Zimmer Biomet Holdings Inc (ZBH) 2025 Q3 法說會逐字稿

Please stand by. Good morning, ladies, and gentlemen, and welcome to the Zimmer Biomet third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded today, November 5, 2025. (Operator Instructions)

請稍候。女士們、先生們，早安，歡迎參加 Zimmer Biomet 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次會議將於2025年11月5日錄製。（操作說明）

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

現在我將把會議交給投資者關係高級副總裁大衛·德馬蒂諾。

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

謝謝接線員，大家早安。歡迎參加捷邁生物（Zimmer Biomet）2025年第三季財報電話會議。今天與我一起參加電話會議的有我們的董事長、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 Suky 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 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.

在正式開始之前，我想提醒各位，本次電話會議中的發言將包含前瞻性陳述。由於各種風險和不確定性，實際結果可能與前瞻性陳述所指出的結果有重大差異。有關所有這些風險和不確定性的詳細討論，以及此類前瞻性聲明固有的局限性，請參閱我們向美國證券交易委員會提交的文件。

Please note, we assume no obligation to update these forward-looking statements even if actual results or future expectations change materially. Additionally, the discussions on this call will include certain non-GAAP financial measures, some of which are forward-looking non-GAAP financial measures.

請注意，即使實際結果或未來預期發生重大變化，我們也沒有義務更新這些前瞻性聲明。此外，本次電話會議的討論將涉及某些非公認會計準則財務指標，其中一些是前瞻性非公認會計準則財務指標。

Reconciliation of these measures to the most directly comparable GAAP financial measures and an explanation of our basis for calculating these measures is included within our third-quarter earnings release, which can be found on our website, zimmerbiomet.com. With that, I'll turn the call over to Ivan. Ivan?

這些指標與最直接可比較的GAAP財務指標的調節表以及我們計算這些指標的依據的解釋，都包含在我們第三季度的收益報告中，您可以在我們的網站zimmerbiomet.com上找到該報告。接下來，我將把電話交給伊凡。伊万？

Thank you, David. Good morning, everyone, and thank you for joining today's call. I want to start today the way that I always start by sharing my sincere gratitude to the Zimmer Biomet team members around the world, who move our business and mission forward each and every day. Thank you for your tireless work, your dedication to solving the most pressing challenges in healthcare, and thank you for your relentless commitment to serving our customers and their patients. Today, Zimmer Biomet is a totally different company than it was just a few years ago, and this is thanks to your efforts.

謝謝你，大衛。各位早安，感謝各位參加今天的電話會議。今天，我想以我一貫的方式開始，那就是向世界各地的 Zimmer Biomet 團隊成員表達我由衷的感謝，他們每天都在推動我們的業務和使命向前發展。感謝您的辛勤工作，感謝您致力於解決醫療保健領域最緊迫的挑戰，感謝您始終如一地服務我們的客戶及其患者。如今的捷邁生物與幾年前相比已經截然不同，這都要歸功於你們的努力。

During my prepared remarks, I'm going to cover three key areas. First, I'm going to summarize the third-quarter results and review the momentum of our recently launched new products, which strongly validate our innovation cycle, while I'm also going to briefly cover some of the commercial execution improvements that we are making and will continue to make. Secondly, I'll address our updated 2025 guidance. And third, I'll cover the three key strategic priorities of Zimmer Biomet; people and culture, operational excellence and innovation and diversification.

在我的演講中，我將重點放在三個方面。首先，我將總結第三季業績，並回顧我們最近推出的新產品的發展勢頭，這些產品有力地驗證了我們的創新周期；同時，我還會簡要介紹我們正在進行並將繼續進行的一些商業執行方面的改進。其次，我將介紹我們更新後的 2025 年指引。第三，我將介紹 Zimmer Biomet 的三個關鍵策略重點：人員與文化、卓越營運以及創新與多元化。

Starting with the third-quarter, we grew sales 5% on an organic constant currency basis with our critical US business accelerating 330 basis points sequentially to 5.6% from 2.3% in the second-quarter. This is the best revenue growth performance in the US since the middle of 2023, with the US being the largest business here at Zimmer Biomet. That said, late in the quarter, unexpected weakness in Eastern Europe, Latin America, and noncore segments of S.E.T., namely restorative therapies, impacted our growth by nearly 120 basis points for the quarter.

從第三季開始，我們的銷售額以有機固定匯率計算增長了 5%，其中我們至關重要的美國業務環比增長 330 個基點，從第二季度的 2.3% 增長到 5.6%。這是自 2023 年中以來美國市場最佳的營收成長表現，而美國市場是 Zimmer Biomet 最大的業務市場。儘管如此，在本季末，東歐、拉丁美洲以及 S.E.T. 的非核心業務（即修復療法）的意外疲軟，使我們本季的成長下降了近 120 個基點。

Importantly, we have identified the issues, are moving swiftly to address them and are contemplating these headwinds in these three areas in the guidance that we are providing for the year 2025. Overall, we are very confident in our actions and remain highly enthusiastic about the early market reception of our new products and the upcoming launches, which we do believe will be catalyst for growth. Equally important, we continue to see healthy market growth rates, fueled by demographics, standard care dynamics like the shift to the ASC, ambulatory surgical center, environment here in the US and broader adoption of technology.

重要的是，我們已經確定了這些問題，正在迅速採取行動解決這些問題，並且在我們為 2025 年提供的指導中，正在考慮這三個領域的這些不利因素。總的來說，我們對自己採取的行動非常有信心，並且對新產品的早期市場反響和即將推出的產品仍然充滿熱情，我們相信這些產品將成為成長的催化劑。同樣重要的是，我們繼續看到健康的市場成長率，這得益於人口結構、標準護理動態（如向門診手術中心 (ASC) 的轉變）、美國的環境以及技術的更廣泛應用。

Unpacking our US performance for the second consecutive quarter, here in 2025, Knees accelerated sequentially with growth of 3.5% or up 180 basis points from 1.7% growth in the second-quarter of 2025. This was driven by adoption of Persona OsseoTi, or total cementless knee, and Oxford, or partial cementless knee, which is performing above our internal expectations when it comes to post-training adoption rates. Specifically, Persona OsseoTi now represents nearly 30% of our US total knee implants, and we remain on track to exceed 50% -- 5-0 penetration by the end of 2027.

連續第二季分析我們在美國的表現，2025 年，Knees 的成長速度較上季加快，達到 3.5%，比 2025 年第二季的 1.7% 成長了 180 個基點。這主要得益於 Persona OsseoTi（全無骨水泥膝關節置換術）和 Oxford（部分無骨水泥膝關節置換術）的採用，這兩款產品在培訓後的採用率方面均超出了我們的內部預期。具體來說，Persona OsseoTi 目前占我們美國全膝關節植入物的近 30%，我們仍有望在 2027 年底之前超過 50%——實現 5-0 的滲透率。

Next, our robotics and navigation strategy of offering a comprehensive and differentiated suite of customer-centric technology solutions is resonating deeply with surgeons. US technology and data, bone cement and surgical sales increased 20.3% this quarter, driven by the strongest robotics capital sales quarter in more than a year. Importantly, utilization continues to increase with US ROSA accounts now performing over half of their knee implants robotically, up 400 basis points for the year.

其次，我們以客戶為中心，提供全面差異化的機器人和導航技術解決方案，這項策略引起了外科醫生的強烈共鳴。美國技術和數據、骨水泥和外科手術產品銷售額本季成長了 20.3%，這主要得益於一年多來最強勁的機器人設備銷售季度。值得注意的是，機器人輔助膝關節植入手術的使用率持續上升，美國 ROSA 帳戶目前超過一半的膝關節植入手術都是透過機器人完成的，比去年同期增加了 400 個基點。

US Hips were up 4% in the quarter, as our triple play of Z1, HAMMR and OrthoGrid continues to gain traction. Z1, or triple-taper stem, accounted for over 25% of hip stems in the third-quarter of the year, and HAMMR, or surgical Impactor, the utilization rates double through the first nine months of the year to 20%.

本季美國髖關節產品銷售成長了 4%，因為我們的 Z1、HAMMR 和 OrthoGrid 三重解決方案繼續獲得市場認可。Z1（三錐形柄）在今年第三季度佔髖關節柄的 25% 以上，而 HAMMR（手術衝擊器）的使用率在今年前九個月翻了一番，達到 20%。

Finally, our US S.E.T. business continues to benefit from new product launches, growing 6.4% in the quarter, up over 250 basis points sequentially from 3.9% growth in the second-quarter of this year, and this is in despite of the weakness in restorative therapies that I mentioned earlier.

最後，我們的美國S.E.T.業務繼續受益於新產品的推出，本季度增長了6.4%，比今年第二季度的3.9%增長了250多個基點，儘管我之前提到過修復療法的疲軟，但仍然實現了這一增長。

Our decision to invest more in high-growth areas is showing great returns. For example, our upper extremities business increased in the high single digits, driven by our Identity Total Shoulder and OsseoFit, a stemless shoulder, for which 80% of users were competitive accounts. In addition, one of our most exciting businesses, CMFT, craniomaxillofacial thoracic, was up over 20% on the back of new product introductions in rib trauma, cardiac surgery and neuroablation.

我們決定加大對高成長領域的投資，這項決定已取得豐碩成果。例如，我們的上肢業務實現了接近兩位數的成長，這主要得益於我們的 Identity Total Shoulder 和 OsseoFit（一種無柄肩關節假體），其中 80% 的用戶都是競爭對手的客戶。此外，我們最令人興奮的業務之一，顱顏面胸外科 (CMFT)，由於肋骨創傷、心臟手術和神經消融術等新產品的推出，增長超過 20%。

CMFT continues to be a recipient of investment, and we foresee a bright future for this platform for many quarters and years to come. For 2025, we're updating our full-year organic constant currency revenue growth expectations to a range of 3.5% to 4% from our previous 3.5% to 4.5% range. This excludes the contribution from Paragon 28, while we are maintaining our 2025 adjusted EPS guidance of $8.10 to $8.30.

CMFT 將繼續獲得投資，我們預見到該平台在未來許多季度和幾年內將擁有光明的前景。對於 2025 年，我們將全年有機固定匯率營收成長預期從先前的 3.5% 至 4.5% 調整為 3.5% 至 4%。這不包括 Paragon 28 的貢獻，同時我們維持 2025 年調整後每股收益預期為 8.10 美元至 8.30 美元。

The updated revenue range contemplates, number one, continued weakness in restorative therapies. Number two, a more measured outlook for certain international emerging markets, where we address some of the challenges that we saw late in the quarter here in Q3. And thirdly, the modest slowdown in the US revision market for both hips and knees persisting throughout the rest of 2025. Suky is going to provide more detail on guidance during his prepared remarks.

