed steps taken to mitigate tariff impacts, including optimizing country of origin and sourcing adjustments, expecting a $60 million to $80 million headwind for 2025 [45][46] Question: Growth expectations and new product impacts - Management indicated confidence in achieving mid-single digit growth in the second half of 2025, driven by new product launches and improved execution [56][57] Question: Performance in ASC versus hospital channels - The company noted that over 20% of U.S. sales now come from the ASC environment, with expectations for continued growth in this area [94] Question: Pricing trends and future expectations - Management expects pricing to remain flat for 2025, with a stable environment compared to historical norms, despite previous fluctuations [68][69] Question: Clarification on the Paragon acquisition integration - The integration of Paragon 28 is progressing well, with all key personnel retained and ongoing product innovations maintained [110]

Financial Performance - First quarter net sales were $1.909 billion, representing a 1.1% increase year-over-year and a 2.3% increase on a constant currency basis[2]. - Net earnings for the first quarter were $182.0 million, with adjusted net earnings of $361.1 million[2]. - Diluted earnings per share were $0.91, while adjusted diluted earnings per share were $1.81[3]. - Total sales in the United States were $1.113 billion, a 1.3% increase, while international sales were $795.5 million, a 0.7% increase[10]. - Operating profit for Q1 2025 was $292.3 million, up from $265.9 million in Q1 2024, reflecting a growth of 9.5%[34]. - Net earnings attributable to Zimmer Biomet Holdings, Inc. for Q1 2025 were $182.0 million, compared to $172.4 million in Q1 2024, representing a 4.1% increase[34]. - Free cash flow for Q1 2025 was $278.5 million, significantly higher than $90.9 million in Q1 2024, marking an increase of 206.6%[49]. - Net cash provided by operating activities increased to $382.8 million in Q1 2025 from $228.0 million in Q1 2024, a growth of 77.9%[49]. - Operating profit margin improved to 15.3% in Q1 2025 from 14.1% in Q1 2024[52]. - Adjusted operating profit for Q1 2025 was $500.5 million, down from $539.4 million in Q1 2024, reflecting a decrease of 7.2%[52]. Revenue Guidance and Projections - The company updated its full-year 2025 reported revenue guidance to a range of 5.7% to 8.2% growth, reflecting the impact of the Paragon 28 acquisition[12]. - The company reported a projected full-year 2025 revenue change of 5.7% to 8.2%, with an organic constant currency revenue change of 3.0% to 5.0%[42]. - The company’s projected revenue growth is impacted by a foreign currency exchange effect of 0.0% to 0.5% for the full year 2025[42]. Acquisitions and Market Position - The acquisition of Paragon 28, focused on the foot and ankle orthopedic segment, strengthens the company's position in a high-growth market[7]. - U.S. hips sales showed momentum, driven by new products like the Z1™ Triple-Taper Femoral Hip System and the HAMMR® Automated Hip Surgical Impactor System[5]. - The company received FDA clearance for the Persona® Revision SoluTion™ Femur, expected to be commercially available in Q3 2025[7]. Cost and Expenses - Research and development expenses for Q1 2025 were $110.6 million, slightly up from $107.9 million in Q1 2024[34]. - The cost of products sold, excluding intangible asset amortization, was $549.8 million for Q1 2025, compared to $512.3 million in Q1 2024, reflecting an increase of 7.3%[51]. - Adjusted gross profit for Q1 2025 was $1,365.5 million, down from $1,378.0 million in Q1 2024, indicating a decrease of 0.9%[51]. - The gross margin for Q1 2025 was 63.3%, compared to 65.4% in Q1 2024, showing a decline of 2.1 percentage points[51]. - The company incurred $36.0 million in restructuring and other cost reduction initiatives in Q1 2025, down from $124.4 million in Q1 2024[34]. - The interest expense for Q1 2025 was $66.2 million, compared to $50.7 million in Q1 2024, indicating an increase in financing costs[34]. - The company incurred $151.0 million in intangible asset amortization for Q1 2025, compared to $142.1 million in Q1 2024, reflecting an increase of 6.3%[51]. Assets and Debt - Cash and cash equivalents increased significantly to $1,384.5 million as of March 31, 2025, from $525.5 million at the end of 2024[37]. - The company’s total assets increased to $22,183.9 million as of March 31, 2025, compared to $21,365.3 million at the end of 2024[37]. - Total debt as of March 31, 2025, was $7,176.3 million, an increase from $6,204.6 million as of December 31, 2024[55]. - Net debt increased to $5,791.8 million as of March 31, 2025, compared to $5,679.1 million as of December 31, 2024[55]. Corporate Recognition - The company was named one of the 2025 World's Most Ethical Companies by Ethisphere[11].

