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)

（操作員說明）

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

我現在想將會議交給投資者關係高級副總裁戴維·德馬蒂諾 (David DeMartino)。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone, and welcome to Zimmer Biomet's Third Quarter 2024 Earnings Conference Call.

謝謝操作員，大家早上好，歡迎參加 Zimmer Biomet 的 2024 年第三季財報電話會議。

Joining me on today's call are Ivan Tornos, our president, CEO. And CFO, Executive Vice President Finance Operations and supply chain, Suketu Upadhyay.

加入我今天的電話會議的是我們的總裁兼執行長 Ivan Tornos。還有財務長、財務營運和供應鏈執行副總裁 Suketu Upadhyay。

Before we get started, I'd 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.

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。

Please refer to our SEC filings for detailed discussion of these risks and uncertainties.

請參閱我們向 SEC 提交的文件，以了解有關這些風險和不確定性的詳細討論。

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。

Additionally, the discussion on this call includes certain non-GAAP financial measures, some of which are forward-looking non-GAAP financial measures.

此外，本次電話會議的討論還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。

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公認會計準則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第二季度的收益發布中。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 Yvonne.

這樣，我就把電話轉給伊馮。

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 cal. Pretty lucky to have you.

歡迎 David，參加您的第一個 Zimmer Biomet 收益計算。很幸運有你。

We love what you bring to them already.

我們已經喜歡您為他們帶來的東西了。

But I just heard 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 the globe for business on our mission forward.

但我今天才聽到，我一如既往地花一點時間向超過 18,000 名 Zimmer Biomet 團隊成員表示感謝，他們每天都在全球各地為我們的使命而努力。

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.

感謝你們的出色表現。

And most importantly, thank you for what you do for our customers and patients every single day.

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, we continue to see as long as I'm here, the Zimmer Biomet workforce and the culture that we have truly one of our key competitive advantages during the call today, I'm going to cover four things.

正如我過去所說，只要我在這裡，我們就會繼續看到 Zimmer Biomet 的員工隊伍和文化確實是我們的關鍵競爭優勢之一，在今天的電話會議上，我將介紹四件事。

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

首先，我將介紹最近 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。

Move to then talk about of I'll close with and with the usual update on our three strategic priorities of the lease.

接下來我將討論我們租賃的三個策略重點的通常更新。

So going to go to our financials in more detail, I will make to leave plenty of time for questions at the end of the prepared remarks.

因此，為了更詳細地討論我們的財務狀況，我將在準備好的發言結束時留出足夠的時間來回答問題。

So again, I'm very excited to report that we've made great strides in managing the ERP implementation challenges online in early September through the dedicated work of the Zimmer Biomet team on our external partners.

我再次非常高興地向大家報告，透過 Zimmer Biomet 團隊與外部合作夥伴的專注工作，我們在 9 月初在線管理 ERP 實施挑戰方面取得了巨大進展。

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.

我們現在預計這項挑戰對 2024 年下半年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 level, including a strong result in knees, hips and having said this quarter, the third quarter now marks the 11th 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，包括膝蓋、臀部的強勁業績，並且本季度表示，第三季度現在標誌著Zimmer Biomet 連續11 個季度實現中個位數或更好的恆定貨幣收入成長。

In addition to the strong revenue performance, adjusted EPS once again grew faster than revenue for combined knee and hip businesses, what we call or reconstructive platform grew in the mid-single digit range globally was saved deliver upper single digit growth, aided by strong performance across our key growth drivers.

除了強勁的收入表現外，調整後每股收益的增長速度再次快於膝關節和髖關節業務合併後的收入增長，我們所說的重建平台在全球範圍內實現了中個位數增長，在強勁在業績的幫助下，實現了上個位數成長跨越我們的主要成長動力。

Sucrogen.

肝醣。

I'll cover this later, but I'm very proud of these results.

我稍後會介紹這一點，但我對這些結果感到非常自豪。

And specifically, I love the consistency of growth in the key categories. Beyond commercial execution or performance was fueled by mid-single digit growth in our end markets, which we anticipate continuing based on all the analytics that we have applied and aging and increasing [90] population combined with technological advancements, drawing procedures to outpatient settings like [the AC here in the US], accelerating recovery times and best-in-class outcomes should continue to provide tailwinds to market growth in the coming years.

具體來說，我喜歡關鍵類別的持續成長。除了商業執行或績效之外，我們的終端市場的中個位數成長也推動了這一成長，根據我們應用的所有分析以及人口老化和[90]人口的成長與技術進步相結合，我們預計這種成長將繼續下去，將程序引入門診環境，例如[美國的 AC]、加速的恢復時間和一流的結果應該會繼續為未來幾年的市場成長提供動力。

So again, we see the market has been healthy and we don't foresee these markets is going down.

因此，我們再次看到市場一直健康，我們預計這些市場不會下降。

Zimmer Biomet has the most robust product cycle in recent memory with over 50 meaningful planned product launches over the long-range plan horizon.

Zimmer Biomet 擁有近年來最強的產品週期，在長期計劃範圍內計劃推出 50 多個有意義的產品。

I'm particularly excited about the momentum we are generating or hips platform, as evidenced by the improved results in this business and particularly in the US, where we deliver almost 5% growth in the third quarter with Z1 or new triple taper hip stem for anterior hip implant procedures.

我對我們髖關節平台產生的動力感到特別興奮，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% 的增長前髖關節植入手術。

And with our surgical impact or Hammer, as well as comprehensive navigation, robotics and platforms, the navigation across the group, we are going to continue to be on the offense when it comes to gaining share behaves.

