Zimmer Biomet Holdings

Zimmer Biomet to Present at Morgan Stanley 20th Annual Global Healthcare Conference and J.P. Morgan 13th Annual U.S. All Stars Conference

August 29, 2022 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Executive Management Team will be presenting at the Morgan Stanley 20^th Annual Global Healthcare Conference on Monday, September 12, 2022, at 10:30 a.m. Eastern Time and at the J.P. Morgan 13^th Annual U.S. All Stars Conference on Tuesday, September 20, 2022, at 14:00 British Summer Time (9:00 a.m. Eastern Time).

A live webcast of the presentations can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. The webcasts will be archived for replay following the conference.

Zimmer Biomet Announces Creation of Independent 501(c)(3) Movement is Life Coalition

June 30, 2022 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that the Company has created an independent 501(c)(3) for Movement is Life, Inc., a philanthropic, multi-disciplinary coalition founded by the Company in 2010, that seeks to decrease musculoskeletal health disparities among women, racial and ethnic minorities and women living in rural communities. The new non-profit organization will continue its focus on raising awareness of the impact of disparities on chronic disease management and quality of life through programs that focus on early intervention, education, behavior change and advocacy.

“We’re excited to take this next step in the evolution of Movement is Life as we continue on our path to address disparities in underserved communities and populations,” said Mary O’Connor, MD, Co-Founder, Chief Medical Officer and Chief Compliance Officer, Vori Health, and Chair of the Movement is Life Board of Directors. “The inaugural Movement is Life Board of Directors shares my gratitude to Zimmer Biomet for their incredible support in our growth. We are excited and eager to work together as an independent organization to accomplish our goals.”

The Zimmer Biomet Foundation has made a multi-year, multi-million dollar commitment to continue to support operating costs of the new organization, while enabling it to establish an independent coalition and scale its programs.

“Over the past 12 years, Movement is Life has been the premier organization addressing health disparities in orthopedics. This new nonprofit status will allow the organization to expand partnerships and develop new relationships to continue the important work of the coalition,” said Keri P. Mattox, Zimmer Biomet Chief Communications and Administration Officer and Zimmer Biomet Foundation Board Member. “Zimmer Biomet and the Zimmer Biomet Foundation remain fully committed to ensuring equity in care in our communities and we are pleased to have the opportunity to continue to support Movement is Life in their growth as an independent organization.”

Movement is Life has named the following distinguished leaders to the inaugural independent Board of Directors:

Mary I. O’Connor, MD, Co-founder and Chief Medical Officer, Vori Health; Professor Emerita of Orthopedic Surgery, Mayo Clinic; Chair
Carla Harwell, MD, Medical Director, University Hospitals Otis Moss Jr. Health Center; Associate Professor of Medicine, Case Western Reserve University School of Medicine; Vice Chair
Ramon Jimenez, MD; Co-founder and President, American Association of Latino Orthopaedic Surgeons; Treasurer
Charla B. Johnson, DNP, RN-BC; System Director, Nursing Informatics, Franciscan Missionaries of Our Lady Health System; Secretary
Verona Brewton, Director of Minority Initiatives, Zimmer Biomet
Michelle Leak, DEd, MBA, Operations Administrator, Mayo Clinic
Chad Phipps, Senior Vice President, General Counsel and Secretary, Zimmer Biomet
Rolf Taylor, Founder and Executive Director, Project Advocacy

Association management company Smithbucklin, in collaboration with Verona Brewton, Zimmer Biomet’s Director of Minority Initiatives, has managed the transition process to ensure seamless execution and continuation of current Movement is Life programs. Millicent Gorham has been appointed as Executive Director to lead the Movement is Life organization. More information is available at www.movementislifecaucus.com.

Zimmer Biomet Announces Appointment of New Chief Accounting Officer

May 16, 2022 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced the appointment of Paul Stellato as Vice President, Controller and Chief Accounting Officer. Prior to joining Zimmer Biomet, Mr. Stellato served as Vice President, Finance, Global Business Services at Xylem Inc.

