Zimmer Biomet Holdings Inc (ZBH) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. And welcome to the Zimmer Biomet second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded today, August 7, 2024. (Operator Instructions)

早安，女士們先生們。歡迎參加 Zimmer Biomet 2024 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議將於今天（2024 年 8 月 7 日）進行錄製。

I would now like to turn the conference over to Zach Weiner, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監 Zach Weiner。請繼續。

Thank you, operator. And good morning, everyone. Welcome to Zimmer Biomet's second-quarter 2024 earnings conference call. Joining me on today's call are Ivan Tornos, our President and CEO; and CFO and EVP, Finance, Operations, and Supply Chain, Suky Upadhyay.

謝謝你，接線生。大家早安。歡迎參加 Zimmer Biomet 2024 年第二季財報電話會議。參加今天電話會議的還有我們的總裁兼執行長 Ivan Tornos；財務、營運和供應鏈財務長兼執行副總裁 Suky Upadhyay。

Before we get started, I would like to remind you that our comments during this call will include forward-looking statements. Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Please note, we assume no obligation to update these forward-looking statements, even if actual results or future expectations change materially. Please refer to our SEC filing for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements.

在我們開始之前，我想提醒您，我們在本次電話會議中的評論將包括前瞻性陳述。由於各種風險和不確定性，實際結果可能與前瞻性陳述所示的結果有重大差異。請注意，即使實際結果或未來預期發生重大變化，我們也不承擔更新這些前瞻性聲明的義務。除了此類前瞻性陳述的固有限制之外，請參閱我們向 SEC 提交的文件，詳細討論這些風險和不確定性。

Additionally, the discussions on this call will include certain non-GAAP financial measures, some of which are forward-looking non-GAAP financial measures. Reconciliation of these measures to the most directly comparable GAAP financial measures and an explanation of our basis for calculating these measures is included within our second quarter earnings release, which can be found on our website, zimmerbiomet.com.

此外，本次電話會議的討論將包括某些非公認會計原則財務指標，其中一些是前瞻性非公認會計原則財務指標。這些指標與最直接可比較的 GAAP 財務指標的調整以及我們計算這些指標的基礎的解釋包含在我們的第二季度收益發布中，您可以在我們的網站 zimmerbiomet.com 上找到該資訊。

With that, I'll turn the call over to Ivan. Ivan?

說完，我會把電話轉給伊凡。伊万？

Thank you, Zach. And thank you, everyone, for joining today's call. Good morning.

謝謝你，扎克。感謝大家參加今天的電話會議。早安.

I would like to start the way that I usually do, by taking a quick moment to show my sincere gratitude to the north of 18,000 Zimmer Biomet team members across the world, who each and every day go above and beyond in delivering on our mission, elevating pain and improving the quality of life for people around the world. That's what you and I get to do each and every day, and you're doing an unreal job in bringing this mission into action. Thank you for your commitment to Zimmer Biomet. Thank you for your tireless work. And thank you for the very strong performance so far in this year 2024.

我想以我通常做的方式開始，先花一點時間向世界各地 18,000 名 Zimmer Biomet 團隊成員表示誠摯的謝意，他們每天都在超越我們的使命，減輕世界各地人們的痛苦並改善他們的生活品質。這就是你和我每天要做的事情，而你們在將這項使命付諸行動方面所做的工作是不真實的。感謝您對 Zimmer Biomet 的承諾。感謝您的不懈努力。感謝你們在 2024 年迄今的強勁表現。

We are now past the midpoint in the year and we're growing 5% after having delivered strong performances in 2023, 2022, and 2021. So the trend is real, the performance is there, and I'm deeply proud of the work that you're doing daily. As I've said countless times, the Zimmer Biomet workforce and our culture here is truly one of our key competitive advantages.

我們現在已經過了今年的中點，在2023 年、2022 年和2021 年取得強勁業績之後，我們的增長率為5%。深感自豪你每天都在做。正如我無數次說過的那樣，Zimmer Biomet 的員工隊伍和我們的文化確實是我們的關鍵競爭優勢之一。

In today's call, I'm going to give some opening remarks and then Suky will cover financials. And then, as always, we will leave ample time to answer your questions.

在今天的電話會議中，我將發表一些開場白，然後蘇基將介紹財務狀況。然後，一如既往，我們將留出充足的時間來回答您的問題。

The agenda for today, first, I'll cover some perspective on the quarter. Secondly, I'll discuss the drivers of our performance and why we are even more confident than ever in our updated full year guidance for 2024 and why, already looking into 2025 and beyond, we're also very confident that we'll continue to deliver on the long-range plan commitments that we outlined at the end of May at our first ever Zimmer Biomet Investor Day. Recall, those commitments were driving revenue growth at least at mid-single digit growth rates, driving EPS at 1.5 revenue growth, and driving free cash flow growth at least 100 basis points above our EPS commitments. The third thing in the agenda, we'll close with our strategic priorities, those being people and culture, operational excellence, and innovation and diversification.

今天的議程首先，我將介紹有關本季的一些觀點。其次，我將討論我們業績的驅動因素，以及為什麼我們對更新後的2024 年全年指引比以往任何時候都更有信心，以及為什麼在已經展望2025 年及以後的情況下，我們也非常有信心我們將繼續兌現我們在 5 月底首屆 Zimmer Biomet 投資者日概述的長期計劃承諾。回想一下，這些承諾推動營收成長至少達到中個位數成長率，推動每股盈餘成長 1.5 倍，並推動自由現金流成長至少比我們的每股盈餘承諾高出 100 個基點。議程中的第三件事，我們將結束我們的策略重點，即人員和文化、卓越營運以及創新和多元化。

Starting with our Q2 results, we continue to be very encouraged by our global performance. In the second quarter of this year 2024, we grew 5.6% on a constant currency basis. And with that, we have now closed the first half of 2024, growing 5%. Worth noting that this 5% is versus very tough comps in the first half of 2023.

從第二季的業績開始，我們的全球業績繼續令我們深受鼓舞。 2024 年第二季度，以固定匯率計算，我們成長了 5.6%。至此，我們已經結束了 2024 年上半年的業績，成長了 5%。值得注意的是，這 5% 是在 2023 年上半年非常艱難的情況下進行的。

The second quarter of 2024 now marks the 10th consecutive quarter in which Zimmer Biomet has grown mid-single digit or above. So again, a trend in the making that is real, and we're very confident that this performance will continue, if not will accelerate as we continue to move our business forward.

2024 年第二季是 Zimmer Biomet 連續第十個季度實現中個位數或以上成長。再說一次，這種趨勢是真實存在的，我們非常有信心這種表現將持續下去，甚至會隨著我們繼續推動業務向前發展而加速。

Against the backdrop, in the quarter, we did see some weakness early in the first half of the quarter in the US. It's worth noting that May and June here in the US were better than April. And in July, the US recon business actually delivered mid-single digit growth. So choppiness through the first half of the quarter and then an improvement through the second half, which has continued with very strong performance through the month of July.

在此背景下，在本季度，我們確實看到美國在上半季度初出現了一些疲軟。值得注意的是，美國五月和六月的情況比四月好。 7 月份，美國偵察業務實際上實現了中位數成長。因此，本季前半段表現不穩定，下半年有所改善，這種情況在 7 月一直保持著非常強勁的表現。

Our OUS international business, outside the US business, has delivered above expectations. We saw a strong demand in the key markets across both recon and the S.E.T. categories. So overall, very diversified, solid performance coming out of these markets.

我們在美國業務以外的 OUS 國際業務的表現超出了預期。我們看到偵察和 S.E.T 的主要市場都有強勁的需求。類別。總的來說，這些市場的表現非常多元化、穩健。

I love the fact that in Q2, in our second quarter, we continued to deliver excellent performance in our other category. This category is primarily focused on enabling technologies, primarily ROSA. We saw a strong demand for ROSA, growing double digit in that business and we also saw strong demand in enabling technologies and navigation systems. As we have been saying for quite some time, we want to be more than just a leading reconstructive knees and hips company in key geographies, where we have a really high market share, as an example, the US or key countries of Europe and Asia Pacific.

我喜歡這樣一個事實：在第二季度，在我們的第二季度，我們繼續在其他類別中提供出色的表現。此類別主要關注使能技術，主要是 ROSA。我們看到了對 ROSA 的強勁需求，該業務成長了兩位數，我們也看到了對支援技術和導航系統的強勁需求。正如我們長期以來所說的那樣，我們不僅僅希望成為關鍵地區領先的膝蓋和臀部重建公司，我們在這些地區擁有很高的市場份額，例如美國或歐洲和亞洲的主要國家太平洋。

One example of this diversification journey has been S.E.T. We've been committing to growing S.E.T. at least mid-single digit and Q2 of 2024 is now the third quarter in a row in where we are growing mid-single digit or above, a trend that we expect to continue towards the end of 2024 and moving into 2025 and 2026. So nice growth in other, nice growth in international, and nice growth in S.E.T.

S.E.T. 就是這種多元化之旅的一個例子。我們一直致力於發展 S.E.T.至少達到中個位數，2024 年第二季度是我們連續第三個季度實現中個位數或以上增長，我們預計這一趨勢將持續到 2024 年底，並持續到 2025 年和 2026 年。的良好成長，國際方面的良好成長，以及S.E.T 的良好成長。

One area that I'll tell you we've made significant strides is within our hips portfolio. We did lose some market share in hips in the US and OUS markets over the last three years to five years. And as I said over and over, this was due to lacking three key product items, direct anterior stems -- what we call triple taper stems, elegant navigation, and surgical impactors.

