Zimmer Biomet Holdings Inc (ZBH) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet third quarter 2024 earnings conference call.

早安，女士們、先生們，歡迎參加 Zimmer Biomet 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded today, October 30, 2024.

（操作員說明）謹此提醒，本次會議將於今天（2024 年 10 月 30 日）進行錄製。

(Operator Instructions) I would now like to turn the conference over to David DeMartino, Senior Vice President of Investor Relations.

（操作員指示）我現在想將會議轉交給投資者關係資深副總裁 David DeMartino。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Welcome to Zimmer Biomet's third quarter 2024 earnings conference call.

歡迎參加 Zimmer Biomet 2024 年第三季財報電話會議。

Joining me on today's call are Ivan Tornos, our President and CEO; and CFO and EVP, Finance, Operations and Supply Chain, Suky Upadhyay.

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'd like to remind you that our comments during this call will include 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。

Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties.

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。

Please note, we assume no obligation to update these forward-looking statements even if actual results or future expectations change materially.

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。

Please refer to our SEC filings for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements.

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.

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措施。

Some of which are forward-looking non-GAAP financial measures.

其中一些是前瞻性的非公認會計準則財務指標。

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.

這些指標與最直接可比較的 GAAP 財務指標的調節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報告中，您可以在我們的網站 zimmerbiomet.com 上找到該報告。

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

說完，我會把電話轉給伊凡。

Ivan?

伊万？

Good morning, everyone, and thank you for joining today's call.

大家早安，感謝您參加今天的電話會議。

Welcome, David, to your very first Zimmer Biomet earnings call.

David，歡迎參加您的第一次 Zimmer Biomet 財報電話會議。

Truly lucky to have you.

真的很幸運有你。

We love what you bring to the team already.

我們很喜歡你為團隊帶來的一切。

I'd like to start today the way that I always do by taking a moment to recognize and to show my gratitude to the over 18,000 Zimmer Biomet team members who each and every day across this move for business and our mission forward.

我想像往常一樣從今天開始，花一點時間向超過 18,000 名 Zimmer Biomet 團隊成員表示感謝，他們每天都在為業務和我們的使命而努力。

Thank you for your commitment to the organization.

感謝您對組織的承諾。

Thank you for your tireless work.

感謝您的不懈努力。

Thank you for your very strong performance and most importantly, thank you for what you do for our customers and patients every single day.

感謝您出色的表現，最重要的是，感謝您每天為我們的客戶和患者所做的一切。

As I said in the past, and as I will continue to say as long as I'm here, the Zimmer Biomet workforce and the culture that we have truly is one of our key competitive advantages.

正如我過去所說，而且只要我在這裡，我就會繼續說，Zimmer Biomet 的員工隊伍和我們所擁有的文化確實是我們的關鍵競爭優勢之一。

During the call today, I'm going to cover four things.

在今天的電話會議中，我將討論四件事。

First, I'll give an update on the recent ERP implementation and the challenges associated with it.

首先，我將介紹 ERP 實施的最新情況以及與之相關的挑戰。

Secondly, I'll cover some general comments on the quarter and the broader market dynamics.

其次，我將介紹有關本季和更廣泛市場動態的一些一般性評論。

I'll move to them talk about a brief innovation overview.

我將向他們談論一個簡短的創新概述。

And then fourth and last, I'll close with a usual update on our three strategic priorities.

第四點也是最後一點，我將按照慣例對我們的三個策略重點進行更新。

After this, Suky's going to cover our financials in more detail.

之後，Suky 將更詳細地介紹我們的財務狀況。

I will make sure to leave plenty of time for questions at the end of the prepared remarks.

我將確保在準備好的發言結束時留出足夠的時間來回答問題。

To begin, I'm very excited to report that we made greatest strides in managing the ERP implementation challenges outlined in early September.

首先，我非常高興地向大家報告，我們在應對 9 月初概述的 ERP 實施挑戰方面取得了最大的進展。

Through the dedicated work of the Zimmer Biomet team and our external partners, we now expect the impact of this challenge in the second half of 2024 being lower than the 100 basis points of annual sales that we initially communicated.

透過 Zimmer Biomet 團隊和外部合作夥伴的專注工作，我們現在預計 2024 年下半年這項挑戰的影響將低於我們最初通報的年銷售額 100 個基點。

And we also fully expect to be back to normal shipping levels by the end of the year 2024.

我們也完全期望在 2024 年底前恢復到正常的運輸水準。

Turning to results.

轉向結果。

In Q3, we grew sales at mid-single digit level, including strong results in Knees, in Hips and in S.E.T. This quarter, the third quarter now marks the 11 consecutive quarter of mid-single digit or better constant currency revenue growth for Zimmer Biomet.

第三季度，我們的銷售額實現了中個位數成長，其中膝蓋、臀部和 S.E.T 領域的業績強勁。本季度，即第三季度，Zimmer Biomet 連續 11 個季度實現中個位數或更好的固定貨幣收入成長。

In addition to the strong revenue performance, adjusted EPS once again grew faster than revenue.

除了強勁的營收表現外，調整後每股盈餘的成長速度再次快於營收的成長。

Our combined Knee and Hip businesses, what we call our reconstructed platform grew in the mid-single-digit range globally while S.E.T. delivered upper single-digit growth, aided by strong performance across our key growth drivers.

我們的膝蓋和髖關節合併業務，即我們所說的重建平台，在全球範圍內實現了中等個位數的增長，而 S.E.T.由於我們主要成長動力的強勁表現，我們實現了較高的個位數成長。

Suky is going to cover this later, but I'm very proud of these results and specifically, I love the consistency of growth in the key categories.

Suky 稍後將介紹這一點，但我對這些結果感到非常自豪，特別是，我喜歡關鍵類別的持續成長。

Beyond commercial execution, our performance was fueled by mid-single digit growth in our end markets, which we anticipate continuing based on all the analytics that we have at hand.

除了商業執行之外，我們的業績還受到終端市場中個位數成長的推動，根據我們手頭上的所有分析，我們預計這種成長將持續下去。

And aging and increasing active population, combined with technological advancements, driving procedures to outpatient settings like the ASC here in the US accelerating recovery times and best-in-class outcomes should continue to provide tailwinds to market growth in the coming years.

老化和活躍人口的增加，加上技術的進步，推動了美國 ASC 等門診機構的程序，加快了康復時間，並實現了一流的結果，應繼續為未來幾年的市場增長提供動力。

So again, we see the markets being healthy, and we don't foresee these markets slowing down.

因此，我們再次看到市場健康，並且預計這些市場不會放緩。

From an innovation standpoint, Zimmer Biomet has the most robust product cycle in recent memory with over 50 meaningful plan product launches over a long-range plan horizon.

從創新的角度來看，Zimmer Biomet 擁有近年來最強勁的產品週期，在長期計劃範圍內推出了 50 多個有意義的計劃產品。

I'm particularly excited about the momentum we are generating in our Hips platform as evidenced by the improved results in this business and particularly in the US, where we delivered almost 5% growth in the third quarter with Z1 or new triple taper hip stem for interior hip implant procedures and with our surgical impact of HAMMR as well as comprehensive navigation, robotics and platforms in navigation like OrthoGrid, we are going to continue to be on the offense when it comes to gaining share in Hips.

我對我們在髖關節平台上產生的勢頭感到特別興奮，這項業務的業績改善證明了這一點，特別是在美國，我們在第三季度透過Z1 或新的三錐度髖關節柄實現了近5 % 的成長髖關節內植入手術以及 HAMMR 的手術影響以及全面的導航、機器人技術和 OrthoGrid 等導航平台，在贏得髖關節市場份額方面，我們將繼續處於進攻狀態。

So great innovation, and we expect consistency in execution over the next several quarters.

