Zimmer Biomet Holdings Inc (ZBH) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded today, August 7, 2025. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Zimmer Biomet 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議將於今天（2025 年 8 月 7 日）進行錄製。（操作員指示）

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

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. And good morning, everyone. Welcome to Zimmer Biomet's second-quarter 2025 earnings conference call. Joining me on today's call are Ivan Tornos, our Chairman, President, and CEO; and Suketu Upadhyay, our CFO and EVP Finance, Operations, and Supply Chain.

謝謝您，接線生。大家早安。歡迎參加 Zimmer Biomet 2025 年第二季財報電話會議。參加今天電話會議的還有我們的董事長、總裁兼執行長 Ivan Tornos；以及我們的財務長兼財務、營運和供應鏈執行副總裁 Suketu Upadhyay。

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

在我開始之前，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。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 second quarter earnings release, which can be found on our website, zimmerbiomet.com.

此外，本次電話會議的討論將包括某些非公認會計準則財務指標，其中一些是前瞻性的非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 財務指標的對賬，以及我們計算這些指標的基礎的解釋，都包含在我們的第二季度收益報告中，您可以在我們的網站 zimmerbiomet.com 上找到。

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 sharing my gratitude to the more than 17,000 Zimmer Biomet team members who move our business and mission forward each and every day. Thank you for your tireless work. Thank you for your strong performance. And yes, most importantly, thank you for your relentless commitment to serving our customers and their patients. I firmly believe that the Zimmer Biomet workforce and our culture here at amongst our key competitive advantages.

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，首先向 17,000 多名 Zimmer Biomet 團隊成員表達我的感激之情，是他們每天推動著我們的業務和使命不斷前進。感謝您的不懈努力。感謝您的出色表現。是的，最重要的是，感謝您堅持不懈地致力於服務我們的客戶及其患者。我堅信 Zimmer Biomet 的員工隊伍和我們的文化是我們的主要競爭優勢之一。

During my prepared remarks this morning, I'm going to cover three key areas. First, I'll summarize the second quarter of 2025 performance, as well as providing the general update behind our positive adjustments to our yearly guidance. Secondly, I'm going to cover the three key strategic priorities for Zimmer Biomet, providing some examples of our progress. As a reminder, those three priorities are people and culture, operational excellence, and innovation and diversification. And then thirdly, I'll provide some quantitative data points that will validate our confidence behind our new product introduction performance, which is one of the main reasons of what we feel so confident on the second half of 2025 growth acceleration.

在今天上午的準備發言中，我將談三個關鍵領域。首先，我將總結 2025 年第二季的表現，並提供我們對年度指導進行積極調整背後的整體更新。其次，我將介紹 Zimmer Biomet 的三個關鍵策略重點，並提供一些我們取得進展的例子。提醒一下，這三個優先事項是人才與文化、卓越營運以及創新與多樣化。第三，我將提供一些定量數據點，以驗證我們對新產品推出表現的信心，這也是我們對 2025 年下半年成長加速如此有信心的主要原因之一。

Starting with the quarter, we delivered a very solid quarter on both the top and bottom line. This was against the backdrop of an 80-basis point seven-day headwind. In the quarter with the strongest comps for the year versus 2024, and we announced significant delay in international orders, which have now moved into the third quarter. In spite of all of the above, we did grow in the quarter sales by 2.8% on an organic constant currency basis.

從本季開始，我們的營收和利潤均取得了非常穩健的成績。這是在七天逆風 80 個基點的背景下發生的。與 2024 年相比，這是本年度業績最強勁的季度，我們宣布國際訂單大幅延遲，目前已進入第三季。儘管如此，以有機固定匯率計算，本季我們的銷售額仍成長了 2.8%。

For the second consecutive quarter, our US Hips business drove strong results. We grew 5.2% over the prior year accelerating from 3.7% growth in the first quarter of 2025. Also, US Knees increased sequentially by 150 basis points, growing 1.7% over the prior year period. And S.E.T., one of our most exciting businesses reported another solid mid-single-digit organic constant currency growth quarter, which is now the seventh in a row at nearly 5% growth. We've seen S.E.T., S-E-T, we delivered double-digit growth in sports medicine and CMFT, craniomaxillofacial thoracic, while delivering high single-digit growth in upper extremities within the quarter. This was driven by our differentiated product portfolio and our solid ASC execution.

我們的美國髖關節業務連續第二季取得強勁業績。我們比去年成長了 5.2%，高於 2025 年第一季的 3.7% 的成長率。此外，美國膝蓋數量較上季增加了 150 個基點，比去年同期增加了 1.7%。我們最令人興奮的業務之一 S.E.T. 報告稱，該業務又一個季度實現了穩健的中等個位數有機固定匯率增長，這是該業務連續第七個季度實現近 5% 的增長率。我們已經看到 S.E.T.、S-E-T，我們在運動醫學和 CMFT、顱顏面胸腔外科領域實現了兩位數成長，同時在本季度在上肢領域實現了高個位數成長。這是由我們差異化的產品組合和穩健的 ASC 執行力所推動的。

For 2025, we're updating our full year organic constant currency revenue growth expectations to a range of 3.5% to 4.5% from our previous 3% to 5% range, excluding the contribution of Paragon 28. We continue to expect Paragon 28 to contribute 270 basis points to our sales growth projection in 2025.

對於 2025 年，我們將全年有機固定貨幣收入成長預期從先前的 3% 至 5% 更新為 3.5% 至 4.5%（不包括 Paragon 28 的貢獻）。我們仍然預計 Paragon 28 將為我們 2025 年的銷售成長預測貢獻 270 個基點。

We're also raising our 2025 adjusted earnings per share guidance to $8.10 to $8.30, from the previous range of $7.90 to $8.10. This rate of guidance contemplates four things. Firstly, or continued confidence in our second half 2025 sales acceleration driven by our new product cycle. Secondly, increased operational efficiency. Third, a lower impact from tariffs than initially anticipated; and fourth, the weakening of the US dollar, FX benefit. Suketu is going to provide more detail on guidance during his prepared remarks.

我們也將2025年調整後每股盈餘預期從先前的7.90美元至8.10美元上調至8.10美元至8.30美元。這項預期基於四點考慮。首先，我們對 2025 年下半年在新產品週期推動下的銷售加速充滿信心。二是提高營運效率。三是關稅影響低於最初預期；四是美元走弱，外匯受益。蘇克圖將在準備好的發言中提供更多有關指導的細節。

Our confidence in delivering this forecast is very high with July now behind, we're even more confident in the acceleration of growth relative to the new products that we're launching, in particular in the US, where we saw the strongest month so far in the year 2025, that being the month of July.

我們對實現這一預測的信心非常高，7 月已經過去，我們對即將推出的新產品的成長加速更有信心，特別是在美國，我們看到了 2025 年迄今為止最強勁的月份，即 7 月。

While we are pleased with our solid financial performance, what I'm most proud of this quarter is the strategic and operational progress we're making towards our long-term ambitions. We continue to transform Zimmer Biomet at a very rapid pace as we execute on our key priorities from a strategic standpoint. Those three priorities once again are people and culture, operational excellence, and innovation and diversification.

雖然我們對穩健的財務表現感到滿意，但本季最讓我自豪的是我們在實現長期目標方面取得的策略和營運進展。我們從策略角度執行關鍵優先事項，並繼續以非常快的速度改造 Zimmer Biomet。這三個優先事項再次是人才與文化、卓越營運以及創新與多樣化。

Let me share several recent and very exciting updates on these three priorities, and I'll start with innovation and diversification, and our framework to conduct disciplined M&A in order to move into higher [growing] spaces.

讓我分享這三個優先事項的一些最新且令人興奮的更新，我將從創新和多樣化開始，以及我們進行有紀律的併購的框架，以便進入更高的[增長]空間。

On July 14, we announced a definitive agreement to acquire Monogram Technologies which is the company behind mBôS, the robot with semi and fully autonomous AI-driven robotic capabilities. Recently, Monogram's robot became the first robot in the world, to complete a fully autonomous surgery using Monogram's implants. This is very exciting and disruptive technology, which is highly complementary to the technology suite of solutions that we have here at Zimmer Biomet.

7 月 14 日，我們宣布了一項最終協議，收購 Monogram Technologies，該公司是 mBôS 的幕後推手，mBôS 是一款具有半自主和全自動 AI 驅動機器人功能的機器人。近日，Monogram機器人成為全球首個利用Monogram植入物完成全自動手術的機器人。這是一項非常令人興奮且顛覆性的技術，它與我們 Zimmer Biomet 的技術解決方案套件高度互補。

As a complement to our broad suite of robotic and navigation solutions, Monogram's first-to-the-world technology has the potential to change the standard of care and transform the future of orthopedic surgery solving some of the most meaningful challenges in musculoskeletal health, those being efficiency, accuracy, and reproducibility. This planned acquisition of Monogram and our commitment to ROSA and its robust pipeline, underscores Zimmer Biomet's unprecedented strategy of enabling today, while boldly defining the future of orthopedic surgery.

作為我們廣泛的機器人和導航解決方案的補充，Monogram 的首創技術有可能改變護理標準並改變骨科手術的未來，解決肌肉骨骼健康領域的一些最有意義的挑戰，即效率、準確性和可重複性。這次對 Monogram 的計劃收購以及我們對 ROSA 及其強大產品線的承諾，凸顯了 Zimmer Biomet 前所未有的戰略，即在實現當今目標的同時，大膽定義骨科手術的未來。

We have maintained or desire to diversify into higher growth segments, through disciplined M&A, and the Monogram acquisition meets our stringent financial and strategic criteria. The acquisition is expected to be neutral to adjusted earnings per share from 2025 to 2027 and accretive thereafter. It will contribute to revenue growth beginning in 2027, and will generate high single-digit ROIC, return on invested capital, by year with increasing contribution starting in year six.

我們一直保持或希望透過嚴謹的併購實現多元化，進入更高成長的領域，而 Monogram 的收購符合我們嚴格的財務和策略標準。預計此次收購對 2025 年至 2027 年調整後每股盈餘的影響為中性，此後將增加。它將從 2027 年開始為收入成長做出貢獻，並將逐年產生高個位數的 ROIC（投資資本回報率），並且從第六年開始貢獻將不斷增加。

The acquisition of Paragon 28 earlier this year is another way we're leveraging M&A to diversify our company into higher-growth segments. We completed the acquisition on April 21, and the integration so far is proceeding as planned. We recently transitioned Zimmer Biomet's foot and ankle portfolio to Paragon's 28 sales team, creating more scale, and leveraging the strong commercial channel and capabilities that Paragon 28 is known for. I love the contribution that Paragon 28 is making, and I look forward to our ongoing journey together.