憑藉我們的外科手術影響或錘子，以及全面的導航、機器人和平台，整個集團的導航，當涉及到獲得份額時，我們將繼續採取進攻行動。

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。

These knees or personnel showtime continues to gain rapid traction.

這些膝蓋或人員表演繼續獲得快速關注。

While the recently launched persona IQOS [VEEV], the shortest time 4% IQ is driving continued uptake of these differentiated technology.

雖然最近推出了 persona IQOS [VEEV]，但最短時間 4% IQ 正在推動這些差異化技術的持續採用。

Early in the launch of the feedback has been superb.

在推出之初，回饋非常好。

We've seen extremities Rosa shoulder has the potential to change the treatment paradigm in shoulder implants.

我們已經看到羅莎肩四肢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 rigorous procedures.

它是一個允許重複、解剖和嚴格程序的平台。

Finally, Zimmer Biomet is the only orthopedic company offering both a CT scan less robotic system in Russia and through our recent partnership, we think surgical, we also offered a smaller footprint, handheld CT scan-based system in Germany.

最後，Zimmer Biomet 是俄羅斯唯一一家提供無需 CT 掃描的機器人系統的骨科公司，透過我們最近的合作關係，我們還在德國提供了佔地面積較小的手持 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 these, we're expecting to launch a cadre of new robotic applications in the short to midterm with or 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程序，無論是否具有 CT 掃描功能以及其他差異化功能。

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

僅就陣容而言，我們預計將在未來 18 至 36 個月內推出三個新適應症。

While the underlying business performance remains strong, the team continues to execute on the same city is to the priorities that I have outlined in the past. Those being people and culture which is foundation that we do.

雖然基本業務績效仍然強勁，但團隊繼續在同一城市執行我過去概述的優先事項。這些是人和文化，這是我們所做的基礎。

Operational excellence, innovation and diversification.

卓越營運、創新和多元化。

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 set in our ASC and in our digital technology and solutions businesses.

最近，我們在 ASC 以及數位技術和解決方案業務中任命了新的領導層。

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

我對這些領導層變動感到興奮，並相信這些新人的成長和領導力將會加速。

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

此外，我們也對IT、資訊、技術和營運等關鍵領域的人才進行了升級。

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

關於第二個要務，即卓越運營，我們維持對長期財務承諾的期望，我們在今年早些時候調整了投資者日。

We did terrific progress we made towards or the resolution of the ERP issues.

我們在解決 ERP 問題方面取得了巨大進展。

We feel even more confident in delivering mid-single digit revenue growth.

我們對實現中個位數的收入成長更有信心。

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.

調整後每股盈餘成長至少是營收的 1.5 倍，自由現金流成長至少比 2027 年收益快 100 個基點。

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 the long-range plan is more than twice the value that it was just a short of five years ago, and 80% of these new product launches are accretive to the Zimmer Biomet [winner] of 4%.

從這個意義上說，Zimmer Biomet預計在長期計劃中推出的新產品系列的價值是五年前的兩倍以上，而且這些新產品的推出中有80%是增值的Zimmer Biomet [獲勝者] 為4 %。

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

總之，我們對組織所取得的進展感到非常自豪，我們期待著繼續超越預期。

I love the fact that were impacting the lives of millions of people.

我喜歡它正在影響數百萬人的生活。

And I'm deeply inspired every day knowing that my teammates and I are leaving the Zimmer Biomet mission of alleviating pain and improving the quality of life for people around the world.

當我知道我和我的隊友將放棄 Zimmer Biomet 為世界各地的人們減輕痛苦和提高生活品質的使命時，我每天都深受鼓舞。

And with that, I will turn the call over to Suky, Thank you very much.

這樣，我會將電話轉給 Suky，非常感謝你。

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 and adjusted earnings per share and $310 million in free cash flow.

儘管有ERP。克服相關不利因素，我們的銷售額成長了 4% 以上，同時保持穩定的營業利潤，產生 1.74 美元和調整後每股收益以及 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 to products to our customers.

正如 Ivan 所評論的那樣，我們在第三季度針對北美分銷切換到了新系統，這導致向客戶提供產品的運輸水平較慢。

We disclosed this disruption in early September and then additionally 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 月初揭露了這一中斷，然後也指出，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，影響將是年度銷售額 60 至 80 個基點，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.

我們仍然預計 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.

除非另有說明，我的陳述將涉及 2024 年第三季以及與 2023 年同期的比較。

And my commentary will be on a constant currency and adjusted operating basis, net sales were $1.824 billion, an increase of 4% on a reported basis and 4.1% excluding the impact of foreign currency.

我的評論將基於固定匯率和調整後的營運基礎，淨銷售額為 18.24 億美元，按報告增長 4%，排除外匯影響則增長 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 U.S. 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 set, partially offset by other, which are the largest impact from the ERP headwinds.

美國的成長是由時尚和套裝的強勁表現推動的，但部分被其他因素所抵消，這是 ERP 逆風帶來的最大影響。

Our international business continues to perform well, with strength across Knee and set global knee is grew 5.5% in the quarter with US growing 2.9%, and international 9.2%. Our international business continued to benefit from our personal portfolio and our Rosa Robotics Platform.

我們的國際業務持續表現良好，本季全球業務成長了 5.5%，其中美國業務成長了 2.9%，國際業務成長了 9.2%。我們的國際業務繼續受益於我們的個人產品組合和 Rosa 機器人平台。

Global hips grew 3.7% with the US growing 4.9 and international 2.4%.