如此偉大的創新，我們預計未來幾季的執行將保持一致。

In Knees, our cementess Persona OsseoTi continues to gain rapid traction, while the recently launched Persona IQ study, the short stem for Persona IQ is driving continued uptake of this differentiated technology.

在 Knees 中，我們的水泥 Persona OsseoTi 繼續獲得快速關注，而最近啟動的 Persona IQ 研究（Persona IQ 的短幹）正在推動這一差異化技術的持續採用。

Early in the launch, the feedback has been super.

推出之初，反應非常好。

Within extremities, ROSA Shoulder has the potential to change the treatment paradigm in Shoulder implants.

在四肢領域，ROSA Shoulder 有可能改變肩部植入物的治療模式。

It's a platform that allows for reproducible, anatomic and reverse procedures.

它是一個允許重複、解剖和逆向手術的平台。

Finally, Zimmer Biomet is the only orthopedic company offering both a CT scanless robotic system in ROSA.

最後，Zimmer Biomet 是唯一一家在 ROSA 中提供 CT 無掃描機器人系統的骨科公司。

And through our recent partnership with in THINK Surgical, we also offered a smaller footprint handheld CT scan based system in TMINI.

透過最近與 THINK Surgical 的合作，我們還在 TMINI 中提供了佔地面積較小的手持式 CT 掃描系統。

So when it comes to navigation and robotics, we got the most comprehensive suite of solutions.

因此，在導航和機器人技術方面，我們獲得了最全面的解決方案套件。

Beyond all of this, we're expecting to launch a catering of new robotic applications in the short to midterm with and without CT scan capabilities as well as other differentiated features.

除此之外，我們預計在中短期內推出一系列新的機器人應用，無論是否具備 CT 掃描功能以及其他差異化功能。

In the ROSA franchise alone, we expect to launch three new indications in the next 18 to 36 months.

僅在 ROSA 特許經營權方面，我們預計在未來 18 至 36 個月內推出三種新適應症。

While the underlying business performance remains strong, the team continues to execute on the same three strategic priorities that I have outlined in the past.

雖然基本業務績效仍然強勁，但團隊繼續執行我過去概述的三個策略優先事項。

Those being people and culture, which is foundational to everything that we do, operational excellence, innovation and diversification.

這些是人和文化，這是我們所做的一切、卓越營運、創新和多元化的基礎。

As I said at the beginning of the call, people and culture are key competitive advantages for Zimmer Biomet.

正如我在電話會議開始時所說，人才和文化是 Zimmer Biomet 的關鍵競爭優勢。

Recently, we appointed new leadership in our Hips, Knees, S.E.T., in our ASC and in our digital technology and solutions businesses.

最近，我們任命了臀部、膝蓋、S.E.T.、ASC 以及數位技術和解決方案業務部門的新領導層。

I'm excited about these leadership changes, and I'm confident that the growth under the leadership of this new individuals is going to accelerate.

我對這些領導層變動感到興奮，並且相信在這些新人的領導下，公司的成長將會加速。

In addition, we have upgraded talent in critical areas like IT, information technology and operations.

此外，我們也升級了IT、資訊科技和營運等關鍵領域的人才。

On the second imperative, operational excellence, we are maintaining expectations for the long-term financial commitments that we outlined at our Investor Day earlier in the year.

關於第二個要務，即卓越運營，我們維持對今年早些時候投資者日概述的長期財務承諾的預期。

With the terrific progress we made towards the resolution or the ERP issues, we feel even more confident in delivering mid-single digit revenue growth, adjusted earnings per share growth of at least 1.5 times revenue and free cash flow growing at least 100 basis points faster than earnings throughout 2027.

隨著我們在解決 ERP 問題方面取得的巨大進展，我們更有信心實現中個位數收入增長、調整後每股收益增長至少 1.5 倍收入以及自由現金流增長至少 100 個基點高於2027 年全年收益。

So again, the same commitments towards revenue, EPS and free cash flow remain.

因此，對收入、每股盈餘和自由現金流的承諾仍然相同。

Finally, we continue to make progress in diversifying our business to increase the company's growth and profitability profile.

最後，我們繼續在業務多元化方面取得進展，以提高公司的成長和獲利能力。

This includes a highly disciplined approach towards M&A as well as internal capital allocation dynamics.

這包括高度嚴格的併購方法以及內部資本配置動態。

To that extent, the value of Zimmer Biomet's pipeline of new products expected to be launched over our long-range plan is more than twice the value that it was just a short five years ago.

從這個意義上說，Zimmer Biomet 預計在我們的長期計劃中推出的新產品系列的價值是短短五年前的兩倍多。

And 80% of these new product launches are accretive to the Zimmer Biomet WAMGR of 4%.

這些新產品的發布中有 80% 使 Zimmer Biomet WAMGR 增加了 4%。

In conclusion, we're very proud of the progress in organization, and we look forward to continuing to execute above and beyond expectations.

總之，我們對組織方面的進展感到非常自豪，我們期待繼續執行超出預期的工作。

I 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 eliminating pain and improving the quality of life for people around the world.

我很高興我們正在影響數百萬人的生活，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，即消除痛苦並改善周圍人們的生活品質。

And with that, I'll turn the call over to Suky.

然後，我會將電話轉給 Suky。

Thank you very much.

非常感謝。

Thanks, and good morning, everyone.

謝謝，大家早安。

As Ivan mentioned, we closed another solid quarter, showcasing the resilience and winning attitude across our nearly 18,000 team members.

正如 Ivan 所提到的，我們又完成了一個穩定的季度，展示了我們近 18,000 名團隊成員的韌性和獲勝態度。

Despite ERP-related headwinds, we grew sales over 4%, while maintaining steady operating margins, generating $1.74 in adjusted earnings per share and $310 million in free cash flow.

儘管面臨 ERP 相關的不利因素，我們的銷售額仍成長了 4% 以上，同時保持穩定的營業利潤，產生 1.74 美元的調整後每股收益和 3.1 億美元的自由現金流。

Given the challenges we have outlined related to our ERP implementation, we are now updating our 2024 full year guidance, which I'll touch on later.

鑑於我們概述的與 ERP 實施相關的挑戰，我們現在正在更新 2024 年全年指南，我將在稍後討論。

I would like to start by discussing the ERP implementation.

我想從討論 ERP 實施開始。

As Ivan reviewed, we cut over to a new system in the third quarter for North America distribution, which resulted in slower shipping levels of products to our customers.

正如 Ivan 所評論的那樣，我們在第三季將北美分銷切換到了新系統，這導致向客戶運送產品的速度較慢。

We disclosed this disruption in early September and initially noted that the ERP-related headwinds could impact up to 1% of annual sales in the second half of the year.

我們在 9 月初披露了這一中斷，並最初指出與 ERP 相關的不利因素可能會影響下半年年銷售額的 1%。

Through the excellent work of our team members, we now believe the impact will be 60 to 80 basis points of annual sales, split about evenly between the third and fourth quarter.

透過我們團隊成員的出色工作，我們現在相信年度銷售額將受到 60 至 80 個基點的影響，並且在第三季和第四季之間平均分配。

We continue to expect to be back to normalized service levels exiting 2024.

我們繼續預計 2024 年將恢復到正常服務水準。

Moving on to results.

繼續討論結果。

Unless otherwise noted, my statements will be about the third 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.

除非另有說明，我的陳述將涉及 2024 年第三季及其與 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 $1.824 billion, an increase of 4% on a reported basis and 4.1% excluding the impact of foreign currency.

淨銷售額為 18.24 億美元，按報告計算成長 4%，排除外匯影響則成長 4.1%。

Consolidated pricing was 70 basis points positive in the third quarter, marking the third consecutive quarter of positive pricing.

