Zimmer Biomet Holdings Inc (ZBH) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Zimmer Biomet first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Zimmer Biomet 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded today, May 05, 2025. Following today's presentation, there will be a question-and-answer session. (Operator Instructions) I would now like to turn the conference over to David DeMartino, Senior Vice President, Investor Relations. Please go ahead.

提醒一下，本次會議將於今天（2025 年 5 月 5 日）進行錄製。今天的演講結束後，將有一個問答環節。（操作員指示）現在，我想將會議交給投資者關係高級副總裁 David DeMartino。請繼續。

Thank you, operator. Good morning, everyone. Welcome to Zoomer Biomet's first quarter of 2025 earnings conference call.

謝謝您，接線生。大家早安。歡迎參加 Zoomer Biomet 2025 年第一季財報電話會議。

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

參加今天電話會議的還有我們的總裁兼執行長 Ivan Tornos 和我們的財務長兼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. For detailed discussion of all these risks and uncertainties, in addition to the inherent limitations of such forward-looking statements, please refer to our SEC filings.

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。有關所有這些風險和不確定性的詳細討論，以及此類前瞻性陳述的固有局限性，請參閱我們的 SEC 文件。

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。

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

此外，本次電話會議的討論將包括某些非公認會計準則財務指標，其中一些是前瞻性的非公認會計準則財務指標。我們第一季的收益報告中包含了這些指標與最直接可比較的 GAAP 財務指標的對帳以及計算這些指標的基礎的解釋，您可以在我們的網站 zimmerbiomet.com 上找到。

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

說完這些，我會把電話轉給伊凡。伊万？

Good morning, everyone, and thank you for joining today's call. I would like to start today the way that I always do, by taking a moment to recognize and to show my gratitude to the over 17,000 Zimmer Biomet team members, who move our business and mission forward every day. Thank you for your tireless work, your strong performance, and most importantly, thank you for your commitment to serving our customers and our patients.

大家早安，感謝大家參加今天的電話會議。今天，我想像往常一樣，首先花一點時間來認識並感謝 17,000 多名 Zimmer Biomet 團隊成員，是他們每天推動著我們的業務和使命向前發展。感謝您不懈的努力和出色表現，最重要的是，感謝您致力於為我們的客戶和患者服務。

As I always say, the Zimmer Biomet workforce and the culture that we have truly is one of our key competitive advantages. Through my prepared remarks this morning, I'm going to cover four things.

正如我常說的，Zimmer Biomet 的員工隊伍和我們的文化確實是我們的主要競爭優勢之一。透過今天上午的準備發言，我將談四件事。

First, the first quarter results of 2025. Secondly, our drivers of performance for '25 and beyond. Thirdly, the usual update on our three strategic priorities, and then I'll close with an update on the recently completed Paragon 28 acquisition. After this, Suki is going to cover our financials in more detail, and we'll make sure to leave plenty of time for questions at the end of the prepared remarks.

首先，2025年第一季業績。其次，我們25年及以後的業績驅動因素。第三，我會定期更新我們的三大策略重點，然後我會以最近完成的 Paragon 28 收購的最新進展作為結束。此後，Suki 將更詳細地介紹我們的財務狀況，我們將確保在準備好的演講結束時留出足夠的時間來回答問題。

To begin, we grew first quarter sales 2.3% constant currency, with standout results in US Hips, which were up nearly 4% and mid-single digit growth in S.E.T. This performance was against the backdrop of one less selling day in the quarter, which as we mentioned in the past represented a meaningful headwind. The US Hip performance highlights the opportunity with our Magnificent 7 product cycle, and the impact that these products will have in accelerating our position as the global leader in Hips and Knees.

首先，我們第一季的銷售額按固定匯率計算增長了 2.3%，其中美國 Hips 的業績尤為突出，增長了近 4%，S.E.T. 的銷售額也實現了中等個位數的增長。這一表現是在本季度銷售日減少一天的背景下出現的，正如我們過去提到的，這代表著一個重大的阻力。美國髖關節產品的表現凸顯了我們「七大產品週期」所帶來的機遇，以及這些產品對加速我們成為髖關節和膝關節領域全球領導者地位的影響。

Specifically in the US, the combination of Z1 or Triple-Taper Hip Stem for direct anterior procedures, HAMMR or surgical impactor, an OrthoGrid or AI driven surgical guidance system for total hip replacements has put us on the offensive once again. Notably, roughly half of Z1 users in the US are conversions from competitive accounts, a trend that we expect to continue.

具體來說，在美國，用於直接前路手術的 Z1 或三錐髖關節柄、HAMMR 或手術衝擊器、用於全髖關節置換的 OrthoGrid 或 AI 驅動的手術導引系統的組合使我們再次處於攻勢。值得注意的是，美國大約一半的 Z1 用戶都是從競爭帳戶轉換而來的，我們預期這一趨勢將會持續下去。

In US Knees, we expect Persona OsseoTi or Cementless Knee and the Oxford Partial Cementless Knee to drive accelerating growth throughout 2025. We have now passed 25% penetration with Cementless Knees in the US and expect that trend to accelerate now that we have performed widespread customer and sales rep training and have ample supply to drive increased penetration.

在美國膝關節領域，我們預計 Persona OsseoTi 或無骨水泥膝關節和 Oxford Partial Cementless Knee 將在 2025 年推動加速成長。目前，我們在美國非骨水泥膝關節的滲透率已超過 25%，並且預計這一趨勢將會加速，因為我們已經對客戶和銷售代表進行了廣泛的培訓，並且擁有充足的供應來推動滲透率的提高。

Similarly, the European launch of Persona Revision, the leading revision knee implant in the US should continue to gain traction throughout the year.

同樣，美國領先的膝關節置換植入物 Persona Revision 在歐洲的推出也有望在全年繼續獲得關注。

Looking at 2025, we are maintaining our full year organic constant currency revenue growth expectations of 3% to 5%, which excludes contribution from the Paragon 28 acquisition. We anticipate Paragon 28 to contribute 270 basis points to sales growth in 2025. We are updating our 2025 adjusted EPS guidance to $7.90 to $8.10 from the previous $8.15 to $8.35, which contemplates, first, the impact from tariffs being fully offset, primarily by the weakening of the US dollar, shifts in discretionary spending, and other operational strategies that our team is undertaking.

展望 2025 年，我們維持全年有機固定匯率營收成長 3% 至 5% 的預期，其中不包括 Paragon 28 收購的貢獻。我們預計 Paragon 28 將為 2025 年的銷售成長貢獻 270 個基點。我們將 2025 年調整後每股收益指引從先前的 8.15 美元至 8.35 美元更新至 7.90 美元至 8.10 美元，這首先考慮到關稅的影響被完全抵消，主要是由於美元走弱、可自由支配支出的轉變以及我們的團隊正在採取的其他營運策略。

And then secondly, modest dilution of less than 3% from the Paragon 28 acquisition as was previously mentioned. Suki is going to provide more detail on guidance in his prepared remarks.

其次，如前所述，Paragon 28 收購導致股權稀釋度適度下降，不到 3%。Suki 將在準備好的演講中提供更多有關指導的細節。

As we progress throughout 2025, our priorities have not changed. We're going to continue to over index on people and culture, operational excellence and innovation, and diversification.

隨著我們進入 2025 年，我們的優先事項沒有改變。我們將繼續高度重視人才與文化、卓越營運與創新以及多元化。

Firstly, in the priority of people and culture, we're going to continue to ensure that we have the right people in the right jobs. To that end, at the senior leadership level of the organization, we recently added two new leaders to take over the key functions of strategy, innovation, and business development, as well as communications.

首先，在人才和文化優先方面，我們將繼續確保將合適的人才放在合適的職位上。為此，在組織的高階領導層面，我們最近增加了兩位新領導，接管策略、創新和業務發展以及溝通等關鍵職能。

In addition to that, we have also hired new commercial leaders in key countries in Asia-Pacific, have made changes in US general management in key geographies, and have hired strong capabilities in pricing. As we move towards the end of the year, we plan to make additional changes in the US, knowing that we got to do better, ensuring that every territory is led by a strong player who is solely focused on driving Zimmer Biomet's performance in the assigned geography.

除此之外，我們還在亞太地區主要國家聘用了新的商業領導人，對美國主要地區的總經理進行了變動，並聘請了具有強大定價能力的人才。隨著年底的臨近，我們計劃在美國做出更多改變，因為我們知道我們必須做得更好，確保每個地區都由一位強大的參與者領導，該參與者只專注於推動 Zimmer Biomet 在指定地區的表現。

Secondly, in alignment with our strategic priority of operational excellence, we remain committed to elevating our performance in the very critical US market and, to that end, are making changes to optimize our US sales channel. We're going to continue to specialize our S.E.T - SET field team to ensure that we capitalizing on the high growth opportunity that this market represents, while bolstering our leadership position in the ASC through expanded product offerings and capabilities and are also meaningfully expanding all robotic platforms through innovation and committing additional commercial resources.

其次，為了與我們卓越營運的策略重點保持一致，我們將繼續致力於提升我們在關鍵的美國市場的業績，並為此做出改變以優化我們的美國銷售管道。我們將繼續專業化我們的 S.E.T - SET 現場團隊，以確保我們利用這個市場所代表的高成長機會，同時透過擴大產品供應和能力來鞏固我們在 ASC 中的領導地位，並且透過創新和投入額外的商業資源來擴展所有機器人平台。

As a reminder, all of these changes are contemplated within the giving guidance range for the year from both a revenue and EPS standpoint. In addition to driving sales growth, we continue to prioritize margin improvement, while also reducing inventory needs that way we can increase our free cash flow generation.

提醒一下，從收入和每股盈餘的角度來看，所有這些變化都包含在年度指導範圍內。除了推動銷售成長之外，我們還繼續優先提高利潤率，同時減少庫存需求，以增加自由現金流的產生。

We like what we are seeing when it comes to DOH, days on hand, and reduction that we've seen in DOH and expect to move from around 370 days today to a much lower number in the quarter years to come. As a reminder, our DOH number was north of 400 early in 2024.

我們對衛生部 (DOH) 的現狀、現有天數以及減少的情況感到滿意，並預計未來一個季度內，DOH 的天數將從目前的 370 天左右降至更低的數字。提醒一下，2024 年初，我們的衛生部數字已超過 400。

In our third priority of innovation and diversification, now that we have no gaps left in our core portfolio after the introduction of the Magnificent 7 products, we are now refocusing our innovation efforts in addressing unmet needs within musculoskeletal health and adjacent areas. Four key problems that we're going to solve for.

在我們的第三個優先事項——創新和多樣化中，自從 Magnificent 7 產品推出以來，我們的核心產品組合中已經沒有任何空白，我們現在重新將創新重點放在解決肌肉骨骼健康和鄰近領域中未滿足的需求上。我們要解決的四個關鍵問題。

Number one is, awareness. Less than 5% of patients address their osteoarthritis. To empower patients to seek treatment with executing a bold direct-to-patient program in partnership with our Chief Movement Officer, Arnold Schwarzenegger. During the first quarter of 2025, we launched our new You'll Be Back Campaign, and we continue to partner with key societies to educate patients around the world about joint replacement, while also expanding our digital marketing program in key geographies and territories.