我要告訴你的是，我們已經取得重大進展的一個領域是我們的臀部產品組合。在過去的三到五年裡，我們確實失去了美國和海外市場臀部的一些市場份額。正如我一遍又一遍地說的，這是由於缺乏三個關鍵產品，即直接前莖——我們所說的三錐度莖、優雅的導航和手術衝擊器。

As we sit here today, we have remediated those gaps. We have 510(k) approval for Z1 or triple taper stem. We are regaining market share already with HAMMR, or surgical impactor. And today, we have the most comprehensive navigation in hip arthroplasty.

當我們今天坐在這裡時，我們已經彌補了這些差距。我們的 Z1 或三錐度閥桿已獲得 510(k) 批准。我們已經透過 HAMMR（手術衝擊器）重新奪回了市場份額。今天，我們擁有最全面的髖關節置換術導航。

Not only do we have ROSA Hip, we also have the only 510(K) FDA-cleared augmented/mixed reality hip navigation platform via a partnership with our colleagues at Hip Insights. And now, we have also signed and announced an agreement to acquire OrthoGrid that is going to give us a leading position in navigation using artificial intelligence devices.

我們不僅擁有 ROSA Hip，而且透過與 Hip Insights 的同事合作，我們還擁有唯一獲得 FDA 510(K) 批准的增強/混合實境髖部導航平台。現在，我們也簽署並宣布了收購 OrthoGrid 的協議，這將使我們在使用人工智慧設備的導航領域處於領先地位。

So we have the most comprehensive suite of solutions in navigation, in direct anterior stems, and in surgical impactors, not to mention having the best core implant technology with products like G7 and Avenir Complete. So the expectation is to grow again above market when it comes to hips and regain some of the market share that we lost over the last three years or five years.

因此，我們在導航、直接前牙柄和手術衝擊器方面擁有最全面的解決方案套件，更不用說擁有 G7 和 Avenir Complete 等產品的最佳核心置入技術。因此，我們的期望是在臀部方面再次增長到高於市場水平，並重新奪回我們在過去三年或五年中失去的一些市場份額。

Moving from hips, we have developed and we are today the first and only robotic-assisted shoulder replacement platform in the world. The feedback on the cases we've done with ROSA Shoulder continues to be very compelling, and as we enter late Q3 and early Q4, we expect to see an acceleration of those cases. And in 2025, we expect ROSA Shoulder to be a very meaningful growth driver for Zimmer Biomet.

從髖部開始，我們已經發展成為當今世界上第一個也是唯一的機器人輔助肩部置換平台。我們對 ROSA Shoulder 所做的案例的反饋仍然非常引人注目，隨著我們進入第三季末和第四季初，我們預計這些案例會加速成長。到 2025 年，我們預計 ROSA Shoulder 將成為 Zimmer Biomet 非常有意義的成長動力。

We recently announced the partnership with THINK Surgical. This is going to provide our surgeon customers optionality across the robotic landscape. We have conducted extensive training, with one voice on customer, and the feedback on this partnership with THINK remains super.

我們最近宣布與 THINK Surgical 建立合作關係。這將為我們的外科醫生客戶提供整個機器人領域的選擇。我們進行了廣泛的培訓，以客戶的聲音為中心，與 THINK 的合作夥伴關係的反饋仍然非常好。

With this partnership, Zimmer Biomet is the only orthopedic company in the world that will offer both a handheld CT scan-based system in the TMINI, exclusive for Zimmer Biomet platform, as well as a simplified, CT scan-less robotic system in our current form factor of ROSA for total knee arthroplasty. We're excited about the optionality and we're also excited about the fact that we continue to innovate at a very fast pace when it comes to ROSA and we're expecting to launch at least three new ROSA modalities in the next three quarters to eight quarters.

透過此次合作，Zimmer Biomet 成為世界上唯一一家在 TMINI 中提供基於手持 CT 掃描的系統（Zimmer Biomet 平台專用）以及在我們目前的產品中提供簡化的無 CT 掃描機器人系統的骨科公司。全膝關節置換術的ROSA 的形狀因素。我們對這種可選性感到興奮，也對我們在 ROSA 方面繼續以非常快的速度進行創新這一事實感到興奮，我們預計在未來三個季度內推出至少三種新的 ROSA 模式，以八個季度。

From an earnings standpoint, we generated $2.01 of adjusted earnings per share in the quarter or a growth of 10%. This is in line with our long-range plan targets I outlined at our Investor Day in May. Inside of the strong performance through the first half of the year, the team continues to execute on the three strategic priorities that I keep outlining in each and every earnings call and at every Zimmer Biomet meeting around the world. The three priorities of people and culture: foundational to everything that we do; operational excellence; and innovation and diversification.

從獲利角度來看，本季調整後每股收益為 2.01 美元，成長 10%。這符合我在五月投資者日概述的長期計劃目標。除了上半年的強勁業績外，團隊繼續執行我在每次財報電話會議和世界各地的每次 Zimmer Biomet 會議上概述的三個策略重點。人與文化的三個優先事項：我們所做一切的基礎；卓越營運；以及創新和多元化。

As I said in my opening, people and culture continues to be a key competitive advantage for Zimmer Biomet. I'm proud to share that Zimmer Biomet was recently named one of America's Best Midsize Companies to work for by TIME magazine. This reflects the strength in team member satisfaction and engagement, our revenue growth profile, and the turnaround of the organization now behind us.

正如我在開場白中所說，人員和文化仍然是 Zimmer Biomet 的關鍵競爭優勢。我很自豪地告訴大家，Zimmer Biomet 最近被《時代》雜誌評為美國最適合工作的中型公司之一。這反映了團隊成員滿意度和參與度的優勢、我們的收入成長概況以及我們現在身後的組織的轉變。

On the second imperative, operational excellence, we continue to expect to grow constant currency revenue at least at mid-single digit level, with adjusted earnings per share growing at least 1.5 times revenue, and free cash flow growing at least 100 basis points faster than earnings. It's a commitment that we're making not just for 2024, but also for the long-range plan 2025, 2026, and beyond.

關於第二個要務，即卓越運營，我們繼續預計恆定貨幣收入增長至少在中個位數水平，調整後每股收益至少增長收入的 1.5 倍，自由現金流增長至少快於 100 個基點。這不僅是我們對 2024 年的承諾，也是對 2025 年、2026 年及以後的長期計畫的承諾。

This is a mindset that continues to proliferate throughout the organization. We pay people on delivering towards such commitments. We have trained people to deliver on those commitments and the trend, as I've repeated a few times in my opening remarks, is in the making.

這種心態在整個組織中不斷蔓延。我們向人們支付報酬以兌現這些承諾。我們已經培訓人員來兌現這些承諾，正如我在開場白中多次重複的那樣，這種趨勢正在形成。

In the past, when it comes to innovation and diversification, it's been very much portfolio-centric, moving from lower-growth markets to higher-growth markets, point in case, the super performance in S.E.T. But today, we're also thinking diversification from a geographic mix standpoint.

過去，當談到創新和多元化時，它非常以投資組合為中心，從低成長市場轉向高成長市場，例如 S.E.T. 的超級表現。但今天，我們也在從地理組合的角度考慮多元化。

We want to continue to invest in key markets outside of the US where we see an opportunity to deliver sustainable revenue and profit growth. We're encouraged by the sound performance that we've seen in our OUS business and we expect to continue to accelerate growth in these markets without compromising our margin performance.

我們希望繼續投資美國以外的關鍵市場，我們認為這些市場有機會實現可持續的收入和利潤成長。我們對 OUS 業務的良好表現感到鼓舞，我們預計將繼續加速這些市場的成長，而不會影響我們的利潤率表現。

In conclusion, we are very proud of how far we have come as an organization in terms of the financial progress, the innovation progress, and the commercial execution. Our second quarter results are another proof point that we make commitments and deliver on those commitments, and we fully expect that the trend is going to continue for the balance of the year and beyond.

總之，我們對我們作為一個組織在財務進展、創新進展和商業執行方面的進步感到非常自豪。我們第二季的業績是我們做出承諾並兌現這些承諾的另一個證明，我們完全預計這一趨勢將在今年餘下時間及以後持續下去。

We're confident in our guidance for the year and we love the fact that we're impacting the lives of millions of people, and I'm deeply inspired every day in knowing that my teammates and I are living the Zimmer Biomet mission of alleviating pain and improving the quality of life for people around the world.

我們對今年的指導充滿信心，我們喜歡我們正在影響數百萬人的生活這一事實，我每天都深受鼓舞，因為我知道我和我的隊友正在履行 Zimmer Biomet 的使命，即減輕減輕痛苦並改善世界各地人們的生活品質。

With that, I'll turn the call over to Suky. Thank you.

這樣，我就把電話轉給 Suky。謝謝。

Thank you. And good morning, everyone.

謝謝。大家早安。

As Ivan mentioned, Q2 closed a solid first half of the year for Zimmer Biomet, with ex FX revenue growth of 5% in the first half and operating margins well ahead of the prior year. Our results through the quarter provide increased confidence in our 2024 full year guidance, which includes 5% to 6% constant currency revenue growth and $8.00 to $8.15 in adjusted earnings per share. I'll provide more color on guidance shortly.

正如 Ivan 所提到的，Zimmer Biomet 上半年第二季業績強勁，上半年除外匯收入成長 5%，營業利潤率遠超去年同期。我們本季的業績增強了我們對 2024 年全年指引的信心，其中包括 5% 至 6% 的固定匯率收入增長以及 8.00 至 8.15 美元的調整後每股收益。我很快就會提供更多關於指導的資訊。

Moving to the second quarter results. Unless otherwise noted, my statements will be about the second quarter of 2024 and how it compares to the same period in 2023, and my commentary will be on a constant currency and adjusted operating basis.