第三季綜合定價為正值 70 個基點，標誌著連續第三季出現正值定價。

Our US business grew 2% and international grew 7.1%.

我們的美國業務成長 2%，國際業務成長 7.1%。

Growth in the US was driven by strong performance from hip and S.E.T., partially offset by other, which saw the largest impact from the ERP headwinds.

美國的成長是由 hip 和 S.E.T. 的強勁表​​現推動的，但部分被其他公司所抵消，後者受到 ERP 不利因素的影響最大。

Our international business continues to perform well with strength across Knees and S.E.T. Global Knees grew 5.5% in the quarter with USrowing 2.9% and international 9.2%.

我們的國際業務憑藉 Knees 和 S.E.T. 的實力繼續表現良好。 Global Knees 本季成長 5.5%，USrowing 成長 2.9%，International 成長 9.2%。

Our international business continues to benefit from our Persona portfolio in our ROSA robotics platform.

我們的國際業務繼續受益於 ROSA 機器人平台中的 Persona 產品組合。

Global Hips grew 3.7%, with the US rowing 4.9% and international 2.4%.

全球臀部成長 3.7%，其中美國賽艇成長 4.9%，國際賽艇成長 2.4%。

As Ivan mentioned, with the launch of Z1, accelerating rollout of HAMMR and closing of the OrthoGrid acquisition, we now have a complete product portfolio in Hips and are on the offensive.

正如 Ivan 所提到的，隨著 Z1 的推出、HAMMR 的加速推出以及 OrthoGrid 收購的完成，我們現在在 Hips 方面擁有了完整的產品組合，並處於進攻狀態。

Next, our S.E.T. segment grew 7.3%, led by CMFT, sports and upper extremities, which all grew between mid-single digits and high teens.

接下來，我們的 S.E.T.該細分市場成長了 7.3%，其中 CMFT、運動和上肢領域領先，這些領域的成長都在中個位數到十幾位數之間。

This marks the fourth consecutive quarter of at least mid-single-digit growth in S.E.T. and a trend we expect to continue.

這標誌著 S.E.T. 連續第四個季度實現至少中個位數成長。我們預計這一趨勢將持續下去。

Finally, our other category declined 9.5%.

最後，我們的其他類別下降了 9.5%。

The decline was driven by a combination of difficult comps from the prior year as well as our surgical business being disproportionately impacted by ERP-related challenges.

這一下降的原因是去年的困難比較以及我們的外科業務受到 ERP 相關挑戰的不成比例的影響。

Turning to our P&L.

轉向我們的損益表。

We reported GAAP diluted earnings per share of $1.23 compared to GAAP diluted earnings per share of $0.77 in the prior year.

我們公佈的 GAAP 攤薄每股收益為 1.23 美元，而前一年的 GAAP 攤薄每股收益為 0.77 美元。

The increase in GAAP earnings was driven by higher revenue, combined with a lower tax rate and share count.

公認會計原則收益的成長是由收入增加、稅率和股票數量減少所推動的。

On an adjusted basis, we delivered diluted earnings per share of $1.74 compared to $1.65 in the prior year with earnings growing faster than revenue.

調整後的每股攤薄收益為 1.74 美元，而前一年為 1.65 美元，收益成長速度快於營收成長速度。

Adjusted gross margin was 71% and adjusted operating margin was 26.3%.

調整後毛利率為 71%，調整後營業利益率為 26.3%。

Despite the ERP-related headwinds in the quarter, gross margin and operating margin were largely in line with the prior year.

儘管本季遇到了與 ERP 相關的不利因素，但毛利率和營業利潤率與去年基本持平。

Net interest and other adjusted nonoperating expenses were $51 million in the quarter, up slightly on higher net debt and interest rates.

本季淨利息和其他調整後的非營運支出為 5,100 萬美元，因淨債務和利率上升而小幅增長。

Our adjusted tax rate was 17.7%, higher than 2023 due to the implementation of Pillar 2 and fully diluted shares outstanding were 203 million, down year-over-year due to share buybacks.

由於實施第二支柱，我們的調整後稅率為 17.7%，高於 2023 年；由於股票回購，完全稀釋後的流通股為 2.03 億股，年減。

Turning to cash and liquidity.

轉向現金和流動性。

We generated robust operating cash flow of $396 million, free cash flow of $310 million, bringing year-to-date free cash flow to $652 million and ended the quarter with $569 million of cash and cash equivalents.

我們產生了 3.96 億美元的強勁營運現金流，3.1 億美元的自由現金流，使年初至今的自由現金流達到 6.52 億美元，本季末現金和現金等價物為 5.69 億美元。

Aligned with our capital allocation strategies to return at least 65% of free cash flow to shareholders over the LRP, we repurchased approximately $600 million in shares during the third quarter.

根據我們的資本配置策略，透過 LRP 將至少 65% 的自由現金流返還給股東，我們在第三季回購了約 6 億美元的股票。

Through the end of October, we have repurchased over $850 million in shares in the open market, and we maintain flexibility to continue our share repurchase program.

截至 10 月底，我們已在公開市場回購了超過 8.5 億美元的股票，並且我們保持靈活性以繼續我們的股票回購計畫。

Regarding our outlook for the rest of the year.

關於我們對今年剩餘時間的展望。

Given the ERP-related headwinds, we are updating our full year financial guidance.

鑑於 ERP 相關的不利因素，我們正在更新全年財務指引。

We now expect 2024 constant currency revenue growth of 4.25% to 4.75%.

我們現在預計 2024 年不變貨幣收入成長率為 4.25% 至 4.75%。

With recent exchange rate fluctuations, we now anticipate about a 75 basis points headwind from currency in 2024, resulting in reported revenue growth expectations of 3.5% and to 4%.

由於最近的匯率波動，我們現在預計 2024 年匯率將出現約 75 個基點的逆風，導致報告的收入成長預期為 3.5% 至 4%。

Also, we now expect full year pricing to be flat to 50 basis points positive.

此外，我們現在預計全年定價將持平至 50 個基點。

For margins, we anticipate full year gross margin to be down slightly from 2023, while operating margin is still projected to be up year-over-year, marking the fourth consecutive year of operating margin expansion.

就利潤率而言，我們預計全年毛利率將較 2023 年略有下降，而營業利潤率仍預計將同比增長，這將是營業利潤率連續第四年增長。

We are reiterating our expectations for net interest and other non-operating expenses at about $205 million and an effective tax rate of 18%.

我們重申淨利息和其他非營運支出約為 2.05 億美元，有效稅率為 18% 的預期。

Fully diluted weighted average shares outstanding for the year are expected to be about 204 million, resulting in adjusted diluted earnings per share of $7.95 to $8.05. And we expect full year free cash flow to be about $1 billion.

今年完全稀釋加權平均流通股預計約 2.04 億股，調整後稀釋每股收益為 7.95 美元至 8.05 美元。我們預計全年自由現金流約為 10 億美元。

In summary, despite the challenges, this was another solid quarter for Zimmer Biomet.

總而言之，儘管面臨挑戰，但這對 Zimmer Biomet 來說又是一個穩健的季度。

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

這樣，我會將電話轉回大衛。

Thank you, Suky.

謝謝你，蘇基。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator Instructions) Operator, please go ahead.

（操作員指示）操作員，請繼續。

(Operator Instructions) We'll take our first question from Travis Steed with Bank of America.

（操作員說明）我們將接受美國銀行的 Travis Steed 提出的第一個問題。

I wanted to understand, first, why are you cutting the guide by more than the ERP issue on an organic basis for 2024?