今年稍早收購 Paragon 28 是我們利用併購實現公司多元化並進入高成長領域的另一種方式。我們於4月21日完成了收購，目前整合工作正在按計劃進行。我們最近將 Zimmer Biomet 的足部和踝部產品組合轉移到 Paragon 的 28 個銷售團隊，從而擴大規模，並利用 Paragon 28 所聞名的強大商業管道和能力。我喜歡 Paragon 28 所做的貢獻，並期待我們繼續共同前進。

Now, turning to our second priority, operational excellence. This is a strategic pillar that encompasses efforts on both the top and bottom line, as we work to strengthen our commercial execution in the US to drive consistent above-market growth, improve margins for Zimmer Biomet globally, and reduce inventory for the organization in order to improve free cash flow generation.

現在，談談我們的第二個優先事項，卓越營運。這是一個涵蓋頂線和底線努力的策略支柱，我們致力於加強在美國的商業執行力，以推動持續高於市場的成長，提高 Zimmer Biomet 在全球範圍內的利潤率，並減少組織的庫存，以提高自由現金流的產生。

I'm proud of the work that the team has done in 2025 so far to drive EPS growth. Their work has now enabled Zimmer Biomet to be able to grow earnings in the year 2025 versus 2024, in spite of executing two significant M&A deals, investing in large commercial initiatives, launching new products, driving the boldest DTP campaign, and absorbing the tariff impact. Of course, none of this progress will be possible without our team.

我為團隊在 2025 年迄今為推動每股收益成長所做的工作感到自豪。儘管執行了兩項重大的併購交易、投資了大型商業計劃、推出了新產品、推動了最大膽的 DTP 活動並吸收了關稅影響，但他們的工作使得 Zimmer Biomet 能夠在 2025 年實現盈利增長（相對於 2024 年）。當然，如果沒有我們的團隊，這些進步就不可能實現。

Our third priority is dedicated to people and culture, ensuring we have the right people in the right roles. We recently welcomed Kevin Thornal as our Group President for Global Businesses and the Americas. Kevin is a very dynamic and seasoned leader who brings a wealth of knowledge and experience in driving growth and commercial excellence within medical devices, including orthopedics. I look forward to Kevin's leadership and contributions as we continue to accelerate growth and transform Zimmer Biomet into the boldest, most customer-centric company in MedTech.

我們的第三個優先事項是致力於人才和文化，確保合適的人才擔任合適的職位。我們最近歡迎 Kevin Thornal 擔任我們的全球業務和美洲集團總裁。凱文是一位非常有活力且經驗豐富的領導者，他在推動包括骨科在內的醫療器材領域的成長和商業卓越方面擁有豐富的知識和經驗。我期待 Kevin 的領導和貢獻，我們將繼續加速成長，並將 Zimmer Biomet 轉變為醫療科技領域最大膽、最以客戶為中心的公司。

The progress that we're making in each of these three strategic priorities is real and reinforces my conviction in both our planned second half acceleration, as well as the long-term opportunity that Zimmer-Biomet has ahead. We believe that the early customer enthusiasm and adoption that we've seen behind our magnificent seven product cycle will continue to fuel our growth in the back half of 2025 and beyond. And again, one month into Q3, we've seen that come into realization.

我們在這三個策略重點上取得的進展是真實的，並增強了我對計劃中的下半年加速以及 Zimmer-Biomet 未來的長期機會的信心。我們相信，我們在宏偉的七大產品週期背後看到的早期客戶熱情和採用將繼續推動我們在 2025 年下半年及以後的成長。第三季已經過去一個月了，我們再次看到這個目標成為現實。

Here are a few recent trends that are inspiring our confidence in the second half acceleration and solid growth over the long-range plan. In US Hips, we continue to drive robust adoption of our Z1 triple paper stem for direct interior heat procedures, with now roughly 50% of Z1 users converting to Zimmer Biomet from competitive offerings. We believe the combination of Z1 HAMMR, or surgical impact at our OrthoGrid, our AI-driven surgical guidance system for total hip replacement is going to continue to drive a strong growth through the second half of 2025 and beyond.

以下是一些近期趨勢，這些趨勢激發了我們對下半年加速發展和長期計畫穩健成長的信心。在美國髖關節領域，我們繼續大力推廣 Z1 三紙柄髖臼杯，用於直接內部加熱手術，目前約有 50% 的 Z1 用戶從競爭產品轉向 Zimmer Biomet。我們相信，Z1 HAMMR 的組合，或我們 OrthoGrid 的手術影響，以及我們用於全髖關節置換的 AI 驅動手術引導系統，將在 2025 年下半年及以後繼續推動強勁增長。

In US Knees, our Persona OsseoTI cementless total knee penetration continues to move in the right direction. In addition, we are seeing very strong early adoption of our Oxford Partial cementless knee. Nearly 50% of surgeons trained on Oxford through the second quarter of this year, have adopted the implant -- our implant in the practice, with 10% of them being competitive conversions. We have planned countless new training programs for the rest of 2025 and going into 2026.

在美國膝關節領域，我們的 Persona OsseoTI 非骨水泥全膝關節滲透技術繼續朝著正確的方向發展。此外，我們看到牛津部分非骨水泥膝關節的早期採用率非常高。截至今年第二季度，在牛津接受培訓的外科醫生中，近 50% 已在實踐中採用了我們的植入物，其中 10% 是競爭性轉換。我們為 2025 年剩餘時間和 2026 年規劃了無數新的培訓計畫。

In Europe, the Persona Revision new launch continues to gain traction with more than 100 accounts implanting the system across the key countries of Western Europe. We expect Persona Revision adoption to accelerate meaningfully throughout the end of 2025, with plenty of additional training events scheduled throughout the rest of the year and a very solid supply platform across the continent.

在歐洲，新推出的 Persona Revision 繼續獲得關注，西歐主要國家已有 100 多個帳戶植入系統。我們預計 Persona Revision 的採用將在 2025 年底顯著加速，並將在今年剩餘時間內安排大量額外的訓練活動，並在整個非洲大陸建立非常穩固的供應平台。

Lastly, in S.E.T., or Embody line of collagen-based by integrative solutions, continues to exceed expectations. When new launches are driving share gains in shoulder arthroplasty. More than one-third of surgeons implanting our Identity Shoulder were using competitive systems two years ago, while 40% of OsseoFit stemless solder users are new to Zimmer Biomet. These products underscore our confidence in at least mid-single-digit SCP growth going forward. Our team is all in and committed to executing with urgency and excellence for the rest of 2025. And again, our confidence in the second half revenue growth expectation for the year is very high.

最後，S.E.T.，即基於膠原蛋白的綜合解決方案的 Embody 系列，繼續超出預期。當新產品上市推動肩關節置換術市場佔有率成長時。兩年前，超過三分之一植入我們 Identity Shoulder 的外科醫生使用的是競爭系統，而 40% 的 OsseoFit 無柄焊接用戶都是 Zimmer Biomet 的新用戶。這些產品強調了我們對未來至少實現中等個位數 SCP 成長的信心。我們的團隊全力以赴，致力於在 2025 年剩餘時間內以緊迫感和卓越表現完成任務。我們對今年下半年的營收成長預期充滿信心。

In conclusion, we are very proud of the progress in organization, and we look forward to continuing to execute and build momentum as we move through the second half of this year 2025. I have more conviction in our strategy and team than ever, and I am deeply inspired every day 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，我們對組織方面的進展感到非常自豪，並期待在 2025 年下半年繼續執行並累積動力。我對我們的策略和團隊比以往任何時候都更加有信心，並且每天都深受鼓舞，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 will turn the call over to Suky. Thank you.

說完這些，我會把電話轉給 Suky。謝謝。

Thanks. And good morning, everyone. As Ivan mentioned, we delivered another solid quarter that demonstrated the early impact of our new product cycle. We grew sales 2.8% on an organic constant currency basis despite an 80 basis point selling day headwind. In addition, we delivered adjusted earnings per share of $2.07, which was up 3% year-over-year despite dilution from the Paragon 28 transaction and continued investments into our commercial organization.

謝謝。大家早安。正如伊凡所提到的，我們又完成了一個穩健的季度，展現了我們新產品週期的早期影響。儘管面臨 80 個基點的銷售逆風，我們的銷售額仍以有機固定匯率計算成長了 2.8%。此外，我們實現了調整後每股收益 2.07 美元，儘管 Paragon 28 交易和對我們商業組織的持續投資導致稀釋，但仍比去年同期增長了 3%。

As we get into the details of the results, unless otherwise noted, my statements will be about the second 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.

當我們深入了解結果細節時，除非另有說明，我的陳述將涉及 2025 年第二季度，以及與 2024 年同期的比較。我的評論將基於固定匯率和調整後的經營基礎。

2025 organic constant currency commentary and guidance excludes any impact from the recently closed Paragon 28 acquisition. Net sales were $2.077 billion, an increase of 7% on a reported basis, and 2.8%, excluding the impact of foreign currency and the Paragon 28 acquisition. Consolidated pricing was 20 basis points positive, marking another consecutive quarter of positive pricing.

2025 年有機恆定貨幣評論和指導不包括最近完成的 Paragon 28 收購的任何影響。淨銷售額為 20.77 億美元，報告期內成長 7%，扣除外匯和 Paragon 28 收購的影響後成長 2.8%。合併定價為正值 20 個基點，標誌著連續一個季度呈現正值定價。

Our US business grew 2.3% on an organic basis, driven by over 5% growth in Hips, and 150 basis point sequential acceleration in Knees to 1.7%. As Ivan mentioned, this performance reflects contribution from an early customer enthusiasm for several new product launches across our business.

我們的美國業務有機成長了 2.3%，其中臀部業務成長超過 5%，膝蓋業務連續加速 150 個基點至 1.7%。正如 Ivan 所提到的，這項業績反映了早期客戶對我們業務中幾款新產品的熱情。

Internationally, we grew organic revenue 3.4%. Global Hips grew 4%, with the US increasing 5.2%, and international increasing 2.7%. The US performance was driven by our Z1 triple taper hip stem, which continues to exceed our expectations. Z1 in combination with HAMMR and OrthoGrid is driving share of wallet and competitive conversions.