Wall Street analysts forecast that Zimmer Biomet (ZBH) will report quarterly earnings of $1.77 per share in its upcoming release, pointing to a year-over-year decline of 8.8%. It is anticipated that revenues will amount to $1.89 billion, exhibiting an increase of 0.2% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before ...

Zimmer Biomet Holdings, Inc. (ZBH) is scheduled to report first-quarter 2025 results on May 5, before market open.In the last reported quarter, the company’s earnings of $2.31 surpassed the Zacks Consensus Estimate by 0.4%. ZBH beat on earnings in three of the trailing four quarters and missed on one occasion, the average earnings surprise being 1.28%. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar).Q1 Estimates for ZBHThe Zacks Consensus Estimate for revenues is pegged at $1.89 bil ...

报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月21日，全球骨科巨头捷迈邦美Zimmer Biomet（纽约证券交易所代码：ZBH）宣布，已完成 对Paragon 28的收购，该交易价值 12亿美元 （合约87亿人民币）。Paragon 28拥有广泛的手术产品 和系统，涵盖足部和踝部所有主要领域，包括骨折和创伤、畸形矫正以及关节置换。 # 收购分析 前情回顾 2025年1月，Zimmer Biomet同意收购Paragon 28， 将以 每股13美元 的价格收购Paragon 28的所有流 通股。 该交易包括每股13美元的现金预付款和每股高达1美元的或有价值权（CVR） ，与2026财年的具 体收入里程碑挂钩。 这一价格较Paragon周二收盘价12美元略有溢价；其股价在最近的10月份还曾跌破5美元。 Needham的分析人士在给投资者的报告中写道，他们长期以来一直认为Paragon 28 是潜在的被收购目标， 并对捷迈邦美支出的小幅溢价感到"惊讶"。分析人士预计，捷迈邦美可能会进行更多收购，收购方向可能超 出骨科领域范围。 ...

Core Viewpoint - Zimmer Biomet has completed the acquisition of Paragon 28, enhancing its position in the rapidly growing foot and ankle orthopedic market [1][5]. Group 1: Acquisition Details - The acquisition was finalized on April 21, 2025, under a merger agreement dated January 28, 2025 [5]. - Each outstanding common share of Paragon 28 was converted into $13.00 in cash and a contingent value right (CVR) worth up to $1.00 per share based on revenue milestones [6]. - Following the acquisition, Paragon 28 became a wholly-owned subsidiary of Zimmer Biomet, and its shares were delisted from the New York Stock Exchange [6][7]. Group 2: Strategic Benefits - The transaction strengthens Zimmer Biomet's offerings in the foot and ankle segment, leveraging Paragon 28's technology and sales organization [3]. - It complements Zimmer Biomet's existing fracture, trauma, and joint replacement portfolios, creating a dedicated sales channel for foot and ankle products [3]. - The acquisition is expected to drive growth in a ~$5 billion foot and ankle industry, which is projected to grow at high-single digits [4]. Group 3: Market Positioning - The acquisition enhances Zimmer Biomet's global footprint and infrastructure, facilitating adoption and growth in both U.S. and international markets [4]. - It accelerates penetration into the fast-growing Ambulatory Surgery Center (ASC) space, aligning with industry trends [4].

报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月，据medical design and outsourcing网站报道，捷迈邦美Zimmer Biomet披露了其首席执行官、其他高管以及普通员工的薪酬变动，预计均有 所上涨。与此同时，GE医疗公布其高管以及普通员工的薪酬均有所下降。 2024年Zimmer Biomet 薪酬最高的高管是总裁兼首席执行官 Ivan Tornos，年薪为 1500万美元 ，其中包括120万美元的薪水、1180万美元的股票奖励和170万美 元的奖金。Ivan Tornos还获得了价值26万美元各类补贴，总薪酬比前一年的1020万美元 上 涨47%。 Suketu Upadhyay：首席财务官兼财务、运营以及供应链执行副总裁 # 捷迈邦美高管 薪酬 排名 Ivan Tornos：总裁兼首席执行官 年薪为 5 90万美元 ，其中包括87.6万美元的薪水、400万美元的股票奖励和82.09万美元的奖金等，此外获得价值18万美元左右的各类补贴，总薪酬较上 一年的1040万美元 下降43%。 Wilfre ...