全球臀部成長 3.7%，其中美國成長 4.9%，國際成長 2.4%。

As Ivan mentioned, with the launch of Z1, accelerating rollout of hammer and closing of the ortho Great acquisition, we now have a complete product portfolio enhance and are on the offensive.

正如Ivan所提到的，隨著Z1的推出、錘子的加速推出以及ortho Great收購的完成，我們現在擁有完整的產品組合併處於進攻狀態。

Next, our SAT. segment grew 7.3%, led by CMACT. sport and upper extremities, which all grew between mid-single digits and high 10s.

接下來是我們的SAT。在 CMACT 的帶動下，該細分市場成長了 7.3%。運動和上肢的成長都在中個位數到高 10 之間。

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

這標誌著 SET 連續第四個季度至少實現中個位數成長，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%。

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.

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

談到我們的損益表，我們公佈的 GAAP 攤薄每股收益為 1.23 美元，而上一年的 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以及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 operating margin were largely in line with the prior year.

儘管本季存在與 ERP 相關的不利因素，但營業利潤率毛利率與去年基本持平。

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 two and fully diluted shares outstanding were $203 million down year over year to do share buybacks.

由於第二支柱的實施，我們的調整後稅率比 2023 年高出 17.7%，並且由於股票回購，完全稀釋的已發行股票同比減少了 2.03 億美元。

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

在現金和流動性方面，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，與我們的資本保持一致為了透過 LRP 將至少 65% 的自由現金流返還給股東的分配策略，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年不變貨幣收入將成長4.25%至4.75%。

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

鑑於最近的匯率波動，我們現在預計 2024 年貨幣將出現約 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 $8.5, and we expect full year free cash flow to be about $1 billion.

全年完全稀釋加權平均流通股預計約為 2.04 億美元，調整後稀釋每股收益為 7.95 美元至 8.5 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 in a quarter for us to take as many questions on claim.

接線員，讓我們在一個季度內開放提問，以便我們回答盡可能多的索賠問題。

Operator, please go ahead.

接線員，請繼續。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, at this time we will now begin the question-and-answer session.

女士們、先生們，現在我們開始問答環節。

Analysts are allowed to ask one question, and one follow up question.

分析師可以提出一個問題和一個後續問題。

one moment, please.

請稍等一下。

For the first question.

對於第一個問題。

So, we'll take our first question from Travis Steed with Bank of America.

那麼，我們將回答美國銀行 Travis Steed 提出的第一個問題。

Hey, guys, thanks for taking the question.

嘿，夥計們，謝謝你提出問題。

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

我首先想了解的是，為什麼你們在 2024 年除了 ERP 問題之外，還以有機的方式提供指南？

And how to think about 2025 and the ERP?

如何看待 2025 年和 ERP？

Is there a catch-up that there 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？

Thanks a lot.

多謝。

Thank you, Travis, you are here.

謝謝你，崔維斯，你來了。

Good morning.

早安.

So just on the first part of your question on the guidance from 2024, 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, for the recent ERP challenge in Q4, all kinds of things happened.

因此，就您關於2024 年指導的問題的第一部分而言，聽著，我們在這一年方面會有些保守，並允許我們在考慮到PTSD 的情況下保持保守，如果你願意的話，對於最近的情況第四季ERP面臨挑戰，各種各樣的事情都發生了。

We want to see what 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 back in Q4 with all the puts and takes that to happen around rebates, etc, etc.

讓我們看看第四季度所有看跌期權最終會回到什麼位置，並考慮回扣等情況。

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

我想確保我們能夠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 were late to get somebody said child, given that given the challenges with ERP.

考慮到 ERP 面臨的挑戰，就在我們發言時，我們已經推出了三款非常有意義的新產品，但有些人說「孩子」太晚了。

So again, I want to get at least a solid month, month-and-a-half before I get to positive pharma on Q4.

再說一次，我希望在第四季度進入積極的製藥行業之前至少有一個月、一個半月的穩定時間。

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

然後看，本季初有一些宏觀因素。

We saw some disruption with a hurricane or whatnot and the IV bags, we believe those are going to come in within the quarter actually modify.

我們看到颶風或其他原因造成了一些破壞，以及靜脈輸液袋，我們相信這些將在本季度內真正改變。

We actually, in this case just coming back around the quarter.

實際上，在這種情況下，我們只是在本季度左右回來。

So, I was to be somewhat conservative and now we'll see we'll see what we end up in Q4. Ready to 2025.

所以，我有點保守，現在我們將看到第四季的最終結果。準備到 2025 年。

We are very positive.

我們非常積極。

And the ERP constrain, our challenge is well contained within the year.

由於 ERP 的限制，我們的挑戰在一年內得到了很好的控制。

Tom will update you in early 2025 when it comes to our one 2025 look like.

Tom 將在 2025 年初向您更新我們 2025 年的造型。

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

但今天我想說，鑑於新產品的推出、ERP 的解決方案等等，我們感覺非常積極。

Thank you

謝謝

Moving to our next question from Larry Biegelsen with Wells Fargo.

接下來是富國銀行拉里·比格爾森 (Larry Biegelsen) 提出的下一個問題。

Hey, good morning.

嘿，早安。

This is Vik Chopra in for Larry on can you provide us with your updated thoughts on M&A and areas of interest of why haven't we seen more detail from you, given that valuations have come down?

我是拉里(Larry) 的維克·喬普拉(Vik Chopra)，您能否向我們提供您對併購和感興趣領域的最新想法？更多詳細資訊？

Thank you.

謝謝。

Thank you for your question.

謝謝你的提問。

Why let me start with the latter part of why have you not seeing more deals.

為什麼讓我從後半部開始，為什麼你沒有看到更多的優惠。

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 out of the long-range plan.

