ZIMMER BIOMET HOLDINGS, INC. (ZBH)

Zimmer Biomet Holdings, Inc. is a global medical technology company that designs, manufactures and markets products to treat disorders of, or injuries to, bones, joints and supporting soft tissues. Its offerings include orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; craniomaxillofacial and thoracic (CMFT) products; bone cement; surgical products; and integrated digital and robotic technologies that use data, analytics and artificial intelligence. The company was incorporated in Delaware in 2001, traces its history to 1927 in Warsaw, Indiana, was spun off from its former parent in 2001, and acquired LVB Acquisition, the parent of Biomet, in 2015.

Products fall into several categories. Knee and hip reconstruction covers primary and revision joint replacement, with brands such as Persona, NexGen, Vanguard and Oxford Partial Knee, and Taperloc, Avenir Complete, Z1, Arcos and G7 for hips. The S.E.T. category includes sports medicine, biologics, foot and ankle, upper extremities, trauma and CMFT products. In 2025, upper extremities made up 30 percent of S.E.T. net sales, CMFT 21 percent, trauma 20 percent, foot and ankle 12 percent, sports medicine 12 percent and biologics 5 percent. The Technology & Data, Bone Cement and Surgical category includes the ZBEdge Platform, which connects robotic and digital technologies to collect data before, during and after surgery, as well as bone cements and surgical solutions. The ROSA Robot assists with implant positioning in knee and hip procedures and is also used in shoulder procedures. Financial results are reported through three regional operating segments: the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific.

Customers include orthopedic surgeons, neurosurgeons and other specialists, healthcare institutions, stocking distributors, healthcare dealers and purchasing organizations or buying groups. No customer accounted for more than 2 percent of 2025 net sales. Products are sold directly to hospitals and ambulatory surgery centers or through stocking distributors and dealers, and consignment sales were about 85 percent of 2025 net sales. The Americas is the largest segment, principally the U.S., which was about 95 percent of the region's sales, and it uses group purchasing contracts. EMEA is the second largest, with France, Germany, Italy, Spain and the UK about 50 percent of regional sales. In Asia Pacific, Japan is about 50 percent of regional sales, and the company uses dealers and sales associates. Demand is somewhat seasonal because many procedures are elective, and government healthcare budgets affect sales in many markets.

The company uses a network of employed and independent sales associates, agents and distributors, and is converting much of its U.S. independent sales force to employees. Products are distributed from large centralized warehouses in the U.S. and Europe and smaller market-specific facilities, and are generally shipped by expedited courier. Most sales occur at the time of an elective procedure, so firm orders are generally not held. Research and development employs about 2,000 people, with primary facilities in Warsaw, Indiana; Montreal; Denver; Jacksonville; Austin; Zug, Switzerland; and Beijing. It also relies on third-party manufacturers. The business is heavily regulated, including by the U.S. FDA through 510(k) and premarket approval pathways and Quality System requirements, and by foreign authorities.