Zimmer Biomet Holdings Inc (ZBH) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded today, February 10, 2026. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Zimmer Biomet 2025 年第四季財報電話會議。（操作員說明）提醒各位，本次會議將於2026年2月10日進行錄製。（操作說明）

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

現在我將會議交給投資人關係資深副總裁大衛‧德馬蒂諾先生。請您發言。

Thank you, operator, and good morning, everyone. Welcome to Zimmer Biomet's fourth 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。歡迎參加捷邁百邁2025年第四季財報電話會議。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. Please note, we assume no obligation to update these forward-looking statements even if actual results or future expectations change materially.

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。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。

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 fourth quarter earnings release, which can be found on our website, zimmerbiomet.com.

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。這些指標與最直接可比較的 GAAP 財務指標的調整以及我們計算這些指標的依據的解釋，都包含在我們第四季度收益報告中，該報告可在我們的網站 zimmerbiomet.com 上找到。

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

這樣，我就把電話交給伊凡了。伊万？

Good morning, everyone, and thank you for joining today's call. I would like to start the way that I always do, by sharing my gratitude to our Zimmer Biomet team members around the world who move our business and mission forward each and every day. Thank you for your tireless work. Thank you for your dedication to solving the most pressing challenges in health care, 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 short years ago, and this is no doubt, thanks to your efforts.

各位早安，感謝各位參加今天的電話會議。我想以我一貫的方式開始，首先表達我對Zimmer Biomet全球團隊成員的感激之情，他們每天都在推動我們的業務和使命向前發展。感謝你們的辛勤付出。感謝您致力於解決醫療保健領域最迫切的挑戰，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，這無疑要歸功於你們的努力。

During my prepared remarks this morning, I'll cover four key areas. I'll start summarizing our fourth quarter results and the results for the fiscal year 2025. Second, I'll provide an update on the plan which we are executing upon to evolve our US commercial organization. Thirdly, I'll introduce our 2026 guidance.

今天上午，我將就四個主要方面發表準備好的演講。我將開始總結我們第四季的業績以及 2025 財年的業績。其次，我將介紹我們正在執行的美國商業組織發展計畫的最新進展。第三，我將介紹我們的 2026 年指導方針。

And lastly, I'll briefly cover the progress that we have made across our key strategic priorities, those being people and culture, operational excellence and thirdly, innovation and diversification. Starting with the year and the fourth quarter, I'm proud of how the team ended the year 2025, delivering on our commitments on sales growth, EPS and free cash flow, while navigating quite a complex challenge in the year, tariff headwinds and integrating three acquisitions within one year. From a constant currency organic revenue standpoint, we ended 2025 right at the middle of our initial yearly guidance, marking the fifth consecutive year for Zimmer Biomet growing mid-single digit or above.

最後，我將簡要介紹我們在關鍵策略重點方面的進展，這些重點包括人員和文化、卓越營運以及創新和多元化。從年初到第四季度，我為團隊在 2025 年的收官表現感到自豪，我們實現了銷售增長、每股收益和自由現金流方面的承諾，同時還克服了這一年中相當複雜的挑戰，包括關稅逆風以及一年內整合三項收購。從固定匯率的有機收入角度來看，2025 年結束時，我們正好達到了最初年度預期目標的中點，這標誌著 Zimmer Biomet 連續第五年實現個位數中段或以上的增長。

Looking at the fourth quarter results, we grew sales on an organic constant currency basis by 5.4% against a mid-single-digit growth comparable with our critical US business increasing 5.7% and international growing 5%. Healthy end markets, new product momentum, the ongoing evolution of our US sales channel, and the recent leadership additions continue to drive an acceleration in our critical US business. US Knee growth of 6% in the quarter was driven by increased penetration of Persona OsseoTi, or total cementless knee, which ended the year roughly at around 35% penetration.

從第四季業績來看，以固定匯率計算，我們的銷售額實現了 5.4% 的有機成長，而同期美國市場成長了 5.7%，國際市場成長了 5%，兩者均為個位數中段成長。健康的終端市場、新產品的發展勢頭、美國銷售管道的持續發展以及最近領導層的加入，都繼續推動我們至關重要的美國業務加速成長。本季美國膝關節置換術市場成長 6%，主要得益於 Persona OsseoTi（即全無骨水泥膝關節置換術）的滲透率提高，該產品到年底的滲透率約為 35%。

Our Oxford Partial Cementless Knee continues to deliver above expectations with adoption rates post-training continued to be very high with great conversions from competitive accounts. Notably, our DTP, direct-to-patient awareness campaign in partnership with Arnold Schwarzenegger drove accelerated momentum in the second half of the year, with the personalized knee campaign yielding very meaningful results.