在國際上，我們的有機收入成長了 3.4%。全球臀部成長 4%，其中美國成長 5.2%，國際成長 2.7%。美國市場的表現得益於我們的 Z1 三錐度髖關節柄，其表現持續超出我們的預期。Z1 與 HAMMR 和 OrthoGrid 的結合正在推動錢包份額和競爭轉換。

Global Knees grew 1.8% in the quarter with the US growing 1.7%, and international growing 1.8%. This quarter's US results reflect increasing penetration of our Persona OsseoTi cementless total knee, and early adoption of our Oxford Partial cementless knee. While room for improvement remains, we continue to invest in high-growth segments such as ASCs and robotics to increase our penetration. The early adoption of our new product launches, coupled with ongoing commercial investments, reinforce confidence in the second half acceleration.

本季全球膝蓋成長 1.8%，其中美國成長 1.7%，國際成長 1.8%。本季在美國的業績反映了我們 Persona OsseoTi 非骨水泥全膝關節的普及率不斷提高，以及 Oxford Partial 非骨水泥膝關節的早期採用。儘管仍有改進空間，但我們仍將繼續投資於 ASC 和機器人等高成長領域，以提高我們的滲透率。我們新產品的早期推出，加上持續的商業投資，增強了對下半年加速發展的信心。

Next, our S.E.T. segment grew by 4.9% on an organic basis, led by double-digit growth in CMFT and Sports Medicine, and high single-digit growth in upper extremities. This marks the seventh consecutive quarter of at least mid-single-digit growth in S.E.T., a trend we expect to continue as planned product launches accelerate. As a reminder, with the closing of the Paragon 28 acquisition, S.E.T. is now our second largest business.

其次，我們的 S.E.T. 部門有機增長了 4.9%，其中 CMFT 和運動醫學實現了兩位數增長，上肢實現了高個位數增長。這是 S.E.T. 連續第七個季度實現至少中等個位數成長，隨著計畫產品發布的加速，我們預計這一趨勢將持續下去。提醒一下，隨著 Paragon 28 收購的完成，S.E.T. 現在是我們的第二大業務。

Finally, technology and data, [bone cement, and surgical declined] 2.2% due to difficult comps from the prior year, and a mix shift towards ROSA volume-based placements versus outright sales.

最後，技術和數據，[骨水泥和外科手術]下降了2.2％，原因是與上一年相比困難，並且產品組合轉向基於ROSA數量的投放而非直接銷售。

Now, turning to our P&L. We reported GAAP diluted earnings per share of $0.77, compared to GAAP diluted earnings per share of $1.18 in the prior year. Higher revenue and lower year-over-year restructuring charges were more than offset by acquisition-related charges and interest expense due to the Paragon 28 transaction. On an adjusted basis, we delivered diluted earnings per share of $2.07, compared to $2.01 in the prior year. This increase was driven by higher revenue and a lower share count, partially offset by a step-up in SG&A and interest expense tied to the Paragon 28 transaction.

現在，轉向我們的損益表。我們報告的 GAAP 稀釋每股收益為 0.77 美元，去年同期的 GAAP 稀釋每股收益為 1.18 美元。由於 Paragon 28 交易而產生的收購相關費用和利息支出，抵消了較高的收入和較低的同比重組費用。經過調整後，我們的每股攤薄收益為 2.07 美元，而去年同期為 2.01 美元。這一增長是由更高的收入和更低的股票數量推動的，但部分被與 Paragon 28 交易相關的銷售、一般及行政費用和利息支出的增加所抵消。

Adjusted gross margin was 72.3%, higher than the second quarter of 2024, largely due to favorable mix and lower E&O, which more than offset higher manufacturing costs. Adjusted operating margin was 27.8%, lower than the prior year as a result of increased commercial investments and the addition of Paragon 28, but in line with expectations.

調整後的毛利率為 72.3%，高於 2024 年第二季度，這主要歸功於良好的產品組合和較低的 E&O，足以抵消較高的製造成本。調整後的營業利潤率為 27.8%，由於商業投資增加和 Paragon 28 的加入，低於上年，但符合預期。

Adjusted net interest and nonoperating expenses were $75 million, above the prior year driven by higher debt related to the Paragon 28 transaction, and higher interest rates on refinance debt that matured in 2024. Our adjusted tax rate was 18.2%, and fully diluted shares outstanding were $198.3 million, down year-over-year due to the share repurchases from last year and in the first quarter of 2025.

調整後的淨利息和非營業支出為 7,500 萬美元，高於上年，原因是與 Paragon 28 交易相關的債務增加，以及 2024 年到期的再融資債務的利率上升。我們的調整後稅率為 18.2%，完全稀釋流通股數為 1.983 億美元，由於去年和 2025 年第一季的股票回購，較去年同期下降。

Now, turning to cash and liquidity. We had another strong quarter of cash generation, with operating cash flows of $378 million and free cash flow of $248 million, in line with 2024 levels despite closing the Paragon 28 transaction in the quarter. Our working capital initiatives, including inventory reductions continue to pay off as we've reduced days on hand by almost 20 days compared to the second quarter of 2024. We ended the quarter with approximately $557 million of cash and cash equivalents.

現在，談談現金和流動性。我們又度過了一個現金產生能力強勁的季度，營運現金流為 3.78 億美元，自由現金流為 2.48 億美元，儘管本季度完成了 Paragon 28 交易，但仍與 2024 年的水平一致。我們的營運資本措施（包括減少庫存）持續取得成效，與 2024 年第二季相比，我們的庫存天數減少了近 20 天。本季末，我們的現金和現金等價物約為 5.57 億美元。

Now, regarding our outlook for 2025. We are updating our guidance based on a number of factors and now expect 2025 reported revenue growth of 6.7% to 7.7%, adjusted EPS of $8.10 to $8.30, and free cash flow of $1 billion to $1.2 billion. We are also narrowing our 2025 organic constant currency revenue growth guidance to 3.5% to 4.5%, from our prior range of 3% to 5%. Inside of this, we continue to expect average selling prices to be roughly flat for the full year, and selling day differences to be a modest headwind to growth.

現在，談談我們對 2025 年的展望。我們正在根據多種因素更新我們的指導，目前預計 2025 年報告營收成長率為 6.7% 至 7.7%，調整後每股收益為 8.10 美元至 8.30 美元，自由現金流為 10 億美元至 12 億美元。我們也將 2025 年有機固定匯率營收成長預期從先前的 3% 至 5% 縮小至 3.5% 至 4.5%。在此範圍內，我們繼續預期全年平均售價將大致持平，而銷售日差異將對成長產生適度阻力。

Importantly, as Ivan mentioned, we remain confident in our expected second half growth acceleration driven by no selling day headwind in the second half of 2025. More favorable comps resulting from the ERP implementation challenges in the second half of 2024, acceleration from new product launches, particularly our Magnificent Seven across all of our businesses and geographies, and the timing of orders in EMEA.

重要的是，正如伊凡所提到的，我們仍然對預期的下半年成長加速充滿信心，這得益於 2025 年下半年沒有銷售日逆風的推動。2024 年下半年 ERP 實施挑戰、新產品發布加速（尤其是我們所有業務和地區的 Magnificent Seven）以及 EMEA 地區的訂單時間帶來了更有利的業績。

Now, let's walk through the moving parts that impact our reported revenue guidance. At recent rates, FX is now expected to be a more meaningful tailwind to our full year outlook than previously anticipated. At current rates, we now anticipate FX to contribute 50 basis points of growth in 2025.

現在，讓我們來看看影響我們報告的收入指引的變動因素。按照最近的匯率，外匯現在預計對我們的全年前景將產生比之前預期更有意義的推動作用。按照目前的匯率，我們預期外匯將在 2025 年貢獻 50 個基點的成長。

Second, on Paragon 28, we continue to anticipate the acquisition to contribute about 270 basis points of growth in 2025. With our successful efforts to mitigate our exposure to global tariffs and the assumption of China-related tariffs remaining at current levels, we are lowering our expected tariff impact for 2025. While the situation remains fluid, we now anticipate about a $40 million headwind to operating profit in 2025.

其次，對於 Paragon 28，我們繼續預期此次收購將在 2025 年貢獻約 270 個基點的成長。由於我們成功努力降低全球關稅的影響，並假設與中國相關的關稅將保持在當前水平，因此我們正在降低 2025 年預期的關稅影響。儘管情況仍不穩定，但我們目前預計 2025 年營業利潤將面臨約 4,000 萬美元的阻力。

Principally in the second half, which is down from the $60 million to $80 million we estimated during the first quarter earnings call. While we're not providing 2026 guidance at this time, based on current assumptions, we believe the improvements in 2025 will carry forward into 2026 and beyond. We now anticipate full year adjusted operating margin to be down about 100 basis points from 2024, versus our prior guidance of 100 to 150 basis points of a decline. We still expect fourth quarter adjusted operating margin will be the highest for the year.

主要是在下半年，低於我們在第一季財報電話會議上估計的 6,000 萬美元至 8,000 萬美元。雖然我們目前沒有提供 2026 年的指導，但根據目前的假設，我們相信 2025 年的改進將延續到 2026 年及以後。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，而我們先前預測的下降幅度為 100 至 150 個基點。我們仍預期第四季調整後的營業利潤率將達到今年最高水準。

Adjusted net interest and other nonoperating expenses are now expected to be approximately $290 million, down from $305 million, primarily due to lower borrowings. 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目前預計約為 2.9 億美元，低於 3.05 億美元，主要原因是藉款減少。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。

As mentioned, we project the 2025 tariff headwind to be more than offset by a combination of the weakening US dollar, and a corresponding FX tailwind, supply chain mitigation efforts, proactive actions were taken to decrease discretionary spending, and advancing other operational strategies. Given these dynamics and factoring in the dilution from the Paragon 28 acquisition, which is in line with our original expectations, we now expect our 2025 fully diluted adjusted earnings per share to be $8.10 to $8.30, up from our previous guidance of $7.90 to $8.10.

如上所述，我們預計 2025 年關稅逆風將被美元走弱、相應的外匯順風、供應鏈緩解措施、採取主動行動減少可自由支配的支出以及推進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），我們現在預計 2025 年完全稀釋調整後每股收益為 8.10 美元至 8.30 美元，高於我們先前預測的 7.90 美元至 8.10 美元。

I'd like to close by thanking the entire ZB team for their hard work and dedication. We continue to make meaningful positive change across the business while investing to accelerate long-term growth.

最後，我要感謝整個 ZB 團隊的辛勤工作和奉獻精神。我們在投資加速長期成長的同時，繼續在整個業務中做出有意義的積極改變。

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, Suky. Operator, let's open up for questions. (Event Instructions) Operator, please go ahead.