更新後的收入範圍考慮了以下因素：第一，康復療法持續疲軟。第二，對某些國際新興市場採取更為審慎的展望，我們將在第三季末期解決一些挑戰。第三，美國髖關節和膝關節翻修市場的溫和放緩趨勢將持續到 2025 年剩餘時間。Suky將在事先準備好的演講稿中提供更多指導細節。

We are continuing to transform Zimmer Biomet at a rapid pace to achieve our long-term ambitions. Let me start now in closing some of the updates relevant to the three key priorities of organization. Again, those being people and culture, operational excellence and innovation and diversification. Starting with people and culture, we are committed to having the right people in the right roles, so we can consistently execute on our strategy without hiccups. We owe this to all of our stakeholders, those being patients, customers, employees, and investors.

我們正以迅猛的速度繼續對 Zimmer Biomet 進行轉型，以實現我們的長期目標。現在讓我先總結一下與本組織三大重點工作相關的一些最新進展。再次強調，這些因素包括人員和文化、卓越營運、創新和多元化。從人員和文化入手，我們致力於讓合適的人在合適的職位上，這樣我們才能持續順利地執行我們的策略。我們對所有利害關係人負有責任，包括病患、客戶、員工和投資者。

We hold the team to this standard, and we'll continue to make performance-based changes when commitments are not made. Along with that approach, and reflected in the guidance we're providing today for 2025, we are making leadership and governance changes in some of our international businesses to address some of the headwinds that we have seen in these geographies throughout the year 2025.

我們對團隊的要求就是如此，如果我們未能履行承諾，我們將繼續根據績效做出調整。秉持這一方針，正如我們今天提供的 2025 年指導方針中所體現的那樣，我們正在對一些國際業務進行領導層和治理方面的調整，以應對我們在 2025 年全年這些地區遇到的一些不利因素。

Also, in the US, our Group President, Kevin Thornal, continues to drive the US channel transformation at the right pace, showing promising results as we demonstrated in our Q3, third-quarter, results. These changes include bringing in new sales leadership for ASCs, ambulatory surgical centers, for S.E.T. for our key account management, while we also continue to drive a sales incentive plan, which increasingly rewards growth. Kevin is leading tremendous efforts to drive sales excellence, and he and the team continue to implement sales force specialization for key growth categories, such as robotics and S.E.T.

此外，在美國，我們的集團總裁凱文·索納爾 (Kevin Thornal) 繼續以合適的速度推動美國通路轉型，並取得了令人鼓舞的成果，正如我們在第三季業績中所展示的那樣。這些變化包括為 ASC（門診手術中心）引入新的銷售領導層，為我們的關鍵客戶管理引入新的銷售領導層，同時我們也繼續推行銷售激勵計劃，該計劃將越來越獎勵增長。Kevin 正在領導推動卓越銷售的巨大努力，他和他的團隊繼續針對關鍵成長類別（如機器人和 S.E.T.）實施銷售團隊專業化。

Additionally, we have installed new leadership in restorative therapies, and we have changed reporting lines in some of our US businesses to drive maximum visibility, consistency, and accountability. Again, all of these changes are contemplated in the guidance that we are providing. I'm confident that the best is yet to come here at Zimmer Biomet, as we continue to merge best-in-class innovation with solid and consistent commercial execution.

此外，我們在復健治療領域引入了新的領導層，並改變了美國部分業務的報告路線，以最大限度地提高透明度、一致性和問責制。再次強調，我們提供的指導意見中已經考慮到了所有這些變化。我相信，隨著我們不斷將一流的創新與穩健、持續的商業執行相結合，Zimmer Biomet 的未來必將更加輝煌。

Now, turning to our second key priority, operational excellence. This strategic pillar encompasses efforts on both the top and bottom line to accelerate revenue growth, improve margins and increase free cash flow generation through inventory management. I'm proud of the work that the team has done in 2025 to drive adjusted EPS and free cash flow.

現在，讓我們來看看我們的第二個重點優先事項：卓越營運。這項策略支柱涵蓋了在營收和利潤兩方面的努力，旨在透過庫存管理加速收入成長、提高利潤率並增加自由現金流。我為團隊在 2025 年為推動調整後每股盈餘和自由現金流所做的工作感到自豪。

The efforts of the team have enabled Zimmer Biomet to grow adjusted earnings per share in 2025 versus 2024, and this is in the backdrop of executing two significant M&A deals, Monogram and Paragon 28, absorbing the impact from tariffs and making meaningful commercial investments that will yield meaningful growth in quarters and years to come.

團隊的努力使 Zimmer Biomet 2025 年的調整後每股收益比 2024 年有所增長，這是在完成兩項重大併購交易（Monogram 和 Paragon 28）、吸收關稅影響以及進行有意義的商業投資的背景下實現的，這些投資將在未來幾個季度和幾年內帶來有意義的增長。

Meanwhile, the focus on reducing days of inventory on hand underpins our strategy to increase free cash flow, and we continue to see progress in this area. Finally, in the third priority of innovation and diversification, very excited to share that on October 7, we closed the acquisition of Monogram Technologies, which is the company behind the mBos, semi and fully autonomous AI-driven, orthopedic robotic system.

同時，減少庫存週轉天數是我們提高自由現金流策略的基礎，我們在這個領域也持續取得進展。最後，在創新和多元化的第三個優先事項方面，非常激動地宣布，我們在 10 月 7 日完成了對 Monogram Technologies 的收購，該公司是 mBos 背後的公司，mBos 是一款半自主和全自動的 AI 驅動的骨科機器人系統。

A few weeks ago, we held initial demonstrations of this technology at the Hip and Knee Society meeting in Dallas, Texas, to a selected group of around 100 surgeons, most of them currently using competitive technology. We walked away extremely energized by their feedback.

幾週前，我們在德克薩斯州達拉斯舉行的髖關節和膝關節協會會議上，向大約 100 名外科醫生進行了這項技術的初步演示，其中大多數外科醫生目前都在使用競爭技術。他們的回饋讓我們倍受鼓舞。

This technology is already changing the conversation, and with data and time, we expect it to also change the standard of care. In a healthcare system, which continues to be constrained by cost, and in an orthopedic environment, where physicians and staff are desperately seeking more efficient ways to deliver best-in-class patient care, we believe that mBos will offer an elegant and compelling solution. That said, we're not betting on just one platform, we believe in optionality, customer centricity, and flexibility.

這項技術已經改變了人們的討論方式，隨著數據的累積和時間的推移，我們預計它也會改變護理標準。在醫療保健系統持續受到成本限制的情況下，在骨科領域，醫生和工作人員都在迫切尋求更高效的方式來提供一流的患者護理，我們相信 mBos 將提供一個優雅而引人注目的解決方案。也就是說，我們不會只押註一個平台，我們相信選擇權、以客戶為中心和靈活性。

The Monogram Technologies is one part of our very comprehensive suite of customer-centric offerings, which range from simplified navigation such as OrthoGrid to non-CT, non-CAT scan based robotics with ROSA, to meet the diverse needs of our broad range of global customers. We now look forward to completing the clinical protocols for Monogram, which started back in early July, and to launch the world's first semi-autonomous robot with Persona implants, the world's leading knee implant, in early 2027, swiftly follow by the fully autonomous platform at the end of 2027 or early 2028.

Monogram Technologies 是我們以客戶為中心的全方位產品組合的一部分，該產品組合涵蓋了從 OrthoGrid 等簡化導航到 ROSA 等非 CT、非 CAT 掃描機器人技術，以滿足我們廣泛的全球客戶的各種需求。我們現在期待完成 Monogram 的臨床方案（該方案於 7 月初啟動），並於 2027 年初推出世界上第一台配備 Persona 植入物（世界領先的膝關節植入物）的半自主機器人，隨後在 2027 年底或 2028 年初迅速推出全自主平台。

Relative to our diversification mandate, we continue to see the integration of Paragon 28 moving at the right pace and in the right direction and our expectations for this business remain unchanged for the year 2025 and beyond. There continues to be a strong excitement for the opportunity, as we launch new products and continue to integrate commercially. In addition to Monogram, we continue to deliver on a broader innovation roadmap bringing new to the world technologies. This includes iodine-treated hip in Japan, for which we recently received PMDA approval.

就我們的多元化策略而言，我們繼續看到 Paragon 28 的整合正以正確的速度和方向進行，我們對該業務在 2025 年及以後的預期保持不變。隨著我們推出新產品並持續進行商業整合，大家對這機會依然充滿熱情。除了 Monogram 之外，我們還將繼續推進更廣泛的創新路線圖，為世界帶來新技術。這包括在日本進行的碘治療髖關節置換術，我們最近已獲得日本藥品和醫療器材管理局（PMDA）的批准。

This is a first-to-the-world technology that inhibits bacterial adhesion and biofilm formation on the implant surface to address PJIs, Periprosthetic joint infections. We're launching before the end of 2025, ROSA with OptimiZe, which has a simplified user interface and offers kinematic alignment for implants. We're also deeply in launch mode for next-generation foot and ankle products. This is coming mostly from Paragon 28 and include fusion plating and other key growth areas within lower extremities.

這是一項世界首創的技術，可抑制細菌黏附和生物膜在植入物表面的形成，從而解決假體周圍關節感染（PJI）。我們將在 2025 年底前推出 ROSA with OptimiZe，它具有簡化的使用者介面，並為植入物提供運動學對準。我們目前也正全力投入下一代足部和踝部產品的上市工作。這主要來自 Paragon 28，包括融合板和下肢的其他關鍵生長區域。

Groundbreaking technology is coming from Zimmer Biomet as part of our digital ecosystem to complement our leading positions and drive core implants there. And then lastly, we have over 20 new products in S.E.T. over the strategic horizon, which address safety, efficiency, and best-in-class clinical and economic outcomes.

作為我們數位生態系統的一部分，Zimmer Biomet 將推出突破性技術，以鞏固我們的領先地位並推動核心植入物的發展。最後，我們在策略規劃範圍內有 20 多種新產品，這些產品注重安全性、效率以及一流的臨床和經濟效益。

In conclusion, we are very proud of the progress in our organization and are excited about the future ahead. We're going to continue to bet boldly on innovation that changes the standard of care in high-growth areas, while we continue to improve commercial execution. Along the way as we responsibly reposition the organization for higher growth, we're going to remain highly disciplined on capital allocation, ensuring that this company remains synonymous with a strong earnings growth and free cash flow generation.