我們的牛津部分無骨水泥膝關節置換術繼續超出預期，培訓後的採用率持續非常高，並且在競爭客戶中轉換率也很高。值得一提的是，我們與阿諾德·施瓦辛格合作開展的直接面向患者的宣傳活動（DTP）在下半年取得了顯著進展，其中個性化的膝關節宣傳活動取得了非常有意義的成果。

Turning to our Hips franchise. Z1 or triple-taper stem penetration fueled US hip growth of nearly 8% in the quarter, with the implant, Z1, now representing over 35% of our US hip stents and gaining meaningful competitive conversions.

轉向我們的 Hips 特許經營權。Z1 或三錐形柄的滲透推動了美國髖關節在本季度增長近 8%，植入物 Z1 目前占我們美國髖關節支架的 35% 以上，並獲得了顯著的競爭轉化。

Next, our robotics and navigation strategy of offering a comprehensive suite of customer-centric technology solutions continues to pay strong dividends. Our US technology and data, bone cement and surgical sales increased over 10% in the quarter, driven by the strongest robotic capital sales quarter in over two years.

其次，我們以客戶為中心的機器人和導航技術解決方案的全面性，持續為客戶帶來豐厚的回報。本季度，我們美國的科技和數據、骨水泥和外科手術銷售額成長超過 10%，這主要得益於兩年多來最強勁的機器人資本銷售季度。

Finally, in S.E.T., our US CMFT, craniomaxillofacial thoracic business continues to perform strongly, growing mid-teens in the quarter, led by a continued shift in external fixation from wires to plating. Upper Extremities had another great quarter of high single-digit growth in the US, where our Identity Shoulder and OsseoFit Stemless Shoulder continue to convert competitive accounts.

最後，在東南歐地區，我們的美國顱顏面胸腔外科業務持續表現強勁，本季實現了兩位數以上的成長，這主要得益於外固定方式從鋼絲轉向鋼板的持續轉變。上肢業務在美國又迎來了一個季度的高個位數成長，我們的 Identity Shoulder 和 OsseoFit Stemless Shoulder 繼續贏得競爭對手的客戶。

Looking now at 2026, we're accelerating the transition to a dedicated and specialized US sales channel in order to drive more durable and consistent growth. By the end of 2027, we expect the vast majority of the conversion to dedicated CVH Zimmer Biomet employees to be complete and also expect a substantial increase in the number of reps specialized in the higher growth areas, such as S.E.T., robotics and in our ASC channel, ambulatory surgical center channel. We have already addressed one-third of these organizational changes and have best-in-class plans and project management capabilities with third-party help to ensure a smooth transition for the last two-thirds of this evolution. With a robust innovation cycle in place, we feel is the opportune time to move faster and we will.

展望 2026 年，我們正在加速向專門的美國銷售通路轉型，以推動更持久、更穩定的成長。到 2027 年底，我們預計大部分員工將轉為 CVH Zimmer Biomet 的專職員工，並且預計在 S.E.T.、機器人和我們的 ASC 管道（即門診手術中心管道）等高成長領域，專業代表的數量將大幅增加。我們已經解決了三分之一的組織變革，並擁有業內一流的計劃和專案管理能力，同時藉助第三方的力量，確保在剩餘的三分之二的變革過程中順利過渡。鑑於目前已建立起強大的創新週期，我們認為現在是加快步伐的良機，我們也將這樣做。

With that context, we now expect full year organic constant currency revenue growth for 2026 in the low single-digit range or 1% to 3% growth with an adjusted EPS earnings per share of $8.30 to $8.45, which includes the contribution from Paragon 28 beginning April 21, the one year anniversary of the deal closing. Suky will provide further details during his remarks.

基於此背景，我們現在預計 2026 年全年有機固定匯率營收成長將達到個位數低段，即 1% 至 3%，調整後每股收益為 8.30 美元至 8.45 美元，其中包括 Paragon 28 自 4 月 21 日（交易完成一周年紀念日）起的貢獻。蘇基將在演講中提供更多細節。

The evolution of the US sales force represents the final core initiative in our transformation. And while it might create some short-term disruption across pockets of our organization, it is by far the most crucial step in order to convert Zimmer Biomet into a durable mid-single-digit plus growth company for the long term.