第一是意識。不到 5% 的患者會解決自己的骨關節炎問題。透過與我們的首席運動官阿諾德施瓦辛格合作實施大膽的直接面向患者的計劃，使患者能夠尋求治療。2025 年第一季度，我們啟動了新的「你會回來」活動，並繼續與主要協會合作，向世界各地的患者普及關節置換知識，同時在主要地區和區域擴展我們的數位行銷計劃。

The second problem we're trying to solve is, safety. Periprosthetic Joint Infection or PJIs occur in roughly 1% to 2% of primary cases and around 4% to 5% or revision joint replacement procedures and can be devastating. As a matter of fact, mortality rates once you do get these PJIs, can be higher than some cancers. We're committed to addressing this unmet need through technology such as iodine-surface-treated implants to prevent bacterial colonization and biofilm formation.

我們要解決的第二個問題是安全。假體周圍關節感染或 PJI 發生在約 1% 至 2% 的原發性病例中，以及約 4% 至 5% 的關節置換修復手術中，並可能造成毀滅性後果。事實上，一旦感染這些 PJI，死亡率可能比某些癌症還要高。我們致力於透過碘表面處理植入物等技術來解決這項未滿足的需求，以防止細菌定植和生物膜形成。

Excited to be launching the first Iodine-Surface-Treated Hip Stem in Japan later this year, and at some point, it will come to the US, where the opportunity is pretty large. Beyond iodine-surface devices, we're investing in technology that aims to drive faster surgeries to reduce exposure to infection while in the operating room. Our one team acquisition executed late 2024 is an example of this strategy.

很高興今年稍晚能在日本推出第一款碘表面處理髖關節柄，在某個時候，它也會進入美國，那裡的機會相當大。除了碘表面設備之外，我們還在投資旨在加快手術速度的技術，以減少手術室內感染的風險。我們在 2024 年底實施的團隊收購就是這項策略的一個例子。

The third key area where we're going to focus our innovation efforts is around efficiency. One aim of our innovation engine is to lessen the burden of care for all key stakeholders. By capturing patient data with smart implants, making a CT scan an option for robotic implants with our platform ROSA, and by reducing surgical times through utilizing AI technologies such as OrthoGrid, we target to improve the quality of life for patients, reduce the cost of care for payers and providing doctors more time to perform other surgeries.

我們將重點放在創新的第三個關鍵領域是效率。我們的創新引擎的目標之一是減輕所有主要利害關係人的照護負擔。透過使用智慧植入物捕獲患者數據、使用我們的平台 ROSA 將 CT 掃描作為機器人植入物的選項、以及透過利用 OrthoGrid 等人工智慧技術縮短手術時間，我們的目標是提高患者的生活品質、降低支付者的護理成本並為醫生提供更多時間進行其他手術。

We believe we can be faster and smarter when it comes to the [episodic] treatment for the multiple patients that can benefit from our devices.

我們相信，對於能夠受益於我們設備的多位患者，我們可以更快、更聰明地進行[偶發性]治療。

The fourth key area where we are focusing in our innovation efforts is around outcomes. We strive to continually improve patient satisfaction. With the recent PMA approval of the Oxford Partial Cementless Knee, patients in the United States now have access to a Partial Knee backed by robust clinical data. Data on nearly 15,000 patients from the National Joint Registry for the UK demonstrated 93% survivorship at 10 years.

我們創新努力關注的第四個關鍵領域是成果。我們努力不斷提高患者滿意度。隨著牛津部分非骨水泥膝關節最近獲得 PMA 批准，美國患者現在可以使用有可靠臨床數據支持的部分膝關節。英國國家關節登記處對近 15,000 名患者的數據顯示，10 年存活率為 93%。

This is a statistically significant improvement over the 90% with cemented partial implants. We have now trained several 100 customers on Oxford Partial Cementless, and expect robust adoption as we exit 2025.

與 90% 的黏合局部植入物相比，這是一個具有統計意義的顯著改善。目前，我們已經對數百名客戶進行了 Oxford Partial Cementless 的培訓，預計到 2025 年，該技術將廣泛應用。

In addition to internally developed solutions, we will also look to address these needs through inorganic opportunities that fear strategic, financial, and risk return metrics. And we do remain committed to our aspiration of achieving a 5% WAMGR, Weighted Average Market Growth Rate environment by the end of 2027.

除了內部開發的解決方案外，我們還將尋求透過擔心策略、財務和風險回報指標的無機機會來滿足這些需求。我們始終致力於實現 2027 年底實現 5% 的 WAMGR（加權平均市場成長率）環境的願望。

As a reminder, today's WAMGR here at Zimmer Biomet is around 4% to 4.25%. We have built best-in-class integration capabilities at Zimmer Biomet and are ready to take on the right opportunities at the right time.

提醒一下，今天 Zimmer Biomet 的 WAMGR 約為 4% 至 4.25%。我們在 Zimmer Biomet 建立了一流的整合能力，並準備在正確的時間抓住正確的機會。

Speaking of successful integrations, I want to end today discussing the closing and integration of the Paragon 28 acquisition. As of April 21, Paragon 28 is now part of the Zimmer Biomet family, and we're very proud of this achievement. This successful integration of the acquisition has been and will continue to be a top priority, and I'm very happy to report that Paragon 28's Chairman and CEO, Albert DaCosta, as well as its entire Senior Commercial Leadership team, have now joined the Zimmer Biomet family.

說到成功的整合，今天我想最後討論一下 Paragon 28 收購的完成與整合。自 4 月 21 日起，Paragon 28 現已成為 Zimmer Biomet 家族的一部分，我們為這項成就感到非常自豪。此次收購的成功整合一直是並將繼續成為重中之重，我很高興地報告，Paragon 28 的董事長兼首席執行官 Albert DaCosta 及其整個高級商業領導團隊現已加入 Zimmer Biomet 大家庭。

Albert and the team have created a highly energetic entrepreneurial and committed culture, which we intend to preserve here at Zimmer Biomet. I could not be more excited to have the Paragon 28 team onboard. I love what they bring to ZB, and I look forward to the ongoing journey.

阿爾伯特和他的團隊創造了一種充滿活力的創業精神和奉獻精神，我們打算在 Zimmer Biomet 中保留這種文化。我非常高興 Paragon 28 團隊能夠加入我們。我喜歡他們為 ZB 帶來的一切，並期待接下來的旅程。

In addition to adding the senior leadership of Paragon 28, the entire US sales channel of Paragon 28 has now signed up for the Zimmer Biomet journey, creating minimal disruption to the success that they have achieved over so many years.

除了增加 Paragon 28 的高層領導之外，Paragon 28 的整個美國銷售管道現已加入 Zimmer Biomet 的行列，這對他們多年來取得的成功影響最小。

In conclusion, we are very proud of the progress in our organization, and we look forward to continuing to execute and build momentum as we move through the year. 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 alleviating pain and improving the quality of life for people around the world.

總而言之，我們對組織的進步感到非常自豪，並期待在未來的一年裡繼續執行並累積動力。我很高興我們能夠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實踐 Zimmer Biomet 的使命，即減輕世界各地人們的痛苦並改善他們的生活品質。

And with that, I'll now turn the call over to Suki. Thank you very much.

現在，我將把電話交給 Suki。非常感謝。

Thanks, and good morning, everyone. As Ivan mentioned, we closed a solid quarter that demonstrated the early impact of our new product cycle. Despite the selling day headwind, we grew sales 2.3% on a constant currency basis, delivered adjusted earnings per share of $1.81, and generated $279 million in free cash flow.

謝謝，大家早安。正如伊凡所提到的，我們結束了一個穩健的季度，展示了我們新產品週期的早期影響。儘管銷售日面臨阻力，但以固定匯率計算，我們的銷售額仍成長了 2.3%，調整後每股收益為 1.81 美元，並產生了 2.79 億美元的自由現金流。

Looking at this quarter's results, unless otherwise noted, my statements will be about the first quarter of 2025 and how it compares to the same period in 2024, and my commentary will be on a constant currency and adjusted operating basis. 2025 organic constant currency guidance commentary will exclude any projected impact of the recently closed Paragon 28 acquisition.

縱觀本季的業績，除非另有說明，我的陳述將涉及 2025 年第一季以及與 2024 年同期的比較情況，並且我的評論將基於固定匯率和調整後的營運基礎。 2025 年有機恆定貨幣指導評論將排除最近完成的 Paragon 28 收購的任何預期影響。

Net sales were $1.909 million, an increase of 1.1% on a reported basis and 2.3% excluding the impact of foreign currency. Consolidated pricing was 10 basis points positive, marking the fifth consecutive quarter of positive pricing. Our US business grew 1.3%, driven by nearly 4% growth in both Hips and S.E.T.

淨銷售額為 190.9 萬美元，以報告基礎計算成長 1.1%，不包括外匯影響則成長 2.3%。合併定價為正 10 個基點，這是連續第五個季度出現正定價。我們的美國業務成長了 1.3%，這得益於 Hips 和 S.E.T. 均成長了近 4%。

As Ivan mentioned, we continue to make changes to bolster our US performance. This includes new leadership in key geographies, sales rep specialization, expanding our ASC offerings, and committing additional commercial resources in robotics. Internationally, we grew 3.7%, driven by mid-single digit growth in Knees and high-single digit growth in S.E.T.

正如伊凡所提到的，我們不斷做出改變以增強我們在美國市場的表現。這包括在主要地區任命新領導、銷售代表專業化、擴大我們的 ASC 產品範圍以及在機器人領域投入更多商業資源。在國際上，我們成長了 3.7%，這得益於 Knees 的中等個位數成長和 S.E.T. 的高個位數成長。

Our S.E.T. business continues to outpace Knees and Hips, and with the closing of the Paragon 28 transaction, it will now be larger than our Hips business. This aligns with our strategy of diversifying into faster growth markets. Global Hips grew 2.4%, with the US growing 3.7% and International growing 1%. We are particularly pleased with the US results given the selling day headwind.

我們的 S.E.T.業務繼續超過膝蓋和臀部業務，隨著 Paragon 28 交易的完成，它的規模將超過我們的臀部業務。這符合我們向更快成長的市場多元化發展的策略。全球髖關節數量增加 2.4%，其中美國成長 3.7%，國際成長 1%。考慮到銷售日的不利因素，我們對美國的業績感到特別滿意。

As Ivan mentioned, our US performance was driven by the combination of Z1, HAMMR and OrthoGrid. The Z1 launch has exceeded our expectations, and we have seen rapid uptake from both existing customers and competitive accounts. Global Knees grew 1.9% in the quarter with US growing 0.2% and International growing 4.2%. We continue to anticipate an acceleration in US Knees throughout 2025, driven by increased penetration of our Persona OsseoTi Cementless Knee and the full launch of our Oxford Partial Cementless Knee.

正如 Ivan 所提到的，我們在美國的表現是由 Z1、HAMMR 和 OrthoGrid 的結合所推動的。Z1 的推出超出了我們的預期，我們看到現有客戶和競爭對手都迅速採用了該技術。本季全球膝關節市場成長 1.9%，其中美國市場成長 0.2%，國際市場成長 4.2%。我們預計，隨著 Persona OsseoTi 非骨水泥膝關節的普及以及 Oxford 部分非骨水泥膝關節的全面推出，2025 年美國膝關節市場將繼續加速成長。

Next, our S.E.T segment grew by 4.9%, led by CMFT and Sports growing in the low-teens and high-single digits, respectively. This marks the sixth consecutive quarter of at least mid-single digit growth in S.E.T., a trend we expect to continue. Finally, Technology & Data, Bone Cement and Surgical declined 3.5% due to tough comps from the prior year and a mix shift towards ROSA volume-based placements versus outright sales.