我們一直表示，我們不需要透過交易來在長期計劃之外保持中個位數的收入成長。

11 quarters now, we've been growing mid-single digit revenue or above delivering mostly time EPS faster than revenue and generating meaningful cash flow.

到目前為止的 11 個季度，我們的收入一直在實現中個位數或以上的成長，大部分時間每股收益都快於收入，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. The deals need to make strategic sense and financial sense.

顯然，我們對併購以及超越 4% WAMGR 的多元化潛力感到興奮。這些交易需要具有戰略意義和財務意義。

Valuation are down. Yes, they are.

估值下降。是的，他們是。

But I will tell you as we go through the filters, that is not a single deal that is jump on.

但我會告訴你，當我們進行篩選時，這並不是一筆容易被接受的交易。

As I said, we have to reallocate capital and do this the only medium.

正如我所說，我們必須重新分配資本，並將其作為唯一的媒介。

We continue to evaluate deals, deals in higher growth segments within recon opportunities within our set business and of things that are in the ASC space.

我們繼續評估交易，在我們既定業務和 ASC 領域的偵察機會內的高成長細分市場的交易。

We've done deals had exciting.

我們已經完成了令人興奮的交易。

Also agreed is the fastest Navigation Company today in the US.

目前美國速度最快的導航公司也達成了一致。

We've done some unpacking scenarios have set out when the right deal comes your way we will jump on it.

我們已經做了一些拆包方案，並列出了當您遇到合適的交易時，我們將立即採取行動。

Thank you for your question.

謝謝你的提問。

We'll move to our next question from David Roman with Goldman Sachs.

我們將轉向高盛大衛羅曼提出的下一個問題。

Thank you and good morning, everybody.

謝謝大家，早安。

I was hoping you could dive a little bit deeper into the reconstructive business there and maybe starting with knees.

我希望你能更深入地研究那裡的重建業務，也許從膝蓋開始。

Where I know you called out some supply chain dynamics last quarter that negatively impacted your US business that looks that turned around here.

據我所知，您提到了上個季度的一些供應鏈動態，這些動態對您的美國業務產生了負面影響，而這些業務似乎在這裡有所改善。

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 U.S. because that also look to be an area of strength this quarter and how should we think about the geographic performance across recon on a go-forward basis here?

也許你可以帶我們更多地了解美國以外發生的事情，因為這看起來也是本季度的優勢領域，我們應該如何考慮未來偵察的地理表現？

Yes. Thank you, David. So, let's start with Knees overall. So international grew almost 10% in the quarter.

是的。謝謝你，大衛。那麼，讓我們從整體膝蓋開始。因此，國際業務在本季成長了近 10%。

In the U.S., we grew 3% constant currency database.

在美國，我們的固定貨幣資料庫成長了 3%。

And the challenges that we highlighted in the Q2 call, the word out pre-ERP related. It was revision shortage that we had that's been resolved.

我們在第二季電話會議中強調的挑戰與 ERP 之前相關。我們已經解決了修訂短缺問題。

So, I will tell you, as we sit here and I could in the year, they are no supply constraints when it comes to our knee performance.

所以，我會告訴你，當我們坐在這裡並且我今年可以時，當談到我們的膝蓋性能時，他們沒有供應限制。

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

與美國相比，本季成長放緩或膝蓋成長的一件事是 ERP 挑戰。

While the impact of ERP was primarily in other, we could have had more Personal, OsseoTi sets going into our 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個人、OsseoTi 套件進入我們的市場。

We could have done a better job in pulling through the multiple ROSA's installed in the US.

在解決美國安裝的多個 ROSA 問題上，我們本可以做得更好。

So that has been the challenge as we entered for.

這就是我們所面臨的挑戰。

We're excited about where we are a nation.

我們對我們是一個國家感到興奮。

We really look forward to 2025.

我們真的很期待 2025 年。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

We'll move to our next question from Matt Miksic with Barclays.

我們將轉向巴克萊銀行馬特·米克西奇提出的下一個問題。

Sir, your line is now open.

先生，您的線路現已開通。

Net were unable to hear you.

Net 無法聽到您的聲音。

You may be muted.

你可能被靜音了。

Operator, we can go to the next question.

接線員，我們可以進入下一個問題。

We will move to our next question from Robbie Marcus with JPMorgan.

我們將轉向摩根大通的羅比馬庫斯提出的下一個問題。

Hi, this is Alan on for Robbie.

大家好，我是羅比的艾倫。

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

我想更深入地探討我們在問答環節中提出的指導問題。

No, just because, you know, despite the European 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.

不，只是因為，你知道，儘管本季遇到了歐洲挑戰，但你最終還是超出了我認為對本季匯率不變和有機指導的預期。

So, could you just help us a little bit more to kind of quantified some of the headwinds that you're not building a little conservative on whether that's the direction from the hurricane or the IV bags?

那麼，您能否幫助我們更多地量化一些逆風，無論是颶風還是靜脈輸液袋的方向，您都沒有採取保守的態度？

Because you're seeing those cases coming back through just help us kind of bridge the gap between the fact that European challenges are now coming in better than expected and the of the 100 basis points lower guide?

因為你看到這些案例回來只是幫助我們彌合歐洲挑戰現在好於預期這一事實與指導值降低 100 個基點之間的差距？

Thank you.

謝謝。

Thank you, Alan.

謝謝你，艾倫。

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

我不確定我能提供比我提供的更多的顏色。

And 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 we activated our shipping volumes.

再說一次，我們剛剛啟動了我們的運輸量。

We got through the ERP.