美國銷售團隊的變革是我們轉型過程中的最後一個核心舉措。雖然這可能會對我們組織的某些方面造成一些短期混亂，但就長期發展而言，這是將 Zimmer Biomet 轉變為可持續的中位數以上成長公司的最關鍵一步。

Turning now to our three key strategic priorities for Zimmer Biomet, starting with number one, people and culture. We remain committed to having the right people in the right roles to maintain our leading position in the key areas where we compete. By having a dedicated and specialized US sales channel, we will now enhance our ability to consistently and with no surprises, execute our strategy. This will drive increased productivity while enabling us to be more competitive in high-growth segments, as mentioned before, such as robotics, ASCs and the growth drivers within S.E.T., where we have tremendous opportunity ahead, and we are still underpenetrated.

現在我們來談談 Zimmer Biomet 的三大關鍵策略重點，首先是第一點，即人才和文化。我們始終致力於讓合適的人才擔任合適的職位，以保持我們在關鍵競爭領域的領先地位。透過擁有專門的美國銷售管道，我們將能夠更穩定、更順利地執行我們的策略。這將提高生產力，同時使我們能夠在高成長領域更具競爭力，如之前提到的機器人、ASC 和 S.E.T. 內的成長驅動因素，我們未來在這些領域擁有巨大的機會，但我們的滲透率仍然很低。

Secondly, on the second priority of operational excellence, we believe our disciplined cost management and robust capital allocation strategy will enable EPS growth while allowing us to invest in the business for the long term. Further, given our operating rigor, we expect to continue to grow free cash flow in the upper single-digit to double-digit range in 2026, marking the fourth consecutive year delivering meaningful free cash flow growth. Against that backdrop, we plan to prioritize meaningful return of capital to shareholders over M&A.

其次，關於卓越營運的第二個優先事項，我們相信，我們嚴格的成本管理和穩健的資本配置策略將實現每股盈餘成長，同時使我們能夠對業務進行長期投資。此外，鑑於我們嚴格的運營，我們預計 2026 年自由現金流將繼續保持個位數至兩位數的成長，這將是連續第四年實現有意義的自由現金流成長。在此背景下，我們計劃優先考慮為股東帶來有意義的資本回報，而不是進行併購。

Lastly, on our third priority of innovation and diversification, we're making significant advancements. Over the past two years, we have closed all core portfolio gaps with the introduction of the Magnificent 7 platform, and we now have the potential to change the standard of care with solutions such as the Oxford Partial Cementless Knee, iodine core devices recently launched in Japan, our second largest market globally, ROSA Shoulder and the mBos semi and fully autonomous AI-driven orthopedic robotic system that we acquired via the Monogram acquisition.

最後，在創新和多元化這項第三項優先事項上，我們取得了重大進展。在過去的兩年裡，我們透過推出 Magnificent 7 平台填補了所有核心產品組合的空白，現在我們有機會透過 Oxford Partial Cementless Knee、最近在日本（我們全球第二大市場）推出的碘芯裝置、ROSA Shoulder 以及我們透過收購 Monogram 獲得的 mBos 半自主和全機器人自動驅動的骨科和全機器人護理系統解決方案。

In addition to this, we continue to invest internally and partner externally to strengthen our pipeline of new product launches, which is today 3x what it was just a few short years ago. Given the strength of our innovation cycle, we feel once again that this is the right time to accelerate the evolution of our US channel, so we can fully capitalize on a dedicated and specialized sales force. I'll tell you, having traveled to all key sales meetings across the US in the month of January, the excitement behind our innovation story is very high and so is the engagement. It is now up to us to execute on the plans via this transformation.

除此之外，我們也不斷增加內部投資，並與外部合作夥伴共同努力，以加強我們的新產品發布管道，如今的管道規模是幾年前的 3 倍。鑑於我們創新週期的強勁勢頭，我們再次認為現在是加快美國通路發展的最佳時機，以便我們能夠充分利用一支專注且專業的銷售團隊。我可以告訴你，1月份我參加了美國各地所有重要的銷售會議，我們創新故事背後的激動人心之處以及客戶的參與度都非常高。現在，我們需要透過這次轉型來執行這些計劃。

In conclusion, we are very proud of the progress in our organization, but we are far from being satisfied with where we are at today. In 2026, to closer core turnaround efforts, we are going to be laser-focused on the US go-to-market commercial transformation, while we continue to showcase the strength of our robust innovation cycle across the globe. As we then enter 2027, we'll be ready to transform the musculoskeletal space with the launch of mBos and other disruptive technology platforms while responsibly accelerating our diversification strategy, gaining access to a higher growth market environment. And with this behind, in 2028 and beyond, Zimmer Biomet will look and act like a totally different company.