其次，我們的 S.E.T 部門成長了 4.9%，其中 CMFT 和體育部門分別實現了低十位數和高個位數的成長。這標誌著 S.E.T. 連續第六個季度實現至少中等個位數成長，我們預計這一趨勢將會持續下去。最後，技術與數據、骨水泥和外科手術下降了 3.5%，原因是與前一年相比業績不佳，且產品組合轉向基於 ROSA 數量的投放而非直接銷售。

Turning to our P&L. We reported GAAP diluted earnings per share of $0.91 compared to GAAP diluted earnings per share of $0.84 in the prior year. This increase was driven by higher sales and lower restructuring charges.

轉向我們的損益表。我們報告的 GAAP 稀釋每股收益為 0.91 美元，去年同期的 GAAP 稀釋每股收益為 0.84 美元。這一增長是由銷售額增加和重組費用降低所推動的。

On an adjusted basis, we delivered diluted earnings per share of $1.81 compared to $1.94 in the prior year. As previously guided, earnings were down due to higher COGS capitalization from 2024, higher upfront investments for new product introductions, higher interest expense, and an FX headwind of about $0.03.

經過調整後，我們的每股攤薄收益為 1.81 美元，而去年同期為 1.94 美元。如同先前的指引，收益下降是由於 2024 年起的 COGS 資本化增加、新產品推出的前期投資增加、利息支出增加以及約 0.03 美元的外匯逆風。

Adjusted gross margin was 71.5% and adjusted operating margin was 26.2%, both lower than the prior year, but in line with expectation. Adjusted net interest and non-operating expenses were $59 million, above the prior year, driven by higher debt and higher interest rates on refinance debt that matured in 2024.

調整後毛利率為71.5%，調整後營業利益率為26.2%，均低於上年，但符合預期。調整後的淨利息和非營業支出為 5,900 萬美元，高於上年，原因是債務增加以及 2024 年到期的再融資債務利率上升。

Our adjusted tax rate was 18.2% and fully diluted shares outstanding were $199.7 million, down year-over-year due to the share repurchases, of which we executed another $230 million during the quarter.

我們的調整後稅率為 18.2%，完全稀釋流通股為 1.997 億美元，由於股票回購而同比下降，其中我們在本季度又執行了 2.3 億美元的股票回購。

Turning to cash and liquidity. We had another strong quarter of cash generation with operating cash flows of $383 million and free cash flow of $279 million, representing robust growth versus the prior year. Our working capital initiatives targeted towards inventory reduction continue to pay off, as we reduced days on hand by almost 47 days compared to Q1 2024, ending at approximately 370 days of inventory on hand.

轉向現金和流動性。我們又度過了一個現金產生能力強勁的季度，經營現金流為 3.83 億美元，自由現金流為 2.79 億美元，與去年相比成長強勁。我們旨在減少庫存的營運資本措施繼續取得成效，與 2024 年第一季相比，我們的庫存天數減少了近 47 天，最終庫存天數約為 370 天。

We ended the quarter with approximately $1.4 billion of cash and cash equivalents, which includes the proceeds from debt issuance to support the acquisition of Paragon 28.

截至本季末，我們擁有約 14 億美元的現金和現金等價物，其中包括為支持收購 Paragon 28 而發行的債務所得。

Regarding our outlook for 2025, there are a number of moving parts that impact our guidance. First, at recent rates, FX is now expected to be a tailwind to our full year outlook. Additionally, we incorporate our initial estimate on the negative impact of global tariffs, as well as the closing of the Paragon 28 transaction into our guidance. When accounting for these changes, we now expect 2025 reported sales growth of 5.7% to 8.2%, EPS of $7.90 to $8.10, and free cash flow of $750 million to $850 million.

關於我們對 2025 年的展望，有許多因素會影響我們的指導。首先，按照最近的匯率，外匯現在預計將成為我們全年展望的順風。此外，我們將對全球關稅負面影響的初步估計以及 Paragon 28 交易的結束納入我們的指導範圍。考慮到這些變化，我們現在預計 2025 年銷售額成長率為 5.7% 至 8.2%，每股收益為 7.90 美元至 8.10 美元，自由現金流為 7.5 億至 8.5 億美元。

On revenue, we are reiterating our 2025 organic constant currency revenue growth of 3% to 5%. Inside of this, we expect average selling prices to be roughly flat for the full year and selling day differences to be a modest headwind to growth.

在營收方面，我們重申 2025 年有機固定匯率營收成長率為 3% 至 5%。其中，我們預計全年平均售價將基本持平，而銷售日差異將對成長產生適度阻力。

With the recent weakening of the dollar at current rates, we anticipate FX to be flat to a 50 basis point tailwind in 2025, an improvement from our prior guide. On Paragon 28, we anticipate the acquisition to contribute about 270 basis points to growth in 2025, resulting in consolidated reported revenue growth expectations of 5.7% to 8.2%.

隨著美元近期按當前匯率走弱，我們預計 2025 年外匯匯率將持平至 50 個基點的順風，比我們先前的指引有所改善。對於 Paragon 28，我們預計此次收購將為 2025 年的成長貢獻約 270 個基點，從而使合併報告收入成長預期達到 5.7% 至 8.2%。

Regarding the cadence of expected revenue results, we continue to anticipate that second half organic constant currency growth will be higher than the first half due to more favorable comps related to the 2024 ERP challenges, new product uptake, and no selling day impact.

關於預期收入結果的節奏，我們繼續預計，由於與 2024 年 ERP 挑戰、新產品的採用以及沒有銷售日影響相關的更有利的比較，下半年有機固定貨幣增長將高於上半年。

We expect second quarter organic constant currency growth to be slightly higher than the first quarter constant currency growth, which incorporates tougher year-over-year comps, the shift of orders from the second quarter into the second half in certain emerging markets inside of EMEA, and continued optimization of the US channel.

我們預計第二季有機固定匯率成長率將略高於第一季固定匯率成長率，其中包括更嚴峻的年比情勢、歐洲、中東和非洲地區某些新興市場的訂單從第二季轉移到下半年，以及美國通路的持續優化。

Now, addressing tariffs. Let's just say that the situation remains fluid. Based on current administration proposals, we anticipate a $60 million to $80 million headwind to operating profit in 2025, with the majority of the impact in the second half of the year. This estimate contemplates our latest view of mitigation efforts currently underway and that the announced European reciprocal tariffs will go into effect after the 90-day stay period.

現在來討論關稅問題。我們只能說情況仍然不穩定。根據目前政府的提議，我們預計 2025 年營業利潤將遭受 6,000 萬至 8,000 萬美元的不利影響，其中大部分影響將出現在下半年。這項估計考慮了我們對目前正在進行的緩解措施的最新看法，並且宣布的歐洲互惠關稅將在 90 天的停留期後生效。

I will note that our 2025 impact should not be used as a run rate for 2026 due to a variety of factors, and that our estimate around the impact of tariffs in 2025 could change as the macro environment continues to unfold.

我要指出的是，由於多種因素，我們對 2025 年的影響不應作為 2026 年的運行率，隨著宏觀環境的不斷發展，我們對 2025 年關稅影響的估計可能會發生變化。

Given tariffs and the Paragon 28 acquisition, we now anticipate full year adjusted operating margins to be down approximately 100 basis points to 150 basis points versus 2024, with second half adjusted operating margins up slightly from the first half and the fourth quarter still having the highest adjusted operating margin.

考慮到關稅和 Paragon 28 收購，我們現在預計全年調整後的營業利潤率將比 2024 年下降約 100 個基點至 150 個基點，下半年調整後的營業利潤率將略高於上半年，而第四季度仍擁有最高的調整後營業利潤率。

Adjusted net interest and other non-operating expenses are expected to be approximately $305 million, reflecting borrowings for the Paragon 28 acquisition and higher interest rates on refinance debt. We continue to expect our adjusted tax rate to be approximately 18% for the full year and fully diluted shares outstanding to be approximately $200 million.

調整後的淨利息和其他非營業支出預計約為 3.05 億美元，反映了收購 Paragon 28 的借款和再融資債務的更高利率。我們繼續預期全年調整後的稅率約為 18%，完全稀釋的流通股數約為 2 億美元。

We project the 2025 tariff headwind to be offset primarily by a combination of the weakening US dollar and corresponding FX tailwind, a decrease in discretionary spending, and other operational strategies. Given these dynamics and factoring in the dilution from the Paragon 28 acquisition, which is in line with our original expectations, our fully diluted adjusted earnings per share is expected to be $7.90 to $8.10.

我們預計，2025 年關稅逆風將主要被美元走弱和相應的外匯順風、可自由支配支出的減少以及其他營運策略等因素所抵消。考慮到這些動態並考慮到 Paragon 28 收購帶來的稀釋（這符合我們最初的預期），我們預計完全稀釋調整後每股收益為 7.90 美元至 8.10 美元。

We now anticipate 2025 free cash flow of $750 million to $850 million, down from $1.1 billion to $1.2 billion due to tariff-related headwinds and one-time costs associated with the recently closed Paragon 28 acquisition. This reduction in free cash flow is projected to be roughly 50-50 between tariffs and the closing of the Paragon 28 deal. And again, the Paragon 28 impact should be one-time in nature.

我們現在預計 2025 年自由現金流為 7.5 億美元至 8.5 億美元，低於 11 億美元至 12 億美元，原因是關稅相關的不利因素以及最近完成的 Paragon 28 收購相關的一次性成本。預計自由現金流的減少將在關稅和 Paragon 28 交易完成之間大約各佔一半。再次強調，Paragon 28 的影響應該是一次性的。

I would like to close by thanking the entire ZB team for their continued hard work and dedication. We continue to make meaningful positive changes across the business and continue to invest to accelerate long term growth while navigating an uncertain environment.

最後，我要感謝整個 ZB 團隊的持續努力和奉獻。我們將繼續在整個業務範圍內做出有意義的積極改變，並在應對不確定的環境的同時繼續投資以加速長期成長。

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

說完這些，我就把電話轉回給大衛。

Thank you, Suketu. Operator, let's open it up for questions. In order for us to take as many questions as possible, please limit yourself to one question.

謝謝你，蘇克圖。接線員，讓我們開始提問吧。為了讓我們盡可能回答問題，請將問題限制為一個。

Operator, please go ahead.

接線員，請繼續。

Robert Marcus, JPMorgan.

摩根大通的羅伯特馬庫斯。

Great. Good morning, and congrats on the good quarter. I want to start on the topic du jour of tariffs. I would say that's a much smaller impact than most were expecting on EPS. So maybe, Suki, if you don't mind walking through what the mitigation efforts are? How you're offsetting the tariff headwind?