總之，我們為本組織的進步感到非常自豪，並對未來充滿期待。我們將繼續大膽投資於能夠改變高成長領域護理標準的創新，同時不斷提高商業執行力。在負責任地調整公司定位以實現更高成長的過程中，我們將始終保持高度的資本配置紀律，確保公司繼續保持強勁的獲利成長和自由現金流的產生。

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

接下來，我會把電話交給蘇琪。謝謝。

Thanks, and good morning, everyone. This quarter, we grew sales 5% on an organic constant currency basis and delivered adjusted earnings per share of $1.90, which was up 9.2% year-over-year despite dilution from the Paragon 28 transaction, the impact of tariffs and continued investments in our commercial organization.

謝謝大家，大家早安。本季度，我們以有機固定匯率計算的銷售額增長了 5%，調整後每股收益為 1.90 美元，同比增長 9.2%，儘管受到 Paragon 28 交易的稀釋、關稅的影響以及對我們商業組織的持續投資的影響。

As Ivan mentioned, we are encouraged by the progress of the US business, which was up 5.6% on an organic constant currency basis year-over-year, driven by our new product cycle. This performance was partially offset by headwinds in emerging markets and certain non-core businesses that negatively impacted growth in the quarter by over 100 basis points.

正如伊凡所提到的，我們對美國業務的進展感到鼓舞，在新產品週期的推動下，美國業務以有機成長率（以固定匯率計算）同比增長了 5.6%。這一業績部分被新興市場和某些非核心業務的不利因素所抵消，這些不利因素對本季的成長產生了超過 100 個基點的負面影響。

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

在深入探討結果細節時，除非另有說明，我的陳述將圍繞 2025 年第三季以及它與 2024 年同期相比的情況展開。我的評論將以固定匯率和調整後的營運基礎為基礎。

2025 organic constant currency commentary and guidance excludes the impact from the Paragon 28 acquisition that closed in April. Net sales were $2 billion, an increase of 9.7% on a reported basis and 5% excluding the impact of foreign currency and the Paragon 28 acquisition. Consolidated pricing was 20 basis points positive in the quarter. Our US business grew 5.6% on an organic basis, which reflects increasing customer adoption of recently launched products and strong robotic placements.

2025 年有機成長（以固定匯率計算）評論和指導不包括 4 月完成的 Paragon 28 收購的影響。淨銷售額為 20 億美元，以報告數據計算成長 9.7%，若不計外匯影響和 Paragon 28 收購的影響，則成長 5%。本季綜合定價上漲了 20 個基點。我們的美國業務實現了 5.6% 的有機成長，這反映出客戶對近期推出的產品的接受度不斷提高以及機器人業務的強勁成長。

Internationally, we grew revenue 4.2%, where emerging markets represented a headwind to growth. Global Knees grew 5.3% in the quarter with US increasing 3.5% and international increasing 7.8%. This US performance was driven by increasing penetration of our Persona OsseoTi Cementless Total Knee and continued adoption of our Oxford Partial Cementless Knee. International growth benefited from new products and the timing of orders in EMEA, which were partially offset by lower growth in China.

在國際市場，我們的收入成長了 4.2%，但新興市場對成長構成了阻礙。全球膝關節產品市場本季成長 5.3%，其中美國市場成長 3.5%，國際市場成長 7.8%。這個美國市場表現得益於 Persona OsseoTi 無骨水泥全膝關節置換術的市場滲透率不斷提高，以及 Oxford 無骨水泥部分膝關節置換術的持續普及。國際業務成長得益於新產品和歐洲、中東及非洲地區訂單的及時性，但部分被中國市場成長放緩所抵銷。

Hips grew 3.8% with the US increasing 4% and international increasing 3.6%. The US growth was a result of our triple play of Z1, HAMMR and OrthoGrid, driving share of wallet and competitive conversions. Next, our S.E.T. segment grew 3.6% globally on an organic basis with low teens growth in CMFT and high single-digit growth in upper extremities, partially offset by a low teens decline in restorative therapies.

臀部成長了 3.8%，其中美國成長了 4%，國際成長了 3.6%。美國市場的成長得益於我們 Z1、HAMMR 和 OrthoGrid 的三重組合策略，從而提升了市場份額和競爭轉換率。其次，我們的 S.E.T. 業務板塊在全球範圍內實現了 3.6% 的有機增長，其中 CMFT 業務增長了兩位數，上肢業務增長了個位數，但部分被康復療法業務兩位數的下降所抵消。

Finally, technology and data, bone cement and surgical increased 11.3% globally, with strong ROSA placements during the quarter.

最後，技術和數據、骨水泥和外科手術在全球範圍內增長了 11.3%，其中 ROSA 在本季度表現強勁。

Now turning to our P&L. We reported GAAP diluted earnings per share of $1.16 compared to GAAP diluted earnings per share of $1.23 in the prior year. Higher revenue, a decrease in acquisition and integration-related charges and lower share count were offset by higher interest expenses due to the Paragon 28 transaction and a step-up in year-over-year tax tied to certain one-time favorable items in the prior year.

現在來看我們的損益表。我們公佈的GAAP稀釋後每股收益為1.16美元，而上一年的GAAP稀釋後每股收益為1.23美元。更高的收入、收購和整合相關費用的減少以及更少的股份數量被 Paragon 28 交易帶來的更高利息支出以及與上一年某些一次性有利項目相關的同比稅收增加所抵消。

On an adjusted basis, we delivered diluted earnings per share of $1.90 compared to $1.74 in the prior year. This increase was driven by higher revenue, improved gross margin and a lower share count, partially offset by a step-up in interest expense tied to the Paragon 28 transaction. Adjusted gross margin was 72.6%, higher than the third-quarter of 2024, due to lower manufacturing costs and favorable mix.

經過調整後，我們實現了每股攤薄收益 1.90 美元，而去年同期為 1.74 美元。這一增長主要得益於更高的收入、更高的毛利率和更低的流通股數量，但部分被與 Paragon 28 交易相關的利息支出增加所抵消。經調整後的毛利率為 72.6%，高於 2024 年第三季度，原因是製造成本降低和產品組合有利。

Adjusted operating margin was 26.5%, modestly higher than the prior year as a result of better gross margin, partially offset by increased commercial investments and the addition of Paragon 28. Adjusted net interest and nonoperating expenses were $72 million, above the prior year, driven by higher debt related to Paragon 28 and higher interest rates on refinance debt that matured in 2024.

調整後的營業利潤率為 26.5%，比上年略高，這主要得益於毛利率的提高，但部分被商業投資增加和 Paragon 28 的收購所抵消。調整後的淨利息和非經營性支出為 7,200 萬美元，高於去年同期，主要原因是與 Paragon 28 相關的債務增加以及 2024 年到期的再融資債務利率上升。

Our adjusted tax rate was 17.8%, and fully diluted shares outstanding were $198.8 million, down year-over-year due to share repurchases in 2024 and in the first-quarter of 2025. Now turning to cash and liquidity. We had another strong quarter of cash generation, with operating cash flows of $419 million and free cash flow of $278 million, bringing year-to-date free cash flow to about $800 million.

我們調整後的稅率為 17.8%，完全稀釋後的流通股為 1.988 億美元，由於 2024 年和 2025 年第一季的股票回購，年減。現在來說說現金和流動性問題。本季我們又實現了強勁的現金流，經營現金流為 4.19 億美元，自由現金流為 2.78 億美元，使今年迄今的自由現金流達到約 8 億美元。

Our working capital initiatives, including inventory reduction, continue to pay off, as we reduce days on hand by 10 days compared to the third-quarter of 2024, despite higher inventory levels associated with Paragon 28. We ended the quarter with approximately $1.3 billion in cash and cash equivalents.

儘管 Paragon 28 帶來的庫存水準較高，但我們的營運資本措施（包括減少庫存）仍持續取得成效，與 2024 年第三季相比，我們的庫存週轉天數減少了 10 天。本季末，我們持有約13億美元的現金及現金等價物。

Now regarding our outlook for 2025. We are maintaining our 2025 reported revenue growth guidance of 6.7% to 7.7%, adjusted EPS guidance of $8.10 to $8.30 and free cash flow guidance of $1 billion to $1.2 billion. We are updating our 2025 organic constant currency revenue growth guidance of 3.5% to 4% from our prior range of 3.5% to 4.5%.

現在談談我們對2025年的展望。我們維持 2025 年報告營收成長預期為 6.7% 至 7.7%，調整後每股盈餘預期為 8.10 美元 至 8.30 美元，自由現金流預期為 10 億美元 至 12 億美元。我們將 2025 年有機固定匯率營收成長預期從先前的 3.5% 至 4.5% 調整為 3.5% 至 4%。

In spite of this, we continue to expect consolidated pricing to be roughly flat for the full year and selling day differences to be a modest headwind to full year growth. Importantly, as Ivan mentioned, this updated guidance range contemplates continued weakness in restorative therapies, a more measured outlook for certain international markets and the slowdown in the US revision market for both hip and knee persisting throughout the remainder of the year. Now let's walk through the moving parts that impact our reported revenue guidance.

儘管如此，我們仍預期全年綜合價格將大致持平，銷售日期差異將對全年成長構成輕微的不利影響。重要的是，正如伊凡所提到的那樣，這項更新後的指導範圍考慮到了修復療法的持續疲軟、某些國際市場更為謹慎的前景，以及美國髖關節和膝關節翻修市場的放緩將在今年剩餘時間內持續。現在讓我們來逐一分析影響我們公佈的收入預期的各個因素。

At recent rates, FX is now expected to be more favorable to our full year outlook than previously anticipated. At current rates, we now anticipate FX to contribute 50 to 100 basis points of growth in 2025. We continue to expect Paragon 28 to contribute around 270 basis points to reported sales growth in 2025.

以目前的匯率來看，外匯市場預計將比先前預期的更有利於我們全年的展望。以目前的匯率計算，我們預計外匯將在 2025 年貢獻 50 至 100 個基點的成長。我們仍然預計 Paragon 28 將在 2025 年為報告的銷售成長貢獻約 270 個基點。

As previously communicated, we expect our operating margins to be down about 100 basis points versus 2024, which factors in our previously communicated tariff headwind of about $40 million. Adjusted net interest and other nonoperating expenses are now expected to be approximately $280 million, down from $290 million, in part due to lower borrowings on better cash flow.