我們通過了 ERP。

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

我們想要確保我們喜歡我們所看到的。

And again, you somewhat complex and that don't read too much into it.

再說一次，你有點複雜，沒有太多的解讀。

We got one month behind in the quarter.

本季我們落後了一個月。

We like 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。

So, I'll move to our next question from Matthew O'Brien with Piper Sandler.

那麼，我將轉向 Matthew O'Brien 和 Piper Sandler 提出的下一個問題。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

I would love to talk a little bit about the performance in the quarter because that was both strong.

我很想談談本季的表現，因為這都很強勁。

It was a two-year stack acceleration because I think about that category, the growth that we're seeing overall across the category plus the margin profile.

這是一個兩年的堆疊加速，因為我想到了這個類別，我們看到整個類別的整體成長加上利潤率概況。

I'm just curious what that can do for Zimmer Biomet.

我只是好奇這能為 Zimmer Biomet 帶來什麼。

Um, you know, as we head into 25, or can it probably helped drive us to that, that mid-single digit in the upper even upper end of the range of 6%?

嗯，你知道，當我們進入 25 時，或者它可能會幫助我們達到這個目標，即 6% 範圍的上端甚至上端的中間個位數嗎？

And then what it might be for the profitability profile, the shipments as well.

然後是獲利能力和出貨量。

Thanks.

謝謝。

Sure. I'll go to the first part on outlets to collaborate on the out on the margin opportunity here, we've said so this is a fourth quarter in a row where we have grown asset that mid-single-digit revenue or above.

當然。我將進入第一部分，討論有關管道的合作，以實現利潤機會，我們已經說過，這是連續第四個季度我們的資產增長達到中個位數或以上。

Actually this quarter is low upper single digit.

實際上，本季的個位數較低。

We typically don't talk about the geographic split U.S., OUS for SET, but I'm pleased with the US SET performance in what we grew 5% in the quarter.

我們通常不會談論美國的地理分佈，SET 的 OUS，但我對美國 SET 的表現感到滿意，本季我們成長了 5%。

I'm once again, virtually all of the six drivers we've seen said grew above our expectations.

我再次表示，幾乎所有我們見過的六位車手的表現都超出了我們的預期。

The three growth drivers of sports medicine, shoulder and CMFT. continue to perform very strongly.

運動醫學、肩關節、CMFT三大成長動力。持續表現非常強勁。

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 2025 and 2026, as we highlighted in the investor at the Investor Day, there is a category that has to be growing at the space, if not above and there is plenty of new products to get there.

是的，我們確實相信，隨著我們進入2025 年和2026 年，這種增長是可持續的，正如我們在投資者日上向投資者強調的那樣，有一個類別必須在該領域增長，即使不是以上，而且有很多的新產品到達那裡。

Suketu, you want to comment on the on the margin piece?

Suketu，你想對邊緣文章發表評論嗎？

Yes. So, I won’t give too much detail on 2025, 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.

是的。因此，我不會對2025 年給出太多細節，但總的來說，正如Ivan 所說，從成長概況的角度來看，而且從利潤的角度來看，這是一個非常有吸引力的細分市場。伊万談到的這三項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. They are slightly under our recon business. But again from an overall growth and EBITDA perspective, we’re very excited about how that business is performing and where it’s going.

所以這是一件好事。他們的偵察業務略低於我們。但從整體成長和 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 financial performance.

我要提出的最後一則評論與財務表現有關。

And typically this business segments required less instruments on working capital.

通常，該業務部門需要較少的營運資本工具。

So again, is another enabler of our free cash flow growth over the life of the plan.

同樣，這是我們在計劃有效期內自由現金流成長的另一個推動因素。

Thanks for your question.

謝謝你的提問。

Thank you.

謝謝。

We'll move to our next question from Chris Pasquale with Nephron.

我們將轉向 Chris Pasquale 和 Nephron 提出的下一個問題。

Thanks.

謝謝。

You announced 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 a triple-taper stems have become a big portion of the U.S. hip mix for your competitors.

我們的數據表明，三錐度柄已成為您的競爭對手的美國髖關節組合的重要組成部分。

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 the first initially and at what point you could have broad availability of their product in the US?

您能否也談談您的供應情況最初會是什麼樣子，以及什麼時候您可以在美國廣泛使用他們的產品？

Thank you, Chris.

謝謝你，克里斯。

So, first things first, we have launched already Z1. We're going to embark in the full launch of the product next week in Dallas at the Hip and Knee Society meeting.

首先，我們已經推出了 Z1。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。

And we have trained from the sales force.

我們也對銷售人員進行了培訓。

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. it's one category in what we didn't in play, but it's more than Z1. It's the combination of Z1, the triple taper, along with Surgical impact of HAMMR, which is now also fully launched.

我們相信，按照您的觀點，這個類別將成為護理標準。這是我們沒有參與的一個類別，但它比 Z1 更重要。它是 Z1、三錐度和 HAMMR 的外科影響的組合，現已全面推出。

And that's why we deliver 5% growth in the U.S. in Q3.

這就是為什麼我們第三季在美國實現了 5% 的成長。

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 are more to come is what's going to get us to get back to gaining market share.

因此，我認為這三種產品的結合將讓我們重新獲得市場份額。

It will be the standard of care we're going to be on the supply side.

這將是我們在供應方面的護理標準。

We're going to be where we need to be as we enter the year 2025.

進入 2025 年，我們將達到我們需要達到的目標。

So, we don't expect to have a shortage of supply. As a matter of fact,

因此，我們預計不會出現供應短缺。事實上，

We won't have a shortage of supply to make sure that is a full launch all the way from January 1, 2025.