偉大的。早安，恭喜本季取得良好業績。我想開始討論當前的關稅話題。我想說的是，這對每股盈餘的影響比大多數人預期的要小得多。那麼，Suki，如果你不介意的話，可以介紹一下緩解措施是什麼嗎？您如何抵消關稅不利影響？

And you made the comment about the 2025 run rate is not a good exit trajectory to calculate '26 tariffs. Maybe you could just expand on that and help us understand what the right run rate is. Thanks a lot.

您評論說 2025 年的運行率並不是計算 26 年關稅的良好退出軌跡。也許您可以進一步闡述這一點並幫助我們了解正確的運行率。多謝。

Yeah. Good morning, Robbie. Thanks for the question. Yes. It is the topic du jour, isn't it, this season. I would say that we -- first of all, going back to some of our earlier comments from the beginning of the year, recall that the majority of our production and manufacturing is actually done in the United States. That's been the case for quite some time for Zimmer Biomet. So that overall lowers our exposure some bit.

是的。早上好，羅比。謝謝你的提問。是的。這不是本季的熱門話題嗎？我想說的是，首先，回顧我們今年年初的一些評論，我們大部分的生產和製造實際上是在美國完成的。對於 Zimmer Biomet 來說，這種情況已經持續了相當長一段時間了。因此，這總體上降低了我們的曝光度。

But we have already taken some early steps to mitigate the impact of tariffs, a couple of the big ones are optimizing in our view of country of origin as well as transfer pricing. Secondly, we've made adjustments to our sourcing through our dual sourcing and redundant sourcing where it makes sense. And then thirdly, we've moderated some of our discretionary spend in areas that don't really impact near-term or long-term revenue growth.

但我們已經採取了一些早期措施來減輕關稅的影響，其中一些重大措施正在從原產國和轉讓定價的角度進行優化。其次，我們透過雙重採購和冗餘採購對我們的採購進行了合理的調整。第三，我們減少了一些對短期或長期收入成長沒有太大影響的可自由支配的支出。

So those are some of the levers that we're pulling to overall lower our impact. As we said in our scripted remarks, we expect that to be the impact of tariffs this year to be somewhere between $60 million to $80 million. The impact in Q2 is going to be quite small, less than $5 million over a little over half of the impact will be in Q4. So I think that gives you a good view into the cadence of how tariffs are expected to impact gross margin and operating margins, and overall profit for this year.

這些就是我們為降低整體影響所採取的一些措施。正如我們在事先準備好的演講中所說，我們預計今年關稅的影響將在 6000 萬美元至 8000 萬美元之間。第二季的影響將會非常小，不到 500 萬美元，而且一半多一點的影響將發生在第四季。因此，我認為這可以讓您很好地了解關稅預計將如何影響今年的毛利率、營業利潤率和整體利潤。

As we move into 2026, I'd say, it's difficult to predict exactly where tariffs will end up. There are a lot of moving parts. As you know, the impact on our COGS gets capitalized and will roll into future periods through inventory, so that's a potential headwind.

我想說，隨著我們進入 2026 年，很難準確預測關稅最終會達到什麼水準。有很多活動部件。如您所知，對我們的 COGS 的影響將被資本化，並將透過庫存延續到未來期間，因此這是一個潛在的阻力。

Other headwinds could be, you obviously have the annualization next year, full year of tariffs versus a partial year this year. And then, we're also assuming that the 90-day staying period expires in early July, which would be a headwind into next year because we wouldn't have that 90-day pause.

其他不利因素可能是，明年顯然要實現年度化，即全年關稅，而今年則只是部分年度的關稅。然後，我們還假設 90 天的停留期將於 7 月初到期，這將對明年造成不利影響，因為我們將沒有 90 天的暫停期。

There are some tailwinds, however, as we think about 2026. The first being is, we're going to continue to look at potential sourcing changes to continue to lower that overall number. Potentially some portfolio optimization, exchanging portfolio opportunities across Knee, Hip, and S.E.T, where it makes sense.

然而，當我們展望2026年時，還是有一些順風的。首先，我們將繼續研究潛在的採購變化，以繼續降低總體數字。可能進行一些投資組合優化，在有意義的情況下在膝蓋、髖關節和 S.E.T 之間交換投資組合機會。

And then, of course, we're going to always, as we've done look at potential discretionary savings -- on discretionary spending savings, I should say to help offset tariffs. So while '26 is still a moving target, overall, you could expect it to be higher because of those tailwinds than what we're seeing in '25.

然後，當然，我們將始終關注潛在的可自由支配的儲蓄——可自由支配的支出儲蓄，我應該說這是為了幫助抵消關稅。因此，儘管 26 年仍然是一個移動的目標，但總體而言，由於這些順風因素，你可以預期它會比 25 年更高。

But I will say I'm very, very happy with how the team has reacted, even before the tariffs put in place to start the plan to get us in position to optimize things. So overall, we do see it as a manageable headwind to this year. And as you'll see from our guidance, excluding the impact of Paragon 28, which is right in line with expectation, we are fully offsetting the tariff impact.

但我要說的是，我對團隊的反應非常非常滿意，甚至在關稅實施之前，我們就已經開始製定計劃來優化局面。因此總體而言，我們確實認為這是今年可控的阻力。正如您從我們的指導中看到的，排除 Paragon 28 的影響（這完全符合預期），我們完全抵消了關稅的影響。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Good morning, and thank you for taking the question. I'm struggling a little bit to put some of the moving parts together in the quarter and the outlook. Certainly appreciate that Q1 matched your expectation was very consistent with what you presented in February. But the absolute level of growth is still below what we saw last year, pretty much in most of the quarters before ERP disruption.

早上好，感謝您回答這個問題。我正在努力將本季和前景中的一些變動因素整合在一起。當然，很高興看到 Q1 符合您的預期，這與您在二月提出的情況非常一致。但絕對成長水平仍然低於去年的水平，幾乎在 ERP 中斷之前的大多數季度中都是如此。

At the same time, you're highlighting the positive impact of new products powered by what appears to be performance related commercial leadership changes. But how long should it take to digest all these variables? And what are you seeing specifically today that you can exit the year above 5% growth to get to the midpoint of the guidance you're issuing for organic revenue?

同時，您也強調了新產品的正面影響，而這些影響似乎源自於與績效相關的商業領導層變動。但消化所有這些變數需要多長時間？您今天看到的具體情況是什麼，使得今年能夠實現 5% 以上的成長，達到您發布的有機收入指導的中點？

David, thanks for the question, and good morning. So let's maybe unpack this part by part or piece by piece. I'll start, and Suki, by all means, feel free to add. So starting with Q1, if you add to Q1 the 2.3% constant currency, if you add the impact of the one day less in Q1 of '25 versus '24, that number is between 3.5% to 4%, so close to that midline or a mid-single digit growth commitment.

大衛，謝謝你的提問，早安。因此，讓我們逐一部分或逐一解開這個問題。我先開始，Suki，請隨意添加。因此，從第一季開始，如果在第一季加上 2.3% 的固定匯率，如果加上 25 年第一季相對於 24 年少一天的影響，這個數字就在 3.5% 到 4% 之間，因此接近中線或中等個位數的成長承諾。

Q2, we do have some timing events in EMEA, Europe, Middle East and Africa, that some orders that are getting that later in the year. We do have the most difficult comp versus Q2 of 2024. So recall that Q2 of 2024, we grew 5.6% ex-FX near 6%, and we do have still some new products that are not in full launch mode.

Q2，我們確實在歐洲、中東和非洲 (EMEA)、歐洲、中東和非洲 (EMEA) 有一些時間安排活動，一些訂單將在今年稍後獲得。與 2024 年第二季相比，我們確實面臨最困難的局面。回想一下，2024 年第二季度，我們的成長率為 5.6%，扣除匯率因素，接近 6%，而且我們確實還有一些新產品尚未全面推出。

The second half of 2025 is mid-single digit growth based on comps, to your point on the ERP [debacle] that we had in '24, and just a lot of new products happening in the second half. We're going to see Oxford Partial Cementless here in the US at full speed. We got Persona Revision in Europe at full speed. We got many launches happening in the S.E.T. category in the second half.

根據您所說 2024 年 ERP 失敗的情況，2025 年下半年將實現中等個位數成長，下半年將推出大量新產品。我們將在美國看到牛津部分無骨水泥假牙的全速發展。我們在歐洲全速完成了 Persona 修訂。我們在 S.E.T. 進行過多次發射。下半年的類別。

And we do have Persona OsseoTi at that point, probably close to 30% penetration in the US. So it's a lot happening in the second half of 2025 when it comes to new products. And we feel extremely confident that those new product introductions are going to materialize.

目前我們確實有 Persona OsseoTi，在美國的普及率可能接近 30%。因此，2025 年下半年將會出現許多新產品。我們非常有信心這些新產品的推出將會實現。

We're tracking the number of product trainings that we do. We are weekly tracking supply chain dynamics, making sure we have the right amount of sets in the market. We're tracking our contracting capabilities, making sure that these new product introductions are going to happen.

我們正在追蹤我們進行的產品培訓的數量。我們每週都會追蹤供應鏈動態，確保市場上有適量的套裝。我們正在追蹤我們的承包能力，確保這些新產品的推出。

So again, net-net, we are extremely confident that new product execution, new product launch execution is going to materialize. So when you look at that and again, in the backdrop of easier comps, we feel very confident that our current guidance of 0.5% is going to get executed upon. Hopefully, a quarter from now, we're talking about a higher commitment in terms of where we fall within that guidance. Suki, anything to add?

所以，總的來說，我們非常有信心新產品的執行、新產品的發布將會實現。因此，當您再次看到這一點時，在更容易比較的背景下，我們非常有信心我們目前的 0.5% 的指導將會得到執行。希望從現在起的一個季度，我們能夠就我們在該指導範圍內所處的位置做出更高的承諾。Suki，還有什麼要補充的嗎？

I think that's well summarized.

我認為總結得很好。

Thanks David.

謝謝大衛。

Christopher Pasquale, Nephron.

克里斯多福‧帕斯誇萊（Christopher Pasquale），《Nephron》。

Thanks. Ivan, you highlighted a nice performance in US Hips, which was certainly encouraging. Just wanted to clarify, when you say that 50% of Z1 users today have been competitive accounts, are those true new to Zimmer surgeons or does that include surgeons who were maybe already customers on the Knees side?

謝謝。伊万，你在美國臀部節目中表現出色，這確實令人鼓舞。只是想澄清一下，當您說今天 50% 的 Z1 用戶都是競爭對手時，這些人是 Zimmer 外科醫生的新客戶嗎？還是包括可能已經是 Knees 方面的客戶的外科醫生？

And then just to put a finer point on that second half growth driver list you just ran through, should we expect to see the impact from new products on the Knees side start to come through as soon as third quarter, or is it going to be later than that? Thanks.

然後，為了更詳細地介紹您剛剛列出的下半年成長動力，我們是否應該預期看到新產品對膝蓋方面的影響最早在第三季開始顯現，還是會晚於此？謝謝。

Thanks, Chris. I'll start with the second question. I do believe we're going to see some of the uptick of new products in Knees within Q2 here in the US. So I don't think we need to wait to see Q3, or I don't think we need to wait until Q3. However, obviously, given the quantity of new products in the second half, it's going to be higher in the second half. But you should expect to see some Knee growth momentum in the US within Q2. And early in the quarter, we already seen that.