謝謝你，Suky。接線員，讓我們開始提問。（活動指示）接線員，請繼續。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Two for me, both outlook related. Maybe on the first, as you think about the updated organic sales growth guide narrowed at the midpoint, how do we think about the drivers of the improvement and the cadence of improvement?

對我來說有兩個，都跟前景有關。也許首先，當您想到更新的自然銷售成長指南在中點縮小時，我們如何看待改進的驅動因素和改進的節奏？

It implies an acceleration in second half? Do you have an easy comp versus second half last year? How do we think about the drivers, the level of confidence and visibility and how to think maybe about 3Q versus 4Q?

這是否意味著下半年會加速發展？與去年下半年相比，您的表現是否比較輕鬆？我們如何看待驅動因素、信心水平和可見性以及如何看待第三季與第四季？

Yes, absolutely Robbie. So I'll start with the latter part of your question. Level of confidence is very high, and it's very high given a variety of factors. Let's talk about the basic (inaudible) and then are getting to (inaudible) around new products.

是的，絕對是羅比。所以我將從你的問題的後半部分開始。信心水平非常高，考慮到多種因素，信心水平非常高。讓我們先討論一下基本內容（聽不清楚），然後再討論（聽不清楚）新產品。

But basic [mass], as you recall, in the second half of 2025, we don't have the day rate headwind that we did have in the first half of 2025, and that's about 100 basis points right there. Secondly, and you're acutely aware of this, we do benefit from the ERP comparables from a year ago, second half of 2024, we went through the ERP (inaudible). And that's roughly another 100 basis points right there. So between the day rate and ERP already got 200 basis points of favorability right there.

但正如你所記得的，基本[品質]在 2025 年下半年，我們不會有 2025 年上半年那樣的日利率逆風，那大約是 100 個基點。其次，您敏銳地意識到了這一點，我們確實受益於一年前，即 2024 年下半年的 ERP 可比性，我們經歷了 ERP（聽不清楚）。這大約是另外 100 個基點。因此，日利率和 ERP 之間已經存在 200 個基點的優惠。

Strong July, as I mentioned in my prepared remarks, actually the strongest month so far in the year 2025, where the US actually grew upper single digit in the month of July with mid-single-digit performance in the Americas in Knees and Hips. So those are the basic data points that gives us confidence. As you get into new products, we said from the very beginning of the year that you will see a ramp up. That's given the investments done early in the year. That has to do with the timing of the actual new product launches. You've seen already in the US that sequentially, we're growing (inaudible) about 150 basis points from Q2 to Q1. Hips continued to be a strong performance. So that definitely helps out.

正如我在準備好的發言中提到的那樣，7 月份表現強勁，實際上是 2025 年迄今為止表現最強勁的月份，美國 7 月份的膝蓋和臀部數據實際上實現了高個位數增長，美洲的膝蓋和臀部數據實現了中等個位數增長。這些都是給予我們信心的基本數據點。當您推出新產品時，我們從年初就說過，您將看到銷售量的成長。這是考慮到今年年初所進行的投資。這與新產品的實際發佈時間有關。你已經看到，在美國，從第二季度到第一季度，我們的環比成長（聽不清楚）約為 150 個基點。臀部持續表現強勁。這肯定有幫助。

And then lastly, the third and final thing I'll say that gives us confidence is the emerging markets distributor purchase. We mentioned this in Q1. The value of that order, which would be recognizing here in the next days is around 50 to 60 basis points for the company in the quarter that shifted from Q2 on to Q3, and roughly around 110 basis points for the international segment of our business.

最後，我要說的第三件也是最後一件讓我們充滿信心的事情是新興市場經銷商的購買。我們在第一季提到過這一點。該訂單的價值將在未來幾天內確認，對於從第二季度轉向第三季度的公司而言，該訂單的價值約為 50 至 60 個基點，對於我們業務的國際部門而言，該訂單的價值約為 110 個基點。

So again, through the combination of these mathematical data points, the new product performance, the visibility at the point that we're having. We're extremely confident on the second half acceleration. Relative to Q3 to Q4, while we typically don't like to give quarterly guidance. I'll tell you -- I'll be very surprised if Q3 is not a number scratching 6%. And then given comes in Q4 of '24, the number for Q4 of '25 would be slightly lower.

因此，再次透過這些數學數據點的組合，新產品的性能，以及我們所擁有的可見度。我們對下半年的加速非常有信心。相對於第三季至第四季度，我們通常不喜歡給出季度指引。我告訴你——如果第三季的數字沒有達到 6%，我會感到非常驚訝。考慮到 24 年第四季的數據，25 年第四季的數字會略低。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

Can I just go into a little bit more detail on what you're observing here with respect to end market trends. I think when you add up the totality of companies having reported earnings through Q2, it does look like orthopedic market has slowed a little bit. Your commentary around July is obviously encouraging for Zimmer [book], but maybe you could contextualize results here and what you're seeing in broader market trends, both through the quarter and what you're observing early here in Q3?

我能否更詳細地介紹一下您觀察到的有關終端市場趨勢的情況？我認為，當你把第二季公佈獲利的公司總數加起來時，骨科市場確實看起來有所放緩。您在 7 月左右的評論顯然對 Zimmer [book] 來說是令人鼓舞的，但也許您可以將這裡的結果和您在更廣泛的市場趨勢中看到的情況聯繫起來，包括整個季度以及您在第三季度初觀察到的情況？

Thank you, David. Look, I've learned over the last seven years to don't drive or make any assumptions on market health based on one quarter, or even two quarters. We believe that when you look at the overall market, it still is very healthy. Certainly higher than pre-COVID levels, definitely not benefiting from the post-COVID market volumes, but certainly higher than pre-COVID levels.

謝謝你，大衛。聽著，過去七年來我學會了不要根據一個季度甚至兩個季度來判斷或對市場健康狀況做出任何假設。我們相信，從整體市場來看，它仍然非常健康。肯定高於疫情之前的水平，肯定不會受益於疫情後的市場規模，但肯定高於疫情之前的水平。

As my peers commented, June was somewhat soft, but May and April were very strong, or strong. And then July has been very, very strong for us. Part of that is comps relative to ERP. The other part is that we're seeing high volume of cases coming into the hospitals. Pricing continues to be very favorable, 20 basis points positive for us in the quarter. The volume has gone to the ASC are very strong.

正如我的同行所評論的那樣，六月有些疲軟，但五月和四月卻非常強勁，或者說強勁。七月份對我們來說非常非常強勁。其中一部分是與 ERP 相關的補償。另一方面，我們看到大量病例湧入醫院。定價繼續非常有利，本季為我們帶來了 20 個基點的正面影響。流向 ASC 的交易量非常強勁。

And we do see a double-dip in effect. This is going to inpatient, outpatient, HPV and ASCs. We continue to monitor waiting list. Those are not slowing down. So large centers across the Northeast, in the Midwest are reporting a four- to six-month waiting list. So that is encouraging.

我們確實看到了雙底效應。這將適用於住院患者、門診患者、HPV 患者和 ASC 患者。我們將繼續監控等候名單。這些都沒有減緩的跡象。據報道，東北部和中西部地區的大型醫療中心的等候名單長達四到六個月。這令人鼓舞。

And then outside of the United States, there is obviously a lot of seasonality, timing variability. But again, July started very strongly. So net-net, we believe that these markets continue to grow at least 4%. And there is nothing that we see in the horizon that tells us that orthopedics as a market is slowing down. Thanks, David.

而在美國以外，顯然存在著很大的季節性和時間變化性。但 7 月的開局又非常強勁。因此，總體而言，我們相信這些市場將繼續成長至少 4%。並且，我們並沒有看到任何跡象表明骨科市場正在放緩。謝謝，大衛。

Jason Wittes, Roth Capital.

傑森·維特斯（Jason Wittes），羅斯資本（Roth Capital）。

I want to ask about Monogram. Specifically, I know [Mako and Stryker] get a lot of credit for first mover, but a lot of that had to do with their intellectual property and sort of how place limitations on a lot of the competition.

我想問一下關於 Monogram 的問題。具體來說，我知道 [Mako 和 Stryker] 作為先行者獲得了很多讚譽，但這在很大程度上與他們的智慧財產權以及如何對許多競爭對手施加限制有關。

If you look at Monogram, which obviously you guys are believers in given the acquisition, do you think -- as you look across our equity portfolio, you think it gives you a pretty strong position to maintain both in terms of their cutting and their AI applications?

如果您看一下 Monogram，顯然你們對這次收購非常信任，您認為——當您查看我們的股票投資組合時，您是否認為它能讓您在其裁剪和人工智能應用方面保持相當強勢的地位？

And related to that, I think there's an ultimate goal there to really reduce the time and reproducibility of these procedures. Are you anticipating that's going to happen as well with that platform?

與此相關，我認為最終目標是真正減少這些程序的時間和可重複性。您是否預期該平台也會出現這種情況？

Thanks for the question, Jason. So first things first. [Stryker and Mako] will get a lot of credit for the ambition (inaudible) 10 years ago and changing how orthopedics get done. So I'll start with our credit the way.

謝謝你的提問，傑森。所以首先要說的是，[Stryker 和 Mako] 將因 10 年前的雄心壯志（聽不清楚）以及改變骨科治療方式而獲得很多讚譽。因此我將從我們的信用方式開始。

We believe that we, at a moment right now, we can have similar, if not greater, impact by changing the standard of care, launching first-of-the-world technology that is going to leap us forward into semi-autonomous and fully autonomous. And maybe I'll touch briefly on what an autonomous robot does, and then I can talk about the differentiating features of [MBOs], the Monogram platform.

我們相信，透過改變護理標準、推出世界首創的技術，我們可以在目前這個時刻產生類似甚至更大的影響，這將使我們朝著半自主和完全自主邁進。也許我會簡單談談自主機器人的功能，然後我可以談談 [MBOs] 和 Monogram 平台的差異化特徵。

So fully autonomous robot is going to give you precision without the human deviation the variability of having a surgeon controlling most of the (inaudible) So that is [breaking the] level of precision. Number two, the automation or autonomy of [MBOs] or fully autonomous robot, will reduce cognitive load and surgeon fatigue. So basically, this improves well-being and enables the surgeon to engage in a higher level of decision-making, and this is some feedback that we [have do] diligence. They will be highly disruptive. These are very, very busy surgeons that are looking for efficiency, and they're looking to use their operating time to think at a level -- at a higher level.

