ZIMMER BIOMET HOLDINGS (ZBH) Company Report

Hagens Berman is investigating Zimmer Biomet Holdings, Inc. (ZBH) for allegedly misleading investors regarding the stability of its international business and the reasonable basis for its previously expressed "high confidence" in 2025 revenue targets.
On November 5, 2025, ZBH reported Q3 2025 results, revealing distributor order cancellations in emerging markets, a significant revenue miss in Latin America, and a reduction in its top-line organic revenue growth forecast to 4%.
This news led to a 15% stock tumble for ZBH on November 5, 2025, prompting CEO Ivan Tornos to state the company must be "far more measured" in its external commentary.
Previously, on August 7, 2025, management had expressed "very high" confidence in second-half growth and an updated 2025 year-over-year organic revenue growth forecast of 3.5% to 4.5%.

9 hours ago

Press Release

Zimmer Biomet Faces Investigation Over Revenue Guidance and Stock Collapse

ZBH

Legal Proceedings

Profit Warning

Guidance Update

Hagens Berman is investigating Zimmer Biomet Holdings (ZBH) after its stock fell 15% on November 5, 2025, following revelations of distributor order cancellations in emerging markets and a significant revenue miss in Latin America.
This contrasts with management's August 7, 2025, statements expressing "very high" confidence in second-half growth and an updated 2025 year-over-year organic revenue growth forecast of 3.5% to 4.5%.
On November 5, 2025, ZBH reported Q3 2025 year-over-year organic revenue growth of 5% and subsequently reduced its top-line organic revenue growth forecast to 4% for 2025, leading the CEO to state a need for "far more measured" external commentary.
The investigation centers on whether ZBH management misled investors by issuing overly optimistic guidance while allegedly concealing operational disruptions.

Jan 27, 2026, 11:28 PM

Press Release

Hagens Berman Investigates Zimmer Biomet Holdings Over Alleged Emerging Market Failures

ZBH

Legal Proceedings

Guidance Update

Demand Weakening

Hagens Berman is investigating Zimmer Biomet Holdings (ZBH) for allegedly misleading investors regarding the stability of its international business and the reasonable basis for its 2025 revenue targets.
In August 2025, management expressed "very high" confidence in second-half growth and an updated 3.5% to 4.5% organic revenue growth forecast for 2025.
However, on November 5, 2025, ZBH disclosed distributor order cancellations in emerging markets and a significant revenue miss in Latin America, leading to a 15% stock tumble.
The company subsequently reduced its top-line organic revenue growth forecast to 4% and announced leadership and governance changes in some international businesses to address these headwinds.

Jan 23, 2026, 6:17 PM

Press Release

Zimmer Biomet Outlines 2026 Strategy and Financial Outlook at J.P. Morgan Healthcare Conference

ZBH

Guidance Update

Product Launch

New Projects/Investments

Zimmer Biomet reported a 6.5% CAGR over the last five years, with 7.5% growth and adjusted EPS of $9.50 in 2023, and 5% growth in 2024. The company also achieved price positive results for seven consecutive quarters as of Q3 2025.
For 2026, the company plans to accelerate the transformation of its U.S. sales model, which accounts for 63% of revenue, and build durable go-to-market models outside the U.S..
Innovation is a key focus, with 22 new products launched in 2025, including seven "Magnificent Seven" products, and the launch of the first iodine-coated device globally in 2026.
The company expects gross margins to be modestly down in 2026 due to tapering foreign currency hedge gains, but anticipates earnings to grow in line with or better than sales and continued high single-digit to low double-digit free cash flow growth.

Jan 13, 2026, 4:15 PM

Transcript

Zimmer Biomet Discusses 2026 Outlook and Strategic Priorities

ZBH

Guidance Update

New Projects/Investments

M&A

Zimmer Biomet anticipates adjusted EPS to grow at least in line with sales and free cash flow to grow faster than EPS in 2026, with full guidance expected on February 10, 2026.
The company is accelerating the transformation of its U.S. sales model over the next eight quarters and building durable international go-to-market models, supported by significant investments in robotics, ASCs, sports and extremities, and foot and ankle.
Having acquired three companies in the last 14 months, Zimmer Biomet will focus on integrating these acquisitions and has board approval for up to $2 billion in share buybacks, to be discussed in February 2026.
The company reported $9.50 adjusted EPS in 2023 and achieved a 6.5% revenue CAGR over the last five years.

Jan 13, 2026, 4:15 PM

Transcript

Zimmer Biomet Discusses 2026 Outlook, Strategic Transformations, and Recent Acquisitions

ZBH

Guidance Update

New Projects/Investments

M&A

Zimmer Biomet achieved a 6.5% CAGR in revenue over the last five years (2021-2025), with $9.50 adjusted EPS in 2023, and guided for 3.5%-4% growth in 2025. For 2026, the company anticipates a tempered sales growth outlook but expects EPS to grow at least in line with sales and free cash flow to grow faster than EPS.
The company is undergoing significant transformation in 2026, focusing on accelerating its U.S. sales model and building durable international go-to-market models, supported by substantial investments in specialized sales forces, including increasing robotic specialists by 3.5x and ASC-dedicated personnel by 4x.
Zimmer Biomet recently acquired three companies (OrthoGrid, Paragon 28, Monogram Orthopaedics) and has board approval for up to $2 billion in opportunistic share buybacks.
Key innovation drivers include the "magnificent seven" products like Persona OsseoTi and Persona IQ, and the company achieved its seventh consecutive quarter of positive price in Q3 2025.

Jan 13, 2026, 4:15 PM

Transcript

Zimmer Biomet Holdings Faces Investigation After Q3 Results and Guidance Cut

ZBH

Legal Proceedings

Guidance Update

Demand Weakening

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

Earnings Transcripts

Quarterly earnings call transcripts for ZIMMER BIOMET HOLDINGS.

Q3 2025

Nov 5, 2025

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Q2 2025

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Q1 2025

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