正如之前所溝通的，我們預計到 2024 年，我們的營業利潤率將下降約 100 個基點，這其中考慮到了我們之前所溝通的約 4000 萬美元的關稅不利因素。經調整後的淨利息和其他非經營性支出預計約為 2.8 億美元，低於先前的 2.9 億美元，部分原因是現金流改善導致借款減少。

And 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 shares. 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.

我們仍預期全年調整後的稅率約為 18%，完全稀釋後的流通股約為 2 億股。最後，我要感謝 ZB 團隊全體成員的辛勤工作和奉獻精神。我們持續在業務各個方面做出有意義的積極改變，同時增加投資以加速長期成長。

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

那麼，我就把電話轉回給大衛了。

Thank you, Suky. Operator, let's open up for questions. (Event Instructions)

謝謝你，蘇琪。操作員，現在開始接受提問。（活動須知）

(Operator Instructions)

（操作說明）

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Ivan, I wanted to ask on, I would say, guidance in general. On the last quarter call, you talked about scratching 6% in third-quarter, which was above consensus at the time and you ended up at 5.0 for organic growth, and fourth-quarter or the full year guide is ticking down.

伊万，我想請教一些問題，像是一些指導方面的問題。在上一季財報電話會議上，您談到第三季將實現 6% 的成長，這高於當時的普遍預期，但最終有機成長率為 5.0%，而第四季或全年的業績指引正在下調。

So really, the question is, how are you thinking about guidance philosophy? What happened exactly in the quarter? And any preliminary thoughts on how we should be thinking about 2026, recognizing that, excluding the easy comp from last year, we're sort of in a 3%-plus growth range?

所以，真正的問題是，你是如何看待指導理念的？本季究竟發生了什麼事？對於我們應該如何看待 2026 年，有什麼初步的想法嗎？考慮到，如果排除去年的簡單比較，我們目前的成長率應該在 3% 以上。

Robbie, thank you for asking that question. It's an extremely fair question. So let me unpack a few things here. So I -- as said back in August that I would be very surprised if we didn't scratch 6%. And I'll tell you what, I'm indeed very surprised that we didn't overdeliver on such number, not that we didn't scratch it, but rather that we didn't overdeliver on that 6%.

羅比，謝謝你提出這個問題。這是一個非常合理的問題。讓我來解釋一下其中的一些情況。所以，正如我在八月所說，如果我們最終沒能達到 6% 的成長率，我會非常驚訝。說實話，我確實很驚訝我們沒能超額完成這個數字，不是說我們沒達到目標，而是說我們沒能超額完成那 6% 的目標。

For what it is worth, it was actually an under commit and overdeliver comment based on what we believe to be a very strong data at hand at the time with the US in July growing around 7%, robust growth across the board, not just in one region and in possession of a very solid pipeline of positive things happening across Zimmer Biomet at that time, almost midpoint into the quarter.

值得一提的是，這實際上是基於我們當時掌握的非常強勁的數據而做出的「少承諾多兌現」的評論。當時美國市場在7月成長了約7%，整體成長強勁，而不僅僅是一個地區，而且Zimmer Biomet當時也擁有非常可靠的積極專案儲備，這幾乎是季度中期的事情了。

So yes, I am very, very surprised. But speaking of surprises, three things happened really late in the quarter with less than a week to go, which caused Zimmer Biomet around 120 basis points. And give me just a minute or two go through some of these, and then, we'll talk about guidance and philosophy and whatnot.

是的，我非常非常驚訝。但說到意外，本季末不到一週的時間內發生了三件大事，導致 Zimmer Biomet 股價下跌了約 120 個基點。請給我一兩分鐘時間，讓我簡單介紹一下這些內容，然後我們再來談談指導原則、理念等等。

But with a week to go in the quarter, three things happened. We saw a last minute cancellation of distributor orders in emerging markets of Europe, mostly from the Middle East and Eastern Europe. Number two, our Restorative Therapies business, rarely talk about this business, is around $110 million annually, HA, hyaluronic acid, injections. Here in the US made some pretty basic commitments by a fairly large amount, especially for the size of that business.

但距離季度結束還有一週時，發生了三件事。我們看到歐洲新興市場（主要是中東和東歐）的經銷商在最後一刻取消了訂單。第二，我們的修復療法業務，很少談及這項業務，年收入約 1.1 億美元，包括 HA（透明質酸）注射。在美國，我們做出了相當大額的基本承諾，尤其考慮到這家企業的規模。

And then thirdly, in Latin America, we missed our forecast by north of 15% given some distributor challenges in the region, that's 15% -- 1-5. And again, it happened really, really late in the quarter. So noncore areas, noncore business, but painful, Robbie, by the time that you put all of them together at the tune of around $24 million to $25 million. So again, just on those three things alone, you got another 120 basis points to the 5% that we're reporting today.

第三，在拉丁美洲，由於該地區的一些分銷商面臨挑戰，我們的業績比預期少了 15% 以上，也就是 15%——1-5。而且，這件事又發生在季度末期。所以，非核心領域，非核心業務，但很痛苦，羅比，當你把所有這些加起來，總額大約是 2400 萬到 2500 萬美元。所以，光是這三件事，就讓今天我們公佈的 5% 的成長率又增加了 120 個基點。

In any given quarter, as you can imagine when you run a complex company like Zimmer Biomet, in any given quarter, you're going to have a variety of these things happening. But to see all of these events happen at the same time is unique to say the least, especially when you got just a few days to go to finish the quarter and having budgeted somewhat conservatively for all of these three items that I'm talking about here today.

可以想像，當你經營像 Zimmer Biomet 這樣複雜的公司時，任何一個季度都會發生各種各樣的事情。但所有這些事情同時發生，至少可以說非常罕見，尤其是在距離季度結束只剩幾天時間，而且對於我今天在這裡談到的這三件事的預算都比較保守的情況下。

Clearly, this has taught me that we, or rather I, need to be far more measured in our external commentary. And you better believe, Robbie, that such change has started effective today. I own it. I said what I said. I had the data that we had, and I don't anticipate that I'll be repeating these type of comments moving forward, even when the data shows to be as compelling as it was back in early August, so measured is the word when it comes to commentary and philosophy on guidance or more measure is the word when talking about commentary and guidance moving forward.

顯然，這件事讓我明白，我們，或者更確切地說，我在對外發表評論時需要更加謹慎。羅比，你最好相信，這種改變從今天起就生效了。它歸我所有。我說過的話就是我該說的話。我掌握了我們當時掌握的數據，我預計以後不會再重複這類評論，即使數據顯示的情況和 8 月初一樣令人信服，所以在評論和指導意見時，謹慎才是關鍵；或者說，在談論未來的評論和指導意見時，更加謹慎才是關鍵。

That said, Robbie, I will hope that the comments that we made, or I made, non-prudent perhaps in hindsight, don't end up tarnishing what was, otherwise, a very solid quarter across a variety of key areas. So as you heard in the prepared remarks, we grew our US business by 5.6%, delivering the best quarter in the US in over two years.

話雖如此，羅比，我希望我們（或者說我）發表的那些事後看來或許不夠謹慎的言論，最終不會玷污原本在各個關鍵領域都非常穩健的季度業績。正如你們在準備好的演講稿中聽到的那樣，我們的美國業務增長了 5.6%，實現了兩年多來在美國最好的季度業績。

Our largest product franchise, Knees, actually grew 5.3% globally on an organic constant currency basis with Hips delivering mid-single-digit growth. We had the best quarter in robots in quite some time. S.E.T., another consistent quarter with the US delivering close to upper single digit. EPS, as you heard from Suky, was another solid story.

我們最大的產品系列「膝蓋」在全球範圍內以固定匯率計算實現了 5.3% 的有機增長，而「臀部」則實現了中等個位數的增長。我們機器人業務取得了近年來最好的一個季度業績。S.E.T. 又是一個穩定的季度，美國實現了接近個位數的成長。正如你從 Suky 那裡聽到的，EPS 是另一個很棒的故事。

Even with softer revenue coming from these three key areas, we ended up delivering above expectation on EPS. And guidance on EPS for the year remains untouched. We've gone back to the original $8.10 to $8.30 even after dealing with tariffs, integrating two companies, and absorbing very meaningful commercial investments. So I can go on and on, but, again, the comments, perhaps non-prudent, but the performance was there. I said what I said on it, and I'll make sure to be far more measured moving forward.

即使這三個關鍵領域的收入有所下降，我們最終的每股盈餘仍然超出了預期。對全年每股收益的預期保持不變。即使在處理關稅、整合兩家公司以及吸收了非常重要的商業投資之後，我們仍然回到了最初的 8.10 美元到 8.30 美元。所以我可以繼續說下去，但是，再說一遍，這些評論或許不夠謹慎，但表演是毋庸置疑的。我之前已經說過我的看法，今後我一定會更加謹慎行事。

Relative to the guidance for the rest of the year, to your question, it is very measured. We're very comfortable that we're going to deliver on that guidance. And once we get into 2026, we'll have a conversation around philosophy and what the guidance looks like for 2026. Thanks for the question. Again, it was very fair.

至於你提出的關於今年剩餘時間的指導意見，那就是非常謹慎。我們非常有信心能夠實現這一目標。到了 2026 年，我們將圍繞理念以及 2026 年的指導方針展開討論。謝謝你的提問。再次強調，這非常公平。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

One follow-up to that question. I guess, the 120 basis points this quarter, does that come back at some point? Is it a continued headwind in '26? Is it a positive or negative in '26? And -- I don't know if you can quantify that. And there were some comments on kind of a slowdown in the US revision market.

針對這個問題，還有一個後續問題。我想，本季120個基點的降幅，會在某個時候恢復嗎？2026年是否會繼續面臨逆風？26 年是好是壞？而且——我不知道這是否可以量化。還有一些評論提到美國修改市場出現了某種程度的放緩。

Does that continue as a headwind into next year as well? And there were also some comments I noticed in the script, where you remain highly disciplined on capital allocation. So just wanted to see what that means as you look into next year as well.

這種不利因素是否會延續到明年？我還注意到劇本中有一些評論，其中提到你在資本配置方面保持高度的自律。所以，我想了解一下，展望明年，這對你來說意味著什麼。

Thank you, Travis. I'll let Suky talk about capital allocation in a second. So this international noise, is it coming back in 2025, in the fourth-quarter? Look, as I said, we're going to be measured. So we took that out of the guidance.