因此，完全自主的機器人將為您提供精確度，而不會出現人為偏差，也不會出現外科醫生控制大部分（聽不清楚）的變化，因此這[突破]了精確度水平。第二，[MBO] 或全自動機器人的自動化或自主性將減少認知負荷和外科醫生的疲勞。因此，從根本上來說，這改善了健康狀況並使外科醫生能夠參與更高層次的決策，這是我們盡職盡責的一些回饋。它們將造成極大的破壞。這些外科醫生非常非常忙碌，他們追求效率，並希望利用手術時間進行更高層次的思考。

And then lastly, scalability. This is going to be a robot fully autonomous that is going to be fully integrated in a seamless way with the rest of the [CVH] ecosystem. So what you do on plan before surgery goes (inaudible) into the autonomy of the robot, an dictates what happens after. And now you're not connecting different parts and pieces of the ecosystem is happened seamlessly. So that's the benefit of having an autonomous robot.

最後是可擴展性。這將是一個完全自主的機器人，它將以無縫的方式與 [CVH] 生態系統的其他部分完全整合。因此，手術前所計劃要做的事情將（聽不清楚）進入機器人的自主權，並決定手術後發生的事情。而現在，您無法無縫地連接生態系統的不同部分和片段。這就是擁有自主機器人的好處。

We're acutely aware that maybe not everybody we want to have a fully autonomous robot. That's why we insist on having flexibility and optionality and our ecosystem of solutions, including ROSA, will have different approaches to meet different customers where they are.

我們敏銳地意識到，也許不是每個人都希望擁有一台完全自主的機器人。這就是為什麼我們堅持靈活性和可選性，並且我們的解決方案生態系統（包括 ROSA）將採用不同的方法來滿足不同客戶的需求。

Relative to the features of [emboss and Jason, United technology] very well. It has a very with seven different degrees of freedom. What that basically means is that you're going to be able to avoid cutting the patella, which is something that current offerings have some issues with at times.

相對於[emboss和Jason，United technology]的功能非常好。它具有七個不同自由度。這基本上意味著你將能夠避免切割髕骨，而目前的產品有時會出現這個問題。

Secondly, it does have a robotic control so that prevents burning and enables reaming. It is CP based for both planning and intra navigation. It does have components of AI and machine learning that truly personalizes the entire case. How you plan for it, how you execute the planning. I love the fact that it's market-less tracking. So (inaudible) all the complex markets in the actual case.

其次，它確實有一個機器人控制，可以防止燃燒並實現擴孔。它以 CP 為基礎，用於規劃和內部導航。它確實具有人工智慧和機器學習的組成部分，可以真正個性化整個案例。你如何計劃，如何執行計劃。我喜歡它無市場追蹤的特徵。所以（聽不清楚）實際情況中的所有市場都很複雜。

And then lastly, and very, very powerful, it is capable of engaging in fully remote surgeries. So that in itself, we think, is disruptive. So again, excited about where we are in the journey, is a major leap forward. We are excited. We're ready to execute on the launch in early 2027 for at least the semiautonomous version. And we had a ton of people as we speak and doing a bunch of clinical work. So very excited.

最後，它非常非常強大，能夠進行完全遠端手術。因此，我們認為這本身就具有破壞性。因此，我們再次對目前所處的階段感到興奮，這是一次重大的飛躍。我們很興奮。我們準備在 2027 年初推出至少半自動版本。正如我們所說，我們有大量的人員在做大量的臨床工作。我非常興奮。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Ivan, you made on a recent podcast, you made some interesting comments. You said we need to diversify [CBH] and we're rethinking our capital allocation strategy. You also said Zimmer has been too focused on the short term and EPS dilution. Can you elaborate on what you meant and what that could mean for M&A going forward?

伊万，您在最近的播客中發表了一些有趣的評論。您說我們需要實現 [CBH] 多元化，我們正在重新考慮我們的資本配置策略。您也說過 Zimmer 過於重視短期利益和每股盈餘稀釋。能詳細解釋一下您的意思嗎？這對未來的併購意味著什麼？

Thank you, Larry. I always wonder who is the one person that listens to my podcast. I thought is was my wife, and disappointed to hear that it is you.

謝謝你，拉里。我總是想知道誰是收聽我的播客的人。我以為她是我的妻子，但聽說是你，我很失望。

Look, the reality is that for quite some time, we'll be managing the business, trying to resolve innovation (inaudible) that we had, trying to be a (inaudible) of different stakeholders. And we're in a different place today. We have resolved all the innovation gaps. There is not a single gap in the portfolio. Whether it's Knees, where it is Hips, whether it's S.E.T. We got the broadest suite of solutions in robotics navigation, with (inaudible) is going to enable category leadership. So now its about the future, and the future does require diversification.

你看，現實情況是，在相當長的一段時間內，我們將管理業務，試圖解決我們所面臨的創新問題（聽不清楚），試圖成為不同利害關係人的（聽不清楚）。而今天我們處境不同了。我們已經解決了所有創新差距。投資組合中沒有一絲缺口。無論是膝蓋、臀部，還是 S.E.T.，我們在機器人導航方面擁有最廣泛的解決方案，（聽不清楚）將實現類別領導地位。所以現在是關於未來，而未來確實需要多元化。

We aspire to have at least a 5% [Wingard] environment by the end of 2027, and be in a position to be in a 6% to 7% (inaudible) environment by the end of 2030. So with that framework, our capital allocation has not changed, but it certainly evolved. We want to engage in responsible M&A that will get us into the 5% by the end of '27, and by 2030 to 6% to 7%. We're going to allocate the capital to deals that make sense. We don't [choose] this year.

我們希望在 2027 年底實現至少 5% [Wingard] 環境，到 2030 年底實現 6% 到 7% (聽不清楚) 的環境。因此，在該框架下，我們的資本配置沒有改變，但確實發生了變化。我們希望透過負責任的併購，使我們的市佔率在 2027 年底達到 5%，到 2030 年達到 6% 到 7%。我們將把資金分配給有意義的交易。我們今年不[選擇]。

Monogram Technologies -- we are doing Monogram Technologies and done Paragon 28. And we got (inaudible) to do more deals that, again, responsibly to get -- will get us into those [WAMGR] environments. We are going to focus more important than the what is how we do those deals. We're going to solve problems that change the standard of care, just like the answer that I gave to Jason. We're going to move from doing things in just the (inaudible) into more, I would say, transformation spaces. So it's not changed. It's evolved and I love where we are, I love the opportunity ahead, and we're excited about the next five years.

Monogram Technologies——我們正在做 Monogram Technologies 並完成了 Paragon 28。我們必須（聽不清楚）達成更多交易，再次負責任地獲得這些交易——這將使我們進入那些 [WAMGR] 環境。我們更加關注的是如何達成這些交易。我們將解決改變護理標準的問題，就像我給傑森的答案一樣。我們將從僅僅在（聽不清楚）領域做事轉向更多的，我想說，轉型空間。所以它沒有改變。它已經發展了，我喜歡我們現在所處的位置，我喜歡未來的機遇，我們對未來五年充滿興奮。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

One clarifying question, Ivan, the scratching the 6% growth in Q3. Just to clarify, that's organic. So excluding the F&A acquisition, I just wanted to clarify that.

一個需要澄清的問題是，伊万，第三季的成長率為 6%。需要澄清的是，這是有機的。因此，除了 F&A 收購之外，我只是想澄清這一點。

And then your comment on that improvements in '25 will continue into '26. Does that mean 2026 revenue growth should be at least as good, if not better, than kind of the 2025 organic revenue growth? And maybe you could think that's kind of the case kind of for Knees as well?

然後，您關於 25 年改進將延續到 26 年的評論。這是否意味著 2026 年的收入成長至少應該與 2025 年的有機收入成長一樣好，甚至更好？也許你會認為這對 Knees 來說也是同樣的情況？

Yes. I'll give (inaudible). So the 6%, the scratching 6%, it is organic. So this is in the absence of Paragon 28. So when I mentioned that Q3 should be around 6%. I'll be very surprised if you're not expecting a 6%, that is organic, excluding Paragon 28.

是的。我會給（聽不清楚）。所以這 6%，即 6%，是有機的。因此這是在沒有 Paragon 28 的情況下發生的。所以當我提到第三季應該在 6% 左右時。如果您不期望 6%（有機增長，不包括 Paragon 28），我會感到非常驚訝。

And then on 2026, as you can imagine, we're not going to offer any commentary today other than we like the momentum that we got. We like the pipeline that we have. We've made a lot of investments in '25, and those should materialize as we get in '26 and '27. But we're not going to -- we're not going to engage in run rates and assumptions here today. Thanks, Travis.

然後關於 2026 年，正如你所想像的，除了我們喜歡我們所獲得的勢頭之外，我們今天不會提供任何評論。我們喜歡我們現有的管道。我們在 25 年進行了大量投資，這些投資應該會在 26 年和 27 年實現。但我們今天不會在這裡討論運行率和假設。謝謝，崔維斯。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Maybe one on margins here. Operating margins you've raised it by 50 basis points versus prior assumptions, right? But it's still down 100 basis points year-on-year. Can you give us a bridge on what changed between tariff and, I think between the Paragon acquisition? Is Monogram (inaudible) headwind what's (inaudible) FX?

也許這裡有一個邊緣。與先前的假設相比，營業利潤率提高了 50 個基點，對嗎？但年比仍下降了100個基點。您能否向我們介紹一下關稅和 Paragon 收購之間發生的變化？Monogram（聽不清楚）逆風是什麼（聽不清楚）FX？

And when you (inaudible) all those things together, how are you thinking about margins exiting the year into '26? Should there still be some headwinds as some of these issues annualize?

當您（聽不清楚）將所有這些因素綜合起來時，您如何看待今年和 26 年的利潤率？隨著這些問題逐年增加，是否還會出現一些阻力？

Yes, Vijay, it's Suky. Thanks for the question. I will say it was difficult to hear parts of your question, but I think I got the gist of it. So if I miss anything, just come back.

是的，Vijay，我是 Suky。謝謝你的提問。我要說的是，聽清楚你的問題有些困難，但我想我已經明白它的要點了。所以如果我錯過了什麼，就回來。

You're correct. Margins were down in the second quarter year-over-year. That's in line with expectations. They were up sequentially from the first quarter and a little bit better than what we originally expected. The key driver of why they're down year-over-year, as we've talked about with the Paragon 28 acquisition is simply holding that company into our baseline.