轉向第二季業績。除非另有說明，我的陳述將涉及 2024 年第二季以及與 2023 年同期的比較，我的評論將基於固定匯率和調整後的營運基礎。

Net sales were $1.942 billion, an increase of 3.9% on a reported basis and an increase of 5.6% excluding the impact of foreign currency. As a reminder, we had a day rate tailwind that impacted all businesses and regions at about the same level. Pricing at a consolidated level was 80 basis points, driven by gains in international that were partially offset by modest declines in the US.

淨銷售額為 19.42 億美元，按報告計算成長 3.9%，剔除外匯影響後成長 5.6%。提醒一下，我們遇到了日費率順風，對所有企業和地區的影響大致相同。綜合定價為 80 個基點，主要受到國際市場上漲的推動，但美國市場小幅下跌部分抵消了這一上漲。

Our US business grew 3.5% and international grew 8.5%. Growth in the US was driven by our S.E.T. and other categories. As a reminder, our other category includes our surgical business, as well as enabling technologies such as ROSA capital sales. Our international business continues to perform well, driven by knee and S.E.T., with continued strength in emerging markets.

我們的美國業務成長 3.5%，國際業務成長 8.5%。美國的成長是由我們的 S.E.T. 所推動的。和其他類別。提醒一下，我們的其他類別包括我們的外科業務，以及 ROSA 資本銷售等支援技術。在膝蓋和 S.E.T. 的推動下，我們的國際業務繼續表現良好，新興市場持續強勁。

Global knees grew 5.5% in the quarter, with US growing 0.8% and international growing 11.5%. US growth was impacted by softer sales in the first part of the quarter, with improvement in utilization and growth as we move through the second half.

本季全球膝關節成長 5.5%，其中美國成長 0.8%，國際成長 11.5%。美國的成長受到本季上半年銷售疲軟的影響，隨著下半年的利用率和成長率有所改善。

We continue to see strong uptake of Persona OsseoTi and remain optimistic that the recent robust ROSA installs will continue to drive pull-through and share of wallet opportunities. International continues to benefit from ROSA Robotics, as well as our Persona family of implants.

我們繼續看到 Persona OsseoTi 的強勁增長，並對最近強勁的 ROSA 安裝量將繼續推動錢包機會的拉動和份額保持樂觀。 International 繼續受惠於 ROSA Robotics 以及我們的 Persona 系列植入物。

Global hips grew 2.8% in the quarter, with the US growing 1.8% and international growing 3.7%. While our hip business has lagged the broader market due to key portfolio gaps, we have made significant progress with new product introductions and are excited to get back on the offensive in early 2025 when these products and technologies are fully in market.

本季全球臀部成長 2.8%，其中美國成長 1.8%，國際成長 3.7%。雖然我們的時尚業務由於關鍵的產品組合差距而落後於更廣泛的市場，但我們在新產品的推出方面取得了重大進展，並且很高興能夠在 2025 年初這些產品和技術全面上市時重新發起進攻。

Next, the S.E.T. category grew 7.3%, led by our key focus areas of CMFT, upper extremities, and sports, growing on average high-single digits. All other categories grew mid-single digits on average, giving us confidence in our ability to drive mid-single digit growth or better from S.E.T. through the second half of the year.

接下來，S.E.T.類別成長了 7.3%，其中 CMFT、上肢和體育等重點關注領域帶動了平均高個位數成長。所有其他類別的平均成長為中個位數，這讓我們對推動 S.E.T. 實現中個位數成長或更好的能力充滿信心。到下半年。

Finally, our other category grew 11.3% in the quarter and continues to be driven by strong demand for ROSA systems and other enabling technologies.

最後，我們的其他類別在本季度增長了 11.3%，並繼續受到對 ROSA 系統和其他支援技術的強勁需求的推動。

Turning to our P&L. We reported GAAP diluted earnings per share of $1.18 compared to GAAP diluted earnings per share of $1 in the prior year. Higher revenue combined with lower R&D, effective tax rate, and share count more than offset expenses associated with our restructuring program.

轉向我們的損益表。我們公佈的 GAAP 攤薄每股收益為 1.18 美元，而前一年的 GAAP 攤薄每股收益為 1 美元。更高的收入加上更低的研發、有效稅率和股份數量，足以抵銷與我們的重組計畫相關的費用。

On an adjusted basis, we delivered diluted earnings per share of $2.01 compared to $1.82 in the prior year, representing over 10% growth. The step-up was primarily driven by revenue growth, improved operating margins due to savings pull-through from our restructuring program, and a lower share count, partially offset by a higher tax rate.

調整後的每股攤薄收益為 2.01 美元，而前一年為 1.82 美元，成長超過 10%。這一增長主要是由於收入增長、重組計劃帶來的節省帶來的營業利潤率提高以及股票數量減少（部分被較高的稅率所抵消）推動的。

Adjusted gross margin was 71.6%, about 40 basis points lower than the prior year, driven by higher manufacturing costs, partially offset by better pricing and lower royalties. Adjusted operating margin was 28.5%, up 100 basis points from the prior year. The increase in operating margin was driven by higher revenue and lower OpEx as a percentage of sales as a result of our restructuring program. Net interest and other adjusted non-operating expenses were $45 million in the quarter, and our adjusted tax rate was 18.2%.

調整後的毛利率為 71.6%，比前一年下降約 40 個基點，這是由於製造成本上升，但部分被更好的定價和更低的特許權使用費所抵消。調整後營業利益率為 28.5%，較前一年上升 100 個基點。營業利潤率的成長是由於我們的重組計劃導致收入增加和營運支出佔銷售額的百分比下降所推動的。本季淨利息和其他調整後的非營業費用為 4,500 萬美元，調整後的稅率為 18.2%。

Turning to cash and liquidity. We generated operating cash flows of $369 million, free cash flow of $251 million, and we ended the quarter with $420 million of cash and cash equivalents. Aligned with our capital allocation strategies, we repurchased $95 million of shares in the second quarter.

轉向現金和流動性。我們產生了 3.69 億美元的營運現金流，2.51 億美元的自由現金流，本季末我們的現金和現金等價物為 4.2 億美元。根據我們的資本配置策略，我們在第二季回購了 9,500 萬美元的股票。

Regarding our outlook for the rest of the year, we are reiterating our full year constant currency revenue growth guidance of 5% to 6%, but given further strengthening of the US dollar, we are updating our reported revenue growth to 4% to 5% and now expect 100 basis points of currency headwind for the full year, which should impact Q3 more than Q4.

關於我們今年剩餘時間的展望，我們重申全年固定貨幣收入增長指引為 5% 至 6%，但鑑於美元進一步走強，我們將報告的收入增長更新為 4% 至 5%現在預計全年貨幣逆風將達到100 個基點，這對第三季的影響將大於第四季。

We still expect to generate between $8.00 and $8.15 in adjusted earnings per share despite this greater FX pressure and $1.05 billion to $1.1 billion in free cash flow. Our tax and interest and non-operating expenses expectations remain unchanged.

儘管外匯壓力較大，自由現金流為 10.5 億至 11 億美元，但我們仍預計調整後每股收益為 8.00 至 8.15 美元。我們的稅收和利息以及營業外支出預期保持不變。

When thinking about the cadence through the second half of the year, due to normal seasonality, Q3 typically is the lowest revenue quarter from a dollar perspective, with Q4 being the highest. From a margin standpoint, we still expect gross margin to step down sequentially as the year progresses, while operating margins should expand by more than 50 basis points year-over-year. As usual, we expect operating margin to be higher in Q4 than Q3, driven by higher revenue.

在考慮下半年的節奏時，由於正常的季節性，從美元角度來看，第三季度通常是收入最低的季度，而第四季度是最高的。從利潤率的角度來看，我們仍然預期毛利率將隨著時間的推移而逐步下降，而營業利潤率將年增超過50個基點。與往常一樣，由於收入增加，我們預計第四季度的營業利潤率將高於第三季。

In summary, Q2 closed a positive first half of the year, giving us continued confidence in our ability to meet our full year outlook and another positive proof point through our LRP.

總而言之，第二季上半年取得了積極的成果，使我們對實現全年展望的能力繼續充滿信心，並透過我們的 LRP 提供了另一個積極的證據。

With that, I'll turn the call back over to Zach.

這樣，我會將電話轉回給札克。

Thanks, Suky. Before we start the Q&A session, just a quick reminder to please limit yourself to a single question and one brief follow-up, so we can get through as many questions as possible during the call.

謝謝，蘇基。在我們開始問答環節之前，請快速提醒您，請將自己限制在一個問題和一個簡短的後續行動中，以便我們可以在通話期間回答盡可能多的問題。

With that, operator, may we have the first question, please?

那麼，接線員，我們可以問第一個問題嗎？

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Thank you. And good morning, everybody. I wanted just to start with the US knee business and appreciate the comments around the month-to-month fluctuations in growth. But maybe you could just take a step back and help us think through the impact of the conversion to cementless and cementless robotic? How is that tracking? And how should we think about the way that shows up in reported numbers?