謝謝，克里斯。我先問第二個問題。我確實相信我們將會在美國第二季看到一些膝蓋新產品的增加。所以我認為我們不需要等到第三季度，或者我認為我們不需要等到第三季。不過，顯然考慮到下半年新產品的數量，下半年這數字還會更高。但您應該會在第二季度看到美國膝蓋的一些增長勢頭。在本季度初，我們就已經看到了這一點。

Relative to your first question on Hips, these are true new customers. There might have been some customers that we lost years ago. But yes, 50% of the growth in the US in Hips, that's 3.7% is true new conversions. Customers that are not users of Hips for Zimmer Biomet. And we expect that the number to continue to grow as we get into Q2 all the way through Q4 of 2025.

相對於您關於 Hips 的第一個問題，這些都是真正的新客戶。我們可能幾年前就失去了一些客戶。但是，是的，美國 Hips 成長的 50%，也就是 3.7% 是真正的新轉換。非 Zimmer Biomet Hips 用戶的客戶。我們預計，從 2025 年第二季到第四季度，這個數字將持續成長。

Matt O'Brien, Piper Sandler.

馬特奧布萊恩、派珀桑德勒。

Good morning. Thanks for taking the question. I wanted to ask a little bit about pricing, excuse me. So last four quarters of pricing have been up 80 basis points, 70 basis points, 60 basis points, and now up 10 basis points. And I'm just wondering, if -- and that plus 10 is off a flat Q1 of '24. So are we to the point now where the tailwinds we're seeing on the pricing side are largely behind us?

早安.感謝您回答這個問題。對不起，我想問一下有關價格的問題。過去四個季度的價格分別上漲了 80 個基點、70 個基點、60 個基點，現在又上漲了 10 個基點。我只是想知道，這個成長是否與 24 年第一季持平？那麼，我們現在是否已經到了這樣的地步：定價方面的順風動能基本上已經過去了？

Are we going to start to see that rollover and get negative like we've seen historically? And I guess with all these new products coming out that are higher priced than this ASP tailwind you should be getting, is it going to make it more difficult to really sell those products in an environment where pricing starts to get a little bit tougher? Thanks.

我們是否會開始看到這種轉變並像歷史上所見的那樣變得負面？我想，隨著這些新產品的上市，其價格都高於您應該獲得的平均售價順風，在定價開始變得更加嚴格的環境下，這些產品的銷售是否會變得更加困難？謝謝。

Yeah. So, Matthew, thank you for the question. This is Suki. First, I'd start with, we entered the year with a guidance assumption that pricing would be flat to down 50 basis points. So delivering on the first quarter at positive 10% is a little bit better than what we originally expected. And therefore, we're improving our outlook on overall pricing to be flat for this year.

是的。馬修，謝謝你的提問。這是 Suki。首先，我想說的是，我們進入今年時做出的指導假設是價格將持平或下降 50 個基點。因此，第一季實現 10% 的正成長比我們最初預期的要好一些。因此，我們將今年的整體定價預期調整為持平。

I would say, as compared to 2024, you're right, the number has stepped down, but that's something we anticipated, as I said with our initial guide. And remember, we talked extensively about in 2024, a number of sort of one-time items outside of the US that were creating a much more favorable pricing environment, which we do not expect to repeat in '25 and beyond. And so, you're seeing that that play out.

我想說，與 2024 年相比，您說得對，這個數字確實有所下降，但正如我在最初的指南中所說的那樣，這是我們預料到的。請記住，我們在 2024 年廣泛討論了美國以外的一些一次性項目，這些項目創造了更有利的定價環境，我們預計這種情況在 2025 年及以後不會再發生。所以，你就會看到這一切發生。

As we move forward, again, the majority of our business is contracted. So we have good visibility into how we expect pricing to operate or perform for the rest of this year, and that gives us confidence in that outlook of being about flat.

隨著我們不斷前進，我們的大部分業務都已簽約。因此，我們對今年剩餘時間內價格的運行或表現有很好的了解，這使我們對價格持平的前景充滿信心。

And then, as we move forward, we continue to see the pricing environment be relatively stable compared to our historical norms. And that's really, one, you're seeing really good pricing out of our new products, and there's pricing -- that pricing hold.

然後，隨著我們不斷前進，我們繼續看到定價環境與歷史規範相比相對穩定。首先，您會看到我們的新產品定價非常好，而且價格穩定。

Two, I think you're seeing a much better competitive sort of response to overall pricing. And third, just internally from a capabilities and governance standpoint, we're a much better company when it comes to price than we have been in fact, even incenting to ensure that the field force operates with a strong sense of margin in addition to revenue growth. So those are all the factors that give us confidence that, that pricing is stable, at least in the near term.

第二，我認為你會看到整體定價方面出現了更好的競爭反應。第三，僅從內部能力和治理的角度來看，我們在價格方面比實際上要好得多，甚至可以激勵確保現場人員除了收入成長之外還具有強烈的利潤意識。所有這些因素都讓我們相信，至少在短期內價格是穩定的。

Relative to tariffs, I think it's too early to call at this point. We're closely monitoring input costs. We're closely monitoring third-party contract manufacturing costs have not seen anything out of the ordinary on either one of those fronts.

就關稅而言，我認為現在下結論還為時過早。我們正在密切監控投入成本。我們正在密切監控第三方合約製造成本，沒有發現任何異常情況。

We are looking ourselves at potential opportunistic price increases across our portfolio. I would not count on that as a major offset to overall tariffs, but we're going to be opportunistic, where we see a light there. So really, that's our view on pricing just to bring it back. We're doing a little bit better than our original guide for 2025.

我們正在尋找投資組合中潛在的價格上漲機會。我不會指望這會對整體關稅產生很大的抵消作用，但只要我們看到了曙光，我們就會抓住機會。所以實際上，這就是我們對定價的看法，只是為了讓它回歸。我們做得比 2025 年的原始指南要好一些。

Matthew Taylor, Jefferies.

馬修泰勒，傑富瑞。

Hi. Thank you for taking the question. I did want to just follow up on the tariffs and clarify, when you said the $60 million to $80 million headwind for 2025 includes some mitigation. I guess I just wanted to ask, if you could give us about what the headwind would have been without mitigation. And maybe just talk through some of the main sources of this headwind so we can understand assuming things continue to change, how your exposure may continue to change with the policies around different geographies.

你好。感謝您回答這個問題。我確實想跟進關稅問題並澄清一下，當您說 2025 年 6000 萬至 8000 萬美元的逆風包括一些緩解措施時。我想我只是想問一下，如果沒有緩解措施，您是否可以告訴我們逆風會是什麼樣子。也許只是討論一下這種不利因素的一些主要來源，以便我們能夠理解，假設情況繼續變化，您的風險敞口可能會如何隨著不同地區的政策而繼續變化。

Yeah, Matt. Thanks for the question. So again, the mitigations have really been around, again, optimizing across our portfolio for country of origin, which is the key driver that determines tariffs in addition to transfer pricing. So actually, where you produce is directly indicative of overall tariffs, but it does come down to country of origin and transfer pricing. So our internal teams have done a really nice job of driving optimization there.

是的，馬特。謝謝你的提問。所以，再次強調，緩解措施確實已經存在，再次強調，我們針對原產國的投資組合進行了優化，這是除轉讓定價之外決定關稅的關鍵驅動因素。因此，實際上，生產地直接決定了整體關稅，但最終取決於原產國和轉讓定價。因此，我們的內部團隊在推動優化方面做得非常出色。

And secondly, we've made changes in how we source products. China remains our largest exposure when it comes to tariffs. So we put a good bit of inventory into the country before the tariffs were enacted. And secondly, we're evaluating continuing to source for China from Europe as opposed to the United States, where it makes sense. So those are some of the levers that we're pulling. And so again, we're just looking for any opportunity we can to offset that.

其次，我們對產品採購方式做出了改變。在關稅方面，中國仍然是我們最大的受影響對象。因此，我們在關稅實施之前向該國投放了大量庫存。其次，我們正在評估是否繼續從歐洲而不是美國為中國採購，因為這是合理的。這些就是我們正在採取的一些措施。因此，我們只是在尋找任何可以彌補這一影響的機會。

Relative to, again, where is the impact, I'd say, China is the largest impact. That's both products shipping into China, as well as product coming out of China into the United States. So, as we see movements in policy there or tariffs that could be a large driver of future changes on the overall tariffs profile for the company. But yes, so overall, I think we're pleased where we started. I think there's more work to be done relative to our ability to mitigate future tariffs.

再一次，相對於影響在哪裡，我想說，中國的影響最大。這既包括運往中國的產品，也包括從中國運往美國的產品。因此，我們看到政策或關稅的變動可能會成為未來該公司整體關稅狀況變化的重要驅動因素。但是是的，總的來說，我認為我們對我們的開始感到滿意。我認為我們在降低未來關稅的能力方面還有很多工作要做。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Thank you for taking the question. Just, Suki, one clarification. Your commentary on 2026 wasn't clear on the net impact of the tariffs and the tailwinds you mentioned. And just for my question, Ivan it's Stryker's recon growth, particularly its US Knee growth, continues to be a lot higher than the other three competitors and we can all see that obviously.

感謝您回答這個問題。Suki，我只是想澄清一點。您對 2026 年的評論並沒有明確說明關稅和您提到的順風因素的淨影響。就我的問題而言，Ivan，史賽克的偵察增長，特別是其美國膝關節的增長，繼續遠高於其他三個競爭對手，我們都可以清楚地看到這一點。

We did a lot of channel checks around AAOS, and we continue to hear that the difference is really just still [Mako]. So, how much do you think that's the case, and what are you doing to make ROSA more competitive? Talk about the three new modalities coming and the implications. Thank you.

我們針對 AAOS 進行了很多頻道檢查，我們不斷聽到的差異實際上仍然[真子]。那麼，您認為這種情況有多嚴重？您正在採取哪些措施來提高 ROSA 的競爭力？討論即將出現的三種新模式及其影響。謝謝。

Sure, Larry. I'll start with that. And I don't know if Suki, you want to provide more clarity on 2026, although I think we said planning around 2026 tariffs. Hey, we got to do better when it comes to a Knee performance in the US. Nobody here is pleased with 0.2% growth in the quarter. That said, none of us are surprised about the Knee performance or the number in the quarter. We knew that there was going to be a phasing with Knees' performance in the US, and we're very confident the second half is going to be better.

當然，拉里。我先從那裡開始。我不知道 Suki，您是否想對 2026 年做出更清晰的說明，儘管我認為我們說過計劃圍繞 2026 年的關稅。嘿，當我們在美國的 Knee 演出時我們必須做得更好。沒有人對本季 0.2% 的成長率感到滿意。話雖如此，我們對於 Knee 的表現或本季的數據並不感到驚訝。我們知道 Knees 在美國的演出將會有一個階段性的轉變，我們非常有信心下半年會更好。

Relative to ROSA, we've done 350,000 surgeries with ROSA since we launched. We are the number two player in the US. We continue to see acceleration of penetration quarter-by-quarter. A couple of weeks ago, we submitted our 510(k) submission that’s a 90-day approval submission for what we call ROSA Knee V15. We believe there's going to be a dramatic transformation of ROSA in itself.