“With more than two decades of experience and a demonstrated track record of success in all areas of financial services, Paul will be a great addition to our leadership team in his new role,” said Suky Upadhyay, Executive Vice President and Chief Financial Officer of Zimmer Biomet. “His experience and expertise in key finance areas including controllership, FP&A, investor relations and internal audit will be extremely valuable as we continue to drive our business forward.”

Prior to his most recent role at Xylem Inc., Mr. Stellato served as the company’s Vice President, Controller and Chief Accounting Officer and as Vice President Finance, Financial Planning and Analysis. Previously, he spent eight years at ITT Corporation, where he held various roles of increasing responsibility in the finance organization, including General Auditor and Manager, Investor Relations. Mr. Stellato spent the early part of his career in public accounting with both Andersen and Ernst & Young. He holds a Bachelor of Science degree in Accountancy from Villanova University and an MBA in finance from NYU Stern School of Business. He is also a Certified Public Accountant.

Zimmer Biomet Announces First Quarter 2022 Financial Results

May 4, 2022 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended March 31, 2022. The Company reported first quarter net sales from continuing operations of $1.663 billion, an increase of 3.9% over the prior year period, and an increase of 6.8% on a constant currency basis. Net earnings from continuing operations for the first quarter were $73.0 million, or $337.4 million on an adjusted¹ basis.

Diluted earnings per share from continuing operations were $0.35 for the first quarter, and adjusted diluted earnings per share from continuing operations were $1.61.

“We are encouraged by the better than expected results seen in Q1, driven by COVID recovery and continued execution by the Zimmer Biomet team. This performance increases our confidence level for 2022 and we are raising and tightening our guidance accordingly,” said Bryan Hanson, Chairman, President and CEO of Zimmer Biomet. “Our underlying business remains strong, fueled by innovation in our portfolio and an acceleration of our transformation activities. I continue to be proud of how the Zimmer Biomet team is executing against our mission so that we can serve healthcare providers and their patients while delivering value for shareholders.”

¹ Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures
are included in this press release.

Recent Highlights

Aligned with the ongoing transformation of Zimmer Biomet’s business, key first quarter highlights include:

Successful completion of the spinoff of ZimVie, Zimmer Biomet’s former spine and dental businesses, on March 1, 2022.
Launch of WalkAI, a dynamic artificial intelligence (AI) model designed to predict which patients will have a lower walk speed at 90 days after hip or knee surgery. WalkAI, Zimmer Biomet’s first AI-based solution, adds powerful predictive analytic capabilities to ZBEdge, a suite of integrated smart, digital and robotic technologies purposefully engineered to deliver transformative data-powered clinical insights with the goal of improving patient outcomes.
Receipt of key recognition and awards including: earning a 100 percent rating on the 2022 Human Rights Campaign (HRC) Foundation’s Corporate Equality Index, a globally recognized, national benchmarking survey on corporate policies, practices and benefits pertinent to LGBTQ+ workplace equity; ranking among the top 500 companies on Forbes’ list of America’s Best Large Employers for 2022; and inclusion in Fast Company’s list of Most Innovative Robotics Companies in 2022 for ROSA^® Robotics, a multi-application platform that utilizes Zimmer Biomet’s leading implants and data technologies to redefine robotics by providing real-time insights to optimize patient outcomes.

ZimVie Spinoff Transaction

The Company completed the spinoff of ZimVie Inc. (ZimVie) on March 1, 2022. The historical results of the spine and dental businesses that were contributed to ZimVie in the spinoff are excluded from net sales and expenses and reflected as discontinued operations in the Company’s Condensed Consolidated Statements of Earnings for the periods presented in this release. The financial information presented in this release reflects the Company’s results on a continuing operations basis, and prior periods have been recast to conform to this presentation.

Geographic and Product Category Sales

In the three-month period ended March 31, 2022, the Company updated its geographic sales reporting. Geographic results now are presented by a United States geography and an International geography. Previously, net sales were reported by three geographies: Americas, EMEA, and Asia Pacific.

Prior period net sales have been reclassified to the current presentation, including reclassification of net sales related to the spine and dental businesses to discontinued operations.