我想了解，首先，為什麼您在 2024 年有機地削減指南而不是 ERP 問題？

And how to think about 2025 and the ERP?

如何看待 2025 年和 ERP？

Is there a catch-up there?

那裡有追趕嗎？

Should we think about 2025 kind of the low end of your 4% to 6% LRP?

我們是否應該考慮 2025 年 4% 至 6% LRP 的低階？

Thank you, Travis, Ivan here.

謝謝你，崔維斯，伊凡。

So just on the first part of your question on the guidance for '24.

那麼，關於你關於 24 世紀指導的問題的第一部分。

Look, listen, we're going to be somewhat conservative when it comes to the year and allow us to be conservative given the PTSD, if you will, or the recent ERP challenge.

看，聽著，我們在今年的問題上會有點保守，並允許我們在 PTSD（如果你願意的話）或最近的 ERP 挑戰的情況下保持保守。

In Q4, all kinds of things happen.

在第四季度，各種各樣的事情都會發生。

We want to see where we end up with pricing.

我們想看看我們最終的定價是多少。

Pricing has been positive for the entire year.

全年定價一直呈正值。

Let's see where we end up in Q4 with all the puts and takes that happened around rebates, et cetera, et cetera.

讓我們看看第四季度我們在回扣等方面發生的所有看跌期權和看跌期權的結果。

I want to make sure that we see the commercial execution that we need to see around new product introductions.

我想確保我們看到圍繞新產品推出所需的商業執行。

We've got three very meaningful new product introductions as we speak.

就在我們說話的時候，我們已經推出了三款非常有意義的新產品。

We're late to get some of the sets out given the challenges with ERP.

鑑於 ERP 面臨的挑戰，我們遲到了一些準備工作。

So again, I want to get at least a solid month, 1.5 months before I get to positive on Q4.

再說一次，我希望在第四季度取得積極成果之前至少有一個月的時間，即 1.5 個月。

And then, look, there are some macro factors early in the quarter.

然後，看，本季初存在一些宏觀因素。

We saw some disruption with the hurricane and whatnot and the IV bags.

我們看到颶風等因素以及靜脈輸液袋造成了一些傷害。

We believe those are going to come in within the quarter.

我們相信這些將在本季內實現。

As a matter of fact, we are seeing those cases coming back already in the quarter.

事實上，我們看到這些案例在本季就已經出現了。

So allow us to be somewhat conservative, and we'll see what we end up in Q4.

因此，請允許我們保守一點，我們將看到第四季度的最終結果。

Relative to 2025, we're very positive.

相對於 2025 年，我們非常樂觀。

The ERP constraint or challenge is well contained within the year.

ERP 的限製或挑戰在這一年得到了很好的控制。

We'll update you in early 2025 when it comes to what 2025 is going to look like.

我們將在 2025 年初向您通報 2025 年的最新情況。

But I would say today, we're feeling very positive, given new product introductions, the resolution of the ERP, et cetera, et cetera.

但我想說，今天，考慮到新產品的推出、ERP 的解決方案等等，我們感覺非常積極。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

This is Vik Chopra in for Larry.

這是拉里的維克·喬普拉。

Ivan, can you provide us with your updated thoughts on M&A and areas of interest?

Ivan，您能為我們提供您對併購和感興趣領域的最新想法嗎？

Why haven't we seen more deals from you given that valuations have come down?

鑑於估值已經下降，為什麼我們沒有看到你們進行更多交易？

Thank you for the question.

謝謝你的提問。

While -- let me start with the latter part.

讓我從後一部分開始。

So why have you not seen more deals?

那為什麼你沒有看到更多優惠呢？

We have said all along that we don't need to do deals to remain a mid-single-digit revenue grower over the life of the long range plan. 11 quarters now, we've been growing mid-single-digit revenue or above, delivering mostly the time EPS faster than revenue and generating meaningful cash flow.

我們一直表示，我們不需要透過交易來在長期計畫的生命週期內維持中位數的收入成長。到目前為止的 11 個季度，我們的收入一直在中個位數或以上增長，大部分時間每股收益的速度快於收入，並產生了有意義的現金流。

Obviously, we're excited about M&A and the potential to diversify even more beyond the 4% WAMGR.

顯然，我們對併購以及超越 4% WAMGR 的多元化潛力感到興奮。

The deals need to make strategic sense and financial sense, valuation are down.

這些交易需要具有戰略意義和財務意義，估值下降。

Yes, they are.

是的，他們是。

But I will tell you, as we go through the filters, there is not a single deal that is jump on as saying we have to reallocate capital and do this deal immediately.

但我會告訴你，當我們進行篩選時，沒有任何一項交易表明我們必須重新分配資本並立即進行這項交易。

We continue to evaluate deals.

我們繼續評估交易。

Deals in higher growth segments within Recon, opportunities within our S.E.T. business and things that are in the ASC space.

Recon 內的高成長細分市場的交易，我們的 S.E.T. 內的機會。 ASC 領域的業務和事物。

We've done deals that are exciting.

我們已經完成了令人興奮的交易。

OrthoGrid is the fastest navigation company today in the US we've done some tuck-ins in areas of S.E.T. And when the right deal comes our way, we will jump on it.

OrthoGrid 是當今美國最快的導航公司，我們已經在 S.E.T. 的區域進行了一些整合。當合適的交易出現時，我們會立即採取行動。

Thank you for your question.

謝謝你的提問。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

I was hoping you could dive a little bit deeper into the reconstructive businesses and maybe starting with Knees, where I know you had called out some supply chain dynamics last quarter that negatively impacted your US business.

我希望你能更深入地研究重建業務，也許可以從膝蓋開始，我知道你在上個季度指出了一些供應鏈動態，這些動態對你的美國業務產生了負面影響。

That looks to have turned around here.

看來這裡又轉了。

Have you fully recovered from that?

你已經完全康復了嗎？

And maybe you could take us through a little bit more what's going on outside the US because it also looked to be an area of strength this quarter?

也許您可以帶我們了解美國以外地區正在發生的事情，因為它看起來也是本季的優勢領域？

And how should we think about the geographic performance across Recon on a go-forward basis here?

我們該如何考慮 Recon 的未來地理表現？

Yes.

是的。

Thank you, David.

謝謝你，大衛。

So let's start with Knees overall.

讓我們從整體膝蓋開始。

So international grew almost 10% in the quarter.

因此，國際業務在本季成長了近 10%。

In the US we grew 3% constant currency, that is.

也就是說，在美國，以固定匯率計算，我們成長了 3%。

The challenges that we highlighted in the Q2 call, they were pre-ERP related.

我們在第二季電話會議中強調的挑戰與 ERP 之前相關。

It was revision shortage that we had that's been resolved.

我們已經解決了修訂短缺問題。

So I will tell you, as we see here and I hit in the year, there are no supply constraints when it comes to our Knee performance.

所以我會告訴你，正如我們在這裡看到的和我今年所看到的，就我們的膝蓋表現而言，不存在供應限制。

The one thing that did slow down our Knee growth in the quarter relative to the US is the ERP challenges.

相對於美國而言，本季膝關節成長放緩的一件事是 ERP 挑戰。

While the impact of ERP was primarily in other, we could have had more Persona OsseoTi S.E.Ts. going into the market.

雖然 ERP 的影響主要在其他方面，但我們本可以有更多的 Persona OsseoTi S.E.T。進入市場。

We could have done a better job in pulling through the multiple ROSAs installed in the US.

我們本可以在解決美國安裝的多個 ROSA 方面做得更好。

So has been the challenge.

挑戰也是如此。

As we enter Q4, we're excited about where we are with Knees, and we really look forward to 2025.

當我們進入第四季度時，我們對 Knees 的現狀感到興奮，並且非常期待 2025 年。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

--

--

Operator, we can go to the next question.