我們不會出現供應短缺的情況，以確保從 2025 年 1 月 1 日起全面推出。

Thanks for your question, Chris.

謝謝你的提問，克里斯。

Thanks.

謝謝。

We'll move to our next question from Steve Lichtman with Oppenheimer.

我們將轉向史蒂夫·利希特曼和奧本海默提出的下一個問題。

Thank you. Good morning, guys.

謝謝。早安，夥計們。

Ivan, you talked about 50 meaningful product launches planned over the long-term plan near term, you've highlighted Persona IQ, ROSA shoulder, hit new [ph] products. Are there pipeline products you'd highlight in the medium term that could be meaningful? You mentioned ROSA indication expansion. Anything else you can talk about on pipeline drivers would be great. Thanks.

Ivan，您談到了近期長期計劃中計劃推出的 50 個有意義的產品，您重點介紹了 Persona IQ、ROSA Shoulder、新產品。從中期來看，您是否會強調一些有意義的管道產品？您提到了 ROSA 適應症擴展。您可以談論有關管道驅動程式的任何其他內容都會很棒。謝謝。

Yes, absolutely.

是的，絕對是。

And I'll trying 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, I'm certainly something we didn't have three years ago.

我最喜歡的話題，我肯定是三年前我們沒有的話題。

So, you know, the usual suspects in the short term.

所以，你知道，短期內常見的嫌疑。

As you think about a 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 U.S.

當您考慮中長期的 Oxford 部分非骨水泥膝關節時，該產品將於 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產品。

This is a product, Steve, with 60% market share in the European market. It has the longest data on joint survivors according to the UK registry – so in a world of ASC expansion within this product to be extremely meaningful. ROSA Shoulder picks up in 2025.

這是一個產品，史蒂夫，在歐洲市場佔有60%的市場。根據英國登記處，它擁有最長的聯合倖存者數據，因此在 ASC 擴展的世界中，該產品非常有意義。 ROSA Shoulder 將於 2025 年回升。

We do believe in late 2025 and 2026 is going to be one of the major growth drivers of the company. Like where we are with the smart implants, it took a while to get there. But with the recent launch of the short stem, what we call Persona IQ [indiscernible], unfortunate name, by the way, we're going to see meaningful adoption in 2025 and 2026.

我們確實相信 2025 年末和 2026 年將成為該公司的主要成長動力之一。就像我們在智慧植入物方面的進展一樣，我們花了一段時間才到達那裡。但隨著最近推出的短詞幹，我們稱之為 Persona IQ [音頻不清晰]，這個名字很不幸，順便說一句，我們將在 2025 年和 2026 年看到有意義的採用。

To your point, there are three ROSA indications coming up. They're going to hit mid-2025, 2026 that keep the acceleration going. In hips that will be knees, 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. So, we expect to be ready to launch coated hip devices late 2025, early 2026. And again, that just is a category that for the most part has not been touched.

就您的觀點而言，有 3 個 ROSA 跡象即將出現。他們將在 2025 年中期、2026 年保持加速發展。在臀部，將是膝蓋，在 Z1 HAMMR 和導航推出的臀部，如即將在歐洲推出的 OrthoGrid 和 ROSA 後部，將首先在市場上使用塗層植入物，這解決了一個有意義的問題涉及髖關節手術中的感染。因此，我們預計將在 2025 年末、2026 年初推出塗層髖關節設備。

And then instead, there will be all kinds of things. But beyond ROSA Shoulder, which already – I mentioned is going to be a meaningful growth driver. You've got the stemless shoulders; you've got next-generation identity and all kinds of other products.

然後，就會出現各種各樣的事情。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。你有無莖的肩膀；您擁有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. There are 50 new products over the next three years and a lot of them are very meaningful. Thanks for the question.

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。未來三年會有50個新產品，其中很多都是非常有意義的。謝謝你的提問。

Great. Thanks, Ivan.

偉大的。謝謝，伊凡。

We'll take our next question from Vijay Kumar with Evercore ISI.

我們將接受 Evercore ISI 的 Vijay Kumar 提出的下一個問題。

Hi. This is Sophia Knopp on for Vijay. I have one quick one on 2025. I was wondering if you guys could talk about the assumptions around gross margins and operating margins. You had previously called out some gross margin headwinds for next year.

你好。我是維傑的索菲亞‧諾普。我對 2025 年有一個簡短的介紹。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? Thanks.

您對這些不利因素有什麼最新的想法嗎？謝謝。

Yes. Thanks, Sophia. So, first of all, yes, we continue to expect to see operating margin expansion into 2025. And really just going back to our LRP that we unveiled at our Investor Day back in May.

是的。謝謝，索菲亞。因此，首先，是的，我們仍然預計 2025 年營業利潤率會擴大。

We expect to generate at least 30 basis points of operating margin expansion per year, if not better than that. Inside of gross margin, I think our comments are still consistent with our thinking into 2025. There are some FX headwinds that occur that are going to peel off into 2025.

我們預計每年營業利潤率至少會成長 30 個基點，甚至更好。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。

So that will be a headwind. But operationally, we continue to make really good progress in containing our costs. We’re also seeing a better pricing environment. 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.

所以這將是一個逆風。但在營運方面，我們在控製成本方面繼續取得了良好進展。我們也看到了更好的定價環境。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. We still expect it to be relatively stable opposite [ph] 2024. 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.

因此，毛利率線上有許多看跌選擇權和承兌選擇權。我們仍然預計到 2024 年它將相對穩定。

Great. Thank you very much.

