ZIMMER BIOMET HOLDINGS (ZBH) Company Report

On November 5, 2025, Zimmer Biomet Holdings' (ZBH) shares tumbled $15.63 (-15%) after the company announced its Q3 2025 financial results, reporting 5% year-over-year organic revenue growth and reducing its top-line organic revenue growth forecast to 4%.
The company revealed that it experienced distributor order cancellations in emerging markets, primarily the Middle East and Eastern Europe, and widely missed its forecast in Latin America, which contributed to a headwind to growth.
Shareholder rights law firm Hagens Berman has initiated an investigation into Zimmer Biomet for potential violations of federal securities laws, focusing on the accuracy of management's statements regarding forecasting assumptions, especially given prior assurances of 3.5% to 4.5% organic revenue growth for 2025 and a Q3 expectation "scratching 6%".

Nov 18, 2025, 10:17 PM

Press Release

Zimmer Biomet Discusses Innovation, Market Health, and Q3 2025 Performance

ZBH

Product Launch

Revenue Acceleration/Inflection

M&A

Zimmer Biomet reported 5.6% organic growth in the U.S. for Q3 2025, driven by innovation, despite missing revenue consensus by $9 million due to non-structural issues in non-core geographies and businesses.
The company is advancing its innovation pipeline, moving from "catch-up" to "customer-centric" products, with upcoming launches including the first anti-infective platform in Japan, full launches of smart implants and solder robotics in 2026, and plans for semi-autonomous and fully autonomous robotics by early 2027 and end of 2027, respectively.
Management affirmed the orthopedic markets are healthy with 4-4.25% growth, sustainable pricing, and strong volumes, noting Q3 2025 was the seventh consecutive quarter of positive pricing.
The Paragon 28 acquisition is performing as expected or better, contributing approximately 270 basis points of revenue accretion in 2025, with EPS dilution and cash flow in line or better than anticipated. The company also has a strong balance sheet with over $1 billion in free cash flow and will be more measured in its 2026 guidance.

Nov 18, 2025, 12:00 PM

Transcript

Zimmer Biomet Discusses Innovation, Market Health, and Operational Adjustments at Jefferies Healthcare Conference

ZBH

Product Launch

Guidance Update

M&A

Zimmer Biomet reported 5.6% organic growth in the U.S. for Q3 2025, driven by innovation including Persona Osteotite and solder robotics. The company is launching new technologies, such as an anti-infective hip implant in Japan next week, which is expected to achieve a 40-50% price premium. Full launches for smart implants and solder robotics are planned for 2026, and the FDA approved ROSA Optimize on November 13.
The company experienced $24 million in late Q3 2025 revenue shortfalls from non-core geographies and restorative therapies, resulting in a $9 million miss in Q3 revenue consensus. In response, management is implementing changes and will adopt a more measured approach to quarterly and annual guidance for 2026.
Orthopedic markets are healthy, with an estimated 4-4.25% growth and sustainable pricing. For the full year, Zimmer Biomet anticipates gross margins to be up modestly versus 2024, supported by positive product and geographic mix and efficiency gains. The U.S. market, which accounts for 62% of revenue and over 50% of EBITDA, is a key focus for commercial acceleration.
Zimmer Biomet has completed three acquisitions (OrthoGrid, Paragon 28, Monogram) in the past 12 months and will prioritize their integration in 2026. The Paragon 28 acquisition is performing as expected, contributing ~270 basis points of revenue accretion in 2025. The company maintains a strong balance sheet with over $1 billion in free cash flow and a net debt leverage ratio in the low threes to high twos, allowing for opportunistic share buybacks.

Nov 18, 2025, 12:00 PM

Transcript

Zimmer Biomet Discusses Market Health, Innovation, and Operational Improvements at Jefferies Conference

ZBH

Revenue Acceleration/Inflection

Product Launch

Guidance Update

Zimmer Biomet reported that orthopedic markets are healthy and not retracting, with an estimated 4-4.25% growth driven by volumes and sustained positive pricing. The company achieved 5.6% organic growth in the U.S. during Q3 2025, marking its best quarter in two years, primarily due to innovation.
The company is focused on launching new innovations, including an anti-infective hip implant (expected to launch in Japan with a 40-50% price premium) and full launches of smart implants and solder robotics in 2026. Zimmer Biomet also anticipates being first to market with semi-autonomous robotics in early 2027 and fully autonomous robotics (via the Monogram acquisition) by late 2027.
While Zimmer Biomet "does not miss yearly guidance," Q3 2025 revenue missed consensus by $9 million due to non-structural issues totaling $24 million in non-core geographies and businesses. Management is implementing changes to address these inconsistencies and will adopt a "much more measured" approach to quarterly guidance in 2026.
The Paragon 28 acquisition is performing as expected, contributing approximately 270 basis points of revenue accretion to the core business in 2025, with EPS dilution in line with projections. The company maintains a strong balance sheet, generating over $1 billion in free cash flow, and is opportunistic regarding share buybacks.

Nov 18, 2025, 12:00 PM

Transcript

Zimmer Biomet receives FDA clearance for ROSA Knee with OptimiZe

ZBH

Product Launch

New Projects/Investments

Zimmer Biomet received U.S. FDA 510(k) clearance for ROSA® Knee with OptimiZe™, an enhanced version of its ROSA® Knee System for robotic-assisted total knee replacement surgery.
The enhanced system offers personalized surgical planning and new positioning, tracking, and alignment features to improve accuracy and reduce user variability. Key enhancements include OptimiZe Planning™ and OptimiZe Kinematic Alignment™.
A targeted release of ROSA Knee with OptimiZe is planned for later this year, with commercial availability in the U.S. expected in the first quarter of 2026.