接線員，我們可以進入下一個問題。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

This is Allen on for Robbie.

這是艾倫替羅比發言。

I wanted to dive a little bit deeper into the guidance question that we kind of opened a Q&A session with.

我想更深入地探討我們開設問答環節的指導問題。

Just because you -- despite the ERP challenges that you had in the quarter, you ended up beating your -- what kind of where I think expectations were for constant currency and organic guidance for the quarter.

只是因為你——儘管你在本季度遇到了 ERP 挑戰，但你最終擊敗了你——我認為對本季度恆定貨幣和有機指導的期望。

So could you just help us a little bit more to kind of quantify some of the headwinds that you're not being a little conservative on, whether that's the disruption from the hurricane or the IV bags because you're seeing those cases coming back through.

那麼，您能否幫助我們更多地量化一些您並不保守的逆風，無論是颶風還是靜脈輸液袋造成的破壞，因為您看到這些病例又回來了。

Just help us kind of bridge the gap between the beat that you had this quarter, the fact that ERP challenges are coming in better than expected and the 100 basis points lower guide.

只是幫助我們彌合本季的節拍、ERP 挑戰優於預期這一事實與指導值下降 100 個基點之間的差距。

Thank you, Allen.

謝謝你，艾倫。

I'm not sure that I can offer any more color than what I offered.

我不確定我是否可以提供比我提供的更多的顏色。

There is a level of conservatism given the multiple variables.

考慮到多個變量，存在一定程度的保守主義。

Again, we just reactivated shipping volumes.

同樣，我們剛剛重新啟動了運輸量。

We got through the ERP.

我們通過了 ERP。

We want to make sure that we like what we see.

我們想確保我們喜歡我們所看到的。

And again, it's no more complex than that.

再說一次，事情並不比這更複雜。

Don't read too much into it.

不要過度解讀它。

We got one month behind in the quarter.

本季我們落後了一個月。

We love what we see.

我們喜歡我們所看到的。

And again, let's see what happens in November and December, but nothing else to add on the guidance question.

再次，讓我們看看 11 月和 12 月會發生什麼，但在指導問題上沒有其他可補充的。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Would love to talk a little bit about the S.E.T. performance in the quarter because that was strong.

我很想談談 S.E.T.該季度的業績表現強勁，因為那是強勁的。

It was a two year stack acceleration.

這是兩年的堆疊加速。

And as I think about that category, the growth that we're seeing overall across the category plus the margin profile, I'm just curious what that can do for Zimmer Biomet as we head into '25.

當我想到這個類別時，我們看到整個類別的整體成長加上利潤率概況，我只是很好奇，當我們進入 25 年時，這能為 Zimmer Biomet 帶來什麼。

Can it really help drive us to that mid-single digit, upper -- even upper end of the range at 6%.

它真的能幫助我們達到中個位數、上限，甚至是 6% 的上限嗎？

And then what it might do for the profitability profile of the business as well.

然後它也可能對企業的獲利能力產生什麼影響。

Sure.

當然。

I'll cover the first part, and I'll let Suky elaborate on the margin opportunity here with S.E.T. So this is the fourth quarter in a row where we have grown S.E.T. at the mid-single-digit revenue or above.

我將介紹第一部分，然後讓 Suky 與 S.E.T 一起​​詳細說明這裡的保證金機會。這是我們連續第四個季度實現 S.E.T 成長。收入達到中個位數或以上。

Actually, this quarter is low upper single digit.

事實上，本季的個位數較低。

We typically don't talk about the geographic split US or US sale.

我們通常不會談論美國的地理分佈或美國的銷售。

But I'm pleased with the US S.E.T. performance and where we grew 5% in the quarter.

但我對美國 S.E.T. 很滿意業績以及我們本季成長 5% 的情況。

Once again, virtually all of the six drivers within S.E.T. grew above our expectations.

再一次，S.E.T 中幾乎所有六位車手都增長超出了我們的預期。

The three growth drivers with S.E.T., Sports Medicine, Shoulder and CMFT continue to perform very strongly.

S.E.T.、運動醫學、肩部和 CMFT 三大成長動力持續表現強勁。

As we've been saying for a while, here is where we have invested a lot of innovation over the last three years.

正如我們已經說過一段時間的那樣，這是我們在過去三年中投入了大量創新的地方。

And what you see now is the early results of all those launches.

您現在看到的是所有這些發布的早期結果。

And yes, we do believe that the growth is sustainable as we get into '25 and '26.

是的，我們確實相信，進入 25 世紀和 26 世紀，成長是可持續的。

As we highlighted in the investor -- at the Investor Day, this is a category that has to be growing at this pace, if not above, and there is plenty of new products together.

正如我們在投資者日所強調的那樣，這個類別必須以這種速度成長，如果不是更高的話，而且有很多新產品在一起。

Suky, you want to comment on the margin piece?

Suky，你想對邊緣部分發表評論嗎？

Yes.

是的。

I won't give too much detail on 2025.

關於 2025 年，我不會提供太多細節。

But overall, it's a very attractive segment as Ivan said, from a growth profile perspective, but also from a margin perspective, margins in those key three businesses that Ivan talked about are above our overall company average.

但總的來說，正如伊万所說，這是一個非常有吸引力的細分市場，從成長概況的角度來看，而且從利潤的角度來看，伊万談到的這三個關鍵業務的利潤率高於我們公司的整體平均水平。

And so that's a good thing.

所以這是一件好事。

They are slightly under our Recon business.

他們的業務略低於我們的偵察業務。

But again, from an overall growth and EBITDA perspective, we're very excited about how that business is performing and where it's going.

但同樣，從整體成長和 EBITDA 的角度來看，我們對該業務的表現及其發展方向感到非常興奮。

One last comment I'll throw in there related to the financial performance.

我要提出的最後一則評論與財務表現有關。

Typically, this business, these segments require less instruments on working capital.

通常，該業務、這些細分市場需要較少的營運資本工具。

So again, it's another enabler of free cash flow growth over the life of the plan.

再說一次，它是計劃有效期內自由現金流成長的另一個推動因素。

Thanks for the question.

謝謝你的提問。

Chris Pasquale, Nephron.

克里斯·帕斯誇萊，尼弗龍。

You announced that you're going to be rolling out Z1 in a couple of weeks.

您宣布將在幾週內推出 Z1。

Our data suggests that triple taper stems have become a big portion of the US it mix for your competitors.

我們的數據表明，三錐柄已成為美國競爭對手的重要組成部分。

So it would be great to hear how you're thinking about that opportunity as you plug that hole in your portfolio?

因此，很高興聽到您在填補投資組合中的漏洞時如何看待這個機會？

And could you also talk about what your supply situation is going to look like with Z1 initially?

您能否談談 Z1 最初的供應情況？

And at what point you could have broad availability of that product in the US.

以及什麼時候您可以在美國廣泛使用該產品。

Thank you, Chris.

謝謝你，克里斯。

So first things first, we have launched already Z1.

首先，我們已經推出了 Z1。

We're going to embark in the full launch of the product next week in Dallas at the Hip and Knee Society meeting.

我們將於下週在達拉斯舉行的髖關節和膝關節協會會議上全面推出該產品。

We have trained the sales force.

我們對銷售團隊進行了訓練。

We're going to continue to train physicians.

我們將繼續培訓醫生。

We believe this category, to your point, is going to become the standard of care.

我們相信，就您而言，這一類別將成為護理標準。

It's one category in what we didn't play, but it's more than Z1.

這是我們沒有玩過的一個類別，但它比Z1 還要多。

It's the combination of Z1, the triple taper, along with surgical impact of HAMMR, which is now also fully launched.

