ZBH · Healthcare

ZIMMER BIOMET HOLDINGS, INC.

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Quarterly Dividend DeclarationImportance 10 · Surprise 6
  Zimmer Biomet announced a quarterly dividend of $0.24 per share following its second-quarter results. The reported dividend implies an annualized yield of approximately 1.0% based on the cited share price. The dividend…

News · 2026-08-06

• Headcount / RestructuringImportance 34 · Surprise 42
  Zimmer Biomet is transitioning approximately 2,500 U.S. sales personnel to a fully dedicated specialist sales force. The company reported less customer disruption and employee turnover than initially projected during…
• Sales Force TransformationImportance 34 · Surprise 42
  Zimmer Biomet is transitioning its U.S. sales organization to a fully dedicated specialist model. The restructuring involves shifting approximately 2,500 U.S. sales personnel to dedicated specialists, with customer…

8-K · 2026-08-05

• Contingent Consideration LiabilityImportance 89 · Surprise 82
  Contingent consideration related to completed business combinations totaled $299.2 million at December 31, 2025, compared with $180.7 million at December 31, 2024, an increase of $118.5 million or 65.6%. The Monogram…
• Inventory Cost PressureImportance 83 · Surprise 82
  Inventory charges for excess and obsolete products increased to $311.2 million in 2025 from $149.9 million in 2024. The $161.3 million year-over-year increase represents a 107.6% rise and exceeded the company’s…
• Inventory Levels and ObsolescenceImportance 83 · Surprise 82
  Inventories increased to $2,286.4 million at December 31, 2025 from $2,235.3 million a year earlier. Finished goods were the largest component at $1,832.2 million, followed by work in progress of $181.0 million and raw…
• Outstanding IndebtednessImportance 79 · Surprise 66
  Total long-term debt increased to $6.932 billion at December 31, 2025 from $5.342 billion a year earlier, while current debt declined to $587.1 million from $863.0 million. Zimmer Biomet redeemed $863.0 million of…
• Guidance / OutlookImportance 68 · Surprise 68
  Management expects 2026 net sales growth of 2.5 percent to 4.5 percent. The outlook includes a 1.0 percent contribution from the Paragon 28 acquisition until the deal’s one-year anniversary in April 2026 and a 0.5…
• Regulatory Approval MilestonesImportance 65 · Surprise 60
  The Monogram acquisition includes contingent value rights of up to approximately $570 million tied to product-development, regulatory and revenue milestones through 2030. Zimmer Biomet initially valued the related…
• Capital Return ProgramImportance 58 · Surprise 42
  Zimmer Biomet repurchased $487.0 million of common stock in 2025 under its $2.0 billion May 2024 authorization. The repurchases were intended to return cash to investors and offset dilution from share-based…
• Acquisitions and PartnershipsImportance 56 · Surprise 58
  Zimmer Biomet’s 2024 acquisitions involved $355.8 million of fair value consideration, comprising $294.8 million of cash and $61.0 million of contingent consideration, and generated $202.9 million of goodwill. The 2023…
• Regulatory RiskImportance 56 · Surprise 24
  The company reported $247.4 million of liabilities for unrecognized tax benefits as of December 31, 2025. Its income-tax filings are regularly audited across multiple federal, state and foreign jurisdictions, and…
• Operating Cash Flow TrendsImportance 54 · Surprise 40
