Zimmer Biomet: Vegas Takes

研报英文原文证据摘录

Zimmer Biomet: Vegas Takes

Accessible version

Zimmer Biomet

Vegas Takes

Maintain Rating: NEUTRAL | PO: 100.00 USD | Price: 82.72 USD

Fireside chat with ZBH CEO and interim CFO 13 May 2026

We hosted ZBH CEO Ivan Tomos and interim CFO Paul Stellato at our Healthcare Equity

conference in Vegas. Key topics included Q1 dynamics, innovation, salesforce changes,

Travis Steed

capital allocation, and monogram. Research Analyst

BofAS

Q1 good overall, reiterated guidance is prudent travis.steed@bofa.com

Stephanie Elghazi

ZBH is happy with Q1 organic growth of 3% and US growth of 3.2%. Q1 was unique and Research Analyst

faced disruption from weather and strikes in CA. The 2.2% US knee growth was BofAS stephanie.elghazi@bofa.com

disappointing and ZBH plans to do better. The 2026 guide is not being raised because

Gracia Mahoney

it’s early in the year and with some ongoing transformation, ZBH is being prudent. The Research Analyst

transformation initiatives are going as expected if not better. There are tailwinds BofAS gracia.mahoney@bofa.com

through the year with ROSA OptimiZe (pull through of US knees), record robots placed in

Enjia Cao

Q1’26, and oxford partial cementless knee continues to move above expectations. Research Analyst

Lost accounts in US knees in Q1 could come back enjia.cao@bofa.com Aidan Lahey

The US knee growth of 2.2% compares to the market of 4%-4.25% in Q1 (market has Research Analyst

not slowed down from Q4). Knee growth was impacted by the Kaiser strike in California BofASaidan.lahey@bofa.com

(ZBH #1 in West Coast at Kaiser) and 2 lost accounts. The accounts lost were due to Rei Tan

competitive price deals. ZBH does not believe these accounts will be lost for the rest of Research Analyst