Zimmer Biomet Holdings, Inc.

Is Zimmer Biomet publicly traded?
Yes. Zimmer Biomet Holdings, Inc. trades on the New York Stock Exchange under the ticker symbol ZBH. The company is also listed on the SIX Swiss Exchange. Zimmer Biomet is a component of the S&P 500 index. The company was first spun off from Bristol Myers Squibb in August 2001 and has been independently traded since then.

When was Zimmer Biomet founded?
Zimmer Biomet traces its origins to 1927, when Justin O. Zimmer founded Zimmer Manufacturing Company in Warsaw, Indiana, to produce aluminum splints. The modern Zimmer Biomet Holdings, Inc. was incorporated in Delaware in 2001 and was formed through the acquisition of Biomet, Inc. in June 2015, at which point the company changed its name from Zimmer Holdings, Inc. to Zimmer Biomet Holdings, Inc.

Where is Zimmer Biomet headquartered?
Zimmer Biomet is headquartered at 345 East Main Street, Warsaw, Indiana 46580, USA. Warsaw, Indiana, is a major hub for the orthopedic device industry, with Zimmer Biomet as one of its anchor companies. The company operates manufacturing and distribution facilities across the United States, Europe, Asia, and Latin America.

What products does Zimmer Biomet make?
Zimmer Biomet manufactures orthopedic reconstructive products (knee, hip, shoulder, elbow replacements), sports medicine and biologics products, extremities and trauma products, craniomaxillofacial and thoracic products, bone cement, surgical products, and integrated digital and robotic technologies. Key product platforms include ROSA Robotic Solutions, Persona OsseoTi Keel Tibia, Oxford Cementless Partial Knee, Z1 Femoral Hip System, and iTaperloc Complete and iG7 Hip System with iodine-treated implants.

What are Zimmer Biomet's major acquisitions?
Zimmer Biomet's most significant acquisition was Biomet, Inc. in June 2015 for approximately $14.0 billion, which created the current company. Other major acquisitions include Centerpulse AG (2003, $3.2 billion), LDR Holding Corporation (2016, $1 billion), Paragon 28 (April 2025, $1.2 billion), OrthoGrid Systems (2024), Monogram Technologies (2025), and the iovera pain therapy business from Pacira BioSciences (2026, $140 million).

What is ZimVie?
ZimVie Inc. (NASDAQ: ZVIE) is an independent public company that was spun off from Zimmer Biomet in March 2022. ZimVie operates Zimmer Biomet's former spine and dental business. The spin-off allowed Zimmer Biomet to focus on its core orthopedic reconstructive and sports medicine businesses. ZimVie is no longer part of Zimmer Biomet.

Who is the CEO of Zimmer Biomet?
Ivan Tornos serves as Chairman, President, and CEO of Zimmer Biomet. Tornos was appointed CEO in 2023, succeeding Bryan Hanson. Under Tornos's leadership, the company has focused on its "Magnificent Seven" innovation platforms, completed three transformative acquisitions, and initiated a transition to a direct sales model in the U.S.

What is Zimmer Biomet's revenue?
Zimmer Biomet reported FY2025 (ended December 31, 2025) net sales of $8.23 billion, up 7.2% from $7.68 billion in FY2024. Net earnings were $705.1 million, and adjusted net earnings were $1.63 billion. Diluted EPS was $3.55, and adjusted diluted EPS was $8.20. For Q1 2026, net sales were $2.09 billion, up 9.3%, with net earnings of $238.1 million and diluted EPS of $1.22.

Zimmer Biomet traces its origins to 1927, when Justin O. Zimmer (1884 to 1951) founded Zimmer Manufacturing Company in Warsaw, Indiana, to produce aluminum splints. Warsaw, Indiana, would become a major hub for the orthopedic device industry, with Zimmer as one of its founding companies.

For decades, Zimmer operated as an independent company, expanding its product range from splints to a broader portfolio of orthopedic implants and devices. In 1972, Zimmer was acquired by Bristol Myers Squibb (BMS), becoming a division of the pharmaceutical and healthcare conglomerate. Under BMS ownership, Zimmer continued to grow its orthopedic business.