謝謝。大家早安。我想從美國膝蓋業務開始，並欣賞每月成長波動的評論。但也許您可以退後一步，幫助我們思考轉換為無水泥和無水泥機器人的影響？追蹤情況如何？我們應該如何考慮報告數字中的顯示方式？

Thank you, David. Good morning. Maybe quickly here, 20 seconds big picture, and then I'll talk about the US. So big picture. It was a good quarter. We here at Zimmer Biomet deliver 5.6% ex-FX. As I noted in my prepared remarks, this is the 10th quarter in a row growing mid-single digit or above. And we're pleased with the double-digit growth in adjusted EPS.

謝謝你，大衛。早安.也許這裡很快，20 秒的大局，然後我會談論美國。這麼大的圖景。這是一個美好的季度。我們 Zimmer Biomet 的利率為 5.6%（不含外匯）。正如我在準備好的發言中指出的那樣，這是連續第十個季度實現中位數或以上成長。我們對調整後每股收益的兩位數成長感到滿意。

S.E.T. performed above expectations, third quarter mid-single digit or above. I'm pleased to report that for the first time in a while, every single business within S.E.T. -- and there are six of them, actually grew, which is something we didn't see before. Enabling technologies, which is robotics primarily, grew double digit in Q2. It grew double digit in Q1. The US grew -- robotics grew 16% in the quarter, so strong in that regard. And as we announced this morning, we did close the gaps in hips that we had, which frankly is one of the reasons why we lost market share.

放。表現超出預期，第三季達到中個位數或以上。我很高興地向大家報告，一段時間以來第一次，S.E.T 內的每家企業都——其中有六個，實際上已經長大了，這是我們以前從未見過的。支援技術（主要是機器人技術）在第二季度成長了兩位數。第一季成長了兩位數。美國的成長——機器人技術在本季度增長了 16%，在這方面非常強勁。正如我們今天早上宣布的那樣，我們確實縮小了臀部的差距，坦白說，這是我們失去市場份額的原因之一。

Just throwing the summary to highlight the fact that unlike five years ago, we're not just a US knee-centric type of company. That said, relative to knees and the US performance, look, David, not pleased with the quarter. It was softer than expected. And what I will tell you is that there are three main reasons why we did not do better in the US, and these are solvable reasons.

只是透過總結來強調這樣一個事實：與五年前不同，我們不僅僅是一家以美國膝蓋為中心的公司。也就是說，相對於膝蓋和美國隊的表現，大衛對這個季度並不滿意。它比預期的要軟。我要告訴大家的是，我們在美國沒有做得更好的主要原因有三個，這些都是可以解決的原因。

The first one is, we had a large amount of high volume surgeons -- Zimmer Biomet high volume surgeons that were out of the territory for a variety of reasons. We hosted large medical education events and we did have a large group of surgeons that were not performing surgeries in the quarter. The second piece is that we had some challenges from a supply standpoint when it came to one of our knee platforms, what we call limb salvage, which is part of knee revision cases. These are high ASP cases.

第一個是，我們有大量的高容量外科醫生——Zimmer Biomet 高容量外科醫生，他們由於各種原因而離開了領土。我們舉辦了大型醫學教育活動，我們確實有一大批外科醫生在本季沒有進行手術。第二個問題是，從供應角度來看，我們在膝蓋平台之一（我們稱之為肢體搶救）方面遇到了一些挑戰，這是膝蓋翻修案例的一部分。這些都是高 ASP 案例。

And candidly, this didn't help the quarter. And then the third reason on why knees in the US was softer than expected is comps. We delivered knee growth of 10% -- almost 10%, 9.8% to be exact in Q2 of 2023, which was close to mid-single digit, and the US grew 5%. So comps didn't help.

坦白說，這對本季沒有幫助。美國膝蓋比預期更軟的第三個原因是比較。我們在 2023 年第二季度實現了 10% 的膝蓋增長率——幾乎是 10%，確切地說是 9.8%，接近中個位數，而美國增長了 5%。所以比較沒有幫助。

So in the background of those surgeons being out, supply constraints, the comps didn't help out. What I will tell you is that these three elements have gotten resolved as we move out of the quarter and sitting here, July behind us, the US recon performance is very strong.

因此，在外科醫生缺席、供應緊張的背景下，補償並沒有起到什麼幫助。我要告訴你的是，當我們走出本季並坐在這裡時，這三個因素已經解決，七月已經過去，美國的偵察表現非常強勁。

On the second part of your question, David, cementless continues to track very nicely. Candidly, I hope we can get more sets out. The adoption rate is very high. We are converting accounts and we hope to have cementless not just in the US, but outside of the US very soon. So that's the summary of what's happening here in the US.

大衛，關於你問題的第二部分，無水泥繼續表現得很好。坦白說，我希望我們能推出更多的作品。採用率非常高。我們正在轉換帳戶，我們希望不僅在美國，而且很快在美國以外的地區也能實現無水泥帳戶。這就是美國正在發生的事情的總結。

That's -- thank you for all the detail. It's super helpful. Maybe, Suky, just a quick follow-up for you on the P&L. Can you help us think about the kind of interplay here between the benefits you're seeing from the restructuring? And I think you had talked about planning to reinvest some of the savings. Where are you in sort of the progress with respect to the restructuring benefit, and then at the same -- on the -- at the same token, kind of that level of reinvestment that you had contemplated when you introduced the restructuring back in February?

那是——謝謝你提供的所有細節。這非常有幫助。也許，Suky，只是對您的損益表進行快速跟進。您能幫助我們思考一下您從重組中看到的好處之間的相互作用嗎？我想你已經談到了計劃將一些儲蓄進行再投資。在重組利益方面，你們的進展如何？ 同樣，同樣的，你們在二月份引入重組時所考慮的再投資水平？

Yes. First of all, good morning, David. Thanks for the question. Just to remind everyone, we talked about or announced our restructuring program at the early part of this year. We talked about $200 million of run rate savings as we exit 2025. I would say where we are right now is we're slightly ahead of that overall trend, at least from a timing perspective, still expect to generate $200 million on a run rate, but it's happening probably a little bit faster than we originally expected. That's definitely contributing to operating margin expansion. You see that in the second quarter, where we're up 100 basis points year-over-year. So very nice progress there.

是的。首先，早上好，大衛。謝謝你的提問。提醒大家一下，我們在今年年初就談到或宣布了重組計畫。我們談到了 2025 年退出時運行率可節省 2 億美元。但它發生的速度可能比我們最初預期的要快一點。這肯定有助於營業利潤率的擴張。你可以看到第二季我們的GDP年增了100個基點。那裡的進展非常好。

And that's in the backdrop of continuing to invest in R&D, as well as in certain areas across commercial, whether that's building specialized sales forces across S.E.T., additional complement in our technology, components of recon and other parts of commercial. So we are, as I would say, just summarizing, going a little bit faster than expected on the savings program, and we're in line and on track with that reinvestment plan.

這是在繼續投資研發以及商業某些領域的背景下，無論是在 S.E.T. 建立專業銷售隊伍，還是對我們的技術、偵察組件和商業其他部分進行額外補充。因此，正如我想說的，我們只是總結一下，儲蓄計劃的進度比預期要快一些，而且我們與再投資計劃保持一致併步入正軌。

Thanks, David. Can we go to the next question, please, Katie?

謝謝，大衛。凱蒂，我們可以進入下一個問題嗎？

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

Hi, guys. Thanks for taking the question. I guess, I just wanted to ask you more about the hip progress that you're expecting, calling out the opportunity to move back into a share-taking position over the next couple of years and tying that back to the Analyst Day goal. So I guess, I'll ask the question as to when you expect this to really start and how we should measure your progress against the share gain goals? And are there inflection points along the way that we should be looking out for in your hip business?

嗨，大家好。感謝您提出問題。我想，我只是想問你更多關於你所期待的進步的信息，指出在未來幾年內重新進入股份持有位置的機會，並將其與分析師日的目標聯繫起來。所以我想，我會問一個問題：您預計這一切何時會真正開始，以及我們應該如何根據份額增益目標衡量您的進度？在您的時尚事業中，我們該留意哪些拐點？

Thank you, Matt. The short answer was we have already started. So again, July, so far so good when it comes to hip recovery. We launched our surgical impactor HAMMR midpoint into Q2 and the adoption has been great so far. As you heard from us, we will be launching our triple taper stem, that's Z1, which is going to enable share regaining in direct anterior. That's going to get launched late in Q3, early Q4. We have the quantity that we need.

謝謝你，馬特。簡短的回答是我們已經開始了。再說一遍，七月，到目前為止，臀部恢復情況良好。我們在第二季中期推出了手術衝擊器 HAMMR，到目前為止，採用情況非常好。正如您從我們那裡聽到的，我們將推出我們的三錐柄，即 Z1，它將能夠重新獲得直接前部的份額。該產品將於第三季末、第四季初推出。我們有我們需要的數量。

We got the commercial plans in place. So that should be another driver. And the third leg was to have elegant navigation systems, and we got three of them. This morning, we announced the acquisition of OrthoGrid. That should close later in the year. It's one of the fastest growing navigation platforms in the US

我們已經制定了商業計劃。所以那應該是另一個司機。第三條腿是擁有優雅的導航系統，我們得到了三個。今天早上，我們宣布收購 OrthoGrid。該項目應該會在今年稍後關閉。它是美國發展最快的導航平台之一

So I would say the combination of triple taper stems, surgical impactors, and three different modalities of navigation put us in a position to regain market share in the US and outside of the US. Outside of the US, we're going to be launching a second generation of robotics, hip posterior robotics, and that's another driver of share regaining. So we're very confident about where we are today and we will get the share back.