偉大的。非常感謝。

Our next question comes from Richard Newitter with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Richard Newitter。

Hi, thanks for taking the question. 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.

您好，感謝您提出問題。我想知道您是否可以對 TMINI 發表評論，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。

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? And what kind of impact it’s had so far? Thanks.

我知道現在還處於這段關係的早期階段。但很想知道這能為您的前進帶來什麼樣的動力？到目前為止，它產生了什麼樣的影響？謝謝。

Thank you, Richard, for the question. It’s another exciting partnership that we have going on that gives the company optionality. So, there is a segment of customers that are seeing the footprint is important in robotics, primarily in ASC. So TMINI does give us that optionality.

謝謝理查提出這個問題。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。因此，有一部分客戶認為足跡在機器人技術（主要是 ASC）中很重要。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 us that opportunity. 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.

有一部分客戶在處理機器人病例時更喜歡 CT 掃描功能，TMINI 為我們提供了這個機會。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. The data so far suggests that this is a meaningful opportunity. We’re going to be doing additional training next week in Dallas.

這種夥伴關係給了我們這種選擇權。迄今為止的數據表明，這是一個有意義的機會。下週我們將在達拉斯進行額外的培訓。

And again, we like the fact that we have the portfolio that we have, that gives optionality across the board. So good data so far, and we’ll continue to keep you updated on it.

再說一遍，我們喜歡這樣一個事實：我們擁有我們擁有的投資組合，它提供了全面的選擇性。到目前為止，數據非常好，我們將繼續為您提供最新資訊。

Thank you

謝謝

We’ll now take our next question from Jeff Johnson with Baird.

現在我們將回答 Jeff Johnson 和 Baird 提出的下一個問題。

Thank you. Good morning, guys. Maybe a two-parter here, if I could. Just one clarifying just on the selling days. Can you just remind us 3Q, 4Q and for 2025 versus 2024, what’s selling days look like? But more importantly, Ivan, maybe I think at your Analyst Day, you had just performed or surgeons at Mayo just performed maybe the first couple of cases using ROSA Shoulder.

謝謝。早安，夥計們。如果可以的話，也許這裡有兩個人。僅就銷售日進行澄清。您能否提醒我們第三季、第四季以及 2025 年和 2024 年的銷售日情況如何？但更重要的是，Ivan，也許我認為在您的分析師日，您剛剛進行了手術，或者梅奧的外科醫生剛剛進行了可能是使用 ROSA Shoulder 的前幾個病例。

Any more anecdotal updates from what you’re seeing on ROSA Shoulder from some of your surgeons? How many cases have been performed and what kind of early learnings are? Thank you.

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？已經進行了多少個案例以及什麼樣的早期學習？謝謝。

Hey Jeff. Good morning. It's Suky on selling days. In the quarter, it was about a day of a tailwind for the full year. It's not meaningful. 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.

嘿傑夫。早安.銷售日是蘇基。本季大約是全年順風順水的一天。這沒有意義。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. We said all along that it was going to be a limited market release. Beyond Mayo [ph], we are now in more institutions.

然後Jeff，關於ROSA Shoulder，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。我們一直說這將是有限的市場發布。除了梅奧[ph]之外，我們現在還在更多的機構中。

And the feedback in terms of the opportunity continues to be strong. This is a product that we believe can change the standard of care in Shoulder Arthroplasty. The robot has offered the optionality of doing anatomic or reversed shoulder cases.

關於機會的回饋仍然很強烈。我們相信該產品可以改變肩關節置換術的護理標準。該機器人提供了進行解剖或反向肩部手術的選項。

It is extremely accurate. You can do surgeries impacting the glenoid, remind [ph] glenoid, you can get into a complex human resection. It is efficient.

它非常準確。您可以進行影響關節盂的手術，提醒[ph]關節盂，您可以進行複雜的人體切除手術。它是有效的。

Some of the early feedback is that you can cut your operating time meaningfully. So, one of the claims will be faster surgeries with more accuracy that also equals faster recovery times and its part of the CV shoulder ecosystem.

一些早期回饋是您可以有意義地縮短操作時間。因此，其中一項主張是手術速度更快、準確性更高，這也意味著更快的恢復時間及其成為 CV 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. So again, first to the world technology, we knew we're going to take our time. But so far, we like what we see, and we'll continue to keep you informed in terms of this launch. Thanks.

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。再說一次，首先是世界技術，我們知道我們要慢慢來。但到目前為止，我們對所看到的結果感到滿意，我們將繼續向您通報此次發布的情況。謝謝。

Thank you.

謝謝。

Our next question comes from Caitlin Cronin with Canaccord.

我們的下一個問題來自 Canaccord 的 Caitlin Cronin。

Hi. Thank you for taking the questions. Yes, I'd like to focus a bit on pricing. I think it was positive again this quarter. Could you provide some more color on what you're seeing in the U.S.? And also, the change in the full-year expectations for pricing.

你好。感謝您提出問題。是的，我想稍微關註一下定價。我認為本季再次表現積極。您能否提供更多關於您在美國看到的情況的資訊？此外，全年定價預期的變動。

Yes. Hey Caitlin, it's Suky. You know the third quarter marks the third consecutive quarter where we've actually had positive pricing at the consolidated level across the entire company. Inside of that, the U.S. was down modestly, but still well better than the historic average. Asia Pacific was up slightly, and we saw good continued strong performance in EMEA. There's really three factors there.

是的。嘿凱特琳，我是蘇琪。您知道，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。其中，美國略有下降，但仍遠優於歷史平均。亞太地區小幅上漲，歐洲、中東和非洲地區的表現持續強勁。這其實有三個因素。

First is around market. We just think structurally the market is in a better spot relative to pricing. One, the value of our products and solutions is being rewarded by the marketplace. And two, we're seeing, I think, relatively rational behavior across the larger Medtech segment.