Nov 14, 2025, 12:30 PM

Press Release

Zimmer Biomet Reports Strong Q3 2025 Results, Updates Full-Year Sales Guidance, and Advances Innovation Pipeline

ZBH

Earnings

Guidance Update

M&A

Zimmer Biomet reported Q3 2025 organic constant currency sales growth of 5% and adjusted earnings per share of $1.90, an increase of 9.2% year-over-year.
The U.S. business accelerated to 5.6% growth, driven by strong adoption of new products like Persona Osteotide and Oxford knees, and a 20.3% increase in U.S. technology and data, bone cement, and surgical sales.
The company narrowed its 2025 organic constant currency sales growth guidance to 3.5% to 4% (midpoint 3.75%) from the previous 3.5% to 4.5%, attributing the change to unexpected weakness in Eastern Europe, Latin America, and restorative therapies that impacted Q3 growth by 120 basis points.
Despite the sales guidance revision, adjusted EPS guidance for the full year 2025 remains unchanged at $8.10 to $8.30.
Zimmer Biomet completed the acquisition of Monogram Technologies on October 7, 2025, with plans to launch a semi-autonomous robot in early 2027, and received PMDA approval for iodine-treated hips in Japan, a technology expected to command higher pricing.

Nov 5, 2025, 1:30 PM

Transcript

Zimmer Biomet Reports Q3 2025 Results and Updates Full-Year Revenue Guidance

ZBH

Guidance Update

Product Launch

Demand Weakening

Zimmer Biomet reported Q3 2025 organic, constant currency sales growth of 5% and adjusted earnings per share of $1.90, representing a 9.2% increase year-over-year.
The company updated its full-year 2025 organic constant currency revenue growth guidance to a range of 3.5% to 4% from the previous 3.5% to 4.5%, primarily due to unexpected weakness in Eastern Europe, Latin America, and non-core segments, along with a modest slowdown in the U.S. revision market. Adjusted EPS guidance was maintained at $8.10 to $8.30.
Key product momentum includes the U.S. business accelerating to 5.6% growth, driven by new product adoption like Persona Osteotide and strong robotics placements. The acquisition of Monogram Technologies closed on October 7th, and iodine-treated hips received PMDA approval in Japan, with a launch expected by the end of 2025.
The company generated strong cash flow in Q3 2025, with operating cash flows of $419 million and free cash flow of $278 million, maintaining its full-year free cash flow guidance of $1 billion to $1.2 billion.

Nov 5, 2025, 1:30 PM

Transcript

Zimmer Biomet Reports Q3 2025 Results and Updates Full-Year Revenue Guidance

ZBH

Earnings

Guidance Update

Product Launch

Zimmer Biomet reported Q3 2025 organic constant currency sales growth of 5% and adjusted EPS of $1.90, an increase of 9.2% year over year.
The company updated its full-year 2025 organic constant currency revenue growth guidance to 3.5% to 4% from the prior range of 3.5% to 4.5%, while maintaining its adjusted EPS guidance of $8.10 to $8.30 and free cash flow guidance of $1 billion to $1.2 billion.
This updated revenue guidance reflects continued weakness in restorative therapies, a more measured outlook for certain international emerging markets, and a modest slowdown in the U.S. revision market for hips and knees persisting through the rest of 2025.
Key strategic developments include the recent acquisition of Monogram Technologies for AI-driven orthopedic robotic systems, with a semi-autonomous launch planned for early 2027.
Additionally, Zimmer Biomet received PMDA approval in Japan for iodine-treated hips, which will launch before the end of 2025, and FDA breakthrough device designation in the U.S. for this technology.

Nov 5, 2025, 1:30 PM

Transcript

Zimmer Biomet Announces Q3 2025 Financial Results and Updates Full-Year Guidance

ZBH

Earnings

Guidance Update

M&A

Zimmer Biomet reported net sales of $2.001 billion for Q3 2025, marking a 9.7% increase on a reported basis, with adjusted diluted earnings per share of $1.90, up 9.2%.
The company maintained its full-year 2025 reported revenue growth guidance of 6.7% - 7.7% and adjusted diluted EPS guidance of $8.10 - $8.30.
Zimmer Biomet narrowed its full-year 2025 constant currency revenue growth guidance to 6.2% - 6.7% and organic constant currency revenue growth guidance to 3.5% - 4.0%.
Key recent developments include the completion of the acquisition of Monogram Technologies and the Japan PMDA approval for the iTaperloc® Complete and iG7 Hip System.

Nov 5, 2025, 11:30 AM

8-K

Zimmer Biomet Holdings Announces Third Quarter 2025 Financial Results

ZBH

Earnings

Guidance Update

M&A

Zimmer Biomet Holdings reported net sales of $2.001 billion for the third quarter ended September 30, 2025, an increase of 9.7% on a reported basis, 8.6% on a constant currency basis, and 5.0% on an organic constant currency basis.
For the third quarter of 2025, diluted earnings per share were $1.16, and adjusted diluted earnings per share were $1.90, marking a 9.2% increase.
The company maintained its reported revenue growth guidance for full-year 2025 and narrowed its constant currency and organic constant currency revenue growth guidance, while also maintaining its adjusted diluted EPS guidance of $8.10 to $8.30.
Key highlights include the completion of the acquisition of Monogram Technologies and the Japan PMDA approval of the iTaperloc® Complete and iG7 Hip System, which are the world's first orthopedic implants with iodine technology.

Nov 5, 2025, 11:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for ZIMMER BIOMET HOLDINGS.

Q3 2025

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