因此，我想說，三錐柄、手術衝擊器和三種不同導航方式的組合使我們能夠重新獲得美國和美國以外的市場份額。在美國以外，我們將推出第二代機器人技術，即髖關節後部機器人技術，這是重新獲得市場份額的另一個驅動力。因此，我們對今天的處境非常有信心，我們將拿回份額。

Great. And just one clarification. So the issues you mentioned in the US, you're basically saying those are temporary, related to the surgeons being out, the supply issue, not a change in the market or something else bigger happening?

偉大的。只需要澄清一件事。所以你在美國提到的問題，你基本上是說這些都是暫時的，與外科醫生外出、供應問題有關，而不是市場變化或其他更大的事情發生？

The market is very strong. By now, all of us have reported. So you see that the market growth rates remain above pre-pandemic levels. So nothing relative to market. And again, I just want to emphasize that the two, three things that I talked about, the large volume surgeons being out of the territory, we saw in July a recovery. On the revision constraints, those are largely soft, and again, that's one portion of our platform. And again, so far so good. So yes, market is healthy.

市場非常強勁。至此，我們大家都已經報道完畢。所以你會看到市場成長率仍然高於疫情前的水準。所以與市場無關。再次，我想強調的是，我談到的兩三件事，即大量外科醫生離開領土，我們在 7 月看到了復甦。在修訂限制方面，這些限制很大程度上是軟性的，這也是我們平台的一部分。再說一次，到目前為止一切都很好。所以是的，市場是健康的。

Thanks, Matt. Katie, could we have the next question?

謝謝，馬特。凱蒂，我們可以問下一個問題嗎？

Drew Ranieri, Morgan Stanley.

德魯‧拉涅利，摩根士丹利。

Hi, Ivan and Suky. Thanks for taking the questions. Maybe, Suky, for you to start. Just you've talked more -- you've talked about growth and margin improvement and increasingly so about free cash flow. But when we kind of look at your guide for the year, it still implies a significant step-up in the back half versus the first half. I guess, some of that would be growth in the leverage opportunity that you kind of talked about. But is the environment supportive enough to see kind of a meaningful working capital improvement and, especially, with all these new products coming and I have to imagine you're going to be spending on FX, but just -- or on CapEx. But just how do you kind of get to your free cash flow guide and your plans on using that cash this year?

嗨，伊凡和蘇基。感謝您提出問題。也許，Suky，你可以開始。只是您談得更多了——您談到了成長和利潤率的提高，並且越來越多地談到了自由現金流。但是，當我們查看今年的指南時，它仍然意味著下半年與上半年相比有了顯著的進步。我想，其中一些可能是你談到的槓桿機會的成長。但是，環境是否足以支持我們看到營運資本的有意義的改善，特別是隨著所有這些新產品的出現，我必須想像你將在外匯上支出，但只是——或者在資本支出上。但您如何獲得自由現金流指南以及今年使用這些現金的計劃？

Yes. First of all, good morning, Drew. Thanks for the question. There are really three building blocks to the growth in free cash flow from where we start here in the second quarter -- or third quarter, I should say. And by the way, the asymmetry between first half and second half of free cash flow is typical in our business.

是的。首先，早上好，德魯。謝謝你的提問。從我們第二季或第三季開始，我應該說，自由現金流的成長實際上有三個組成部分。順便說一句，上半年和下半年自由現金流的不對稱在我們的業務中很常見。

The three building blocks are, really, you have a lot of headwinds in the first half of the year related to rebates from the previous year fourth quarter that you have to pay in the first quarter, bonuses and different levels of incentive payments that happened in the first half. So there are certain headwinds that typically happen in the first half that don't repeat in the second half. In addition, in the second half, you're going to have improved EBITDA through growth as you pointed out.

這三個組成部分實際上是，今年上半年你遇到了很多阻力，這些阻力與你必須在第一季度支付的上一年第四季度的回扣、獎金和不同級別的激勵付款有關。 。因此，某些通常在上半場發生的逆風在下半場不會重複。此外，正如您所指出的，下半年您將透過成長提高 EBITDA。

But secondly, a pretty meaningful improvement in working capital, specifically around inventory. We've already seen that inventory improve from second quarter versus first quarter, and we're going to continue to see that sequentially improve in the third quarter, fourth quarter as well. So that's a pretty big driver of the overall free cash flow generation and step-up into the second half of the year.

但其次，營運資金，特別是庫存方面的改善非常有意義。我們已經看到第二季的庫存比第一季有所改善，並且我們將繼續看到第三季和第四季的庫存持續改善。因此，這是整體自由現金流產生和進入下半年的一個相當大的驅動力。

Relative to where we're prioritizing, we continue to prioritize in making sure that we've got the right assets and the right level of investment on our organic business. As Ivan talked about, we're actually stepping up our instrument CapEx around OsseoTi. Demand, quite frankly, has outstripped our original expectations and -- which is a great thing, and we're now catching up on getting those sets out into market.

相對於我們的優先順序，我們繼續優先確保我們的有機業務擁有正確的資產和正確的投資水準。正如 Ivan 所說，我們實際上正在圍繞 OsseoTi 加強我們的儀器資本支出。坦白說，需求已經超出了我們最初的預期，這是一件好事，我們現在正在努力將這些產品推向市場。

And so we feel really good about that and we're actually putting more dollars against that. But outside of that, I think what you're seeing also is that we bought some shares back in the second quarter, aligned to our overall capital allocation strategy, which we outlined on our Investor Day.

所以我們對此感覺非常好，並且我們實際上為此投入了更多資金。但除此之外，我認為您還看到的是，我們在第二季回購了一些股票，這與我們在投資者日概述的整體資本配置策略保持一致。

So overall, feel good about where we're headed for cash for the full year. You will see a second half step-up, typical in every year, and we're going to continue to prioritize our organic investments. And then from there, our capital allocation remains balanced between M&A and return of capital to shareholders.

總體而言，我們對全年現金的走向感到滿意。你會看到下半年的成長，這是每年的典型情況，我們將繼續優先考慮我們的有機投資。然後，我們的資本配置在併購和股東資本回報之間保持平衡。

Got it. Thanks, Suky. And Ivan, maybe just over to you quickly on the OrthoGrid acquisition. Can you just talk a little bit more about how this supports the overall large joint strategy and maybe how you think this platform could evolve over time across the portfolio or care settings and maybe eventually into the S.E.T. business? Thanks for taking the questions.

知道了。謝謝，蘇基。 Ivan，也許剛剛向您介紹 OrthoGrid 收購事宜。您能否多談談這如何支持整體大型聯合戰略，以及您認為這個平台如何隨著時間的推移在投資組合或護理環境中發展，並可能最終進入 S.E.T.商業？感謝您提出問題。

Thank you, Drew. Very excited. So this one word is optionality. Now, Zimmer Biomet is the only company in the world with three different forms of navigation. With ROSA Hip, you got anterior today, robotic navigation, at some point soon posterior as well. With OrthoGrid, we have AI surgical guidance. It's a lighter, faster option for some of the surgeons that want to use a non-robotic option.

謝謝你，德魯。非常興奮。所以這個詞就是可選性。現在，Zimmer Biomet 是世界上唯一一家擁有三種不同形式導航的公司。有了 ROSA Hip，您今天可以獲得前位，機器人導航，在不久的將來的某個時刻也可以獲得後位。有了 OrthoGrid，我們就有了人工智慧手術指導。對於一些想要使用非機器人選項的外科醫生來說，這是一個更輕、更快的選擇。

And then the third vector here, as you know, we have a partnership with Hip Insights, which is the only FDA-approved mixed/reality navigation, and that pretty much gives the surgeon X-ray vision over the patient's anatomy, instruments, and implants. So again, a different modality, which some customers seem to like.

然後是第三個向量，如您所知，我們與Hip Insights 建立了合作夥伴關係，這是FDA 批准的唯一混合/現實導航，這幾乎為外科醫生提供了對患者解剖結構、器械和部位的X射線視野。同樣，這是一種不同的方式，一些客戶似乎喜歡這種方式。

So we got three different ways to do navigation and that appeals to pretty much every customer in that regard. We -- the broader strategy, we want to be a company that delivers faster, better solutions, and navigation is an enabler of that. And again, in the big picture, this will enable Zimmer Biomet to regain some of those 200 basis points to 300 basis points of market share that we lost over the years.

因此，我們提供了三種不同的導航方式，這對這方面的幾乎所有客戶都有吸引力。我們——更廣泛的策略，我們希望成為一家提供更快、更好的解決方案的公司，而導航是實現這一目標的推動者。而且，從大局來看，這將使 Zimmer Biomet 能夠重新奪回我們多年來失去的 200 個基點至 300 個基點的市佔率。

Thanks, Drew. Can we have the next question, Katie?

謝謝，德魯。凱蒂，我們可以問下一個問題嗎？

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

Good morning. And thank you for taking the questions. You mentioned somewhere in the script several new ROSA robots that you expect over the next three quarters to eight quarters. Could you remind us of how many is several and which those are and how we should think about those launching over essentially the next two years? And I'll throw one more in there for Suky. How do you think about the revenue contribution from those robots ramping? Thank you.

早安.感謝您提出問題。您在劇本中的某個地方提到了您預計在未來三個季度到八個季度內推出的幾個新 ROSA 機器人。您能否提醒我們有多少是幾個，哪些是哪些，以及我們應該如何考慮在未來兩年內推出的那些？我會再丟一個給蘇基。您如何看待這些機器人的收入貢獻？謝謝。

Hi, Joanne. Good to talk to you. Good morning. I think I said over the next four quarters to eight quarters, but if it is three, let's keep it to four. We're not going to get into a lot of details, given competitive reasons. But what we are committed to launch is a posterior application for some of the OUS markets, where posterior is more prevalent than interior. As you know, we're going to get into full launch mode for ROSA Shoulder later in the year. And again, so far, the voice of customer has been super.