Please see the attached schedules accompanying this press release for additional details on performance in the quarter, including net sales by Zimmer Biomet’s two geographies and four product categories.

The following sales table provides results by geography and product category for the three-month period ended March 31, 2022, as well as the percentage change compared to the prior year period, on both a reported basis and a constant currency basis.

NET SALES – THREE MONTHS ENDED MARCH 31, 2022
(in millions, unaudited)


						Constant
	Net					Currency
	Sales		% Change			% Change
Geographic Results
United States	$	941.2		5.8	%		5.8	%
International		722.0		1.4			8.1
Total	$	1,663.2		3.9	%		6.8	%
Product Categories
Knees
United States	$	379.5		11.7	%		11.7	%
International		283.3		3.1			10.1
Total		662.8		7.9			11.0
Hips
United States		224.6		3.3			3.3
International		226.4		(1.4)			5.6
Total		451.0		0.9			4.5
S.E.T. *		416.8		(0.2)			1.8
Other		132.6		8.2			11.5
Total	$	1,663.2		3.9	%		6.8	%


* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic

Financial Guidance

The Company is updating its full-year 2022 financial guidance to raise and tighten its previous projected ranges for revenue growth, foreign currency exchange impact and adjusted diluted EPS from continuing operations:

Projected Year Ending December 31, 2022
	Previous Guidance	Updated Guidance
2022 Reported Revenue Change	(4.0)% – 0.0%	(1.5)% – 0.5%
Foreign Currency Exchange Impact	(2.0)%	(3.5)%
Adjusted Operating Profit Margin⁽¹⁾	26.5% – 27.5%	26.5% – 27.5%
Adjusted Tax Rate⁽¹⁾	16.0% – 16.5%	16.0% – 16.5%
Adjusted Diluted EPS from Continuing Operations⁽¹⁾	$6.40 – $6.80	$6.65 – $6.85

(1) These measures are non-GAAP financial measures for which a reconciliation to the most directly comparable
GAAP financial measure is not available without unreasonable efforts. See “Forward-Looking Non-GAAP
Financial Measures.”

Conference Call

The Company will conduct its first quarter investor conference call today, May 3, 2022, at 8:30 a.m. ET. The audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be archived for replay following the conference call.

Zimmer Biomet Introduces ZBEdge™ Connected Intelligence Suite of Integrated Robotics and Digital Health Technologies

March 31, 2021 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today introduced ZBEdge Connected Intelligence Suite of currently available and soon to be launched digital and robotic technologies. ZBEdge technologies are purposefully engineered to deliver transformative data-powered clinical insights, shared seamlessly across the patient journey, to improve patient outcomes. Current ZBEdge technologies include:

The ROSA® Robotics Platform designed to support surgeons by delivering data-driven assistance, enhanced accuracy and clinical insights throughout the episode of care
Anatomical visualization and guidance solutions such as Signature ONE Surgical Planning, the Zimmer Biomet iAssist^®Knee Alignment System, and Optical Navigation tools, designed to deliver crucial patient insights
Remote care and patient engagement management systems like mymobility^®with Apple Watch^®
Data services and analytics including the OrthoIntel Orthopedic Intelligence Platform and the Omni Surgical Suite integrated operating room

“ZBEdge Connected Intelligence Suite is grounded in Zimmer Biomet’s innovative robotics and digital health tools and heritage in clinically-proven implant technologies. The ZBEdge Connected Intelligence Suite enables healthcare professionals to connect the dots between procedural and patient data at every stage of the surgical journey. ZBEdge technologies are designed with the dual goals of reducing variability of care and enhancing outcomes,” said Ivan Tornos, Chief Operating Officer at Zimmer Biomet. “As we continue to pioneer breakthrough technologies and grow the ZBEdge Connected Intelligence Suite, we will be able to deliver greater value to healthcare professionals and advance our mission to alleviate pain and improve the quality of life for people around the world.”