相對於 ROSA，自推出以來我們已經使用 ROSA 完成了 35 萬例手術。我們是美國排名第二的廠商。我們繼續看到滲透率逐季度加速成長。幾週前，我們提交了 510(k) 申請，這是一份為期 90 天的批准申請，我們稱之為 ROSA Knee V15。我們相信 ROSA 本身將會發生巨大的轉變。

The value proposition of ROSA Knee 15 is going to enhance surgical accuracy and reproducibility by improving soft tissue laxity, a different user experience. The platform has the ability of doing a kinematic knee. It has a new auto balance procedure, it's faster, it's simpler, it's streamlined. So we believe there's going to be an improvement on the current version of ROSA.

ROSA Knee 15 的價值主張是透過改善軟組織鬆弛來提高手術的準確性和可重複性，從而帶來不同的使用者體驗。該平台具有製作運動膝關節的能力。它有一個新的自動平衡程序，它更快、更簡單、更精簡。因此我們相信 ROSA 的當前版本將會有所改進。

On top of that, right after that, we're going to be submitting at some point for the CT scan ROSA platform, as well as down the road, a different Partial Knee platform. As we continue to evolve ROSA, we also have partnerships with THINK Surgical for those surgeons, and some of our competitors do like CT scanning. So we have that optionality as well through our partnership with THINK Surgical.

除此之外，在此之後，我們將在某個時間點提交 CT 掃描 ROSA 平台，以及未來的另一個部分膝關節平台。隨著我們繼續改進 ROSA，我們還與 THINK Surgical 建立了合作夥伴關係，為外科醫生提供服務，我們的一些競爭對手也喜歡 CT 掃描。因此，透過與 THINK Surgical 的合作，我們也擁有了這種選擇權。

So, look, I don't think the robot is the main reason or why we are behind when it comes to Knee performance in the US. It has to do with the fact that we have the largest share and the fact that we got to do better when it comes to commercial execution, and we're going to improve upon that.

所以，你看，我不認為機器人是美國膝關節表現落後的主要原因。這是因為我們擁有最大的份額，而且我們在商業執行方面必須做得更好，我們將在此基礎上做出改進。

As I mentioned in my earlier answer, I do think already within Q2, you're going to start to see some improvement in US Knees and as we get into the second half of 2025, I think you're going to see acceleration when it comes to US Knees.

正如我在之前的回答中提到的，我確實認為在第二季度，你會開始看到美國膝蓋的一些改善，隨著我們進入 2025 年下半年，我認為你會看到美國膝蓋的加速發展。

Yes, Larry, thanks for the question. I'll go back to some of my earlier comments and maybe try and rephrase the -- so I did say that 2025 should not be used as a run rate for 2026 and that you should expect 2026 tariff impact to be higher than 2025. And we're not ready to size that at this time because there are a number of puts and calls in and uncertainties that would prevent us from size in that with precision at this point.

是的，拉里，謝謝你的提問。我將回顧我之前的一些評論，並嘗試重新表述——所以我確實說過，2025 年不應該被用作 2026 年的運行率，而且你應該預計 2026 年的關稅影響會高於 2025 年。我們現在還沒有準備好確定這個規模，因為有許多看跌期權、看漲期權和不確定因素會阻止我們目前精確地確定這個規模。

But there are some headwinds and tailwinds to help shape that discussion. From a headwind perspective, first, you're going to have annualization, right? So you only had tariffs for part of the year this year. So assuming you have for a full 12 months next year, that would be a headwind.

但也存在一些不利因素和有利因素影響這項討論。從逆風角度來看，首先，你要實現年化，對嗎？因此，今年只有部分時間有關稅。因此，假設明年你有整整 12 個月的時間，那將是一個阻力。

Secondly, like most companies, the tariffs impact cost of goods that gets inventoried at some level and then capitalized and rolled into the P&L in future periods. That would be a headwind as we moved into 2026. The third element is we're assuming that the retaliatory tariffs go back in place once the 90-day pause period ends in July of this year.

其次，與大多數公司一樣，關稅會在一定程度上影響庫存商品的成本，然後在未來期間將其資本化併計入損益表。當我們邁入 2026 年時，這將會是個阻力。第三個因素是，我們假設報復性關稅將在今年 7 月 90 天的暫停期結束後恢復實施。

So assuming that, that pause period doesn't happen in 2026, that could also be a potential headwind. Again, the environment is fluid, but we're giving you what we know based on the most recent assumptions and announcements from the administration.

因此，假設 2026 年不會出現暫停期，這也可能是潛在的阻力。再次強調，環境是不斷變化的，但我們根據政府的最新假設和公告向您提供我們所知道的資訊。

From a tailwind perspective, we're going to continue to look at sourcing changes that could minimize or improve the tariff impact. Secondly, we're going to look at portfolio optimization. So certain products, for example, in our Knee portfolio are sourced from different locations. We may choose to emphasize one product versus another one based on tariff profile.

從順風角度來看，我們將繼續研究可以最大限度地減少或改善關稅影響的採購變化。其次，我們將研究投資組合最佳化。因此，某些產品（例如，我們的膝蓋產品組合中的產品）來自不同的地點。我們可能會根據關稅概況選擇強調一種產品而不是另一種產品。

And then the third one is we're going to constantly, as we always do, look at discretionary spending to potentially offset tariffs. So again, we're not ready to size 2026. I don't think any company has been out there sizing '26. But what we did want to do is give you some of the headwinds, tailwinds that could shape that profile for next year.

第三點是，我們將一如既往地不斷考慮可自由支配的支出，以潛在地抵消關稅。所以，我們還沒準備好確定 2026 年的規模。我認為目前還沒有任何公司推出 26 尺寸的產品。但我們確實想做的是向你們指出一些可能影響明年情勢的不利因素和有利因素。

Joshua Jennings, TD Cowen.

約書亞·詹寧斯 (Joshua Jennings)，TD Cowen。

Hi. Good morning. Thanks for the question. Ivan, I was hoping your team could help us think through ZB's performance in the ASC versus the hospital channel. Should we be thinking that S.E.T. and Joints are performing kind of relatively similar in those two channels, or is one -- is ZB's outperforming in one versus the other? Just wanted to get a handle on that, as this ASC migration is taking a bigger interest? Thanks a lot.

你好。早安.謝謝你的提問。伊万，我希望你的團隊可以幫助我們思考 ZB 在 ASC 和醫院管道中的表現。我們是否應該認為 S.E.T. Joints 在這兩個管道中的表現相對相似，或者其中一個——ZB 在其中一個管道中的表現優於另一個？只是想了解這一點，因為這個 ASC 遷移引起了更大的興趣？多謝。

Hey. Thanks a lot, Josh, and good morning. So, roughly today, I would say 20%, if not slightly above 20% of our sales here in the US come from the ASC environment. It used to be somewhere around 2% to 4% prior to COVID. So definitely, there has been a shift. We continue to believe that the number is going to grow.

嘿。非常感謝，喬希，早安。因此，大致來說，今天，我會說我們在美國 20%（如果不是略高於 20%）的銷售額來自 ASC 環境。在新冠疫情爆發之前，這一比例大約在 2% 到 4% 之間。所以，確實發生了轉變。我們仍然相信這個數字還會成長。

The data that we are triangulating shows that between 40% to 60% of sales in the next five years are going to come from an ASC environment. We like that trend with the introduction of the Magnificent Seven, some of the acquisitions we've done in S.E.T, Paragon 28, but before that, acquisition to Sports Medicine, we believe we are well positioned to continue to grow above market in that ASC space.

我們正在三角測量的數據顯示，未來五年內 40% 到 60% 的銷售額將來自 ASC 環境。我們喜歡這種趨勢，隨著 Magnificent Seven 的推出，我們在 S.E.T、Paragon 28 中完成的一些收購，但在此之前，我們對運動醫學進行了收購，我們相信我們已做好準備，繼續在 ASC 領域實現高於市場的成長。

In terms of what are we doing better, we are historically have been and are the number one reconstructed company in the ASC space for Knees and Hips. And so we done better, but we're growing now at a faster pace in S.E.T. So notice in the quarter, we grew globally S.E.T. 5%. This is the sixth quarter in a row that we're growing, S.E.T. at mid-single digit or above.

就我們做得更好的方面而言，從歷史上看，我們一直是 ASC 膝蓋和臀部領域排名第一的重建公司。因此我們做得更好，但我們在 S.E.T. 方面的發展速度更快。因此請注意，在本季度，我們在全球範圍內實現了 S.E.T. 的成長。5%。這是我們連續第六個季度實現成長，S.E.T.處於中等個位數或以上。

Frankly, that number could have been higher in the quarter, but we had to deal with some one-time events in our Sports Medicine business in the US. So growing at a nice clip at a faster pace in asset, and we believe that's going to accelerate as we exit the year. Thanks for the question.

坦白說，本季這個數字本來可能會更高，但我們必須處理美國運動醫學業務中的一些一次性事件。因此，資產以更快的速度快速成長，我們相信，隨著今年的結束，這一成長將會加速。謝謝你的提問。

Travis Deed, Bank of America.

美國銀行的特拉維斯·迪德 (Travis Deed)。

Hey. Thanks for taking the question. I wanted to ask about Q2. The slightly higher comment was that higher than the 2.3% constant currency, or are days adjusted? And then any quantification on the shift of orders from Q2 into the second half? Is that worth 50 basis points or more or less?

嘿。感謝您回答這個問題。我想問一下Q2。稍微高一點的評論是高於2.3%的恆定貨幣，還是經過幾天的調整？那麼，對於第二季到下半年的訂單變化，有什麼量化數據嗎？這值 50 個基點或更多還是更少？

Yeah. It's off of the constant currency number, the 2.3 number we posted in the first quarter, and we're not sizing the overall impact for those -- for those orders. We're not really giving quarterly guidance, but we just wanted to give some directional shaping for your models.

是的。這是根據我們在第一季公佈的 2.3 這個固定匯率數字計算得出的，而且我們還沒有評估這些訂單的整體影響。我們實際上並不是提供季度指導，但我們只是想為您的模型提供一些方向性的塑造。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good morning, and thank you for taking the question. Your other category was relabeled Technology & Data, Bone Cement and Surgical. I'm always curious when people change the name of things, I'm curious why you chose to do that and how do we think about those bits and pieces? Is this an area also for when you talk about portfolio optimization or M&A? Thank you.

早上好，感謝您回答這個問題。您的另一個類別被重新標記為技術與數據、骨水泥和外科手術。我總是很好奇人們什麼時候會改變事物的名稱，我很好奇你為什麼選擇這樣做以及我們如何看待這些細節？當您談論投資組合優化或併購時，這是否也是一個領域？謝謝。

Hey. Good morning, Joanne. Thank you. Hey, we like the new name better than the other name, no pun intended used to be called other, and we have in there Bone Cement, we have Surgical, and then we have enabling technologies, and enabling technologies one of the fastest growing businesses at Zimmer Biomet. So, to bucket that into the category of Other is probably not appropriate. So that's the reason why we changed the nomenclature on the category.

嘿。早安，喬安妮。謝謝。嘿，我們更喜歡這個新名字，沒有雙關語的意思，以前叫做其他，我們有骨水泥，有外科手術，然後我們有支援技術，支援技術是 Zimmer Biomet 發展最快的業務之一。因此，將其歸類為「其他」類別可能並不合適。這就是我們改變類別名稱的原因。

Our Other category, as you saw in the quarter actually declined that has to do with heavy comps versus Q1 of 2024. So we grew that category around 10%, 12% in that quarter. Not much to read into that data point other than heavy comps.