首先是圍繞市場。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。第一，我們的產品和解決方案的價值正在得到市場的回報。第二，我認為，我們在更大的醫療科技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. And so, we're seeing better performance because of that. And then third, we're seeing some opportunistic price taking in certain areas where we see the opportunity and the advantage.

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。因此，我們看到了更好的性能。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. We do think we'll be at least flat, probably positive for the full year, whether that's sustainable or not.

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。我們確實認為全年業績至少會持平，甚至可能呈現正值，無論這是否可持續。

We think a lot of those variables I talked through are sustainable. Others will just have to wait and see. Our planning assumption throughout the LRP is that we'll be at about 100 basis points of pricing erosion. So, this year is a good starting point, and hopefully we can beat that long-term look.

我們認為我談到的許多變數都是可持續的。其他人只能拭目以待。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。所以，今年是一個很好的起點，希望我們能超越長期的展望。

Thanks.

謝謝。

We’ll take our next question from Mike Matson with Needham & Company.

我們將接受 Needham & Company 的 Mike Matson 提出的下一個問題。

Yes. Thanks for taking my questions. I guess I just want to ask one on China. Some of your competitors talked about continued pressures over there from the volume-based purchasing. Are you – what sort of impact are you seeing there, I guess? Thanks.

是的。感謝您回答我的問題。我想我只是想問一個關於中國的問題。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。我猜你在那裡看到了什麼樣的影響？謝謝。

Thanks Mike. So, starting with the data point, China is around 2% to 3% of global sales for Zimmer Biomet. We've been monitoring the situation in China for the last four years. We understand fully the impact of volume-based procurement.

謝謝邁克。因此，從數據點開始，中國約佔 Zimmer Biomet 全球銷售額的 2% 至 3%。過去四年來我們一直在關注中國的局勢。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. 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.

我們擁有適當的投資水準和適當的回報水準。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. So, staying very close to the situation. We don't have a large capital footprint like some of the other metric companies have reported. So, we don't depend on capital sales there.

事實上我自己下周也要去中國。因此，要密切注意實際情況。我們沒有像其他一些計量公司報告的那樣擁有大量資本。因此，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. Thanks for the question.

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。謝謝你的提問。

We’ll take our next question from Shagun Singh with RBC Capital Markets.

我們將回答 RBC 資本市場 Shagun Singh 提出的下一個問題。

Great. Thank you so much. I had two quick follow-ups. On M&A, you did note that you don't need to do large deals to maintain that mid-single-digit growth out outlook. And I was wondering how you think about diversification and pushing that top line beyond the mid-single-digit growth longer term?

偉大的。太感謝了。我進行了兩次快速跟進。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。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 in 2025. 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. And then you also called out ROSA Shoulder that it would be a meaningful contributor. So, if you can just help us bridge that, that would be helpful. Thank you for taking the question.

然後是 2025 年的後續行動。的實施，更容易獲得一些銷售損失。因此，如果您能幫助我們解決這個問題，那就會很有幫助。感謝您提出問題。

Thanks, Shagun and great to hear from you. Let me make the second question answer very succinct. We're not going to get into any of that. We'll get into it in early 2025. We'll talk about revenue. We'll talk about margins. We'll provide some color on pacing and whatnot.

謝謝，Shagun，很高興收到你的來信。讓我非常簡潔地回答第二個問題。我們不會涉及任何這些。我們將在 2025 年初討論這個問題。我們將討論利潤率。我們將在節奏等方面提供一些顏色。

So today, the only thing I'd say – the only thing we'll say about 25% is that we're excited. We're excited about the innovation – we're excited about how we closed the ERP challenge in 2024. And again, we'll talk about; 2025 when you start to talk about 2025.

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。我們對創新感到興奮 – 我們對如何在 2024 年解決 ERP 挑戰感到興奮。 2025 年，當你開始談論 2025 年。

On your first question on M&A, what I said is, we do not need to do it. But certainly, we like to do it. And we got the optionality from a balance sheet standpoint to do it.

關於你提到的第一個問題，我說的是，我們不需要這樣做。但當然，我們喜歡這麼做。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 Vanguard 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先鋒集團加權平均市場成長率從目前約 4% 提高到 5%。

And clearly, the organic pipeline is going to get us there. Launching all these products instead that I mentioned, but we do need to do something inorganically. And we're going to continue to assess those opportunities when they do make sense strategically and financially, we'll act on those. Thanks, Shagun.

顯然，有機管道將幫助我們實現這一目標。推出我提到的所有這些產品，但我們確實需要做一些無機的事情。我們將繼續評估這些機會，當它們在策略和財務上確實有意義時，我們將採取行動。謝謝，沙貢。

Thank you.

謝謝。

I believe that is the last question.

我相信這是最後一個問題。

Do you have any more questions?

您還有其他問題嗎？

Operator?

操作員？

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. 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, the resilience has been quite a quarter with the ERP challenge. So, I'm really grateful to all of you.

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。因此，在感激的方面，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通話，感謝他們在 ERP 挑戰中的四分之一。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. Frankly, that's the share war 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.

我對我們在本季為減輕 ERP 挑戰的影響所做的工作感到自豪。坦白說，這就是股份戰，以及這已經變成一個短期問題而不是可能對公司產生長期影響的問題所帶來的安慰。

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

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。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. Thank you very much.

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。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.

您現在可以斷開連接並度過愉快的一天。