The ZBEdge Connected Intelligence Suite offers hospitals and ambulatory surgery centers access to a robust set of pre-, intra- and post-operative technologies designed to create an integrated product experience that draws upon data from Zimmer Biomet devices, robotics and digital technologies used throughout each patient’s episode of care. This data is then aggregated, analyzed and translated into actionable clinical insights that can inform and enhance a surgeon’s care decisions through the OrthoIntel Orthopedic Intelligence Platform. Each of these tools has been purpose-built by Zimmer Biomet to unlock this critical information and deliver it through a user experience that integrates seamlessly into the workflow of today’s surgeons and care teams.

“By connecting Zimmer Biomet’s innovative technologies under the unified ZBEdge portfolio, we are solidifying our commitment to delivering solutions that optimize the patient experience by empowering healthcare professionals with actionable data-derived clinical insights,” Tornos added. “In addition, the ZBEdge suite includes patient-facing digital technologies like mymobility^® with Apple Watch^® that give patients the opportunity to access their own healthcare data and take a more engaged and active role in their care and recovery.”

The unveiling of the ZBEdge Connected Intelligence Suite will be followed by a nationwide mobile experience to showcase Zimmer Biomet’s current and future technologies to orthopedic surgeons.

Learn more about the ZBEdge suite of integrated medical technologies at zimmerbiomet.com/zbedge.

Zimmer Biomet Announces Intent to Spin Off Spine and Dental Businesses

February 5, 2021 Published by Roboticulized.com

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced its intention to spin off the Company’s Spine and Dental businesses to form a new and independent, publicly traded company (“NewCo”). The planned transaction will enhance the focus of both Zimmer Biomet and NewCo to meet the needs of patients and customers and is expected to achieve faster growth and deliver greater value for all stakeholders.

“As part of the third phase of ZB’s ongoing transformation, we are changing the complexion of our business through active portfolio management in order to accelerate growth and drive value creation,” said Bryan Hanson, President and CEO of Zimmer Biomet. “For Zimmer Biomet, the transaction is an important step toward shifting our portfolio mix to higher-growth markets where we have a clear path to leadership and right to win. We believe NewCo will thrive as an independent company with prioritized capital allocation to pursue strategic growth opportunities and investment strategies in the large and growing Spine and Dental markets. This planned transaction underscores our commitment to ensuring our long-term priorities remain aligned with shareholders’ best interests as we drive the business forward to meet customer needs and advance our mission to alleviate pain and improve the quality of life for people around the world.”

The planned tax-efficient spin-off of NewCo is expected to create value for all stakeholders by achieving the following key goals:

Create a stronger growth profile for each company with enhanced management focus, while better aligning resources and processes more directly with the strategic priorities of each business;
Improve capital allocation based on the objectives of each independent company;
Reduce complexity and improve operating efficiencies; and
Provide each company with a compelling financial profile that more accurately reflects the strengths and opportunities of each business and as a result, offers investors a more targeted investment opportunity.

Zimmer Biomet to Sharpen Focus on High Growth, High Priority Areas in Knees, Hips, S.E.T. and CMFT

Following the spin-off, Zimmer Biomet will remain a leader in attractive segments within the orthopedics market, including Knees, Hips, Sports Medicine, Extremities and Trauma (S.E.T.), and Craniomaxillofacial and Thoracic (CMFT). With a total market of $43.5 billion, the Company has significant opportunities to capture growth and market share. The Zimmer Biomet portfolio includes highly innovative products, such as ROSA^®Knee for robotically-assisted surgeries, the Persona^® Primary, Partial, Cementless and Revision Knee Systems, Oxford^®Partial Knee, mymobility^® with Apple Watch^®, OrthoIntel Intelligence Platform, the Avenir Complete Hip System, the G7^® Acetabular Hip System, Comprehensive^® Shoulder System, X Series Power Equipment and the Signature ONE Surgical Planner.

Zimmer Biomet expects the spin-off to result in an improved financial profile. The Company delivered 2019 and 2020 pro forma revenue totaling $6.96 billion and $6.128 billion, respectively. The transaction is expected to be accretive to revenue growth by approximately 50 basis points over the course of the Company’s five-year strategic planning period, accelerate adjusted earnings per share growth and expand the Company’s adjusted EBITDA and operating margins by approximately 125 basis points on a pro forma basis, making its adjusted margin profile compelling among med tech companies.