On August 6, 2001, Zimmer was spun off from Bristol Myers Squibb and became an independent public company, trading on the New York Stock Exchange under the ticker symbol ZMH. The spin-off established Zimmer as a standalone orthopedic device company with the financial flexibility to pursue its own growth strategy.

Following the spin-off, Zimmer pursued strategic acquisitions to expand its portfolio. In 2003, Zimmer acquired Centerpulse AG, a Swiss orthopedic company, for approximately $3.2 billion, significantly expanding its presence in the spinal implant market. Additional acquisitions in the 2000s and early 2010s included ORTHOsoft (2007), Medizin-Technik GmbH (2013), and Knee Creations (2013).

On April 24, 2014, Zimmer announced an agreement to acquire Biomet, Inc., a major orthopedic implant manufacturer, for approximately $13.4 billion. The European Commission's antitrust regulators opened an investigation into the transaction due to competition concerns. After receiving conditional clearance from the EC and clearance from the U.S. Federal Trade Commission, Zimmer completed the acquisition of Biomet on June 24, 2015, for approximately $14.0 billion in a cash and equity transaction. In connection with the merger, the company changed its name from Zimmer Holdings, Inc. to Zimmer Biomet Holdings, Inc. and changed its ticker symbol to ZBH.

The Biomet acquisition transformed Zimmer Biomet into one of the world's largest orthopedic device companies, with comprehensive offerings across knees, hips, sports medicine, extremities, trauma, spine, and dental products. The combined company had significantly enhanced scale and global reach.

In 2016, Zimmer Biomet continued its acquisition strategy, completing several transactions including Ortho Transmission, Cayenne Medical, LDR Holding Corporation ($1 billion, merged into the Spine division), Medtech (French surgical robotics), CD Diagnostics, and Clinical Graphics. In January 2023, the company announced the acquisition of Embody, Inc. for $155 million plus potential milestones.

In March 2022, Zimmer Biomet completed the spin-off of its spine and dental business as ZimVie Inc. (NASDAQ: ZVIE), an independent public company. The spin-off allowed Zimmer Biomet to focus on its core orthopedic reconstructive and sports medicine businesses while ZimVie operated independently in the spine and dental markets.

In August 2024, Zimmer Biomet announced the acquisition of OrthoGrid Systems, an AI-powered surgical guidance company, to expand its market share in hip replacement procedures. On January 28, 2025, Zimmer Biomet announced a definitive agreement to acquire Paragon 28, Inc. (NYSE: FNA), a leading medical device company focused exclusively on the foot and ankle orthopedic segment, for approximately $1.2 billion. The acquisition was completed on April 21, 2025, with Paragon 28 becoming a wholly-owned subsidiary of Zimmer Biomet.

In 2025, Zimmer Biomet also completed the acquisition of Monogram Technologies, extending its leadership in robotics and the digital ecosystem. In 2026, the company acquired the iovera pain therapy business from Pacira BioSciences Inc. for $140 million.

Under CEO Ivan Tornos, Zimmer Biomet has focused on what the company calls its "Magnificent Seven" innovation platforms: Persona OsseoTi Keel Tibia for Cementless Total Knee Arthroplasty, Oxford Cementless Partial Knee, Z1 Femoral Hip System, ROSA Robotic Solutions and navigation technologies, iTaperloc Complete and iG7 Hip System (iodine-treated implants for infection prevention), and other digital and robotic technologies.

For FY2025 (ended December 31, 2025), Zimmer Biomet reported net sales of $8.23 billion, up 7.2% from $7.68 billion in FY2024. Net earnings were $705.1 million, down from $904 million in FY2024, due to acquisition-related costs and tariff headwinds. Adjusted net earnings were $1.63 billion, with adjusted diluted EPS of $8.20, up 2.5%. The company generated $1.70 billion in operating cash flow and $1.17 billion in free cash flow.