謝謝你，崔維斯。我稍後會讓蘇琪談談資本配置的問題。那麼，這種國際噪音會在 2025 年第四季捲土重來嗎？正如我所說，我們會接受評估。所以我們把那部分內容從指導原則中刪除了。

So we're not counting on that revenue from those three key areas to be back in 2025. If it does, that's great. Do we think that's going to continue in 2026? Again, too early to talk about that. But what I will tell you is that as we think about external commitments made for 2026, we're going to stay away from putting some of these revenue from noncore areas in our external commentary and the external guidance that we're going to be providing. Suky do you want to talk about capital allocation?

因此，我們並不指望這三個關鍵領域的收入能在 2025 年恢復到先前的水平。如果真是這樣，那就太好了。我們認為這種情況會持續到 2026 年嗎？現在談論這個還為時過早。但我可以告訴你們的是，當我們考慮 2026 年做出的對外承諾時，我們將避免把一些來自非核心領域的收入納入我們的對外評論和我們將要提供的對外指導中。Suky，你想談談資本配置嗎？

Yes, sure. Let's start with a few data points. So this year, we're going to be generating over $1 billion of free cash flow, quite attractive. We're in excess of $1.6 billion, almost $1.7 billion of adjusted EBITDA, and we have a net debt leverage ratio in the very low three's. So you can see there are some really strong fundamentals there, a very strong balance sheet with a significant amount of firepower.

當然可以。我們先來看幾個數據點。所以今年我們將產生超過10億美元的自由現金流，相當有吸引力。我們的調整後 EBITDA 超過 16 億美元，接近 17 億美元，淨負債槓桿率非常低，僅 3%。所以你可以看出，這家公司基本面非常強勁，資產負債表非常穩健，擁有相當可觀的實力。

The way we think about that capital allocation then is we're going to prioritize businesses and acquisitions, assets that continue to move us into faster growth markets that continue to accelerate near-term as well as long-term revenue. But we're going to do it in a prudent way.

因此，我們對資本配置的考量是，我們將優先考慮那些能夠持續推動我們進入快速成長市場、持續加速短期和長期收入成長的業務和收購、資產。但我們會謹慎行事。

And I think you've seen that with the Paragon 28 acquisition; very exciting Monogram transaction that we've done quite recently; OrthoGrid, which has been a differentiator for us. So we're going to continue that path, but in a disciplined fashion as we always have. But that also that very attractive balance sheet always gives us also strategic optionality to do share buybacks opportunistically as we see fit based on market conditions.

我認為你們已經從 Paragon 28 的收購中看到了這一點；我們最近完成的 Monogram 交易也非常令人興奮；OrthoGrid 一直是我們的差異化優勢。所以我們會繼續走這條路，但會像以往一樣，以嚴謹自律的方式進行。但這也使得我們擁有極具吸引力的資產負債表，並始終賦予我們根據市場狀況擇機進行股票回購的策略選擇權。

So the net takeaway is that nothing has really changed fundamentally on our capital allocation strategy. If anything, it continues to get stronger.

因此，總而言之，我們的資本配置策略並沒有根本性的改變。如果有什麼變化的話，那就是它還在不斷增強。

And Travis, your other question there around the revision market that I failed to answer. So look, it's too early to tell. It's fairly choppy. One quarter, we see more revisions than the next. So it's a bit hard to predict. It's too early to tell whether we're going to see softness in 2026, when it comes to revisions. But again, going back to guidance philosophy, we'll account for that at the time we provide guidance for 2026.

崔維斯，你之前關於修訂市場的問題我還來不及回答。所以，現在下結論還太早。畫面斷斷續續的。一個季度的修改次數比下一個季度多。所以很難預測。現在判斷 2026 年修訂政策是否會趨於寬鬆還為時過早。但是，回到指導原則，我們會在提供 2026 年指導方針時考慮到這一點。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I was hoping maybe we could -- you could contextualize the performance in 2025 against the LRP targets that you laid out, I guess, about 1.5 years ago now. As I think about the guidance here, the midpoint of the range being in the 3.5% to 4% range and the 4% to 6% that you had provided, you would need each of the next two years to be in the 5% to 6% range to end up at the midpoint of your LRP.

我希望我們或許可以—您可以將 2025 年的業績與您大約 1.5 年前製定的長期發展規劃目標進行比較。我仔細考慮了這裡的指導意見，範圍的中點在 3.5% 到 4% 的範圍內，以及您提供的 4% 到 6% 的範圍內，那麼您需要接下來的兩年都保持在 5% 到 6% 的範圍內，才能最終達到您長期投資計劃的中點。

And I think, Ivan, when you talked through some of the dynamics that came up late in the quarter, those things like that kind of just happened. So does a material acceleration in growth require an everything goes right set of circumstances to get into the LRP range? And is it feasible to see growth in the 5% to 6% range going forward to get back on track with the LRP?

伊万，我覺得，當你談到本季末出現的一些動態時，那些事情就這麼發生了。那麼，要達到實質的加速成長，是否需要一切條件都恰到好處才能進入長期成長區間？未來能否實現 5% 至 6% 的成長，進而重回長期發展計畫的軌道？

Thanks, David. So present and future kind of question here. So in the present, second half of 2025, we are growing mid-single digit or above. So -- actually mid-single digit, not above, so we are there. As we think about '26 and '27, give us a chance to get into February, we'll discuss what '26 and '27 looks like.

謝謝你，大衛。所以這是一個關於現在和未來的問題。因此，在目前，也就是 2025 年下半年，我們的成長率將達到個位數中段或更高。所以——實際上是個位數中段，而不是更高，所以我們達到了目標。當我們展望 2026 年和 2027 年時，請給我們一個機會進入二月份，我們將討論 2026 年和 2027 年的前景。

I'll tell you, we think of the three-year plan across three components. You got market dynamics, innovation dynamics, and commercial execution dynamics. We know that from a market standpoint, the market supports companies delivering mid-single-digit growth, 4%, 4.25% market dynamics. So the basin is there for companies to deliver mid-single digit or above. As you move to innovation, the innovation cycle is working out.

我告訴你，我們把三年計畫分成三個部分來考慮。其中包含市場動態、創新動態和商業執行動態。我們知道，從市場角度來看，市場支持實現中等個位數成長的公司，市場動態為 4%、4.25%。因此，該盆地是為那些實現個位數中段或以上成長的公司而設立的。隨著你邁向創新，創新週期正在發揮作用。

That is again why in the second half of 2025, we are delivering that mid-single-digit growth rate. And let's evaluate the sustainability or acceleration of that innovation cycle as we get into '26 and '27, but we're very confident that the innovation cycle is real and more things to come. And then you got the lingering question on commercial execution.

這也是為什麼我們在 2025 年下半年能夠達到中等個位數的成長率。讓我們在進入 2026 年和 2027 年時評估一下這種創新週期的可持續性或加速情況，但我們非常有信心，創新週期是真實存在的，而且未來還會有更多事情發生。然後，商業執行方面就出現了一個揮之不去的問題。

Do we feel like today with the fragility we got in some noncore areas, with the changes we're making in the US, that can be an accelerator, that can be something that is going to drive sustainable mid-single-digit revenue growth? That's something we're evaluating, and that's something that we're going to discuss coming early 2026. But market is where it needs to be, innovation is where it needs to be. We've got to address some execution issues here. Thanks for the question.

我們是否覺得，鑑於我們在某些​​非核心領域的脆弱性，以及我們在美國正在進行的變革，這可以成為加速器，可以推動可持續的中位數收入成長？這是我們正在評估的事情，也是我們將在 2026 年初討論的事情。但市場需要它，創新也需要它。我們需要解決一些執行方面的問題。謝謝你的提問。

Caitlin Roberts, Canaccord Genuity.

Caitlin Roberts，Canaccord Genuity。

I guess, just turning to your product pipeline. You received clearance for your Iodine Technology in hips recently in Japan, and then, also announced the FDA granted the Technology Breakthrough Device designation in the US. You could talk through these developments and just the timeline for the launch in the US and/or further indications beyond hip. That would be great.

我想，接下來就得談談你們的產品線了。您最近在日本獲得了髖關節碘技術的應用許可，隨後宣布美國FDA授予了該技術突破性醫療器材稱號。您可以詳細討論這些進展，以及在美國的上市時間表和/或髖關節以外的其他用途。那太好了。

Thanks for the question, Caitlin. So exciting product launch. We've been working on this technology in Japan for over a decade. It is one of the most complex clinical trials that I've seen in my 31 years in MedTech and it's great news that we got approval in Japan.

謝謝你的提問，凱特琳。令人興奮的產品發布！我們在日本研究這項技術已經超過十年了。這是我在醫療科技領域 31 年裡見過的最複雜的臨床試驗之一，我們在日本獲得批准真是個好消息。

This is a $1.3 billion market, the second largest market outside the US. We're going to be launching at the end of 2025. And yes, this is going to be a meaningful revenue contributor for 2026. And again, we'll talk about it once it's time to talk about it with really good pricing. It is differentiated technology.

這是一個價值 13 億美元的市場，也是美國以外第二大市場。我們將於2025年底正式上線。是的，這將成為 2026 年重要的收入來源。再說一遍，等到價格真正優惠的時候，我們再來討論這個問題。這是差異化技術。

There's nothing like that. It does suppress or prevent biofilm formation on the implant with again, robust clinical data for 10 years. It is technology that alludes over a prolonged period of time. So again, unique and something that we think is very compelling. Most importantly, the FDA thinks it's also very compelling.

根本沒有那樣的事。它確實能夠抑製或防止植入物上生物膜的形成，並且有長達 10 年的可靠臨床數據支持。這是指需要長時間才能顯現的技術。所以，再次強調，這是獨一無二的，也是我們認為非常引人注目的東西。最重要的是，FDA 也認為它非常有說服力。

This happens to be one product from Zimmer Biomet that is getting the Breakthrough Designation here in the US. That doesn't mean that we're going to be launching immediately. That doesn't mean that the approval cycle is going to be shorter, but it does mean that we get to work with the FDA elbow-to-elbow in launching this technology at the right price in the US.

這款產品恰好是捷邁生物科技（Zimmer Biomet）在美國獲得突破性療法認定的產品之一。但這並不意味著我們會立即啟動。這並不意味著審批週期會縮短，但這確實意味著我們可以與 FDA 密切合作，以合適的價格在美國推出這項技術。

I'm not going to commit to a date in terms of when we're launching iodine-treated devices in the US, but it is breakthrough, so we like what we see. We're going to start with hips, and then, we're going to move into knees, shoulders, and other categories in due time. But again, Breakthrough Technology, and thanks for the question.