它是 Z1、三錐度和 HAMMR 手術影響的組合，現已全面推出。

That's why we delivered 5% growth in the US and Q3.

這就是我們在美國和第三季實現 5% 成長的原因。

And then navigation, which is robotics as well as surgical guidance by OrthoGrid.

然後是導航，即機器人技術以及 OrthoGrid 的手術指導。

So I think the combination of those three products and more to come is what's going to get us to get back to gaining market share.

因此，我認為這三種產品以及未來更多產品的結合將使我們重新獲得市場份額。

It will be the standard of care.

這將成為護理標準。

We're going to be on the supply side, we're going to be where we need to be as we enter the year 2025.

進入 2025 年，我們將在供應方面達到我們需要達到的目標。

So we don't expect to have a shortage of supply.

因此，我們預計不會出現供應短缺。

As a matter of fact, we won't have a shortage of supply to make sure that it's a full launch all the way from January 1, 2025.

事實上，我們不會出現供應短缺的情況，以確保它從 2025 年 1 月 1 日起一直全面推出。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

Ivan, you talked about 50 meaningful product launches planned over the long-term plan.

Ivan，您談到了長期計劃中計劃推出的 50 個有意義的產品。

Near term, you've highlighted Persona IQ, ROSA Shoulder, Hip and Knee products.

近期，您重點介紹了 Persona IQ、ROSA Shoulder、Hip 和 Knee 產品。

Are there pipeline products you'd highlight in the medium term that could be meaningful?

從中期來看，您是否會強調一些有意義的管道產品？

You mentioned ROSA indication expansion.

您提到了 ROSA 適應症擴展。

Anything else you can talk about on pipeline drivers would be great.

您可以談論有關管道驅動程式的任何其他內容都會很棒。

Yes, absolutely.

是的，絕對是。

And I'll try to keep it short because it can be a 45-minute discussion right here on innovation.

我會盡量簡短，因為這裡關於創新的討論可能長達 45 分鐘。

My most favorite topic and certainly something we didn't have three years ago.

我最喜歡的主題，當然也是我們三年前沒有的。

So you know the usual suspects in the short term.

所以你在短期內就知道了常見的嫌疑犯。

As you think about mid- to long term, Oxford Partial cementless, which is mid-2025 product is going to be the only PMA-approved Partial cementless knee in the US.

從中長期來看，Oxford 部分非骨水泥膝關節將於 2025 年中期推出，這將是美國唯一獲得 PMA 批准的部分非骨水泥膝關節。

This is a product, Steve, with 66% market share in the European market.

這是一個產品，史蒂夫，在歐洲市場佔有66%的市場。

It has the longest data on joint survivors according to the UK registry.

根據英國登記處，它擁有最長的聯合倖存者數據。

So in a world of ASC expansion, we deem this product to be extremely meaningful.

因此，在 ASC 擴張的世界中，我們認為這個產品非常有意義。

ROSA Shoulder picks up in '25.

ROSA Shoulder 在 25 年開始流行。

We do believe in late '25 and '26 is going to be one of the major growth drivers of the company.

我們確實相信 25 年底和 26 年將成為公司的主要成長動力之一。

I like where we are with the smart implants, it took a while to get there.

我喜歡我們智慧植入物的現狀，我們花了一段時間才到達那裡。

But with the recent launch of the short stem, what we call Persona IQ study, unfortunate name, by the way, we're going to see meaningful adoption in '25 and '26.

但隨著最近推出的短幹，我們稱之為角色智商研究，不幸的名字，順便說一句，我們將在 25 和 26 年看到有意義的採用。

To your point, there are three ROSA indications coming up.

就您的觀點而言，有 3 個 ROSA 跡象即將出現。

They're going to hit mid '25 to early '26 that keep the acceleration going.

他們將在 25 年中期到 26 年初實現加速發展。

In Hips -- that will be Knees.

在臀部——那將是膝蓋。

In Hips, out of the launch of Z1 HAMMR and navigation like OrthoGrid and ROSA posterior in Europe, which is going to get launch soon, will be first to market with coated implants, which addresses a meaningful problem when it comes to infection in hip surgery.

在髖關節領域，Z1 HAMMR 和即將在歐洲推出的 OrthoGrid 和 ROSAterior 等導航系統將率先上市，帶有塗層植入物，這解決了髖關節手術感染時的一個有意義的問題。

So we expect to be ready to launch coated hip devices late '25, early '26.

因此，我們預計準備在 25 年末、26 年初推出塗層髖關節裝置。

And again, that addresses a category that for the most part has not been touched.

再說一次，這涉及到一個大部分未被觸及的類別。

And then instead, there will be all kinds of things.

然後，就會出現各種各樣的事情。

But beyond ROSA Shoulder, which already -- I mentioned is going to be a meaningful growth driver.

但除了 ROSA Shoulder 之外，我已經提到過，這將成為一個有意義的成長動力。

You've got the stemless shoulders, you've got next-generation identity and all kinds of other products.

您擁有無柄肩部、下一代身分和各種其他產品。

So again, I could spend an hour, but the cycle of innovation is not a one and done 25 opportunity.

再說一次，我可以花一個小時，但創新的週期不是一個完成 25 個機會。

There are 50 new products over the next three years, and a lot of them are very meaningful.

未來三年會有50個新產品，其中很多都是非常有意義的。

Thanks for the question.

謝謝你的提問。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

This is Sophia Knopp on for Vijay.

我是維傑的索菲亞‧諾普。

I have one quick one on '25.

我有一篇關於 25 年的快速文章。

I was wondering if you guys could talk about the assumptions around gross margins and operating margins.

我想知道你們是否可以談談關於毛利率和營業利潤率的假設。

You had previously called out some gross margin headwinds for next year.

您之前曾指出明年的毛利率會面臨一些阻力。

Do you have any updated thoughts on those headwinds and if we should expect to see operating margin expansion next year?

您對這些不利因素有什麼最新的想法嗎？

Yes.

是的。

Thanks, Sophia.

謝謝，索菲亞。

So first of all, yes, we continue to expect to see operating margin expansion into 2025.

首先，是的，我們仍然預期 2025 年營業利潤率會擴大。

And really just going back to our LRP that we unveiled at our Investor Day back in May.

實際上，回到我們在 5 月的投資者日公佈的 LRP。

We expect to generate at least 30 basis points of operating margin expansion per year, if not better than that.

我們預計每年營業利潤率至少會成長 30 個基點，甚至更好。

Inside of gross margin, I think our comments are still consistent with our thinking into 2025.

在毛利率方面，我認為我們的評​​論仍然與我們對 2025 年的想法一致。

There are some FX headwinds that occur that are going to peel off into 2025.

一些外匯逆風將在 2025 年消失。

So that will be a headwind.

所以這將是一個逆風。

But operationally, we continue to make really good progress in containing our costs.

但在營運方面，我們在控製成本方面繼續取得了良好進展。

We're also seeing a better pricing environment.

我們也看到了更好的定價環境。

I'm not saying it's going to be positive into next year, but overall, it's been much better than what we had anticipated coming into the year.

我並不是說明年會出現積極的情況，但總體而言，這比我們對今年的預期要好得多。

So there's a lot of puts and takes on to the gross margin line.

因此，毛利率線上有許多看跌期權和承付期權。

We still expect it to be relatively stable opposite 2024.

我們仍然預期 2024 年將相對穩定。

But in the backdrop of all that, we are still committed to and have a very clear pathway to expanding operating margin next year and beyond.

但在這一切的背景下，我們仍然致力於並有非常明確的途徑來擴大明年及以後的營業利潤率。

Richard Newitter, Truist Securities.