你是對的。第二季利潤率較去年同期下降。這符合預期。它們比第一季有所上升，並且比我們最初預期的要好一些。正如我們在談到 Paragon 28 收購時所討論的，導致其股價同比下降的主要原因是將該公司納入我們的基準線。

When we originally provided guidance prior to Paragon 28, we said operating margins would be up slightly. That would have marked the fourth or fifth consecutive year of increasing operating margins. But of course, did the transaction, which we think is a very attractive long-term growth driver for us.

當我們在 Paragon 28 之前最初提供指導時，我們表示營業利潤率會略有上升。這將是該公司營業利潤率連續第四年或第五年成長。但當然，我們認為這筆交易對我們來說是一個非常有吸引力的長期成長動力。

As you think about the rest of the year, I'll really turn to our guidance uplift to sort of give you the moving parts there. And it's actually funny if you go back to the very beginning of the year and you look at where our guidance for EPS is now, we're almost right back where we started. Even in the backdrop of closing -- or closing one acquisition, announcing another one with Monogram, very exciting opportunity, and tariffs. So you put all of that into the mix, and we're almost right back where we started again.

當您考慮今年剩餘時間的情況時，我會真正轉向我們的指導提升，以便為您提供那裡的活動部分。事實上，如果你回到今年年初，看看我們現在的每股盈餘指導，你會發現這很有趣，我們幾乎又回到了原點。即使在完成一項收購的背景下，宣布與 Monogram 進行另一項收購，這也是非常令人興奮的機會和關稅。所以，如果你把所有這些因素綜合起來，我們幾乎又回到原點了。

So what's driving our earnings per share increase from our last guide. I'd say it really comes down to four key components in the order of size. First is our tariff assumption is better than we originally expected as we've had more time to work through our mitigation strategies, and we're also seeing lower overall tariff rates than what we originally announced on our first quarter call. We're now predicting about $40 million of tariff headwind this year versus our original assumption of $60 million to $80 million. So that's a very nice component.

那麼，是什麼推動了我們的每股盈餘從上一次指南中增加呢？我認為它實際上可以歸結為按大小排序的四個關鍵組件。首先，我們的關稅假設比我們最初預期的要好，因為我們有更多的時間來製定緩解策略，而且我們也看到整體關稅稅率低於我們在第一季電話會議上最初宣布的水平。我們現在預測今年的關稅逆風約為 4000 萬美元，而我們最初的假設是 6000 萬至 8000 萬美元。這是一個非常好的組件。

Second is we're doing much better on free cash flow this year than originally expected. We're spending less on the integration of Paragon 28, and that's going as expected. We're also seeing utilization of assets and better working capital improvements. That ultimately is leading to lower cost of borrowing and lower borrowings in general. So that's reducing our interest expense from a little bit over $300 million in our last call to about $290 million this year. So that's another major driver.

第二，我們今年的自由現金流比最初預期的要好得多。我們在 Paragon 28 整合上的花費減少了，這符合預期。我們也看到資產利用率和營運資本改善。這最終將導致借貸成本降低以及整體借貸額度減少。因此，我們的利息支出從上次的 3 億多美元減少到了今年的 2.9 億美元左右。這是另一個主要驅動因素。

And then the last two are really around operational improvements that we continue to drive in the business. We've been talking about that, and that's been delivering operating margin expansion for the last several years. That continues into this year. And then there's a modest FX benefit from our last call. So those are really the moving parts of why we're increasing our guidance for this year.

最後兩個實際上是圍繞著我們在業務中繼續推動的營運改善。我們一直在談論這個問題，而且過去幾年來，這個問題一直推動著營業利潤率的擴大。這種狀況一直持續到今年。我們上次通話中獲得了適度的外匯收益。所以這些確實是我們今年提高指導額的動因。

But as you said, operating margin will be down primarily because of the Paragon 28 integration, but it won't be down as much as we originally thought.

但正如您所說，營業利潤率下降主要是因為 Paragon 28 整合，但下降幅度不會像我們最初想像的那麼多。

Chris Pasquale, Nephron.

克里斯·帕斯誇萊（Chris Pasquale），Nephron。

I wanted to follow up on Monogram. Historically, the biggest concern about pursuing a fully autonomous capability for Ortho robotics was the perceived onerous regulatory requirements to get signed off from the FDA. I'm assuming that, that was a key focus of your diligence process.

我想跟進 Monogram。從歷史上看，追求 Ortho 機器人完全自主能力的最大擔憂是獲得 FDA 批准的繁重監管要求。我認為，這是您盡職調查過程的重點。

So can you talk about your confidence in the [MBOs] commercialization time line? And could you also elaborate on how the deal is neutral to EPS in the pre-revenue phase? Are you guys making some cuts to internal projects to offset the incremental investment there?

那麼您能談談您對[MBOs]商業化時間表的信心嗎？您能否詳細說明一下該交易對獲利前階段的每股盈餘有何中性影響？你們是否會削減一些內部項目來抵消那裡的增量投資？

First things first, we've been looking at this Technology Monogram for about 2.5 to 3 years. So we have had ample time to understand regulatory pathway, technology, the opportunity to go from semiautonomous to fully autonomous. So we believe we know the space very well. And we have engaged third-party along the journey to help us understand complexity associated with different claims.

首先，我們已經研究這個技術字母組合大約 2.5 到 3 年了。因此，我們有充足的時間來了解監管途徑、技術以及從半自主到完全自主的機會。因此我們相信我們非常了解這個領域。我們在整個過程中都聘請了第三方來幫助我們了解與不同索賠相關的複雜性。

That is a very robust clinical trial associated with fully autonomous, north of (inaudible) patients and enrolling more. We're working in hand with the FDA. We have experts that have been part of commercialization efforts in the past for other technology. So I would say that the degree of confidence is very high. I don't want to make any assumptions here today. But we understand what we need to do to get there. So that's piece number one.

這是一項非常嚴格的臨床試驗，與完全自主、北部（聽不清楚）患者有關，並且正在招募更多患者。我們正在與 FDA 合作。我們擁有過去曾參與其他技術商業化工作的專家。所以我想說信心程度非常高。今天我不想在這裡做任何假設。但我們明白要達到這個目標我們需要做什麼。這就是第一點。

And we're being somewhat conservative when it comes to the assumptions on those product releases, both for the same autonomous and fully autonomous. Relative to how do you make the deal EPS neutral, a couple of things.

當談到這些產品發布的假設時，我們有些保守，無論是對於相同的自主還是完全自主。關於如何使交易每股收益中性，有幾件事。

Number one, we are reducing expenses in non-core areas. So as you can imagine, we manage an enterprise with around 44%, 45% OpEx. There is always room to take money from noncore areas to investments in critical areas like technology, Monogram being one of them. We're going to be able to leverage a lot of the R&D engineering, sustained engineering platform. So ROSA is a large platform within Zimmer Biomet, and the same folks that are doing (inaudible) sustained engineering for ROSA are going to be able to do some of this. The same applies for some of the marketing functions, quality, regulatory and whatnot.

第一，我們正在削減非核心領域的開支。因此，你可以想像，我們管理的企業的營運支出約為 44% 到 45%。總有空間將非核心領域的資金轉移到技術等關鍵領域的投資，Monogram 就是其中之一。我們將能夠利用大量的研發工程和持續工程平台。因此，ROSA 是 Zimmer Biomet 內部的一個大型平台，而那些為 ROSA 進行（聽不清楚）持續工程的人員將能夠完成其中的一些工作。這同樣適用於一些行銷功能、品質、監管等等。

So we're not going to be cutting anything that is customer focused. We're not going to be cutting anything that is critical for the pipeline. But there has been a reshuffling of OpEx from noncore areas.

因此，我們不會削減任何以客戶為中心的項目。我們不會削減任何對管道至關重要的東西。但非核心領域的營運支出已經進行了重新調整。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Want to ask about Knee growth, particularly in the US, but just also worldwide. I mean if you look at it this quarter and on a two-year stack, it did get a little bit better for you guys relative to maybe some of your peers and what we saw in the fourth quarter, and the first quarter.

想詢問有關膝蓋生長的情況，特別是在美國，但也包括全世界。我的意思是，如果你看一下本季的情況以及兩年來的情況，你會發現相對於一些同行以及我們在第四季度和第一季度看到的情況，你們的情況確實有所好轉。

So Ivan, talk to us about what specifically changed there from those past two quarters where it was maybe trailing behind some of your other peers? And kind of what in your mind, sustains that ability to be maybe in that two spot versus what was arguably the three spot?

那麼，伊万，請與我們談談與過去兩個季度相比具體發生了哪些變化，可能落後於其他一些同行？您認為是什麼支撐著您處於第二位而不是第三位？

Thank you, Ryan, for the question. So first things first, we are encouraged with the acceleration that we've seen. I'll talk about the US, then we can talk about international. But Q2 to Q1 in the US, acceleration of around 150 basis points. I already mentioned July is stronger than that. So things are moving in the right direction, encouraged by -- not satisfied when I get back to the days where we are taking share each and every quarter.

感謝 Ryan 提出這個問題。首先，我們對所看到的加速感到鼓舞。我先談論美國，然後我們可以談國際。但美國第二季度相對於第一季度，增速約150個基點。我已經提到七月會比那更強。因此，事情正朝著正確的方向發展，這令人鼓舞——當我回到我們每個季度都獲得份額的日子時，我並不滿足。

And we do believe there's a pathway there. Through new product introductions, then the road technology like Monogram, technology like the investments we're making on smart implants. We do believe there is a pathway there.

我們確實相信那裡有一條路。透過推出新產品，然後是 Monogram 等道路技術，以及我們在智慧植入物方面進行的投資等技術。我們確實相信那裡有一條路。

On the second half of 2025, we made a lot of commercial investments in terms of DTP, direct-to-patient initiatives they're working out. We're making leadership changes. We have restructured, as I mentioned, some territories. We have evolved incentive plan. So our level of confidence to accelerate in the second half, our new business in the US is very high.

2025 年下半年，我們在 DTP、直接面向病患的計畫方面進行了大量商業投資。我們正在進行領導層變動。正如我所提到的，我們已經重組了一些領土。我們已經制定了激勵計劃。因此，我們對下半年在美國的新業務加速發展的信心非常高。

International, it's a bit all over the place because you get that tender that moved from Q2 to Q3. So I'm convinced we're going to post a very strong Knee number internationally in Q3. And then as we get into 2026 there is ample opportunity with additional new product introductions, getting [Oxford partial cementless] in other markets getting Persona Revision accelerated in Europe, Middle East and Africa. So I do think we [turn the] corner. Again, not satisfied where we are, but very encouraged with the trends, Ryan.