我不會承諾何時在美國推出碘處理設備，但這確實是一項突破，所以我們對目前的情況感到滿意。我們將從髖部開始，然後，在適當的時候，我們將逐步過渡到膝蓋、肩膀和其他部位。不過，再次感謝突破性技術，也謝謝你的提問。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Beautiful. You guys mentioned obviously some of the refocusing on growth and -- when it came to the incentive structure. Was that at like the rep level? Was that at the divisional head level? Just any more details on how you're structuring the incentive plan that kind of push people towards growth.

美麗的。你們顯然提到了一些重新聚焦成長的措施，以及──關於激勵機制的問題。那算是代表級水平嗎？那是部門主管級的工作嗎？能否提供更多關於如何建構激勵計畫的細節，以推動員工成長？

Patrick, it's at all levels. So this is a company that has gone through a lot over the last decade. You know that. And we fail to put the right incentive plan across the board. And today, we make external commitments around revenue, earnings per share and free cash flow.

派崔克，各個層面都是如此。所以，這家公司在過去十年經歷了許多事情。你知道的。我們未能全面推行正確的激勵計畫。今天，我們圍繞著營收、每股盈餘和自由現金流做出對外承諾。

Yesterday, folks at different levels were not getting paid on those three levels of commitment. Today, I can tell you that every senior manager that owns a P&L here at Zimmer Biomet gets paid on revenue growth, earnings per share performance and free cash flow generation.

昨天，不同階層的員工都沒有根據這三個等級的投入獲得相應的報酬。今天，我可以告訴大家，在 Zimmer Biomet，每位負責損益表的資深經理的薪酬都與收入成長、每股盈餘表現和自由現金流產生有關。

As you click down to the commercial structures, we are paying people on growth, we are paying people on margin, and that goes all the way to the sales rep level. We hold sales reps across Zimmer Biomet accountable for that pricing dynamics. And if you're not growing on revenue, if you're not growing on margin, the things that you can control within margin, you're not going to get paid your full compensation. So this is something that has been choppy over the last, call it, three or five years, but I can tell you that the discipline is there today. Thanks, Patrick.

當你向下點擊查看商業結構時，你會發現我們按業績成長支付員工薪酬，並以利潤率支付員工薪酬，這種模式一直延伸到銷售代表層級。我們會要求 Zimmer Biomet 的所有銷售代表對這種定價策略負責。如果你的收入沒有成長，利潤率沒有成長，也就是利潤率範圍內你能控制的那些因素沒有成長，你就拿不到全額薪資。所以，在過去的三年到五年裡，這件事一直不太順利，但我可以告訴你，如今紀律已經到位了。謝謝你，派崔克。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Ivan, it looks like the recon market improved in the third-quarter versus second-quarter. What are you seeing into Q4? And Suky, you have this goal of EPS of 1.5 times sales. Is there anything you would highlight for next year, like the tariffs, that would make it difficult to achieve in 2026?

伊万，看起來偵察市場在第三季比第二季有所改善。你對第四季有什麼看法？Suky，你的目標是每股盈餘達到銷售額的 1.5 倍。您認為明年有哪些面向（例如關稅）會使2026年的目標難以實現？

Larry, yes, we did see an acceleration in Q3 over Q2. Overall, we look at trends. And if you look at post-COVID dynamics and you take out the backlog, we see the market as being healthy. And I think my peers that have reported already have said the same thing that the markets are stable, a combination of volume and price.

拉里，是的，我們確實看到第三季比第二季成長更快。總體而言，我們關注的是趨勢。如果觀察新冠疫情後的市場動態，並剔除積壓訂單，我們會發現市場是健康的。我認為已經發布報告的同行也表達了同樣的觀點，即市場穩定，成交量和價格都保持穩定。

In terms of Q4, look, I'm going to learn my lessons. I'm not going to tell you anything about market dynamics in Q4. I'm just going to tell you that the market overall is expected to be around 4%. Suky?

至於第四季度，我得吸取教訓。我不會透露任何關於第四季度市場動態的資訊。我只想告訴你們，預計整個市場將達到 4% 左右。蘇琪？

Yes. Thanks for the question, Larry. I think you'll see this year, and if you look back even over the last several years, we've been incredibly disciplined in growing margins and growing our bottom line in concert or better than our top line. As Ivan noted in his prepared remarks earlier, if you look at our earnings per share guidance for this year, we're basically right where we started at the beginning of the year and that's even after stepping over the tariff burden as well as integrating Paragon 28 as well as Monogram.

是的。謝謝你的提問，拉里。我認為今年你會看到，即使回顧過去幾年，我們也一直非常自律地提高利潤率，使淨利潤的成長與營收的成長同步甚至超過營收的成長。正如伊凡在之前準備好的發言稿中所指出的那樣，如果你看看我們今年的每股收益預期，我們基本上和年初一樣，即使在克服了關稅負擔以及整合了 Paragon 28 和 Monogram 之後也是如此。

So as you can see, we've been quite disciplined throughout the P&L and all the way down to cash flow. It's too early to talk about 2026 at this time. As Ivan said, we'll come out in February and give a lot more color on that. What I will point to though is, again, strong performance this year, which marks a number of consecutive years of very strong performance on margin and earnings.

所以正如你所看到的，我們在損益表和現金流方面都一直非常自律。現在談2026年還為時過早。正如伊万所說，我們將在二月公佈更多細節。不過，我要再次指出的是，今年業績表現強勁，這標誌著公司在利潤率和盈利方面連續多年表現非常出色。

Rick Wise, Stifel.

Rick Wise，Stifel。

I'm hoping, Ivan, I can ask you to talk a little bit more about innovation, the very visible innovation that's innovation pipeline at Zimmer Biomet. I hope you would agree that innovation done well should drive -- again, done well should drive steadily improving pricing, share gain, new accounts, better margins, among many other factors. And I feel like you're well underway with your Wave 1, the Mag 7, and there are others. These are largely launched, still rolling out and much more to go. Wave 2, you're highlighting it today, Monogram, the Iodine hip, et cetera, and others.

伊万，我希望你能再多談談創新，特別是Zimmer Biomet公司非常明顯的創新管道。我希望您同意，好的創新應該能夠推動——再次強調，好的創新應該能夠推動——價格穩定提升、市場份額成長、新客戶開發、利潤率提高，以及其他許多因素。我覺得你們的第一波產品 Mag 7 已經進展順利，而且還有其他產品。這些服務大部分已經推出，但仍在逐步推廣，還有很多服務需要完善。Wave 2，你今天重點介紹了它，Monogram，碘酒髖部等等。

So my question -- sorry for the long windup, is where are we in that Wave 1 rollout process and impact? I feel like third-quarter in the United States is showing -- I mean, please correct me if you think I'm wrong, is showing clear positive concrete signs of that early Wave 1 rollout with, again, more to come. So the bottom line is, when can we expect a more significant, meaningful impact from the -- your actually impressive pipeline?

所以我的問題是——抱歉說了這麼多——我們目前在第一階段推廣過程中處於什麼位置，影響如何？我覺得美國第三季的情況——我的意思是，如果我說錯了請糾正我——已經顯示出第一波早期推廣的明顯積極跡象，而且未來還會有更多跡像出現。所以關鍵問題是，我們什麼時候才能期待你們那令人印象深刻的研發項目產生更顯著、更有意義的影響？

I love the question, Rick. So you spoke about waves. So maybe let's segment innovation of three waves. So Wave number 1 was catching up on certain categories were absent. And that's the lion's share of what we're doing with what we call the Magnificent 7.

里克，我喜歡這個問題。所以你談到了波浪。所以，或許我們可以把創新分成三個階段。所以第一波資料彌補了某些類別資料的缺失。這就是我們用所謂的「七大巨星」所做的大部分工作。

And as you saw in the US, we delivered 5.6% growth, and this is largely induced by this Magnificent 7 and in my prepared remarks, I offered all kinds of commentary around adoption rates for Oxford Partial Cementless, above expectations; Z1 triple-tapers, we're regaining market share. I love where we are with OrthoGrid and navigation, lots of accounts that we had lost to competitors that we are regaining. I like where we are with the knee franchise, so Wave 1 catching up Magnificent 7 is working, and it should accelerate as we get into 2026.

正如你們在美國所看到的，我們實現了 5.6% 的成長，這主要得益於這七大亮點產品。在我事先準備好的演講稿中，我詳細評論了牛津局部無水泥義齒的採用率，超出預期；Z1 三錐形假牙，我們正在重新奪回市場份額。我非常滿意目前在 OrthoGrid 和導航方面的進展，我們重新贏回了許多先前被競爭對手搶走的客戶。我很喜歡膝蓋系列目前的發展狀況，所以第一波追趕《七俠蕩寇志》的進展很順利，而且隨著我們進入 2026 年，這一進程應該會加快。

So that's Wave 1. Wave 2 is moving from catching up, what I call, competitive-centric innovation, things that others were doing that we failed to do. With that behind, we have moved already into Wave 2, customer-centric innovation. How do we change the standard of care by being first to market in new technologies? That's fully autonomous and semiautonomous robotics, that's next-generation digital ecosystem, which we are doing.

這就是第一波。第二波浪潮正從追趕式創新（我稱之為以競爭為中心的創新）轉向其他方式，即做別人在做而我們沒能做的事情。有了這些成就，我們已經進入了第二波浪潮——以客戶為中心的創新。我們如何透過率先將新技術推向市場來改變醫療服務標準？這就是完全自主和半自主機器人技術，這就是我們正在做的下一代數位生態系統。

That's the example that I provided to Caitlin around iodine-coated devices, first to market with breakthrough technology. So we are deep already into the second innovation cycle. So call that Wave 2. And then, it's Wave 3. How do we apply these innovation capabilities into spaces outside of core orthopedics? And that's going to come largely or mostly from inorganic means and a lot of the fact that we got the balance sheet that we have to get into that space.

這就是我向凱特琳舉的關於碘塗層設備的例子，它是率先將突破性技術推向市場的。所以我們已經深入到第二個創新週期了。所以就稱之為第二波浪潮吧。然後，就到了第三波。我們如何將這些創新能力應用到骨科核心領域以外的領域？而這主要或幾乎完全將來自非有機成長，很大程度上是因為我們擁有進入該領域的資產負債表。

So again, three different ways of innovation catching up, done working. Now we need to accelerate it. Customer-centric innovation, and I provided two or three examples. And yes, we look forward to bringing innovation capabilities outside of core ortho. I love the question, Rick.