嗨，喬安妮。很高興和你說話。早安.我想我說過接下來的四個季度到八個季度，但如果是三個季度，那就保持在四個季度吧。考慮到競爭原因，我們不會討論太多細節。但我們致力於推出的是針對某些 OUS 市場的後部應用程序，在這些市場中，後部比內部更普遍。如您所知，我們將於今年稍後進入 ROSA Shoulder 的全面發布模式。再說一次，到目前為止，客戶的聲音非常好。

We want to get at some point a different version of ROSA. We're launching two different ROSAs for knees. One is going to be late this year, early 2025. We call it ROSA [B15], which has different levels of workflows, smart positioning, it's got a different auto-balance procedure, and it will be a platform that is going to deliver a kinematic aligned type of knee. In 2025, at some point, we will have a ROSA CT scan base for some of our ROSA users that like that type of device.

我們希望在某個時候獲得一個不同版本的 ROSA。我們正在推出兩種不同的膝蓋 ROSA。其中一個將於今年年底、2025 年初推出。類型的膝蓋。到 2025 年的某個時候，我們將為一些喜歡此類設備的 ROSA 用戶提供 ROSA CT 掃描基地。

So those are four or five examples of what's coming here again over the next four quarters to eight quarters. In addition to ROSA, we have the partnership with THINK Surgical. And we got, as I just mentioned, very comprehensive navigation systems.

這是未來四個季度到八個季度再次出現的四、五個例子。除了 ROSA 之外，我們還與 THINK Surgical 建立了合作夥伴關係。正如我剛才提到的，我們擁有非常全面的導航系統。

In terms of the revenue contribution, we don't really give details on that. What I will tell you is that we're growing today, end of Q2 double digit in the US, when it comes to enabling technologies, we grew double digit in Q1 and we don't expect that to slow down, and that's pull-through for implants.

就收入貢獻而言，我們並沒有真正提供詳細資訊。我要告訴你的是，我們今天在美國第二季末實現了兩位數的成長，在支援技術方面，我們在第一季實現了兩位數的成長，我們預計這種成長不會放緩，這就是拉動——透過植入物。

Perfect. Thank you so much.

完美的。太感謝了。

Thank you, Joanne.

謝謝你，喬安妮。

Thanks, Joanne. Can we have the next question?

謝謝，喬安妮。我們可以問下一個問題嗎？

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thanks for taking the question. One for Ivan and one for Suky. I'll try to ask them both upfront. So Ivan, I'd love to hear an update on the status of Persona IQ, the launch and the short -- have you launched the short stem extension and how that could help and the TPT, we saw you applied for that. Just confident you'll get it and what that could mean for adoption of?

早安.感謝您提出問題。一份給伊万，一份給蘇基。我會試著提前問他們兩個。 Ivan，我很想聽聽 Persona IQ 的狀態、發布和短片的最新消息 - 您是否推出了短莖擴展以及它如何提供幫助以及 TPT，我們看到您申請了該功能。只要相信您會得到它，這對採用意味著什麼？

Just as my follow-up for Ivan on the gross margin here -- I mean, I'm sorry, for Suky. I -- the gross margin was a little lighter than expected in Q2. What's assumed for the full year? Did you say that gross margin steps down as the year progresses? So Q3 lower than Q2 and Q4 lower than Q3, and is gross margin still expected to be in line with 2023? I think that was the prior guidance. So I apologize, Suky, if I heard incorrectly your comments earlier. But thanks for taking the questions.

正如我對伊凡的毛利率的後續行動一樣——我的意思是，我對蘇基感到抱歉。 I－第二季的毛利率略低於預期。全年的假設是什麼？您是否說過毛利率會隨著時間的推移而下降？那麼第三季低於第二季度，第四季低於第三季度，預計毛利率仍與2023年持平嗎？我認為這是之前的指導。所以，Suky，如果我之前聽錯了你的評論，我深表歉意。但感謝您提出問題。

Hi. Thank you, Larry. First part of your question on Persona IQ, we remain excited. The adoption is speeding up. We should see some acceleration in the second half of 2024, part of the new product contribution for 2024 and in a more meaningful way in 2025. We've now crossed 3 billion data points around range of motion, mobility and what not. We launched what we call Recovery Curves, which enables the opportunity for us to cross-reference how certain patients are performing versus others. We're going to be having a data discussion with payers so that we can engage in some risk-sharing type of agreements. So again, leveraging the data.

你好。謝謝你，拉里。關於你關於 Persona IQ 的問題的第一部分，我們仍然很興奮。採用速度正在加快。我們應該會在2024 年下半年看到一些加速，這是2024 年新產品貢獻的一部分，並在2025 年以更有意義的方式出現。的數據點。我們推出了所謂的恢復曲線，這使我們有機會交叉參考某些患者與其他患者的表現。我們將與付款人進行數據討論，以便我們可以簽訂一些風險分擔類型的協議。再次強調，利用數據。

On the stubby part of your question, we're going to be launching that at the -- full launch at the end of 2024. So we got the approval. The design is ready to go, the sets are ready to go. And again, that's part of the acceleration in the second half of 2024, more meaningfully in 2025. We've now signed agreements, partnerships with some of the major hospitals around the US.

關於你問題中最棘手的部分，我們將在 2024 年底全面啟動。設計已準備就緒，佈景也已準備就緒。再說一遍，這是 2024 年下半年加速的一部分，到 2025 年更有意義。

And then in terms of TPT, we did look at it. We engaged a third-party consultant. We pulled the TPT application because it didn't make economic sense. It didn't make as much economic sense as we thought. And again, we believe there are different, better ways to monetize the technology. We still have NTAP, but TPT didn't make sense.

然後就 TPT 而言，我們確實研究了它。我們聘請了第三方顧問。我們撤回了 TPT 申請，因為它沒有經濟意義。它並沒有我們想像的那麼具有經濟意義。再說一次，我們相信有不同的、更好的方法來利用該技術貨幣化。我們仍然有 NTAP，但 TPT 沒有意義。

Yes. Good morning, Larry. On your questions on gross margin, I think, actually, you largely got it right, but let me just step back and go through it for you. Just year-over-year overall, we expect gross margins to be in line with '23, but potentially slightly down. That's the new element there and that's largely driven by the mix of our business. We're just seeing much stronger international sales, which have a lower gross margin than the US. So it's really mix related. But again, in line to potentially slightly down.

是的。早安，拉里。關於你關於毛利率的問題，我認為實際上你基本上是正確的，但讓我退後一步為你解釋一下。總體而言，我們預計毛利率將與 23 年持平，但可能略有下降。這是新的元素，很大程度上是由我們的業務組合所推動的。我們只是看到國際銷售強勁得多，但毛利率卻低於美國。所以這確實與混合有關。但同樣，可能會小幅下跌。

In the second quarter, you're right, it was a little bit lighter than our expectation, again, back to that mix component where the US was just much stronger from a growth perspective than the US for all the reasons that Ivan spoke about. Even in the backdrop of that, Larry, we still managed to expand operating margin by 100 basis points and grow earnings quite nicely.

第二季度，你是對的，它比我們的預期要淡一些，再次回到混合組成部分，從增長的角度來看，美國比美國強勁得多，原因有伊万談到的。拉里，即使在這種背景下，我們仍然成功地將營業利潤率擴大了 100 個基點，並且盈利增長相當不錯。

On the cadence, you got it right, and it's consistent with everything that we provided earlier this year, which is to say gross margin will step down sequentially in the second half versus the first half. And you should see that also Q2 to Q3, Q3 to Q4 sequentially down.

從節奏上來說，你說得對，這與我們今年早些時候提供的一切是一致的，也就是說下半年的毛利率將比上半年依次下降。您應該會看到 Q2 到 Q3、Q3 到 Q4 也依序下降。

The primary driver of that, again, going back to our earlier comments from this year, are really around the inflationary pressure we saw in third-party manufacturing costs in 2023. That got capitalized and are now feathering into the P&L throughout this year. So that's the driver of the cadence there.

再次回到我們今年稍早的評論，其主要驅動因素實際上是我們在 2023 年第三方製造成本中看到的通膨壓力。這就是節奏的驅動力。

But again, I'll just revert you back to the backdrop of all that is we do still expect to see operating -- meaningful operating margin expansion for the full year and we do expect to see operating margin in the second half step up versus the first half, again, driven by the restructuring program despite the sequential lowering of gross margin. So I'm sorry for all the detail there, but I wanted to get it all out in sort of one compact commentary.

但我還是要回到這樣一個背景：我們仍然期望看到全年營業利潤率出現有意義的擴張，並且我們確實預計下半年的營業利潤率將比去年同期有所上升。但上半年仍受到重組計畫的推動。所以我對其中的所有細節感到抱歉，但我想透過一篇簡短的評論來表達所有內容。

Thank you.

謝謝。

Thanks, Larry. Katie, can we have the next question, please?

謝謝，拉里。凱蒂，我們可以問下一個問題嗎？

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Good morning. Thanks for taking our questions. I want to ask -- I'll ask both questions upfront. The first one I want to ask is around ROSA versus TMINI. And when you announced that transaction or you announced that partnership, I think there was some fear that TMINI could replace ROSA, at least in terms of how the stock reacted. And So Ivan, if you could kind of talk about kind of how you think about adoption of those two options over time, where TMINI fits in terms of either setting of care or utilization? And does that kind of reflect the proportion of knees and hips that are done in an ASC versus hospital? And should we think of it that way?