國際上，情況有點混亂，因為你得到的招標從 Q2 轉移到了 Q3。因此，我相信我們將在第三季在國際上取得非常強勁的 Knee 業績。然後，隨著我們進入 2026 年，我們將有充足的機會推出更多新產品，在其他市場推出 [Oxford partial clay-industry]，並在歐洲、中東和非洲加速 Persona Revision。所以我確實認為我們已經扭轉了局面。再說一次，我們對現狀並不滿意，但對趨勢感到非常鼓舞，瑞安。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

I'd love to hit on Hips and Z1 in particular. The numbers and the strength that you guys have seen there, has that been predominantly on the [Coxoviras] side? Or has that been more broad-based across [head]?

我特別想談談 Hips 和 Z1。你們在那裡看到的數量和強度，主要是在 [Coxoviras] 方面嗎？或者說，這種現像在[頭]？

We love what we've seen with Z1. We're actually taking market share with this product. So the latest data point that we got is roughly 50% of all the Z1 users are competitive conversions. Again, moving to Q3, we continue to see the same trend. We had, in late '24 some challenges we supply. As of (inaudible), there are zero challenges, zero shortages when it comes to supply. So we're doing a lot of trainings were releasing sets. And we think that Z1 is going to continue to (inaudible) growth.

我們對 Z1 的出色表現十分滿意。我們實際上正在利用該產品來佔領市場份額。因此，我們獲得的最新數據點是，大約 50% 的 Z1 用戶都是競爭性轉換。再次，進入第三季度，我們繼續看到同樣的趨勢。在 2024 年末，我們遇到了一些挑戰。截至（聽不清楚），供應方面沒有任何挑戰，也沒有短缺。因此我們正在進行大量的培訓並發布相關內容。我們認為 Z1 將持續（聽不清楚）成長。

As you recall, Patrick, for about five to seven years here in the US. We were shared donors, and now the trend is changing. So that is the market product, but it gets amplified through [Ortho Grid], which is an acquisition that is gone above expectations and the surgical impact, or HAMMR is also going better than expected. So two quarters in the US of 5% growth. And we expect the run rate to be very similar as we exit 2025, if not better.

派崔克，您還記得嗎，我在美國待了大約五到七年。我們曾經是共同捐助者，但現在趨勢正在改變。這就是市場產品，但它透過 [Ortho Grid] 得到了放大，這是一項超出預期的收購，其手術影響或 HAMMR 也比預期更好。因此美國有兩個季度的成長率為 5%。我們預計，到 2025 年，運行率將保持非常相似，甚至更好。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Congrats on a good quarter. So just a question on Monogram. I thought that deal was interesting. And I'm just curious, Ivan, as you look ahead to when you're launching Monogram, sort of how you think of Monogram and ROSA coexisting? What you think it brings to the robotics market overall in addition to what you have with ROSA?

恭喜本季取得良好業績。這只是關於 Monogram 的一個問題。我認為這筆交易很有趣。我很好奇，伊万，當您展望推出 Monogram 時，您如何看待 Monogram 和 ROSA 的共存？除了 ROSA 的優勢之外，您認為它還能為整個機器人市場帶來什麼？

Danielle, look. 2.5 years looking into this, we look at different pathways to get to leadership in robotics. We felt with data that having the most flexible and comprehensive product suite is the way to go. You get non-robotic believers. We have navigation opportunities. You've got large footprint robotic believers. We got those small footprint robotics. We have an exclusive partners within surgical. There is a strong appetite for autonomous robotics. We're going to be first to market. And based on all the intelligence that we have IP wise, the only one for a while. So we believe that a comprehensive set of solutions is the way to go.

丹妮爾，你看，我們花了兩年半的時間研究這個問題，尋找成為機器人領域領導者的不同途徑。我們根據數據認為，擁有最靈活、最全面的產品套件才是最佳選擇。你會得到非機器人般的信徒。我們有導航機會。你擁有大量機器人信徒。我們擁有這些佔地面積小的機器人。我們在外科領域擁有獨家合作夥伴。人們對自主機器人有著強烈的需求。我們將率先進入市場。根據我們掌握的所有 IP 情報，我們暫時是唯一的。因此，我們相信，一套全面的解決方案才是可行的方法。

In terms of what this will do for the robotics, I do think you're going to have a lot of surgeons entering the world of robotics. I think one data point that most people miss is that here in the US, 80, 8-0, [80%] of surgeons, 29,000 surgeons in the US don't use a robot. And internationally, that number is actually higher, 90%, 90% of surgeons don't use a robot.

就這對機器人技術的影響而言，我確實認為將會有許多外科醫生進入機器人領域。我認為大多數人忽略的一個數據點是，在美國，80% 的外科醫生，即美國 29,000 名外科醫生不使用機器人。而在國際上，這個數字其實更高，90% 的外科醫生都不使用機器人。

So providing those surgeons with an efficient, highly reproducible robot platform that drives all the benefits of autonomy, I think [expands the] buy. So we're going to continue to see growth, market expansion of robotics, and it enables a great share of wallet opportunity for us here at Zimmer Biomet. So very excited about this acquisition.

因此，我認為，為這些外科醫生提供一個高效能、高度可重複的機器人平台，發揮自主技術的所有優勢，可以擴大購買量。因此，我們將繼續看到機器人技術的成長和市場擴張，這為我們 Zimmer Biomet 帶來了巨大的收益機會。我對這次收購感到非常興奮。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

So just a couple of follow-ups. Just one on Paragon 28. And I think you've talked about -- you talked about bringing that entire organization on and kind of keeping them together as kind of a team intact, which seems to be successful so far. So congrats on that.

這只是一些後續問題。Paragon 28 上只有一個。我想你已經談過——你談到讓整個組織團結起來，讓他們成為一個完整的團隊，到目前為止，這似乎是成功的。對此我表示祝賀。

And I wanted to get a sense, first, is there anything that -- any retention or any threshold beyond which we should be thinking about where you may be 100% confident that, that's just going to happen, and we're going to keep whether something end of the year, or 12 months out that we get through that threshold and we're good?

首先我想了解的是，是否存在什麼——任何保留或任何閾值，超過這個閾值我們都應該考慮，您可能 100% 有信心，這將會發生，並且我們會保留某些東西，無論是在年底還是 12 個月後，我們都會超過這個閾值，我們就很好了？

And then the second part of it is, I guess, at what point do you start thinking about bringing on, repeating rinse and repeat on an acquisition like that to drive growth, drive margins, expand the WAMGR, that sort of thing?

然後第二部分是，我想，什麼時候你會開始考慮進行這樣的收購，以推動成長、提高利潤率、擴大 WAMGR 之類的事情？

Thanks, Matt. Look, Paragon 28 went really well. So we delivered better-than-expected operational efficiencies. That's part of why the free cash flow position for the rest of the year has improved. Delivered lower acquisition costs, nice savings across the board. But it didn't come from the commercial innovation elements of the deal.

謝謝，馬特。瞧，Paragon 28 進展非常順利。因此，我們實現了優於預期的營運效率。這就是今年剩餘時間自由現金流狀況改善的原因之一。降低了採購成本，全面節省了開支。但它並非源自於該交易的商業創新元素。

To your question, there's been no management turnover. As you know, [Alberta Costa], the former Chairman, CEO of Paragon 28 is the Global President of that business. I've said this in a gazillion forums. So here we go again, I'm pretty much married to [Albert] for the rest of my life. Here within the entire commercial channel. And by that, I mean the senior leadership in commercial operations, as well as the territory leaders, and I am not aware of any sales rep, or distributor, or anyone in the channel that actually has left Zimmer-Biomet. So they have -- (inaudible). So it's not a large number.

對於您的問題，管理層並未發生變動。如您所知，Paragon 28 的前董事長兼執行長 [Alberta Costa] 是該公司的全球總裁。我已在無數論壇上說過這件事。所以我們又回到了原點，我基本上要和 [Albert] 結婚一輩子了。這裡是整個商業管道內。我指的是商業運營的高層領導以及區域領導，我不知道有任何銷售代表、分銷商或通路中的任何人實際上離開了 Zimmer-Biomet。所以他們有——（聽不清楚）。所以這不是一個很大的數字。

We recently integrated the Zimmer Biomet, lower extremities, lower trauma food and anchor portfolio into the sales channel. So the Paragon 28, or former Paragon 28 sales reps are very excited to have those new products from Zimmer Biomet. There's been no innovation delays. We are today in [Denver], I believe, doing an R&D review. All the feedback we get around innovation is that is on track and on time. So net-net, everything is going really, really well. We still expect 270 basis points of revenue growth contribution in the year 2025.

我們最近將 Zimmer Biomet、下肢、下部創傷食品和錨固產品組合整合到銷售管道中。因此，Paragon 28 或以前的 Paragon 28 銷售代表對於 Zimmer Biomet 的這些新產品感到非常興奮。不存在任何創新延遲。我相信，我們今天正在[丹佛]進行研發審查。我們收到的所有有關創新的回饋都是按計劃和按時進行的。所以整體來說，一切都進展得非常非常順利。我們仍預期 2025 年的營收成長貢獻將達到 270 個基點。

And to your later question, is this a rinse and repeat kind of model moving forward? Absolutely. Absolutely. I think this creates a proxy for other deals. Solid innovation, solid commercial execution, keep away from the mother ship, (inaudible) run, deliver sustainable growth. Yes, it's a rinse-repeat model and we're going to likely play it again. Thanks for the question, Matt.

至於您後面的問題，這是否是一種不斷重複的前進模式？絕對地。絕對地。我認為這為其他交易創造了一個代理。紮實的創新，紮實的商業執行，遠離母艦，（聽不清楚）運行，實現永續成長。是的，這是一個重複模型，我們可能會再次玩它。謝謝你的提問，馬特。

Shagun Singh, RBC Capital.

加拿大皇家銀行資本管理公司的 Shagun Singh。

I just wanted to ask a question on Monogram. Can you maybe give us a little bit more on the confidence you have in the progress on the fully autonomous portion of the robot? I just wanted to get a sense of what progress has already been made internally? I know you guys have a semi auto that FDA approved, it hasn't launched, and then the CBR suggests some development timelines on the full year autonomous. So just wanted to get a sense of your comfort level?