For Q1 2026, net sales were $2.09 billion, up 9.3% year over year. Net earnings were $238.1 million, with diluted EPS of $1.22, up 34.1%. Adjusted diluted EPS was $2.09, up 15.5%. The company raised its adjusted EPS guidance for FY2026 to $8.40 to $8.55.

Zimmer Biomet publishes sustainability and corporate responsibility reports detailing its environmental, social, and governance (ESG) initiatives. The company's sustainability focus areas include responsible product design, environmental stewardship in manufacturing, ethical business practices, and community engagement.

On environmental responsibility, Zimmer Biomet has implemented programs to reduce energy consumption, water usage, and waste at its manufacturing facilities. The company has set targets for reducing its carbon footprint and has invested in renewable energy and energy-efficient manufacturing processes. However, medical device manufacturing is inherently resource-intensive, and the company faces ongoing challenges in reducing its environmental impact while meeting regulatory requirements for product quality and safety.

On ethical business practices, Zimmer Biomet maintains compliance programs addressing anti-corruption, anti-bribery, and transparency in interactions with healthcare professionals. The company is subject to extensive regulation by the U.S. Food and Drug Administration (FDA) and foreign regulators, including the European Medical Device Regulation (MDR). Compliance with these regulations requires significant investment in quality systems, clinical evidence, and post-market surveillance.

The company has a history of regulatory interactions, including FDA warning letters and consent decrees related to manufacturing quality. In 2024, the company continued to invest in quality and operational excellence initiatives to address regulatory requirements and improve manufacturing consistency.

• S&P 500 Component: Zimmer Biomet is included in the S&P 500 index, reflecting its significance as a large-cap U.S. public company
• 90+ Years of Trusted Leadership: Founded in 1927, the company has maintained its position as a global orthopedic leader for nearly a century
• Innovation Leadership: Launched the "Magnificent Seven" innovation platforms, including the ROSA Robotic Solutions platform, representing the strongest product cycle in a decade
• AAOS 2026 Presence: Showcased a broad portfolio of innovations at the 2026 American Academy of Orthopaedic Surgeons annual meeting, including the full commercial launch of ROSA Knee with OptimiZe
• Strategic Acquisitions: Completed three transformative acquisitions (OrthoGrid, Paragon 28, Monogram Technologies) within 18 months, strengthening positions in high-growth segments

Zimmer Biomet has faced significant regulatory scrutiny throughout its history. The company has been subject to FDA warning letters and consent decrees related to manufacturing quality issues at its facilities. These regulatory actions have required costly remediation efforts and ongoing quality system improvements. The company has invested substantially in quality and operational excellence initiatives to address these concerns.

The Biomet acquisition in 2015 faced antitrust scrutiny from both the European Commission and the U.S. Federal Trade Commission. The EC opened an extensive investigation into the transaction due to concerns about reduced competition in certain orthopedic device markets. The acquisition was eventually cleared with conditions, including divestitures in certain product categories.

Product liability litigation is an ongoing risk for orthopedic device manufacturers. Zimmer Biomet has faced lawsuits related to product failures, defective implants, and adverse patient outcomes. The company maintains product liability insurance and reserves for anticipated litigation, but significant litigation can impact financial results and reputation.

The medical device industry faces increasing regulatory pressure regarding post-market surveillance and device safety. The FDA has implemented unique device identification (UDI) requirements and enhanced reporting standards. In Europe, the Medical Device Regulation (MDR) has introduced more stringent requirements for clinical evidence and post-market monitoring, increasing compliance costs.

Healthcare pricing and reimbursement pressures affect the company's business. Government healthcare programs and private insurers seek to control costs through negotiated pricing, bundled payment models, and value-based purchasing. These initiatives can put pressure on device pricing and margins.

The company's transition to a direct sales model in the U.S. has created short-term uncertainty. While management expects long-term benefits, the transition involves disruption to established sales channels and relationships with healthcare providers. Some investors and analysts have questioned the timing and execution risk of this strategic shift.