早安.感謝您回答我們的問題。我想問——我會提前問這兩個問題。我想問的第一個問題是關於 ROSA 與 TMINI 的比較。當您宣布該交易或宣布該合作夥伴關係時，我認為有人擔心 TMINI 可能會取代 ROSA，至少從股票的反應來看是如此。那麼，伊万，如果您能談談您如何看待隨著時間的推移採用這兩種選擇，TMINI 在護理設置或利用方面適合什麼？這是否反映了在 ASC 與醫院中完成的膝蓋和臀部手術的比例？我們該這樣想嗎？

And then my second question is just a follow-up to Larry's question on margins for Suky. Price was positive this quarter. But you did call higher manufacturing costs. And so when do you turn the corner on higher manufacturing costs? Is that sometime in 2025 that we see that improve? And how durable is your pricing benefits? Thanks for taking the questions.

我的第二個問題只是拉里關於蘇基利潤率問題的後續。本季價格呈正值。但你確實稱製造成本更高。那麼什麼時候才能扭轉製造成本上升的局面呢？我們會在 2025 年的某個時候看到這種情況的改善嗎？您的定價優勢有多持久？感謝您提出問題。

Hi. Thank you, Ryan. Look, TMINI is not going to replace ROSA just like OrthoGrid is not going to replace ROSA. It's all about having breadth of portfolio. TMINI offers CT scanning, which some surgeons like and TMINI is the only handheld robotic platform in the world, which is something that, in an ASC environment, surgeons seem to like.

你好。謝謝你，瑞安。看，TMINI 不會取代 ROSA，就像 OrthoGrid 不會取代 ROSA 一樣。這一切都與擁有廣泛的投資組合有關。 TMINI 提供 CT 掃描，一些外科醫生喜歡這種功能，而且 TMINI 是世界上唯一的手持式機器人平台，這在 ASC 環境中似乎是外科醫生喜歡的。

What I will tell you is that we are deeply committed to ROSA, point in case, all these new platforms and indications we're going to be launching over the next four quarters to eight quarters, point in case, the commitments we made at the Investor Day of doubling our penetration from somewhere in the 20% of all US knees done robotic with ROSA to 40% in the next three years. ROSA continues to be one of the fastest growing platforms here at Zimmer Biomet. We grew again in the US or capital sales for ROSA 16% in Q2. Overall, it was double digit globally.

我要告訴你的是，我們堅定地致力於 ROSA，以防萬一，我們將在接下來的四個季度到八個季度推出所有這些新平台和跡象，以防萬一，我們在投資者日，我們將在未來三年內將美國使用ROSA 的膝關節機器人的滲透率從20% 提高到40%。 ROSA 仍然是 Zimmer Biomet 成長最快的平台之一。第二季度，我們在美國的 ROSA 資本銷售再次成長 16%。整體而言，全球範圍內的數字為兩位數。

ROSA today is already outside of the US, the leading robot platform, number one in Asia Pacific, fast growing in EMEA. And I think we're very pleased with where we are with ROSA, but we know we need to have optionality and we like our chances when it comes to that.

如今，ROSA 已經在美國以外成為領先的機器人平台，在亞太地區排名第一，並在歐洲、中東和非洲地區快速成長。我認為我們對 ROSA 的現狀非常滿意，但我們知道我們需要有選擇餘地，而且我們希望有機會做到這一點。

In terms of the revenue contribution of robotics, is one of the most meaningful ones. And as we the double penetration, you should assume that our knee and hip number and shoulder later in the year is going to continue to grow.

就機器人技術的收入貢獻而言，是最有意義的之一。當我們進行雙重滲透時，您應該假設今年晚些時候我們的膝蓋和臀部數量以及肩膀將繼續增長。

Hi, Ryan, Suky. Good morning. Thanks for the question. Let me start with price and then I'll go to your question on manufacturing costs. So price, as I noted in my earlier commentary, we were positive 80 basis points in the second quarter, and that marks overall a positive pricing first half for the company. I think it's probably the first since I've been here. The way that breaks down is, we saw really strong performance in EMEA, APAC was about flat to slightly up in the second quarter, and the US -- the US was down year-over-year on pricing. But overall, a very good quarter.

嗨，瑞安，蘇基。早安.謝謝你的提問。讓我從價格開始，然後我將回答你關於製造成本的問題。因此，正如我在先前的評論中指出的那樣，價格在第二季度上漲了 80 個基點，這標誌著該公司上半年整體定價呈正值。我想這可能是我來這裡以來的第一次。分解的方式是，我們看到歐洲、中東和非洲地區的表現非常強勁，亞太地區第二季度基本持平或略有上升，而美國的定價則是年減。但總體而言，這是一個非常好的季度。

That's a combination of a number of variables. One, a more favorable environment; two, we're getting greater discipline in analytics and governance around pricing and a better culture, I would say, around pricing; and the third is, we saw some onetime benefits, especially in EMEA, that helped drive that positive performance in price for the second quarter.

這是許多變數的組合。一、更有利的環境；第二，我們在圍繞定價的分析和治理方面得到了更嚴格的紀律，我想說，圍繞定價建立了更好的文化；第三，我們看到了一些一次性的好處，特別是在歐洲、中東和非洲地區，這有助於推動第二季價格的正面表現。

Our outlook for the full year on price, originally, I started out the year saying that we thought we'd be about 100 basis points. I would say now we're going to be somewhere flat for the full year to potentially down 50 basis points. And the reason why that flip is in the second half is because some of those onetime benefits that we saw in EMEA in the second quarter, we don't expect to repeat at the same level or intensity in the second half.

我們對全年價格的展望，最初，我在年初時表示，我們認為價格會約為 100 個基點。我想說，現在我們全年的表現將持平，可能下降 50 個基點。之所以在下半年出現這種轉變，是因為我們在第二季度在歐洲、中東和非洲地區看到了一些一次性的好處，但我們預計下半年不會以相同的水平或強度重複。

So that's a little bit about price. Definitely seeing much better improvement in performance this year. And we think a large part of that is going to run into 2025, because a large part of our business is contracted. So again, we'll give more color on '25 when we get to that point, but really happy about the trend that we've got going here on pricing in 2024.

這就是價格的一些問題。今年肯定會看到性能有了更大的進步。我們認為其中很大一部分將持續到 2025 年，因為我們的大部分業務都是承包的。所以，當我們到達這一點時，我們將為 25 年提供更多的信息，但我們對 2024 年定價的趨勢感到非常高興。

Relative to manufacturing costs, yes, manufacturing costs are higher this year, again, because of the capitalization for 2023. I'm not going to give specific guidance into '25, but rather, I'll refer back to our LRP in our Investor Day, where we talked about operational stability in gross margin over the LRP. That, in fact, implies that we should start to see operational stability in manufacturing costs through that LRP. But again, as we continue to progress through '24 and into '25, we'll provide more color on that. All right. I feel good about the progress --

相對於製造成本，是的，由於 2023 年的資本化，今年的製造成本再次更高。討論了LRP 毛利率的營運穩定性。事實上，這意味著我們應該開始透過 LRP 看到製造成本的營運穩定性。但同樣，隨著我們繼續在 24 年和 25 年取得進展，我們將提供更多相關資訊。好的。我對進展感到滿意——

Thank you, both.

謝謝你們，兩位。

Yes. I feel good about the progress the team's making on manufacturing costs. And I will say, we're finally starting to see some stabilization in overall inflation, both on raw materials, as well as third-party manufacturing costs. So glad to see that inflection.

是的。我對團隊在製造成本方面取得的進展感到滿意。我想說的是，我們終於開始看到整體通膨穩定，無論是原料還是第三方製造成本。很高興看到這種變化。

Thank you.

謝謝。

Thanks, Ryan. Katie, could we have the next question?

謝謝，瑞安。凱蒂，我們可以問下一個問題嗎？

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Good morning. Thanks for taking the questions. Two for me. First, the -- outside the US, hip and knee came in pretty strong today, even when factoring in the currency headwind versus consensus. So maybe you could speak to the trends you're seeing there? Is it different Europe versus Asia Pac? And did you see the same headwinds that you saw in the US with vacation days or supply constraints there?

偉大的。早安.感謝您提出問題。給我兩個。首先，在美國以外，即使考慮到貨幣逆風與共識的影響，今天的髖部和膝部表現相當強勁。那麼也許您可以談談您在那裡看到的趨勢？歐洲與亞太地區有什麼不同嗎？您是否看到了與美國相同的不利因素，例如假期或供應限制？

Yes, I'll take that, Robbie. Good talking to you here. So the volumes outside the US remain very strong, in particular in Europe, and within Europe, in the UK, where we know there is a prominent backlog. So market dynamics are very healthy, more in EMEA than APAC, but very healthy overall.

是的，我會接受的，羅比。很高興在這裡與你交談。因此，美國以外的銷售仍然非常強勁，特別是在歐洲，而在歐洲內部，在英國，我們知道那裡的積壓情況很嚴重。因此，市場動態非常健康，歐洲、中東和非洲地區的市場動態高於亞太地區，但整體而言非常健康。

One of the biggest drivers of growth outside of the US is robotics. I mentioned that earlier in my answer to Ryan, I believe. We continue to see fast adoption of ROSA in key markets outside of the US. We are the number one platform in Asia Pacific. We continue to drive adoption in key countries like Japan, as well as Australia and New Zealand. We have accelerated Persona growth, moving from NexGen to Persona in these key geographies. So it's a combination of market dynamics and great commercial execution. That's the answer there.