理查德紐特 (Richard Newitter)，Truist 證券公司。

I was wondering if you could comment on TMINI and how that collaboration is progressing for you, particularly in the ASC setting, even if anecdotal feedback, I know it's early in that relationship, but would love to hear what kind of momentum that might be able to generate for you going forward?

我想知道您是否可以評論TMINI 以及您的合作進展如何，特別是在ASC 環境中，即使是軼事反饋，我知道現在還處於這種關係的早期階段，但很想听聽可能會產生什麼樣的勢頭為您未來生成？

And what kind of impact it's had so far?

到目前為止，它產生了什麼樣的影響？

Thank you, Richard, for the question.

謝謝理查提出這個問題。

It's another exciting partnership that we have going on that give the company optionality.

這是我們正在進行的另一個令人興奮的合作夥伴關係，為公司提供了選擇權。

So there is a segment of customers that think the footprint is important in robotics, primarily in ASC.

因此，有一部分客戶認為佔地面積對機器人技術（主要是 ASC）很重要。

So TMINI does give us that optionality.

所以 TMINI 確實給了我們這種選擇。

There is a segment of customers that prefer CT scanning capabilities when they do robotic cases and TMINI give that opportunity.

有一部分客戶在處理機器人病例時更喜歡 CT 掃描功能，TMINI 提供了這個機會。

To your point, early in the launch, we have already seen some conversions of customers that have come to Zimmer Biomet to use that type of robotic application with the world's number one implant in Knees.

就您的觀點而言，在產品發布初期，我們已經看到一些客戶轉變為 Zimmer Biomet，使用這種類型的機器人應用程式以及世界排名第一的膝蓋植入物。

The partnership is giving us that optionality.

這種夥伴關係給了我們這種選擇權。

The data so far suggests that this is a meaningful opportunity.

迄今為止的數據表明，這是一個有意義的機會。

We're going to be doing additional training next week in Dallas.

下週我們將在達拉斯進行額外的訓練。

And again, we like the fact that we have the portfolio that we have, that gives optionality across the Board.

再說一次，我們喜歡這樣一個事實，即我們擁有我們擁有的投資組合，它提供了全面的選擇權。

So good data so far, and we'll continue to keep you updated on it.

到目前為止，數據很好，我們將繼續向您通報最新情況。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Maybe a two part here, if I could.

如果可以的話，也許這裡分為兩個部分。

Just one clarifying just on the selling days.

僅就銷售日進行澄清。

Can you just remind us 3Q, 4Q and for 2025 versus 2024, what selling days look like?

您能否提醒我們第三季、第四季以及 2025 年和 2024 年的銷售日是什麼樣的？

But more importantly, Ivan, maybe I think at your Analyst Day, you had just performed surgeons at Mayo, just performed maybe the first couple of cases using ROSA Shoulder.

但更重要的是，Ivan，也許我認為在您的分析師日，您剛剛在 Mayo 進行了外科醫生手術，可能剛剛使用 ROSA Shoulder 進行了前幾個病例。

Any more anecdotal updates from what you're seeing on ROSA Shoulder from some of your surgeons?

您從一些外科醫生那裡看到了更多關於 ROSA Shoulder 的軼事更新嗎？

How many cases have been performed and what kind of early learnings are?

已經進行了多少個案例以及什麼樣的早期學習？

Jeff, it's Suky.

傑夫，我是蘇基。

On selling days in the quarter, it was about a day of a tailwind for the full year.

在本季的銷售日中，這大約是全年的順風車。

It's not meaningful.

這沒有意義。

And for 2025, we'll provide that update when we give guidance in the first quarter, but we don't see it as being material.

對於 2025 年，我們將在第一季提供指導時提供該更新，但我們認為它並不重要。

And then Jeff, on ROSA Shoulder, we've done now hundreds of cases, continue to validate the value proposition of this product.

然後Jeff，在ROSA Shoulder上，我們現在已經做了數百個案例，繼續驗證這個產品的價值主張。

We said all along that it was going to be a limited market release.

我們一直說這將是有限的市場發布。

Beyond Mayo, we are now in more institutions.

除了梅奧之外，我們現在還在更多機構中工作。

And the feedback in terms of the opportunity continues to be strong.

關於機會的回饋仍然很強烈。

This is a product that we believe can change the standard of care in shoulder arthroplasty.

我們相信該產品可以改變肩關節置換術的護理標準。

The robot does offer the optionality of doing anatomic or reversed shoulder cases.

該機器人確實提供了進行解剖或反向肩部手術的選項。

It is extremely accurate.

它非常準確。

You can do surgeries impacting the glenoid, riming the glenoid, you can get into a complex humeral resections.

您可以進行影響關節盂、邊緣關節盂的手術，您可以進行複雜的肱骨切除術。

It is efficient.

它是有效的。

Some of the early feedback is that you can cut your operating time meaningfully.

一些早期回饋是您可以有意義地縮短操作時間。

So one of the claims will be faster surgeries with more accuracy that also equals faster recovery times and it's part of the ZBEdge shoulder ecosystem.

因此，其中一項主張是手術速度更快、準確性更高，這也意味著恢復時間更快，而且它是 ZBEdge 肩部生態系統的一部分。

It leverages the data we collect before surgery and during surgery, which enables better post-surgery recovery.

它利用我們在手術前和手術期間收集的數據，從而實現更好的術後恢復。

So again, first to the world technology, we knew we're going to take our time.

再說一次，首先是世界技術，我們知道我們要慢慢來。

But so far, we like what we see.

但到目前為止，我們喜歡我們所看到的。

And we'll continue to keep you informed in terms of this launch.

我們將繼續向您通報此次發布的情況。

Caitlin Cronin, Canaccord.

凱特琳·克羅寧，Canaccord。

I'd like to focus a bit on pricing.

我想稍微關註一下定價。

I think it was positive again this quarter.

我認為本季再次表現積極。

Could you provide some more color on what you're seeing in the US and also the change in the full year expectations for pricing.

您能否提供更多關於您在美國看到的情況以及全年定價預期變化的資訊。

Caitlin, it's Suky.

凱特琳，我是蘇基。

So the third quarter marks the third consecutive quarter where we've actually had positive pricing at the consolidated level across the entire company.

因此，第三季標誌著我們連續第三個季度在整個公司的綜合層面上實現了積極的定價。

Inside of that, the US was down modestly, but still well better than the historic average.

其中，美國小幅下跌，但仍遠勝於歷史平均。

Asia Pacific was up slightly, and we saw good continued strong performance in EMEA.

亞太地區小幅上漲，歐洲、中東和非洲地區的表現持續強勁。

There's really three factors there.

這其實有三個因素。

First is around market.

首先是圍繞市場。

We just think structurally, the market is in a better spot relative to pricing.

我們只是認為，從結構上看，市場相對於定價而言處於更好的位置。

One, the value of our products and solutions is being rewarded by the marketplace.

第一，我們的產品和解決方案的價值正在得到市場的回報。

And two, we're seeing, I think, relatively rational behavior across the larger med tech segment.

第二，我認為，我們在更大的醫療技術領域看到了相對理性的行為。

Secondly, structurally, we've made a lot of improvements inside the company around strategy, governance and execution and incentives around pricing.

其次，在結構上，我們在公司內部圍繞著策略、治理和執行以及定價激勵方面進行了許多改進。

And so we're seeing better performance because of that.

因此我們看到了更好的性能。

And then third, we're seeing some opportunistic price taking in certain areas where we see the opportunity and the advantage.

第三，我們在某些​​我們看到機會和優勢的領域看到了一些機會主義的價格上漲。

So all of those combined have led us into a really good spot.

因此，所有這些因素結合在一起，使我們處於一個非常好的位置。

We do think we'll be at least flat, probably positive for the full year, whether that's sustainable or not, we think a lot of those variables I talked through are sustainable.

