Core Viewpoint - Zimmer Biomet Holdings, Inc. has demonstrated strong financial performance in the fourth quarter of 2025 and for the full year, highlighting its strategic focus on growth and shareholder returns. Financial Performance - In Q4 2025, Zimmer Biomet reported net sales of $2.244 billion, a 10.9% increase year-over-year [2] - The company's net earnings for Q4 were $139.3 million, with a gross profit of $785.4 million [2] - For the full year, net sales reached $8.232 billion, reflecting a 7.2% increase from the previous year [3] - Operating cash flow for the year was $1.697 billion, and free cash flow was $1.172 billion [3] Earnings Per Share - Diluted earnings per share decreased by 41.7% to $0.70 in Q4, while adjusted diluted earnings per share increased by 4.8% to $2.42, exceeding estimates of $2.38 [2] Strategic Initiatives - The company has implemented a direct and specialized sales organization in the U.S. to drive long-term growth [2] - A new stock repurchase authorization of up to $1.5 billion has been approved, effective from February 9, 2026, with no expiration date, indicating a commitment to returning capital to shareholders [3] Acquisitions - The acquisition of Paragon 28, Inc. in April 2025 has been excluded from organic constant currency sales calculations to provide a clearer performance picture [4] - The company remains focused on delivering EPS and free cash flow growth, as emphasized by its leadership [4]

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。 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 # 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].