美國以外最大的成長動力之一是機器人技術。我相信，我之前在給瑞安的回答中提到過這一點。我們繼續看到 ROSA 在美國以外的主要市場快速採用。我們是亞太地區第一的平台。我們持續推動日本、澳洲和紐西蘭等主要國家的採用。我們加速了 Persona 的成長，在這些關鍵地區從 NexGen 轉向 Persona。因此，這是市場動態和出色的商業執行力的結合。這就是答案。

Great. Maybe on --

偉大的。也許在——

Thanks, Robbie. Katie, can we have the next question? Go ahead, Robbie. Sorry.

謝謝，羅比。凱蒂，我們可以問下一個問題嗎？繼續吧，羅比。對不起。

Do I get a follow-up?

我會得到跟進嗎？

I'm sorry. Robbie, sorry. As I say, the US dynamics that I mentioned are relative to the US. You mentioned surgeons being out of the territory. That is very, very focused in one month, in one quarter within the US. So this is not a dynamic that we saw outside of the US. Wanted to answer your second question.

對不起。羅比，對不起。正如我所說，我所提到的美國動態是相對於美國而言的。你提到外科醫生不在境外。在美國一個月內、一個季度內，這是非常非常集中的。所以這不是我們在美國以外看到的動態。想回答你的第二個問題。

Great.

偉大的。

Go ahead with your follow-up.

繼續你的後續行動。

Maybe on S.E.T., you talked about all of the segments grew. Maybe could you just give us a little color into each of the segments there, how they grew and sort of the trends you saw? Thanks a lot.

也許在 S.E.T. 上，你談到了所有細分市場的成長。也許您可以為我們介紹每個細分市場，它們是如何發展的以及您所看到的趨勢嗎？多謝。

Yes.

是的。

Yes. Thanks, Robbie. I won't get into a lot of detail here. What I will tell you is that the growth drivers, those being CMFT, sports, and shoulder, are growing either upper-single digit or double digit. And the other three, foot and ankle, trauma, and restorative therapies, are growing at different levels, but all of them growing. So the challenge we've had with RT reimbursement-wise, that's behind. So great to see all six businesses within S.E.T. performing.

是的。謝謝，羅比。我不會在這裡討論太多細節。我要告訴你的是，CMFT、運動和肩膀等成長動力正在以個位數或兩位數的速度成長。其他三種療法，即足部和腳踝療法、創傷療法和恢復療法，雖然都在不同程度地增長，但都在增長。因此，我們在 RT 報銷方面遇到的挑戰已經過去了。很高興看到 S.E.T. 內的所有六家企業。表演。

Thanks, Robbie. Katie, could we have the next question?

謝謝，羅比。凱蒂，我們可以問下一個問題嗎？

Appreciate it. Thanks a lot.

欣賞它。多謝。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Good morning. Thanks for taking the questions. I guess, first, I appreciate you don't guide by segment, but maybe within your 5% to 6% organic revenue growth guide, has your internal thinking changed with respect to growth in the different segments?

早安.感謝您提出問題。我想，首先，我很欣賞您不按細分市場進行指導，但也許在您 5% 到 6% 的有機收入增長指導範圍內，您的內部思維對於不同細分市場的增長是否發生了變化？

Can you repeat the question?

你能重複一下這個問題嗎？

Yes. So I'm just wondering, relative to the beginning of the year, your 5% to 6% topline growth hasn't changed. But I'm just wondering, has the -- your view on segment growth changed at all? Meaning, is S.E.T. now a bigger contributor than you thought at the beginning of the year, et cetera.

是的。所以我只是想知道，相對於年初，你們 5% 到 6% 的營收成長沒有改變。但我只是想知道，您對細分市場成長的看法有沒有改變？意思是，S.E.T.現在的貢獻者比你年初想像的還要大，等等。

No. We continue to S.E.T. and Recon performing the way that we anticipated early in the year. So again, some timing in Q2 with US Recon. But as we get into the second half, the expectation remains the same, is no one bigger than the other.

不，我們繼續 S.E.T. Recon 的表現符合我們年初的預期。再說一次，美國偵察在第二季的一些時間安排。但當我們進入下半場時，人們的期望仍然是一樣的，沒有誰比誰更大。

Okay. Fair enough. And just as a quick follow-up, Ivan, international was strong. You talked earlier about -- you stressed geographic diversification. I was a little unclear, are you entering new markets? Are you allocating more resources to certain geographies? Just if you could expand on the stressing of geographic diversification?

好的。很公平。正如快速跟進一樣，伊万國際也很強大。您之前談過，您強調地域多元化。我有點不清楚，你們要進入新市場嗎？您是否向某些地區分配了更多資源？能否進一步強調地域多元化？

Yes, thank you. I would call it a more focused strategy. 15 countries today account for 93%, 95% of the overall market potential. In the past, we've been candidly all over the place. In the last two years, call it, we refocused the strategy to those key markets that matter the most. And I won't go through every one of those countries, but it is 15 countries. So OpEx and CapEx is being reallocated to those geographies. Our commercial infrastructure has been modified in those countries and the way that we focus in those countries is different. So that's what we're doing outside of the US

是的，謝謝。我將其稱為更有針對性的策略。如今，15 個國家佔據了 93%、95% 的整體市場潛力。過去，我們到處都是坦誠的。在過去的兩年裡，我們將策略的重點重新集中在那些最重要的關鍵市場。我不會一一列舉這些國家，但總共有 15 個國家。因此，營運支出和資本支出正在重新分配到這些地區。我們的商業基礎設施在這些國家已經進行了修改，我們在這些國家的關注方式也有所不同。這就是我們在美國以外所做的事情

Thanks, Jayson. Katie, can we go to the next question, please?

謝謝，傑森。凱蒂，我們可以進入下一個問題嗎？

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi. Good morning. Thanks for taking the question. A multi-part on the hip franchise and the recovery here. I may have missed some of this in your answers and prepared remarks, but just wanted to focus in on ROSA Hip. Just can you help us think through where robotic assistance penetration is for total hips? Do you think Zimmer's ROSA Hip platform is holding its own? Are you maintaining share in that channel? And then is this worth a good acquisition? Could you integrate that technology into the ROSA Hip application down the line?

你好。早安.感謝您提出問題。多部分講述時尚特許經營和這裡的復甦。我可能在您的回答和準備好的評論中漏掉了其中的一些內容，但我只想專注於 ROSA Hip。您能否幫助我們思考機器人輔助滲透對於整個臀部的影響？您認為 Zimmer 的 ROSA Hip 平台是否能保持自己的地位？您是否維持該通路的份額？那麼這是否值得一次很好的收購？您能否將該技術整合到 ROSA Hip 應用程式中？

All right.

好的。

Thanks for taking the questions.

感謝您提出問題。

Sure. So I'll start with the question on whether ROSA Hip is performing. The penetration is double digit. It continues to meet the expectations that we had. We believe that we need to have a ROSA posterior application to gain market share outside the US, and that development is in motion. And we also believe that to a certain segment of customers here in the US that want a less expensive, faster, lighter application, surgical AI by OrthoGrid is going to be a good modality. But so far, our expectations have been met with ROSA Hip and navigation in general.

當然。因此，我將從 ROSA Hip 是否發揮作用的問題開始。滲透率是兩位數。它繼續滿足我們的期望。我們相信，我們需要 ROSA 後路應用程式來獲得美國以外的市場份額，並且開發正在進行中。我們也相信，對於美國的某些客戶來說，他們想要更便宜、更快、更輕的應用程序，OrthoGrid 的外科人工智慧將是一種很好的方式。但到目前為止，ROSA Hip 和導航總體上已經滿足了我們的期望。

Thanks a lot.

多謝。

Thanks, Josh. And thanks, everyone, for the questions this morning. I'll turn it over to Ivan for some closing remarks.

謝謝，喬許。謝謝大家今天早上提出的問題。我將把它交給伊凡做一些結束語。

Well, I'd like to close the way that I started with, gratitude. I'm very thankful to all the Zimmer Biomet team members for the progress. As I alluded to earlier in the call, this is the 10th quarter in a row where we're growing mid-single digit or above. We're pleased with the quarter, delivering close to 5-point -- or actually 5.6% ex FX revenue, with double-digit EPS. We've proven that we can make commitments and deliver on those commitments.

好吧，我想結束我開始的方式，謝謝。我非常感謝所有 Zimmer Biomet 團隊成員所取得的進展。正如我在電話會議早些時候提到的，這是我們連續第十個季度實現中位數或以上的成長。我們對本季感到滿意，實現了接近 5 個百分點的成長，即實際上 5.6% 的外匯收入成長，以及兩位數的每股盈餘。我們已經證明我們可以做出承諾並兌現這些承諾。

I like the fact that we have a diversified portfolio. We don't depend on one segment in one country. It's a well-diversified sustainable performance. And what we'll tell you is that we are more confident than ever that we will deliver in the guidance that we reaffirmed today.

我喜歡我們擁有多元化的投資組合。我們不依賴一個國家的某一部分。這是一個多元化的永續表現。我們要告訴您的是，我們比以往任何時候都更有信心，我們將兌現我們今天重申的指導方針。

So thanks to everyone for joining the call. And I look forward to the next update.

感謝大家加入此次通話。我期待下一次更新。

Thank you again for participating in today's conference call. You may now disconnect.

再次感謝您參加今天的電話會議。您現在可以斷開連線。