所以，三種不同的創新方式迎頭趕上，都已完成。現在我們需要加快這一進程。以客戶為中心的創新，我舉了兩三個例子。是的，我們期待將創新能力拓展到骨科核心領域之外。里克，我喜歡這個問題。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

I know that the guidance update here includes a more measured outlook for these international markets in the near term. I guess, would you expect some pickup in those areas that you saw softness in Q3 in 2026 just at a high level?

我知道此次的業績指引更新包含了對這些國際市場近期前景更為審慎的展望。我想，您是否預期在 2026 年第三季表現疲軟的那些領域，整體水準會有所回升？

Thanks for the question, Matt, and I think Travis does something similar, and I failed to answer. No, we're taking those hiccups outside of any consideration for 2026. And again, I'm not going to talk on whether they're going to stick around or not, we're going to take them out. That's not in the guidance for 2026, the way we think about guidance today, again, too early. And they're not in the guidance for the rest of 2025.

謝謝你的提問，馬特。我覺得崔維斯也做了類似的事情，但我沒能回答上來。不，我們不會將這些小問題納入 2026 年的考慮範圍。再說一遍，我不會討論他們是否會留下來，我們會把他們清除出去。按照我們今天的理解，2026 年的指導方針中並沒有包含這一項，現在再說一遍，這為時過早。而且它們不在 2025 年剩餘時間的指導方針中。

So as you think about narrowing the guidance from 3.5% to 4.5% to now 3.5% to 4%. So thinking of midpoint around 3.75%, and I think that's where we're going to land. That's a 25 basis point reduction or roughly $20 million. And that's largely induced by some of this volatility that we have seen in some of these noncore areas.

所以，當你考慮將指導範圍從 3.5% 到 4.5% 縮小到現在的 3.5% 到 4% 時。所以我覺得中間值應該在 3.75% 左右，我認為我們會最終落在那個位置。這相當於降息 25 個基點，約 2,000 萬美元。這主要是由我們在一些非核心領域看到的這種波動所引起的。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

I'm going to apologize for it in advance. I think what you're -- what many of us are asking today is, given the miss on the third-quarter and the updated guidance for '25, how should we think about '26? And I'm respectful, it's too early to give that guidance, but is there a way to give us some maybe headwinds and tailwinds? Anything that you can help to sort of set our models correctly so that when we do get to guidance, we're not surprised.

我先提前道個歉。我認為你——我們很多人今天都在問的是，鑑於第三季度業績未達預期，以及 2025 年的最新業績指引，我們應該如何看待 2026 年？我很尊重大家，現在給予指導意見還為時過早，但是有沒有辦法給我們一些可能有利或不利的因素呢？任何能幫助我們正確設置模型的信息，以便我們在獲得指導意見時不會感到意外，都非常感謝。

Thank you, Joanne. No, you don't need to apologize, you are doing your job. So, again, early to talk about 2026, but I'll go back to the three key components of guidance; markets, commercial execution, and innovation. Markets is definitely something that we have a lot of data on, and we like where these markets are at. On innovation, as per my answer to Rick earlier, love where we are with Magnificent 7, love the opportunities with things like iodine-coated devices in Japan and other markets.

謝謝你，喬安妮。不，你不需要道歉，你只是在履行你的職責。所以，現在談論 2026 年還為時過早，但我將回到指導的三個關鍵組成部分：市場、商業執行和創新。市場絕對是我們掌握大量數據的領域，而且我們對目前的市場狀況感到滿意。關於創新，正如我之前對 Rick 的回答，我非常滿意我們目前在 Magnificent 7 專案中取得的成就，也非常看好在日本和其他市場推出碘塗層設備等產品所帶來的機會。

I love the fact that we're moving some of this innovation from the US now into other geographies. So that's definitely something that gives us a lot of confidence. We just need to evaluate some of this fragility around commercial execution. So again, the sum of all parts will inform the guidance in terms of what is the right guidance.

我很高興看到我們現在正將一些創新成果從美國推廣到其他地區。這無疑給了我們很大的信心。我們只需要評估一下商業執行上的一些脆弱性。所以，所有部分的總和將決定什麼是正確的指導方針。

We'll be measured. We'll make sure that whatever we say externally has a very high probability of being able to achieve. Thanks for the question.

我們會被衡量。我們將確保我們對外所說的每一件事都有很高的實現機率。謝謝你的提問。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Can we just talk about the US knee market specifically? And -- I know you've got all these new products coming out. Can you talk about some of the mix benefit that you're getting already from these new products? And then, I don't have perfect information that one of your bigger competitors hasn't reported, I get that. But I'm still showing you're losing market share here in Q3 in the US, and it's a trend that's been going on for several years.

我們能專門談談美國膝關節市場嗎？我知道你們有很多新產品即將推出。您能否談談您從這些新產品中已經獲得的一些綜合效益？而且，我也沒有你們某個大競爭對手沒有公佈的完美訊息，我明白這一點。但我仍然要指出，你們在美國第三季的市佔率正在下降，而且這種趨勢已經持續好幾年了。

So what I'm wondering is with some of these mix benefits you might be getting and maybe volume benefits that you could be starting to realize, as you get back into some of these accounts, is that something where there's kind of a lag effect where it could really rebound in '26 from a share perspective? Or do you need something else? I don't know if it's monogram, et cetera or some of these new ROSA placements to really help you stem some of the US knee share loss.

所以我想知道的是，隨著你重新進入這些帳戶，你可能會獲得一些組合收益，也可能開始意識到交易量收益，但這是否存在某種滯後效應，以至於從份額的角度來看，它可能會真正在 2026 年反彈？或者您還需要其他東西嗎？我不知道是 monogram 之類的，還是這些新的 ROSA 植入​​物真的能幫助你阻止美國膝關節份額的損失。

Another very fair questions. So are we losing market share in the US? Let's see what the quarter looks like once everybody reports, and we're able to analyze all the different dynamics. We are losing market share, I'll tell you, Matt, we're doing so at a much lower rate than we did before, which again validates that the innovation cycle is working out.

又是一個非常合理的問題。所以，我們在美國市場的市佔率正在下降嗎？讓我們看看等所有人都提交了報告後，這個季度的情況會如何，這樣我們就能分析所有不同的動態因素了。馬特，我告訴你，我們的市場份額正在下降，但下降速度比以前慢得多，這再次證明創新周期正在發揮作用。

And as we get into 2026, we're going to be in a much deeper stage of this innovation cycle with more stuff to come. So again, hard to tell what's going to happen in '26. But I like the momentum. I like the sequential growth we've seen in the US, I like the 5.6% growth in the US, I like where we are with Knees in the US, increased quarter-over-quarter, now 3.5%.

到了 2026 年，我們將進入這個創新週期的更深層階段，未來將會有更多成果湧現。所以，很難說2026年會發生什麼事。但我喜歡這種發展勢頭。我喜歡我們在美國看到的連續成長，我喜歡美國 5.6% 的成長，我喜歡我們在美國膝關節業務的現狀，季度環比增長，目前為 3.5%。

And hips, look, it was not too long ago, Matt, that we're losing market share at the tune of 500 to 600 basis points, and now, we're growing mid-single digit in the US. So if we are losing market share in the US, it's not at the same pace as before, and this is still early in this innovation cycle. In terms of margin, yes, every single one, if not, most of these new products that we're launching have a better margin profile, whether it's Oxford Partial Cementless, whether it's Persona Revision in Europe, whether it's Persona OsseoTi, where we get better margin and definitely get a share of wallet opportunity. It's not just launching innovation, it's getting a better margin profile with this innovation. And relative to 2026, again, I look forward to the conversation in early 2026.

聽著，馬特，不久前，我們的市佔率還在以 500 到 600 個基點的速度下降，而現在，我們在美國實現了個位數的中段成長。所以，即使我們在美國市佔率有所下降，速度也比以前慢了，而且現在仍處於創新週期的早期階段。就利潤率而言，是的，每一款產品都是如此；即便不是全部，我們推出的大多數新產品都具有更好的利潤率，無論是 Oxford Partial Cementless，還是歐洲的 Persona Revision，亦或是 Persona OsseoTi，我們都能獲得更高的利潤率，並肯定有機會獲得更大的市場份額。這不僅僅是推出創新，而是透過這項創新獲得更好的利潤率。至於 2026 年，我再次期待在 2026 年初與大家對話。

Thanks for the question.

謝謝你的提問。

Ed Ridley, Rothschild & Company Redburn.

艾德·里德利，羅斯柴爾德公司雷德伯恩。

First of all, just a quick one on Paragon. Can you speak to the organic growth there that you're seeing behind the acquisition benefit and the momentum? And given Johnson & Johnson's announcement, a long-duration exit tends to throw up opportunities for others. Can you speak a little to that? And how you think there might be some opportunity there, both in terms of personnel or potentially geography?

首先，簡單說一下Paragon。您能否談談在收購帶來的收益和發展勢頭背後，您所看到的自然成長？鑑於強生公司的聲明，長期退出往往會為其他公司帶來機會。能稍微談談這方面嗎？你認為那裡可能存在一些機會，無論是在人員方面還是潛在的地理位置方面？

Thanks for the question, Ed. So Paragon 28, maybe let's take a step back and recall what the thesis behind acquiring this asset was. We wanted to acquire something that was growing higher. We got in a higher market, or a higher market growth rate, that's Paragon 28. This market is growing solidly in the, call it, 6% to 8% range.

謝謝你的提問，Ed。那麼，Paragon 28，或許我們應該回顧一下當初收購這項資產背後的邏輯。我們想要收購一些正在不斷成長的東西。我們進入了一個更高的市場，或者說更高的市場成長率，那就是 Paragon 28。這個市場正在穩定成長，成長速度大概在 6% 到 8% 之間。

We wanted to build a platform, not just buying one company. We wanted to build a platform around lower extremities. We've done that, whether it's lower trauma, whether it's foot and ankle and other components, biologics, we got that going on. We wanted to have a more meaningful presence in the ASC space. That's enabling that. I wanted to buy a company that had innovation today, but a pipeline for tomorrow. And all of that remains true with Paragon 28.