我只是想問一個關於 Monogram 的問題。您能否向我們進一步透露您對機器人完全自主部分進展的信心？我只是想了解內部已經有哪些進展了？我知道你們有一款獲得 FDA 批准的半自動汽車，但尚未上市，然後 CBR 就全年自動駕駛汽車提出了一些開發時間表。所以只是想了解您的舒適程度？

And then just on the competitive landscape and how that might evolve, I think Stryker indicated on their call that they have the ability to be fully autonomous today, but they decided not to turn it on. So I'm just wondering like how do you think about the competitive landscape once you bring this to market?

然後就競爭格局及其可能如何發展而言，我認為史賽克在電話會議上表示，他們今天有能力實現完全自主，但他們決定不開啟它。所以我只是想知道，一旦您將該產品推向市場，您如何看待競爭格局？

Well, thank you. Look, I'm not going to comment much on competitors and their abilities, or lack of abilities. But if they can turn it on, I will recommend it that at some point, they do because this type of technology will change the (inaudible) of orthopedics.

好的，謝謝你。聽著，我不會對競爭對手及其能力或缺乏能力發表太多評論。但如果他們可以啟用它，我會建議他們在某個時候這樣做，因為這種技術將改變骨科（聽不清楚）。

Relative to the opportunity, or the level of confidence on fully autonomous, we -- today, this is not (inaudible) yet, just completed the first fully autonomous surgery in the world, I think it was two weeks ago with excellent results. So that's a very encouraging data point.

相對於機會或對完全自主的信心水平，我們 - 今天，這還沒有（聽不清楚），剛剛完成了世界上第一例完全自主手術，我想這是兩週前的事了，結果非常好。這是一個非常令人鼓舞的數據點。

In terms of our pathway to get there, I alluded to the fact that there is a robust clinical trial. We understand the different steps we're going to take to get to fully autonomous. We have heads when this launch is going to happen. We continue to work with experts. So our level of confidence is very high. I don't want to speculate too much yet because we're early in the journey, but the assumptions that we're making so far have been validated by the experts.

就我們實現這一目標的途徑而言，我提到了一項強而有力的臨床試驗。我們了解要實現完全自動化所需的不同步驟。我們已經知道這次發射何時進行。我們繼續與專家合作。所以我們的信心水準非常高。我還不想進行太多猜測，因為我們才剛開始，但我們目前所做的假設已經得到了專家的驗證。

So really, really excited. And semi-autonomous we launched in early '27. We believe that fully autonomous [MBOs], we launched in late 2027 if not early 2028. And as soon as we can, we'll provide more details into how that's going.

真的非常非常興奮。我們在 27 年初推出了半自動駕駛技術。我們相信，我們將在 2027 年底甚至 2028 年初推出完全自主的 [MBO]。我們將盡快提供有關進展的更多詳細資訊。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Ivan, I wanted to just ask a little bit more on the robotics portfolio approach. It makes sense. You want to be able to position to go where the market goes and what it wants, and this is an evolving sector. So I appreciate that. But when you were describing kind of -- there's something for everyone, you kind of characterized, at least I thought I heard you characterize. ROSA as kind of a large footprint robot. You have Monogram, which has advanced capabilities, including autonomous, that's where maybe the market is going. And then you kind of have a smaller footprint with (inaudible).

伊万，我想再問一些有關機器人組合方法的問題。這是有道理的。您希望能夠順應市場的發展方向和需求，這是一個不斷發展的領域。我很感激。但是當你描述某些東西時——每個人都有自己的東西，你有點描述了，至少我認為我聽到了你的描述。ROSA 是一種佔地面積很大的機器人。你們有 Monogram，它具有先進的功能，包括自主功能，這也許就是市場的發展方向。這樣你的足跡就更小了（聽不清楚）。

I guess, one, is Monogram -- large footprint is not necessarily something people want. I guess what is it that ROSA is going to do for the marketplace that Monogram isn't going (inaudible)? And then as I think about it, it sounds like it's eventually going to be a Monogram [key mini] kind of race for you guys. But correct me if I'm wrong there. I'm just trying to get my arms around that.

我想，首先是 Monogram——大尺寸的圖案不一定是人們想要的。我想 ROSA 會為市場帶來什麼，而 Monogram 不會（聽不清楚）？然後當我想到它時，聽起來這對你們來說最終會是一場 Monogram [key mini] 類型的比賽。但如果我錯了，請糾正我。我只是想盡力理解這一點。

Thanks for the question, Rich. Look, ROSA is the number one orthopedic robot outside the United States. That is a fact. The reason why a lot of surgeons choose ROSA with approaching, (inaudible) exceeding our 2,000 installations. It's because there is a large chunk of surgeons that don't believe in [CT] scanning, and again, particularly outside the US. They don't want to expose the patient to radiation.

謝謝你的提問，Rich。你看，ROSA 是美國以外排名第一的骨科機器人。這是事實。許多外科醫生選擇 ROSA 的原因是我們的安裝量已接近（聽不清楚）甚至超過 2,000 台。這是因為有很多外科醫生不相信 CT 掃描，尤其是在美國以外。他們不想讓病人暴露在輻射下。

In some countries, it's not reimbursed. They don't want to add another step in the procedure. There is a preference for image less robotics. There is a segment of surgeons that want to be fully in control of the case and they like ROSA. They like the way that it integrates with preplanning, and they're used to it. So we're going to keep ROSA, and we've got six different indications coming from ROSA in the next, call it, 18 to 24 months. So that's going to stay there.

在一些國家，這筆費用是不能報銷的。他們不想在程式中增加另一個步驟。人們更偏愛無影像機器人。有一部分外科醫生希望完全掌控病例，他們喜歡 ROSA。他們喜歡它與預先規劃相結合的方式，並且已經習慣了它。因此，我們將繼續使用 ROSA，並且在接下來的 18 到 24 個月內，我們將從 ROSA 中獲得六種不同的適應症。所以它會保留在那裡。

In terms of -- is there a raise between (inaudible) and [MBOs Monogram], no. There is not a race between our internal offerings. There is going to be a desire to continue to offer different solutions for different customers around the world. And we strongly believe 2.5 years of market research, that optionality, that flexibility will win the race.

就——（聽不清楚）和[MBOs Monogram]之間是否有加薪，沒有。我們的內部產品之間不存在競爭。我們希望繼續為世界各地的不同客戶提供不同的解決方案。我們堅信，經過兩年半的市場調查，這種選擇性和彈性將贏得競爭。

Caitlin Cronin, Canaccord.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord。

Just maybe if you could comment on robotic placements in this quarter specifically, and then just the pipeline for the rest of the year? And then adjacent to that, how is that this partnership really trending and ongoing commercialization there?

或許您可以具體評論一下本季的機器人部署情況，然後談談今年剩餘時間的部署情況？除此之外，這種合作關係在那裡的趨勢如何，商業化進展如何？

Thank you, Caitlin. So I'll start with the second part of the question, we just extended the exclusive partnership with (inaudible) Surgical. So obviously, we like what we see. And we like having the optionality of that smaller handheld [CDM] based and there is a fairly large pipeline of deals in the making for (inaudible).

謝謝你，凱特琳。因此，我將從問題的第二部分開始，我們剛剛延長了與（聽不清楚）Surgical 的獨家合作關係。顯然，我們喜歡我們所看到的。我們喜歡小型手持設備 [CDM] 的可選性，並且有相當多的交易正在進行中（聽不清楚）。

Overall robotics, you see that the category declined versus a year ago. That is because of capital equipment sales. Installations remain on track. We've been saying for, I don't know, four, five years that the point of entry is at least 300, and we continue to see that number or better. We like the number coming out of ASCs, especially new ASCs. So everything is going in accordance to plan.

就整體機器人而言，您會發現該類別與一年前相比有所下降。這是因為資本設備銷售。安裝工作仍在按計劃進行。我們已經說了四、五年了，入境人數至少是 300，而且我們繼續看到這個數字甚至更好。我們喜歡 ASC 的數據，尤其是新 ASC 的數據。一切都按照計劃進行。

And again, as we get into late 2025, we're going to be launching next-generation ROSA with the ability to do a [kinematic knee] with a simpler landmarking, with better tracking. So we think that ROSA (inaudible) what we call [optimize], will be an accelerator of ROSA installs as we exit '25 and going into 2026.

再說一次，隨著我們進入 2025 年末，我們將推出下一代 ROSA，它能夠透過更簡單的標誌定位和更好的追蹤來製作 [運動膝蓋]。因此，我們認為 ROSA（聽不清楚）即我們所說的 [優化]，將成為 2025 年和 2026 年 ROSA 安裝的加速器。

I'd like to turn the conference back over to Ivan Tornos for closing remarks.

我想將會議交還給伊万·托諾斯 (Ivan Tornos) 做最後發言。

Well, thanks, everybody, for joining. I'll give my closing remarks under a minute. Number one, starting with gratitude. I do want end with gratitude too, to the Zimmer Biomet employees for the progress this quarter for their efforts which have enabled us to raise EPS for the year '25 as well, as free cash flow while narrowing the revenue guidance.

好吧，謝謝大家的參與。我將在一分鐘內發表結束語。第一，從感恩開始。最後，我還要對 Zimmer Biomet 員工本季的進展表示感謝，感謝他們的努力，使我們能夠提高 25 年的每股收益以及自由現金流，同時縮小收入預期。

Number two, I want to talk about the level of confidence that we have, not just for the second half acceleration, given new product introductions, strong July and whatnot. But just given all the visibility that we have in terms of what's happening in every country and across every platform. So we are extremely confident on the second half acceleration.

第二，我想談談我們的信心水平，不僅是對下半年加速發展的信心，還有新產品的推出、7 月的強勁表現等等。但考慮到我們對每個國家和每個平台上發生的事情的了解程度。所以我們對下半年的加速非常有信心。

But most importantly, we are very confident on the future of Zimmer Biomet. We're excited about the future. We have the strongest pipeline that we have had in the 6.5 years that I've been here, and that excludes the opportunities ahead as we continue to leverage the balance sheet to drive responsible M&A and bring new-to-the-world technology like Monogram Orthopedics, or Paragon 28. So thank you for your time this morning, and we look forward to the next update in November.

但最重要的是，我們對 Zimmer Biomet 的未來非常有信心。我們對未來充滿期待。我們擁有我任職 6 年半以來最強大的產品線，這還不包括未來的機遇，因為我們將繼續利用資產負債表來推動負責任的併購，並推出 Monogram Orthopedics 或 Paragon 28 等全新技術。感謝您今天上午抽出時間，我們期待 11 月的下一次更新。

Thank you again for participating in today's conference call. You may now disconnect and have a great day.

再次感謝您參加今天的電話會議。現在您可以斷開連接並享受美好的一天。