  Cash flow provided by operating activities increased to $1,697.1 million in 2025 from $1,499.4 million in 2024. The $197.7 million increase reflected higher sales, favorable accounts-payable timing and lower bonus and…
• Product Category Demand TrendsImportance 54 · Surprise 40
  Zimmer Biomet’s 2025 net sales by product category were $3,322.3 million for Knees, $2,093.5 million for Hips, $2,150.2 million for Sports Medicine, Extremities and Trauma (S.E.T.), and $665.6 million for Technology &…
• Capital ExpendituresImportance 52 · Surprise 30
  Additions to property, plant and equipment totaled $224.5 million in 2025, compared with $203.8 million in 2024, an increase of $20.7 million or 10.2%. Additions to instruments totaled $300.5 million in 2025, compared…
• Litigation and Legal RiskImportance 50 · Surprise 24
  Zimmer Biomet reported estimated liabilities of $136.2 million for all litigation matters as of December 31, 2025. The matters include product liability, intellectual property, stockholder, tax, commercial, employment,…
• Headcount / RestructuringImportance 46 · Surprise 42
  Zimmer Biomet approved and expanded the 2025 Restructuring Plan in February and December 2025 to reduce costs and change its operating model. The plan is expected to generate approximately $155.0 million of total…
• Revenue Performance and MixImportance 43 · Surprise 32
  2025 net sales increased 7.2% to $8,231.5 million from $7,678.6 million in 2024, with Paragon 28 contributing 2.5 percentage points and foreign exchange contributing 0.8 percentage points to growth. U.S. sales rose…
• Market Demand TrendsImportance 43 · Surprise 32
  Zimmer Biomet’s 2025 net sales increased 7.2%, with market growth and new product introductions contributing positively to volume and mix. Demand was driven by an aging and active population, technological…
• Geographic Market CommentaryImportance 43 · Surprise 32
  U.S. net sales increased 7.3% in 2025, driven by Paragon 28, market growth in Knees, Hips, and S.E.T., new product introductions, and recovery from prior ERP-related order-fulfillment issues. International net sales…
• Net Income and ProfitabilityImportance 42 · Surprise 30
  Operating profit declined 14.6% to $1,098.1 million in 2025 from $1,285.7 million in 2024, reducing operating margin from approximately 16.7% to 13.3%. Earnings before income taxes fell to $830.8 million from $1,036.6…
• Geographic Revenue ConcentrationImportance 42 · Surprise 14
  U.S. sales totaled $4,764.0 million in 2025, representing approximately 57.9% of consolidated sales of $8,231.5 million. U.S. sales increased 7.3% from $4,439.0 million in 2024 and 11.1% from $4,288.8 million in 2023.…
• Product Launch and TransitionImportance 41 · Surprise 58
  New product introductions contributed positively to 2025 volume and mix trends and supported growth in Knees, Hips, and Technology & Data, Bone Cement and Surgical products. S.E.T. growth included 12.5% growth in CMFT,…
• Share-Based CompensationImportance 41 · Surprise 22
  Pretax share-based compensation expense decreased 10.7% to $90.2 million in 2025 from $101.0 million in 2024. The related tax benefit declined to $7.7 million from $8.7 million, while after-tax expense fell to $82.5…
• FX / Currency HeadwindsImportance 40 · Surprise 56
  Zimmer Biomet operates globally and identifies exposure to foreign-exchange movements across the euro, Swiss franc, Japanese yen, British pound, Chinese renminbi, and numerous other currencies. In 2025,…
• IRS Transfer Pricing DisputeImportance 40 · Surprise 42