我們想打造的是一個平台，而不僅僅是收購一家公司。我們想圍繞下肢建立一個平台。我們已經做到了，無論是下肢創傷，還是足踝及其他部位的損傷，生物製劑，我們都在進行中。我們希望在ASC領域擁有更有意義的存在。這樣就能實現這一點。我想收購一家既有當下的創新能力，又有面向未來的發展計畫的公司。所有這些在 Paragon 28 中依然適用。

The organic performance for the quarter was in the upper single-digit range. We are stabilizing some of the early, I guess, contract friction that you can see in this category, but everything is looking solid. We're not touching the guidance for the year 2025. We continue to see great momentum with commercial execution, and again, launching new products. And we think of this asset as something that needs to be growing double digit for a period of time.

本季有機成長達到個位數高點。我們正在穩定一些早期出現的合約摩擦，你可以在這個類別中看到這些摩擦，但一切看起來都很穩定。我們不會修改2025年的業績指引。我們在商業執行方面持續保持強勁勢頭，並再次推出新產品。我們認為這項資產需要在一段時間內維持兩位數的成長。

There may be some hiccups every once in a while. But overall, the organic growth of Paragon 28 should remain in the teens. And -- sorry, relative to J&J, look, I'm not going to comment on the disruption there. I want to be respectful to my peers out there. But there is disruption. Every time you go through a spin-off, divestiture, we've seen a hit at Zimmer Biomet, there is going to be some level of disruption. And there are customers that are going to be asking whether Zimmer Biomet offers a better solution, and there may be some short-term opportunities.

偶爾可能會出現一些小問題。但總體而言，Paragon 28 的自然成長率應該會保持在十幾個百分點。抱歉，關於強生公司，我不會對那裡的動盪發表評論。我想尊重我的同行。但目前存在一些幹擾。每次進行分拆、剝離時，就像 Zimmer Biomet 遭受的打擊一樣，都會造成一定程度的混亂。有些客戶會詢問 Zimmer Biomet 是否能提供更好的解決方案，短期內可能會有一些機會。

But again, I'm going to be respectful to my peers and don't comment too much on this.

但我還是要尊重我的同行，不會對此事發表太多評論。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

One follow-up on the iodine hip -- iodine-coated implants and then just a clarification on some of the issues that impacted Q3. So on the sort of new implant line, you mentioned FDA's Breakthrough Designation. Wondering if that's a -- if that turns into a premium product, understanding that premium and negotiations for implant prices engages hospitals and requires value assessment committees and value and sort of that pathway. Is this a -- does this effectively kind of drive mix in a significant way?

關於碘髖關節的後續問題—碘塗層植入物，以及對影響第三季的一些問題的澄清。所以，關於這個新型植入物，您提到了FDA的突破性療法認定。想知道這是否——如果它變成一種高端產品，了解高端產品和植入物價格談判會牽涉到醫院，需要價值評估委員會和價值評估，以及類似的途徑。這是——這是否有效地以一種重要的方式推動了混合？

Or Ivan, are you thinking about this more as a way of catching more volumes here just because of the clinical benefits, the products you kind of bring? And I guess with FDA designation -- or Breakthrough Designation, is there a possibility for CMS sort of pass-through there to support a price lift? And then I have one quick clarification, if I could.

或者伊万，你是否更多地把這看作是利用你帶來的產品所帶來的臨床益處來吸引更多銷量的一種方式？我想，如果獲得 FDA 認定——或者突破性療法認定——CMS 是否有可能以某種方式轉嫁價格上漲？最後，如果可以的話，我還有一個小小的澄清。

Yes. So on iodine, yes, to all of the above, Matt. So getting a Breakthrough Designation in the US does enable premium pricing, better reimbursement dynamics. You go through value committees at a faster pace. And the assumption is that once we have this product in the US, it's going to command higher pricing. But let's not talk about the future and focus on the present. This is already happening in Japan. So with this approval in Japan, it's a similar dynamic. We are going to get a pretty significant price uplift in the country.

是的。所以關於碘，是的，以上所有觀點我都同意，馬特。因此，在美國獲得突破性認證確實可以實現高價定價和更好的報銷機制。你們通過價值評估委員會的速度更快。我們的假設是，一旦這款產品進入美國市場，它的價格將會更高。但我們還是不要談論未來，把注意力放在現在吧。這種情況在日本已經發生了。因此，在日本獲得批准後，情況也類似。國內物價將會大幅上漲。

And again, it's the second largest market for Zimmer Biomet. We're going to get a level of reimbursement that is far better than other devices in the market. So the answer to iodine is yes to all of the above. Breakthrough does deliver better pricing dynamics, faster adoption opportunities through committees and whatnot. What was your second question, Matt? I apologize.

而且，這又是捷邁生物科技的第二大市場。我們將獲得的報銷水準遠高於市場上其他同類產品。所以，對於碘，以上所有問題的答案都是肯定的。突破性進展確實帶來了更好的定價機制，並透過委員會等途徑提供了更快的推廣機會。馬特，你的第二個問題是什麼？我道歉。

Yes, sure. So second, just a follow-up on the restorative therapies, short with softness or whatever you would describe it as lower than expected orders. That's -- just to be crystal clear, my apologies, I should know this probably. But is this bone growth simulators? Is this glue?

當然可以。其次，關於修復療法，簡短、柔軟或任何您能形容為低於預期訂單的情況，需要跟進。——為了說清楚，我先道個歉，這我應該早就知道的。但這些是骨骼生長模擬器嗎？這是膠水嗎？

And also -- I understand there's some additional competition in bone growth, not that it's a business we spend a lot of time thinking about these days, but was that a factor? Any color on the product lines and whether -- what the dynamics were around that? It would be helpful.

另外——我知道骨骼生長領域還有一些額外的競爭，雖然我們現在並沒有花太多時間考慮這個行業，但這是否是一個因素？產品線是否有顏色？以及圍繞顏色的動態是什麼？這將很有幫助。

Yes, absolutely. So first things first, let me simplify it. When we talk about restorative therapies, basically talking $110 million, $120 million of revenue, annual, and on one product, that's HA injection. So that's hyaluronic acid injections. And what happened is quite simple.

是的，絕對的。首先，讓我先簡化一下。當我們談到修復療法時，基本上指的是每年 1.1 億美元到 1.2 億美元的收入，而這僅僅來自一種產品，那就是 HA 注射。這就是玻尿酸注射。事情的經過很簡單。

I would say three things. One, we didn't budget adequately. So that's a mistake we're not going to repeat. We had some challenges on commercial execution because the focus has been elsewhere. And then thirdly, as you probably recall, there were some reimbursement changes in the US through CMS that we thought that were behind, and they're not behind.

我想說三點。第一，我們的預算準備不足。所以，我們絕不會重蹈覆轍。我們在商業執行方面遇到了一些挑戰，因為我們的精力一直放在其他方面。第三，您可能還記得，美國醫療保險和醫療補助服務中心 (CMS) 的一些報銷政策有所調整，我們當時認為這些調整落後了，但實際上它們並沒有滯後。

So it's a really acute element of pricing that impacts this business. But I will say the sum of all parts is mostly commercial execution. And again, as we think about 2026, I keep repeating myself, we're not going to offer commentary. But when it comes to this noncore business, we're going to be far more measured in the expectations that we have from restorative therapies going into the year.

所以，這是影響這項業務的一個非常關鍵的定價因素。但我認為，所有部分加起來主要還是商業化的執行。再次重申，當我們展望 2026 年時，我們不會發表評論。但對於這項非核心業務，我們對今年康復治療的預期將會更加謹慎。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Just a follow-up question. Ivan, you mentioned some high-level personnel changes and things like that. I'm just curious about, how far into that you are and sort of how we should think about that potentially impacting the next few quarters as far as any potential disruption? Or do you feel like those are pretty easily transitional, it's not much of a transition, so we shouldn't expect any issues there?

還有一個後續問題。伊万，你提到了一些高層人事變動之類的事情。我只是好奇，你們在這方面進展到什麼程度了，以及我們應該如何看待這可能會對未來幾季產生的潛在影響，例如任何潛在的干擾？或者您覺得這些過渡都很容易，沒什麼過渡的餘地，所以我們不應該預期會出現任何問題？

Danielle, thanks for the question. So first things first, the organization is always evolving, going back to strategic pillar number one. We're going to have the right people in the right jobs, people, folks that know how to make commitments and deliver on commitments. And once those things don't happen, we have to make changes at the right pace. Those changes are embedded in the guidance we're providing. So as we think about this guidance on both revenue and EPS, the assumption of these changes is already in there.

丹妮爾，謝謝你的提問。首先，要從組織發展的角度出發，回到第一個策略支柱。我們將讓合適的人在合適的職位上，讓那些懂得做出承諾並履行承諾的人來負責。一旦這些事情沒有發生，我們就必須以適當的速度做出改變。這些變化已體現在我們提供的指導意見中。因此，當我們考慮營收和每股盈餘的預期時，這些變化的假設已經包含在其中了。

On the commercial changes in the US, look, we're going a bit faster than before, but we were working on commercial -- on the commercial channel for quite some time, and that's also embedded in 2025, and it will be part of our 2026. So long-winded answer to say is reflected in the guidance, and we look forward to making these changes.

關於美國的商業變革，你看，我們的步伐比以前快了一些，但我們已經在商業渠道方面努力了相當長一段時間，這也被納入了 2025 年的計劃，並將成為我們 2026 年計劃的一部分。冗長的回答是：這些內容已體現在指導意見中，我們期待做出這些改變。

This concludes the question-and-answer portion of today's call. I would like to turn the call back over to Ivan for any closing comments.

今天的電話會議問答環節到此結束。我想把電話轉回給伊万，讓他做最後的總結發言。

Thank you very much. So my closing comments is that we continue to be proud of the evolution of this business, the improvements that we're making in this business. We're going to stick to the three key priorities of organization. And again, as we think about the rest of the year, we're very confident on when achieving the guidance. And as we think about 2026, we continue to see health.

非常感謝。最後我想說的是，我們繼續為這項業務的發展和我們在這個業務中取得的進步感到自豪。我們將堅持組織的三大重點優先事項。再次強調，展望今年剩餘時間，我們對實現預期目標非常有信心。展望 2026 年，我們依然關注健康。

When it comes to market dynamics, we are highly encouraged about our innovation cycle. And we will address the fragility that we get in some pockets when it comes to commercial execution. Thank you for your time this morning.

就市場動態而言，我們對自身的創新週期感到非常鼓舞。我們將解決在商業執行過程中某些環節出現的脆弱性問題。感謝您今天上午抽出時間。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。