The Company will maintain its capital allocation priorities of maintaining its investment grade rating while continuing to invest in innovation and execute tuck-in acquisitions in attractive, higher growth markets.

NewCo to Leverage Comprehensive Portfolio of Established Brands and Products

NewCo will be well-positioned in the $21 billion combined global Spine and Dental markets that benefit from attractive fundamentals. The Spine portfolio addresses all areas of spinal surgery, with enabling technologies to drive pull-through of core spine sales. The most differentiated products include ROSA^® ONE Spine, Mobi-C^®Cervical Disc and The Tether. The Dental business is a global leader in oral reconstruction and is well-positioned in premium segments of the dental market, including surgical, restorative and digital, and regenerative solutions. Key products include the T3^® Implant, Tapered Screw-Vent^® Implant System, Trabecular Metal Dental Implant, BellaTek^® Encode Impression System and Puros^® Allograft Particulate.

NewCo’s 2019 and 2020 pro forma revenue totaled approximately $1.022 billion and $897 million, respectively, supported primarily by a broad geographic revenue base, with meaningful exposure for enhanced revenue growth and margin expansion coming from both established and emerging markets. NewCo is expected to benefit from free cash flow diversification and a capital structure supportive of innovation and investment. The Spine and Dental platforms will provide flexibility to pursue multiple avenues to accelerate growth and operating margins. The planned transaction will also position NewCo to commercialize key new product launches and existing product offerings with a focused execution strategy for each geography in which it operates. NewCo is expected to drive innovation and extend its competitiveness through product and technology enhancements fueled by optimized resource allocation and targeted deployment, enabling it to meet customer needs more directly.

Leadership

Bryan Hanson will continue to lead Zimmer Biomet as its President and CEO. The search for a NewCo CEO is in its final stages. The NewCo Board of Directors, management and headquarters will be announced as they are finalized.

Transaction Details

The transaction is intended to qualify as a tax-free distribution, for U.S. federal income tax purposes, to U.S. shareholders of new publicly traded stock in NewCo.

Zimmer Biomet is targeting completion of the spin-off in mid-2022, subject to the satisfaction of certain conditions including, among others, final approval of Zimmer Biomet’s Board of Directors, receipt of a favorable opinion and Internal Revenue Service ruling with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement that will be filed with the U.S. Securities and Exchange Commission. There can be no assurance regarding the ultimate timing of the proposed transaction or that the transaction will be completed.

Advisors

J.P. Morgan is serving as lead financial advisor to Zimmer Biomet, with Guggenheim Securities serving as financial advisor. White & Case LLP is acting as legal advisor to Zimmer Biomet.

Conference Call and Webcast

Zimmer Biomet separately reported today fourth quarter and full-year 2020 financial results. The Company has posted an investor presentation to its website and will host a conference call today at 8:30 a.m. ET to discuss the results and today’s announcement.

The presentation and live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be archived for replay following the conference call.

Individuals in the U.S. and Canada who wish to dial into the conference call may do so by dialing (888) 312-9837 and entering conference ID 7278985. For a complete listing of international toll-free and local numbers, please visit https://investor.zimmerbiomet.com. A digital recording will be available after the completion of the conference call, from February 5, 2021 to April 6, 2021. To access the recording, U.S. callers should dial (888) 203-1112 and international callers should dial +1 (719) 457-0820, and enter the Access Code ID 7278985.

Tag: Zimmer Biomet Holdings

Zimmer Biomet to Present at Morgan Stanley 20th Annual Global Healthcare Conference and J.P. Morgan 13th Annual U.S. All Stars Conference

Zimmer Biomet Announces Creation of Independent 501(c)(3) Movement is Life Coalition

Zimmer Biomet Announces Appointment of New Chief Accounting Officer

Zimmer Biomet Announces First Quarter 2022 Financial Results

Zimmer Biomet Introduces ZBEdge™ Connected Intelligence Suite of Integrated Robotics and Digital Health Technologies

Zimmer Biomet Announces Intent to Spin Off Spine and Dental Businesses

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