  The IRS proposed adjustments for tax years 2013–2015 concerning transfer pricing under the cost-sharing agreement between Zimmer Biomet’s U.S. and Swiss affiliates and the reallocation of profits between U.S. and…
• Gross Margin DriversImportance 39 · Surprise 50
  Gross margin declined to 61.6% in 2025 from 63.8% in 2024, a 220-basis-point reduction. Approximately $170 million of inventory and instrument charges, U.S. tariffs, Paragon 28 inventory stepped up to fair value,…
• Distribution ChannelsImportance 37 · Surprise 6
  Zimmer Biomet sells through two principal channels: directly to healthcare institutions, including hospitals and ambulatory surgery centers, and through stocking distributors and healthcare dealers. Consignment…
• Operating Expense TrendsImportance 31 · Surprise 32
  R&D expense increased in dollars in 2025 but declined to 5.6% of net sales from 5.7% in 2024, reflecting Paragon 28-related spending and technology projects partly offset by lower European Union Medical Device…
• China Distributor LitigationImportance 31 · Surprise 42
  Zimmer Biomet is changing its sales and distribution strategies and go-to-market model in China, including significant changes across its independent distributor network. Displaced or affected distributors have raised…
• Income Tax Rate ChangesImportance 30 · Surprise 40
  The effective income tax rate increased to 15.1% in 2025 from 12.7% in 2024 and 4.0% in 2023, while income tax provision declined to $125.7 million from $131.4 million in 2024. The 2025 tax-rate reconciliation included…
• Supply Chain and ERP ExecutionImportance 30 · Surprise 50
  A new enterprise resource planning software implementation caused operational challenges fulfilling customer orders in prior-year periods. The resulting lower comparison base contributed to 2025 sales growth in the…
• OECD Global Minimum TaxImportance 29 · Surprise 24
  Zimmer Biomet expects its future effective tax rate to remain below the 21.0 percent U.S. corporate tax rate because of its earnings mix across lower-tax foreign jurisdictions. The company states that the OECD Pillar 2…
• Trade Policy and TariffsImportance 20 · Surprise 24
  U.S. tariffs reduced Zimmer Biomet’s 2025 net earnings and increased cost of products sold. Tariffs reduced 2025 gross margin by 0.4 percentage points and were also a partial offset to operating cash flow. The filing…
• Interest Rate and Refinancing ExposureImportance 19 · Surprise 6
  Zimmer Biomet maintains a $1.5 billion unsecured five-year revolving facility maturing June 27, 2030, with two one-year extensions subject to lender consent and an uncommitted feature allowing up to $500.0 million of…
• Segment Revenue RecastImportance 18 · Surprise 42
  In the quarter ended March 31, 2026, Zimmer Biomet changed the composition of its operating segments based on revised responsibilities reporting to the chief operating decision maker. Foot and Ankle results in EMEA and…
• Macroeconomic Factors ImpactImportance 17 · Surprise 24
  Zimmer Biomet said future goodwill impairment could result if reporting-unit profitability estimates decline or if broader economic conditions change discount rates and comparable-company valuation indicators. The…
• Competition and Pricing PressureImportance 10 · Surprise 6
  Global selling prices had a minimal effect on 2025 sales growth, but most operating countries continued to experience pricing pressure. Pressure came from local hospitals, health systems, and governmental healthcare…