我們確實認為全年至少會持平，甚至可能是積極的，無論這是否可持續，我們認為我談到的許多變數都是可持續的。

Others, we'll just have to wait and see.

其他的，我們只能拭目以待。

Our planning assumption throughout the LRP is that we'll be at about 100 basis points of pricing erosion.

我們在整個 LRP 中的規劃假設是，我們的定價將下降約 100 個基點。

So this year is a good starting point.

所以今年是一個很好的起點。

And hopefully, we can beat that long-term look.

希望我們能夠打破這種長期的看法。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

I guess I just want to ask one on China.

我想我只是想問一個關於中國的問題。

Some of your competitors talked about continued pressures over there from the volume-based purchasing.

你們的一些競爭對手談到了基於數量的採購帶來的持續壓力。

Are you -- what sort of impact are you seeing there, I guess?

我猜你在那裡看到了什麼樣的影響？

Thanks, Mike.

謝謝，麥克。

So starting with the data point, China is around 2% to 3% of global sales for Zimmer Biomet.

因此，從數據點開始，中國約佔 Zimmer Biomet 全球銷售額的 2% 至 3%。

We've been monitoring the situation in China for the last four years.

過去四年來我們一直在關注中國的局勢。

We understand fully the impact of volume-based procurement.

我們完全了解批量採購的影響。

We have the right level of investment with the right level of returns.

我們擁有適當的投資水準和適當的回報水準。

Right now, we've not seen anything that can change the way we think about revenue contribution from China in next, call it, three or five years.

目前，我們還沒有看到任何事情可以改變我們對中國未來三到五年收入貢獻的看法。

I'm actually going to be in China next week myself.

事實上我自己下周也要去中國。

So staying very close to the situation.

所以要非常接近情況。

We don't have a large capital footprint like some of the other med tech companies have reported.

我們沒有像其他一些醫療科技公司所報道的那樣擁有大量資本。

So we don't depend on capital sales there.

所以我們不依賴那裡的資本銷售。

And again, the expectations that we have internally that we have conveyed externally are well met when it comes to China.

再說一遍，我們內部對中國的期望和對外傳達的期望都得到了很好的滿足。

Thanks for the question.

謝謝你的提問。

Shagun Singh, RBC Capital Markets.

Shagun Singh，加拿大皇家銀行資本市場。

Great.

偉大的。

I had two quick follow-ups.

我進行了兩次快速跟進。

On M&A, you did note that you don't need to do large deals to maintain that mid-single-digit growth out outlook.

在併購方面，您確實注意到，您不需要進行大型交易來維持中個位數的成長前景。

And I was wondering how do you think about diversification and pushing that top line beyond the mid-single-digit growth longer term?

我想知道您如何看待多元化以及推動營收超越中個位數成長的長期成長？

And then just a follow-up on 2025.

然後是 2025 年的後續行動。

Is it possible for you to share anything on sales and margin cadence as we move through the year, first half, second half, could you be at the upper end of that mid-single-digit range, just given easier comps possibility to get some lost sales due to ERP implementation in 2025.

當我們經歷今年、上半年、下半年時，您是否可以分享有關銷售和利潤節奏的任何信息，您是否可以處於中個位數範圍的上端，只是考慮到更容易獲得一些補償的可能性由於2025年實施ERP，銷售額出現損失。

And then you also called out ROSA Shoulder that it would be a meaningful contributor.

然後你也稱讚 ROSA Shoulder 是一個有意義的貢獻者。

So if you can just help us bridge that, that would be helpful.

因此，如果您能幫助我們解決這個問題，那就會很有幫助。

Thanks, Shagun.

謝謝，沙貢。

Let me the second question answer very succinct.

讓我非常簡潔地回答第二個問題。

We're not going to get into any of that.

我們不會涉及任何這些。

We'll get into it in early '25.

我們將在 25 年初開始討論它。

We'll talk about revenue.

我們將討論收入。

We'll talk about margins.

我們將討論利潤率。

We'll provide some color on phasing and whatnot.

我們將提供一些有關分階段等方面的資訊。

So today, the only thing I'll say -- the only thing we'll say about 25% is that we're excited.

所以今天，我唯一要說的——關於 25% 的人，我們唯一要說的就是我們很興奮。

We're excited about the innovation.

我們對這項創新感到興奮。

We're excited about how we closed the ERP challenge in '24.

我們對如何在 24 年完成 ERP 挑戰感到興奮。

And again, we'll talk about '25 when you start to talk about '25.

再說一次，當你開始談論「25」時，我們將談論「25」。

On your first question on M&A, what I said is we do not need to do it.

關於第一個問題，我說的是我們不需要這樣做。

But certainly, we like to do it.

但當然，我們喜歡這麼做。

And we got the optionality from a balance sheet standpoint to do it.

從資產負債表的角度來看，我們有這樣做的選擇權。

One of the goals that we highlighted in New York at the Investor Day is to move from the current WAMGR weighted average market growth rate of around 4% today for us to 5%.

我們在紐約投資者日強調的目標之一是將我們目前的 WAMGR 加權平均市場成長率從 4% 左右提高到 5%。

And clearly, the organic pipeline is going to get us there.

顯然，有機管道將幫助我們實現這一目標。

I don't know these products in S.E.T. that I mentioned, but we do need to do something inorganically.

我不知道 S.E.T 的這些產品我提到過，但我們確實需要做一些無機的事情。

And we're going to continue to assess those opportunities.

我們將繼續評估這些機會。

And when they do make sense strategically and financially, we'll act on those.

當它們確實在策略和財務上有意義時，我們將採取行動。

I believe that is the last question.

我相信這是最後一個問題。

Do you have any more questions, operator?

接線員，您還有什麼問題嗎？

There are no further questions at this time.

目前沒有其他問題。

So then I'd like to close the call anchoring my closing remarks on maybe four words, grateful, proud, relief and excited.

因此，我想結束這次電話會議，我的結束語可能是四個字：感激、自豪、寬慰和興奮。

So on the grateful front, I'll close the call the way I started by thanking the Zimmer Biomet team for their commitment, their passion, their resilience.

因此，在感恩的方面，我將像開始時一樣感謝 Zimmer Biomet 團隊的承諾、熱情和韌性來結束這通電話。

It's been quite a quarter with the ERP challenge.

ERP 挑戰已經過了四分之一的時間。

So I'm really grateful to all of you.

所以我真的很感謝你們所有人。

I'm proud of the work that we've done in the quarter to mitigate the impact of this ERP challenge.

我對本季我們為減輕 ERP 挑戰的影響所做的工作感到自豪。

Frankly, that's a fair word and relief that this has turned to be a short-term issue versus being something that could have impacted the company for the long term.

坦白說，這是一個公平的說法，也讓人鬆了一口氣，因為這已經變成了一個短期問題，而不是可能對公司產生長期影響的問題。

And then my fourth and final word here, I'm really excited about this innovation cycle that we're going through.

然後我的第四個也是最後一個詞是，我對我們正在經歷的這個創新週期感到非常興奮。

The pipeline is strong.

管道很強大。

I know we're going to remediate some of the commercial execution challenges we have had in the past and the combination of innovation and best-in-class commercial execution is going to enable Zimmer Biomet to deliver on the growth that we know that we can deliver.

我知道我們將解決過去遇到的一些商業執行挑戰，創新與一流商業執行的結合將使 Zimmer Biomet 實現我們知道我們可以實現的成長遞送。

Thank you very much.

非常感謝。

Thank you again for participating in today's conference call.

再次感謝您參加今天的電話會議。

You may now disconnect, and have a great day.

現在您可以斷開連接，祝您有美好的一天。