正如您在本季度看到的那樣，我們的其他類別實際上有所下降，這與 2024 年第一季相比的強勁增長有關。因此，該類別在該季度增長了約 10% 至 12%。除了重型比較之外，沒有太多可解讀的數據點。

We continue to see robotic adoption being very, very high, but we're installing more units in the quarter than selling. So a quarter ago, we had a lot of sales in for ROSA, and this quarter, we had a lot of installs. So that's the main reason why we are declining the quarter, and that's the rationale behind the nomenclature change. Thanks for the question.

我們繼續看到機器人的採用率非常高，但本季安裝的機器人數量多於銷售的數量。因此，一個季度前，我們的 ROSA 銷量很大，而本季度，我們的安裝量也很大。這就是我們本季業績下滑的主因，也是名稱變更背後的理由。謝謝你的提問。

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

Hi. Thanks for taking the question. Just to touch on the Paragon acquisition. I mean any kind of early news there, and kind of updates on the timeline for the integration?

你好。感謝您回答這個問題。只是談談 Paragon 收購。我的意思是那裡有任何早期新聞嗎？以及有關整合時間表的更新嗎？

Well, it's going -- Caitlin, thank you for the question. It's going far better than expected. So we had two or three goals at the onset of the journey. Goal number one was to retain the leadership team. Albert Acosta, former Chairman and CEO of Paragon 28; their Chief Commercial Officer, Matt Jarboe; and the entire, again, commercial leadership team checked on that, all of them have signed with Zimmer Biomet.

嗯，事情是這樣的——凱特琳，謝謝你的提問。事情比預想的要好得多。因此，我們在旅程開始時就設定了兩三個目標。首要目標是保留領導團隊。阿爾伯特·阿科斯塔 (Albert Acosta)，Paragon 28 前董事長兼首席執行官；他們的首席商務官 Matt Jarboe；並且整個商業領導團隊再次檢查了這一點，他們都已與 Zimmer Biomet 簽約。

Goal number two was to have minimal disruption in the field close to the customer. They have around 250 sales reps that have been growing that business strongly in the teens. We wanted to make sure that we could sign every one of them and checked on that as well. So all of them have transferred over to Zimmer Biomet.

第二個目標是盡量減少對客戶附近現場的干擾。他們擁有約 250 名銷售代表，在青少年時期就已大力發展業務。我們希望確保能夠簽署每一份文件，並對此進行檢查。因此，他們都轉到了 Zimmer Biomet。

And then, goal number three was to preserve the innovation journey, the innovation platform. They have a lot of new product launches happening, and we're not disrupting any of them. We're going to keep the design standard for Paragon 28 out there in Denver. We're not integrating their processes into Zimmer Biomet out of the gate. We want to make sure that we're doing things quickly -- safely by quickly. So I will say A-plus on that as well.

然後，第三個目標是保留創新之旅、創新平台。他們有很多新產品發布，我們不會幹擾他們任何一款產品。我們將在丹佛保留 Paragon 28 的設計標準。我們不會將他們的流程整合到 Zimmer Biomet 中。我們希望確保我們能快速、安全地完成工作。所以我對此也會給予 A+ 的評價。

We closed the integration on April 21. Great momentum early in the year, and we look forward to updating you as quarters go. But this is a great acquisition, and so far everything is going fantastic.

我們於 4 月 21 日結束了整合。今年年初勢頭強勁，我們期待在接下來的幾季中向您更新最新情況。但這是一次偉大的收購，到目前為止一切都很順利。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Thanks for taking the question. I wanted to just ask -- I thought I heard early in the prepared remarks something about a sales force reorganization or optimization. If you could just elaborate a little more on what exactly that is, what prompted it?

感謝您回答這個問題。我只是想問一下——我以為我在準備好的發言中早些時候聽到過一些關於銷售團隊重組或優化的內容。如果您能更詳細地解釋一下那到底是什麼，是什麼促使了那發生？

It sounds like that's new. And is there any negative impact that's contemplated in -- granted, you reiterated your constant currency guidance for the year. Is there anything that's implicitly contemplated from a headwind on that standpoint incrementally now?

聽起來這很新鮮。是否有任何負面影響？當然，您重申了今年的貨幣指導不變。從這個角度來看，現在是否有任何不利因素在逐步隱性考量？

Thank you, Richard. So, first things first, start with the final part of your statement. So no, we're not changing guidance. There is no impact whatsoever on either revenue or EPS associated with the evolution of the change. And I want to emphasize that word evolution. We've been doing this for a while. We're going to go faster at it. Why do we need to make changes in the US?

謝謝你，理查。因此，首先從陳述的最後一部分開始。所以，我們不會改變指導方針。這項變更對收入或每股盈餘均不會產生任何影響。我想強調「進化」這個詞。我們已經這樣做有一段時間了。我們會加快速度。為什麼我們需要在美國做出改變？

Well, you cannot grow the US new business 0.2%. So we're making changes. We're making changes in terms of some leaders. We're making changes in terms of the quantity of territories. We have made changes in terms of the incentive plan. As a result of the lack of growth, certain individuals will be exiting the organization fairly, fairly soon.

那麼，你無法讓美國新業務成長 0.2%。因此我們正在做出改變。我們正在對一些領導人進行變動。我們正在對領土數量做出改變。我們對激勵計劃方面做出了改變。由於缺乏成長，某些人員很快就會離開該組織。

And we're just changing the whole dynamic in that regard when it comes to the US dynamic. We've been talking about specialization for a while. We need to have the right amount of people behind the right businesses. We believe we can grow faster in S.E.T if we add additional capabilities. So we're going to be deploying more people into S.E.T. We know we can do better in robotics, if we add the right quantity and quality of individuals. So that's another change we're making.

當談到美國動態時，我們正在改變這方面的整個動態。我們一直在討論專業化問題。我們需要為合適的業務配備合適數量的人才。我們相信，如果我們增加額外的能力，我們可以在 S.E.T 方面發展得更快。因此我們將派遣更多人員進入 S.E.T.。我們知道，只要增加適量和高品質的人才，我們就能在機器人技術領域做得更好。這是我們正在進行的另一個改變。

And then the ASC, we're growing strong in the teams. We believe we can do better. So we're going to add additional people in the ASC environment. So again, changes making sure we have the right quantity and quality of leaders, changes around the incentive plan. I know this is not something that is new. We're just going faster at it because we deserve to grow at a faster pace in the US.

然後是 ASC，我們的團隊正在不斷壯大。我們相信我們可以做得更好。因此我們將在 ASC 環境中增加更多人員。因此，再次強調，變革是為了確保我們擁有適當數量和品質的領導者，並圍繞激勵計劃進行變革。我知道這並不是什麼新鮮事。我們只是在加快步伐，因為我們值得在美國以更快的速度發展。

Shagun Singh, RBC.

沙根·辛格，RBC。

Great. Thank you so much. I was wondering if you can elaborate on your appetite for M&A post the Paragon 28 acquisition. More specifically, how are you thinking about further boosting your position in the ASCs, and then also expanding potentially into new adjacencies maybe in and out of the hospital, as you think about raising your weighted average market growth further beyond the mid-single digits?

偉大的。太感謝了。我想知道您是否可以詳細說明您在收購 Paragon 28 之後對併購的興趣。更具體地說，當您考慮將加權平均市場成長率進一步提高到中等個位數以上時，您如何考慮進一步提升您在 ASC 中的地位，然後可能擴展到醫院內外的新領域？

Thanks for the question, and good morning. So we -- even after doing Paragon 28 and in the backdrop of tariffs, the far power is pretty strong here at Zimmer Biomet. We have a very strong balance sheet. Post Paragon 28, our leverage ratio is in the mid-3s in a couple of quarters given the strong cash flow generation of the company, it's going to go to the low-3s again.

感謝您的提問，早安。因此，即使在實施 Paragon 28 之後，並且在關稅的背景下，Zimmer Biomet 的遠程力量仍然非常強大。我們的資產負債表非常強勁。在 Paragon 28 之後，鑑於公司強勁的現金流產生，我們的槓桿率將在幾個季度內達到 3% 左右，之後將再次降至 3% 以下。

Prior to Paragon, it was in the low-2s. So again, there is plenty of ammunition to do a smart M&A. Deals that make a strategic and financial sense, we're going to take a look at. Acquisition similar to Paragon 28, where we can keep EPS dilution to within 3% on year one neutral by the end of year two. We're going to do those deals. Deals that make sense, we know that we can integrate. We're going to look at them.

在 Paragon 之前，它處於 2 秒以下。所以，再次強調，我們有充足的彈藥來進行明智的併購。我們將專注於那些具有策略和財務意義的交易。類似於 Paragon 28 的收購，我們可以將第一年的 EPS 稀釋度在第二年年底保持在 3% 以內。我們將達成這些交易。我們知道，只要交易合理，我們就能整合。我們將要看看它們。

It is going to be the number one recipient of our capital allocation strategy, and we're going to go at it. We have built best-in-class integration dynamics. We got the proper governance. We got a new Head of Business Development with ample experience in this area. So yeah, we're going to be responsible at the right pace, but it will be the number one priority for Zimmer Biomet.

它將成為我們資本配置策略的首要接受者，我們將全力以赴。我們已經建立了一流的整合動力。我們得到了適當的治理。我們聘請了一位在該領域擁有豐富經驗的新業務發展主管。是的，我們會以正確的速度承擔責任，但這將是 Zimmer Biomet 的首要任務。

In terms of areas that we like, it's a pretty repetitive speech. Yes, anything that happens in the ASC, we like. Anything that makes sense within S.E.T., we like. Faster growth categories within orthopedics, data technology, we like. We don't need to go outside of our core musculoskeletal health for the time being, and at some point we will.

就我們喜歡的領域而言，這是一次相當重複的演講。是的，我們喜歡 ASC 中發生的任何事情。任何在 S.E.T. 範圍內有意義的事物，我們都喜歡。我們看好骨科、數據技術等成長較快的類別。我們暫時不需要專注於核心肌肉骨骼健康，但到了某個時候我們會這樣做。

We want to be in a 5% WAMGR environment by the end of 2027. And as we exit the decade closer to 2030, that number needs to be higher. So the appetite is high. We're going to be responsible, but we're going to go at it. Thanks for the question.

我們希望在 2027 年底達到 5% 的 WAMGR 環境。隨著我們接近 2030 年，這個數字需要更高。所以食慾就很好。我們會負責任，但我們會努力去做。謝謝你的提問。

Rick Wise, Stifel.

瑞克懷斯（Rick Wise），Stifel。

Hi. Good morning. Hi, Ivan. I was hoping you would expand a little more on your progress with the Oxford Partial Cementless Knee. You sound excited. You've trained several hundred customers. My impression, if I remember correctly from AUS that you hope to train maybe 1,000 by year end. Are you on track with that? And talk about the training and interest, and how long do you think it takes for the Oxford Cementless here in the US to match the 60% of the mix in Europe. Thank you.