8-K · 2026-08-05

• Guidance / OutlookImportance 78 · Surprise 84
  Zimmer Biomet raised its full-year 2026 reported revenue growth guidance to 3.9%–4.9% from 2.5%–4.5%. Constant-currency revenue growth guidance increased to 3.4%–4.4%, while organic constant-currency growth guidance…
• Headcount / RestructuringImportance 65 · Surprise 82
  Second-quarter restructuring and other cost-reduction charges increased 70.3% to $29.8 million from $17.5 million. First-half restructuring charges were $36.1 million versus $53.5 million in the prior-year period. The…
• Capital Return ProgramImportance 64 · Surprise 42
  Zimmer Biomet increased its expected fiscal 2026 common-stock repurchases to up to $1 billion. The announcement was made as part of the company’s second-quarter 2026 highlights and represents a material increase in…
• Income Tax Rate ChangesImportance 54 · Surprise 74
  The second-quarter effective tax rate declined to 21.8% from 31.7%, reducing the reported tax rate by 9.9 percentage points. First-half effective tax rate declined to 21.3% from 25.9%, while the adjusted effective tax…
• Acquisition / Partnership / DivestitureImportance 53 · Surprise 82
  Second-quarter acquisition, integration, divestiture and related costs were $18.1 million, down from $78.9 million, while first-half costs were $33.7 million versus $89.5 million. The 2025 comparison included $43.4…
• Net Income and EPS PerformanceImportance 51 · Surprise 38
  Second-quarter diluted EPS was $1.03, up 33.8% from $0.77 in the prior-year quarter. Second-quarter net earnings attributable to Zimmer Biomet were $198.3 million versus $152.8 million, while adjusted net earnings were…
• Market Demand TrendsImportance 49 · Surprise 32
  Second-quarter net sales increased 4.0% on an organic constant-currency basis to $2.177 billion, indicating continued growth in Zimmer Biomet’s underlying orthopedic and surgical markets. Hips grew 5.1% organically to…
• Geographic Market CommentaryImportance 49 · Surprise 32
  U.S. second-quarter sales increased 4.6% organically on a constant-currency basis to $1.240 billion, outpacing international sales growth of 3.1% on $937.0 million. For the first six months, U.S. organic growth was…
• Operating Expense TrendsImportance 47 · Surprise 22
  Second-quarter selling, general and administrative expense increased 10.4% to $899.3 million from $814.8 million. First-half SG&A increased 11.2% to $1,749.3 million from $1,573.5 million, exceeding the materiality…
• Operating Cash Flow TrendsImportance 47 · Surprise 22
  Second-quarter operating cash flow increased to $447.9 million from $378.2 million, and free cash flow increased to $308.3 million from $247.7 million. First-half operating cash flow increased to $807.2 million from…
• Revenue Performance and MixImportance 42 · Surprise 14
  Second-quarter 2026 net sales were $2.177 billion, up 4.8% reported, 4.7% on a constant-currency basis and 4.0% on an organic constant-currency basis year over year. United States sales increased 5.6% to $1,239.9…
• Operating Margin DriversImportance 42 · Surprise 14
  Second-quarter operating profit increased to $326.1 million from $300.0 million, lifting operating margin to 15.0% from 14.4%. Adjusted operating profit declined to $559.7 million from $578.5 million, and adjusted…
• Liquidity and Debt PositionImportance 42 · Surprise 14
  Cash and cash equivalents declined to $410.0 million at June 30, 2026 from $591.9 million at December 31, 2025. Total debt was $7,479.0 million at June 30, compared with $7,519.1 million at year-end, while net debt…
• Product Launch and TransitionImportance 31 · Surprise 42
  Zimmer Biomet received U.S. FDA 510(k) clearance for the next-generation ROSA Shoulder System and completed its first clinical cases. The system supports both glenoid and humeral bone preparation for anatomic and…
• Gross Margin DriversImportance 30 · Surprise 14
  Second-quarter gross profit increased to $1,378.1 million from $1,324.5 million, but gross margin declined to 63.3% from 63.8%. Adjusted gross margin declined to 71.1% from 72.3%, reflecting $6.0 million of inventory…

News · 2026-08-05

• Guidance / OutlookImportance 57 · Surprise 60
  Zimmer Biomet raised its full-year 2026 revenue and adjusted EPS outlook after the second-quarter beat. The company projected full-year adjusted EPS of $8.47 to $8.59 in reported coverage. The guidance increase…
• Products and TechnologyImportance 51 · Surprise 64
  Zimmer Biomet’s technology business was a significant growth contributor in the quarter, with U.S. technology revenue increasing 53% year over year. Growth opportunities include robotics, digital health, data-driven…
• Revenue Performance and MixImportance 31 · Surprise 32
  Second-quarter 2026 net sales increased 4.8% year over year to $2.177 billion, including 4.7% growth on a constant-currency basis and 4.0% organic constant-currency growth. U.S. technology revenue increased 53%, while…
• Market Demand TrendsImportance 31 · Surprise 32
  Zimmer Biomet reported 4.0% organic constant-currency sales growth in the second quarter, with implant demand described as strong. Hip sales were a primary growth driver, particularly in the United States, while knee…
• Net Income and EPS PerformanceImportance 29 · Surprise 38
  Second-quarter diluted EPS rose 33.8% year over year to $1.03. Adjusted diluted EPS was $2.07, consistent with the prior-year period, and exceeded the reported FactSet estimate of $2.01. The EPS comparison reflects a…
• Competition and Market ShareImportance 17 · Surprise 24
  Analysts identified market-share pressure in Zimmer Biomet’s knee business, particularly in China. The company also faces ongoing pricing pressure across its orthopedic-device markets. Stronger hip and technology…

News · 2026-08-04

• Market Demand TrendsImportance 31 · Surprise 32
  Zimmer Biomet reported 4.0% organic constant-currency sales growth in the second quarter, with implant demand described as strong. Hip sales were a primary growth driver, particularly in the United States, while knee…