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About

Zimmer Biomet Holdings, Inc., together with its subsidiaries, operates as a medical technology company worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding ZBH

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	60.5K	$5.5M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'level of confidence is very high', 'extremely confident', and gave specific numerical targets (e.g., July U.S. upper single-digit growth, Q3 organic 'scratching 6%'). They raised EPS and narrowed revenue guidance, citing tangible drivers.

Q3 2025

Defensive

Ivan Tornos acknowledged being overly optimistic earlier and spent time defending the quarter's quality despite missing his 'scratch 6%' target, attributing the miss to three unexpected late-quarter headwinds. He repeatedly said he 'owns it' and vowed to be more measured in future commentary, while emphasizing that underlying U.S. performance was strong and guidance for EPS is unchanged.

Q4 2025

Confident Specific

The CEO repeatedly expressed pride in 2025 results ('proud', 'totally different company') and provided specific details on the sales force transformation, innovation pipeline, and financial targets, while transparently acknowledging short-term disruption from the U.S. go-to-market changes.

Q1 2026 latest

Confident Specific

Management used the word 'confident' repeatedly (e.g., 'I am very confident that we're moving in the right direction') and highlighted specific metrics: 2.9% organic sales growth, EPS +15%, strong free cash flow, and detailed progress on sales force transformation (e.g., 10% reduction in non-dedicated reps, productivity improvements in double digits).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is slightly stronger after Q1 2026 due to solid financial performance (sales at upper end of guidance, EPS beat) and tangible progress on the U.S. sales force transformation. The decision to raise EPS and free cash flow guidance modestly while keeping revenue guidance unchanged signals cautious confidence. Key watch items for next quarter: acceleration in U.S. knees (which underperformed at 2.2% growth), the pace of sales force specialization, and any further tariff developments. The successful execution of the go-to-market changes and the upcoming mBos launch could provide catalysts, but near-term disruption from the transformation remains a risk. Overall, the company appears on track, but the 2026 story is still a 'show me' year for revenue acceleration.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Zimmer Biomet Q1 2026: Revenue $2.087B, adj. EPS $2.09, organic growth 2.9%.

Revenue & Profitability

First quarter net sales were $2.087 billion, up 9.3% reported and 2.9% organic constant currency. Adjusted diluted EPS was $2.09, up 15% year-over-year from $1.81. Adjusted operating margin was 27.3% and free cash flow was $246 million. The company raised full-year 2026 adjusted EPS guidance to $8.40-$8.55 and free cash flow growth to 9%-11%.

Outlook

Management maintained full-year 2026 organic constant currency revenue growth guidance of 1%-3%, with pricing erosion of up to 100 basis points. They expect roughly consistent growth throughout the remainder of 2026, with a 50 basis point FX tailwind. The overall reconstruction market is estimated to be growing north of 4%-4.5%, and no material macro headwinds were seen in Q1.

Growth Drivers

Key growth levers include strong double-digit technology sales (up 30% in Q1), new product launches (e.g., ROSA Shoulder, Monogram), and the U.S. go-to-market transition shifting from non-dedicated to dedicated sales representatives. International growth is expected to accelerate to mid-single digits in the second half, aided by improving comps and distributor consolidation. Paragon 28 growth accelerated 200 bps sequentially from Q4 2025.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted gross margin for Q1 was 73%, benefiting from favorable mix and a tariff-related $0.20 benefit. Full-year gross margin is expected around 71%, down modestly from 2025. Adjusted operating margin was 27.3% in Q1, and full-year operating margins are expected to be down slightly less than 50 basis points from 2025, reflecting investments in the U.S. commercial channel and Paragon 28 dilution.

Key Risks

Risks include execution of the U.S. go-to-market transformation, which caused modest disruption and loss of two accounts in Q1. International restructuring in China, emerging markets, and the Middle East may cause volatility. Tariff uncertainties remain (Section 232 and IEEPA), though the company believes it has a pathway to mitigate Section 232 via the Nairobi Protocol. A Kaiser strike on the West Coast was a temporary headwind.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 net sales grew 4.8% reported and 4% organic constant currency, led by strong U.S. and technology segment growth. Full-year guidance was raised for both revenue and adjusted EPS, with robust cash flow and continued investments in innovation, commercial transformation, and M&A.

Q1 2026 Q1 2026 2026-04-28

Sales and EPS exceeded expectations, driven by strong technology adoption and new product launches, with guidance for EPS and free cash flow raised for 2026. Strategic investments and sales force transformation are progressing, while recent acquisitions accelerate growth.

Q4 2025 Q4 2025 2026-02-10

Q4 2025 saw 5.4% organic sales growth and strong U.S. performance, with new products and robotics driving results. 2026 guidance anticipates 1%-3% revenue growth and continued Salesforce transformation, with short-term disruption but long-term productivity gains expected.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw 5% organic sales growth, led by strong U.S. performance and new product adoption, though late-quarter international and non-core segment weakness impacted results. Guidance for 2025 was revised slightly lower, but EPS and cash flow targets remain intact, with continued focus on innovation and operational improvements.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw 2.8% organic sales growth, strong U.S. hip and SET segment performance, and raised full-year guidance for revenue and EPS. Strategic acquisitions, including Monogram Technologies and Paragon 28, are expected to drive future growth and innovation.

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