你好。早安.你好，伊万。我希望您能更詳細地介紹一下牛津部分非骨水泥膝關節的治療進展。你聽起來很興奮。您已經培訓了數百名客戶。我的印像是，如果我沒有記錯的話，澳洲希望到年底培訓大約 1,000 人。你這樣做對嗎？談談訓練和興趣，您認為美國的牛津無骨水泥需要多長時間才能達到歐洲 60% 的水平。謝謝。

Thanks for the question. I think this is one of the most exciting products that we're going to be launching for a while. As a reminder, it's the only PMA approved Partial Cementless system in the US. I do think we're going to be north of the 1,000 trainees by the end of 2025. Already done close to 400. We've done training events in Dallas. We had around 250 people there. Chicago, we're going to be in Nashville coming up.

謝謝你的提問。我認為這是我們近期將要推出的最令人興奮的產品之一。提醒一下，這是美國唯一獲得 PMA 批准的部分非水泥系統。我確實認為到 2025 年底我們的學員人數將超過 1,000 人。已經完成近400個。我們在達拉斯舉辦過培訓活動。我們那裡大約有 250 人。芝加哥，我們即將前往納許維爾。

So I do think that number is going to be north of 1,000. You got to train for the product before you use the product, but it's not a lengthy deal. So after you train a couple of cases, you're good to go. So we'll be north of 1,000.

所以我確實認為這個數字將會超過 1,000。在使用產品之前，您必須接受產品培訓，但這不是一個漫長的過程。因此，在訓練了幾個案例之後，你就可以開始了。所以我們的人數將超過 1,000。

We are putting the product in many contracts. I think our contract penetration is around 50%, 55% today, that number is going to be around 70%, 80% as we enter into the second half of 2025. And again, I've seen this is going to be one of the most exciting product launches here at Zimmer Biomet. Thank you.

我們將該產品納入許多合約中。我認為我們目前的合約滲透率約為 50% 至 55%，到 2025 年下半年，這個數字將會達到 70% 至 80% 左右。而且我再次看到這將成為 Zimmer Biomet 最令人興奮的產品發布之一。謝謝。

Jeffrey Johnson, Baird.

傑弗裡·約翰遜，貝爾德。

Thanks. Good morning, guys. Maybe two clarifying questions, just if I could squeeze them into one, if possible. So, Suki, you talked about opportunistic price increases. Just any kind of color you could provide there. I would assume that's probably more on the capital side, maybe than on the implant side, but any clarification there?

謝謝。大家早安。也許是兩個澄清問題，如果可能的話，我可以將它們合併為一個。所以，Suki，你談到了機會主義的價格上漲。只要您能提供任何一種顏色即可。我認為這可能更多地涉及資本方面，而不是植入方面，但有什麼澄清嗎？

And then just again, not to go back to the 2026 tariff, but I'm going to just as I hear your kind of explanation, thinking about your inventory turns, you talk about greater than 50% of that $60 million to $80 million in the fourth quarter.

然後再說一遍，不要回到 2026 年的關稅問題，但當我聽到您的解釋時，我會考慮您的庫存週轉率，您說的是第四季度 6000 萬至 8000 萬美元中的 50% 以上。

If you were us on the sell-side, we have to put models out. I know you're not quantifying. Would it be crazy to run kind of an absolute $40 million a quarter throughout 2026 as the tariff impact just as a starting point to have something that's holding placed on our models? Thank you.

如果您是我們賣方，我們就必須提出模型。我知道你沒有量化。如果將 2026 年全年每季的絕對支出定為 4000 萬美元作為關稅影響的起點，並以此作為模型上的支撐點，那麼這是否太瘋狂了？謝謝。

Yeah. So let me start with the first question on the opportunistic pricing. I think it is going to be more in the capital area. So our recon business tends to be heavily contracted. So there's less near-term opportunity there. So it's really areas where you don't have contracting, which is CapEx surgical, those are probably good surrogates for the areas where you can take better price.

是的。那麼，讓我從機會定價的第一個問題開始。我認為首都地區的情況會更多。因此我們的偵察業務往往會大量簽約。因此，短期內的機會較少。因此，真正沒有合約的領域，也就是資本支出外科手術，可能是可以獲得更優惠價格的領域的良好替代品。

On the run rate, I would not use Q4 as a run rate moving into next year. Remember, our capitalization, while it's different product-by-product segment, we have about a year's worth of inventory. So it is going to take a bit longer for that run rate to manifest itself because by the time we get to Q4, you're only about a halfway -- a little bit more than halfway year through the tariffs.

就運行率而言，我不會將第四季作為明年的運行率。請記住，我們的資本化，雖然每個產品部分有所不同，但我們擁有大約一年的庫存。因此，這一運行率需要更長的時間才能顯現出來，因為到第四季度時，關稅才剛剛過半——略超過半年。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Yeah. Thanks. Ivan, I wanted to ask about the antimicrobial technologies and iodine coding. I mean, this seems like something that could potentially really differentiate Zimmer Biomet. I don't know if any of the other companies are really working on this stuff.

是的。謝謝。伊万，我想問抗菌技術和碘編碼。我的意思是，這似乎有可能真正區分 Zimmer Biomet。我不知道是否有其他公司正在研究這個東西。

So, can you maybe just talk about what you're hearing from the FDA in terms of iodine coatings, what you're going to have to do to get that launched in the US? And then are you willing to look at any kind of outside technologies in terms of acquiring or partnering with other companies? Thanks.

那麼，您能否談談您從 FDA 了解到的有關碘塗層的信息，以及您需要做些什麼才能在美國推出該產品？那麼，您是否願意考慮透過收購或與其他公司合作的方式引進任何外部技術？謝謝。

Thanks for the question, Mike. So first things first, the approval of the iodine treated hip that we launching this year is outside of the US, this is in Japan. It will come in the US at some point. We'd rather not speculate here today, but we do have a pathway to get this into the US, and it is going to be transformational.

謝謝你的提問，麥克。首先，我們今年推出的碘治療髖關節置換術是在美國以外獲得批准的，這是在日本。它將在未來某個時候登陸美國。我們今天不想在這裡進行猜測，但我們確實有一條途徑可以將其引入美國，而且它將帶來改變。

It is the only platform in the world that has data on preventing biofilm formation on the implant surface by alluding over a prolonged period of time. So tons of data in that regard on an implant that has stable fixation. So we do need this to be transformational.

它是世界上唯一一個擁有透過長期暗示來防止植入物表面生物膜形成的數據的平台。因此，關於具有穩定固定的植入物，存在大量這方面的數據。所以我們確實需要這種轉變。

We're not doing just coded implants. We got technology that expedites surgeries. We have external investments in companies are working on infection. As I mentioned in my prepared remarks, it's one of the key four problems that we're trying to solve. So it's more than coded devices, it's more than technology, it's a lot of different things, a lot of shots on gold when it comes to inflection. So -- but again, we will be launching Iodine at the end of 2025 here in Japan outside of the US, and we have a plan to get these into the US as soon as we can.

我們所做的不僅僅是編碼植入。我們擁有加快手術速度的技術。我們對致力於對抗感染的公司進行了外部投資。正如我在準備好的演講中提到的，這是我們正在努力解決的四個關鍵問題之一。因此，它不僅僅是編碼設備，也不僅僅是技術，它包含很多不同的東西，當談到拐點時，它包含很多黃金鏡頭。所以——但是，我們將在 2025 年底在美國以外的日本推出 Iodine，並且我們計劃盡快將其引入美國。

That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to Ivan for any additional or closing remarks.

我們的問答環節到此結束。現在，我想將電話轉回給伊万，讓他做任何補充或結束語。

Hey. Thanks, Katie, and thanks, everybody for joining the call. I know there's a lot going on. I don't envy your jobs these days. But if you allow me a minute, I'd like to recap the quarter where Zimmer Biomet is today in five very simple bullet points. Number one, the markets remain strong. We continue to see that the waiting list for procedure, especially here in the US is very long.

嘿。謝謝凱蒂，也謝謝大家參加電話會議。我知道有很多事情發生。我並不羨慕你們現在的工作。但是如果您允許我一點時間，我想用五個非常簡單的要點來回顧 Zimmer Biomet 目前所在的季度。第一，市場依然強勁。我們繼續看到等待手術的名單很長，尤其是在美國。

As a matter of fact, the waiting list is in the top-10 institutions almost twice what it used to be prior to COVID. I know this is no backlog from COVID. So healthy markets is data point number one.

事實上，前 10 所院校的候補名單幾乎是新冠疫情之前的兩倍。我知道這不是 COVID 造成的積壓。因此，健康的市場是第一個數據點。

Data point number two, we are today reaffirming our constant currency organic revenue guidance of 3% to 5%, which we feel extremely confident of achieving. And then on top of that, thanks to Paragon 28, we're going to bring an additional 270 basis points of revenue growth for the year. So again, keeping the guidance, we have permitted the guidance with a high degree of confidence.

第二個數據點，我們今天重申 3% 至 5% 的固定匯率有機收入預期，我們對實現這一目標非常有信心。除此之外，由於 Paragon 28，我們今年的營收成長將額外增加 270 個基點。因此，我們再次重申，我們高度信任這項指導。

Data point number three, as you heard from Suki and I over and over, we're fully offsetting the EPS dilution related to tariffs, while minimizing the EPS dilution associated with the acquisition of Paragon 28, just like we said that we will do. So the EPS dilution with Paragon 28 is less than 3% on year one and is a bit EPS neutral at the end of year two. So, doing a solid job in navigating this turbulence around tariffs and acquisitions.

數據點三，正如您從 Suki 和我那裡反复聽到的那樣，我們正在完全抵消與關稅相關的每股收益稀釋，同時最大限度地減少與收購 Paragon 28 相關的每股收益稀釋，就像我們所說的那樣。因此，使用 Paragon 28 後，第一年的 EPS 稀釋度不到 3%，而第二年末的 EPS 稀釋度則略微中性。因此，我們要紮實做好應對關稅和收購相關動盪的工作。

Data point number four, we're really encouraged with the performance of key new product introductions. We've seen great momentum with Hips, almost 4% growth in Hips in the quarter in the US. As we get into Q2, Q3, we're going to continue to see that just not in Hips, but also in Knees. And we are very confident about the ramp-up in Knee products in the second half of 2025.

數據點四，我們對主要新產品的推出表現感到非常鼓舞。我們看到 Hips 的發展勢頭強勁，本季美國 Hips 的成長速度接近 4%。當我們進入第二季、第三季時，我們將繼續看到這種情況，不僅在臀部，而且在膝蓋。我們對 2025 年下半年膝蓋產品的成長非常有信心。

We're very pleased. The next data point, we're very pleased with the integration with Paragon 28. So, data point number five, we're very, very pleased with how Paragon 28 is going. And we expect the growth in the teams that this company has had to continue here at Zimmer Biomet. So that's the core five measures I'll leave you with other than gratitude for joining the call. Thanks a lot.

我們非常高興。下一個數據點，我們對與 Paragon 28 的整合感到非常滿意。因此，第五個數據點，我們對 Paragon 28 的進展非常滿意。我們期望該公司團隊的成長在 Zimmer Biomet 繼續進行。因此，除了感謝你們加入電話會議之外，這就是我要留給你們的五個核心措施。多謝。

Thank you. That will conclude today's call. We appreciate your participation.

謝謝。今天的電話會議到此結束。感謝您的參與。