總之，我們為本組織的進步感到非常自豪，但我們對目前的狀況並不滿意。2026 年，為了更緊密地推動核心轉型工作，我們將專注於美國市場的商業轉型，同時繼續在全球範圍內展示我們強大的創新週期。到 2027 年，我們將推出 mBos 和其他顛覆性技術平台，從而改變肌肉骨骼領域，同時負責任地加速我們的多元化策略，進入更高成長的市場環境。有了這些成就，到 2028 年及以後，Zimmer Biomet 將以完全不同的面貌和運作方式出現。

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. In the fourth quarter, we grew sales 5.4% on an organic constant currency basis. and delivered adjusted earnings per share of $2.42, which was up 4.8% year-over-year despite dilution from the Paragon 28 transaction, the impact of tariffs and continued investments in our commercial organization. On a full year basis, we grew organic constant currency sales 3.9% and generated $8.20 in adjusted EPS and $1.172 billion in free cash flow.

謝謝大家，大家早安。第四季度，我們按有機增長（按固定匯率計算）實現了 5.4% 的銷售額增長，調整後每股收益為 2.42 美元，同比增長 4.8%，儘管受到 Paragon 28 交易的稀釋、關稅的影響以及對商業組織的持續投資的影響。以全年計算，我們的有機銷售額（以固定匯率計算）成長了 3.9%，調整後每股收益為 8.20 美元，自由現金流為 11.72 億美元。

As we get into the details of these results, unless otherwise noted, my statements will be about the fourth quarter of 2025, and how it compares to the same period in 2024. And my commentary will be on a constant currency and adjusted operating basis. 2025 organic constant currency commentary excludes the impact from Paragon 28 acquisition that closed in April of 2025. Net sales were $2.244 billion, an increase of 10.9% on a reported basis and 5.4% excluding the impact of foreign currency and the Paragon 28 acquisition. Consolidated pricing was 50 basis points negative in the quarter.

在深入探討這些結果的細節時，除非另有說明，我的陳述將圍繞 2025 年第四季展開，並將其與 2024 年同期進行比較。我的評論將以固定匯率和調整後的營運基礎為基礎。 2025 年的有機成長（固定匯率）評論不包括 2025 年 4 月完成的 Paragon 28 收購的影響。淨銷售額為 22.44 億美元，按報告基準計算成長 10.9%，不計外匯影響和 Paragon 28 收購的影響，成長 5.4%。本季綜合定價下跌 50 個基點。

Our US business grew 5.7% on an organic constant currency basis, which, as Ivan mentioned, reflects continued momentum for our recently launched products, strong robotic sales and end-of-year customer purchases and capital sales above historic levels. Internationally, we grew revenue by 5% on an organic constant currency basis, driven by continued new product momentum and strong robotic sales. Turning to our P&L. We reported GAAP diluted earnings per share of $0.70 compared to GAAP diluted earnings per share of $1.20 in the prior year quarter.

我們的美國業務以有機固定匯率計算增長了 5.7%，正如 Ivan 所提到的，這反映了我們最近推出的產品持續增長勢頭、強勁的機器人銷售以及年末客戶採購和資本銷售均高於歷史水平。在國際市場上，我們以固定匯率計算實現了 5% 的有機收入成長，這得益於新產品持續成長動能和強勁的機器人銷售。接下來來看看我們的損益表。我們公佈的GAAP稀釋後每股收益為0.70美元，而去年同期GAAP稀釋後每股收益為1.20美元。

Higher revenue and a lower share count were more than offset by a onetime charge related to a brand rationalization initiative and restructuring charges related to a reduction in workforce as well as higher interest expense associated with the Paragon 28 transaction.

更高的收入和更低的股份數量被與品牌合理化計劃相關的一次性費用、與裁員相關的重組費用以及與 Paragon 28 交易相關的更高利息支出所抵消。

On an adjusted basis, we delivered diluted earnings per share of $2.42 compared to $2.31 in the prior year quarter. This increase was driven by higher revenue, higher adjusted gross margin and a lower share count, partially offset by an increase in SG&A and a step-up in interest expense tied to Paragon 28. Adjusted gross margin was 72.4% higher than the fourth quarter of 2024 due to lower manufacturing costs and favorable mix. Adjusted operating margin was 29.1% lower than the prior year quarter as a result of increased commercial investments and the addition of Paragon 28.

經過調整後，我們實現稀釋後每股收益 2.42 美元，而去年同期為 2.31 美元。這一增長主要得益於更高的收入、更高的調整後毛利率和更低的流通股數量，但部分被銷售、一般及行政費用的增加以及與 Paragon 28 相關的利息支出的增加所抵消。由於製造成本降低和產品組合有利，調整後的毛利率比 2024 年第四季高出 72.4%。由於商業投資增加和 Paragon 28 的加入，調整後的營業利潤率比去年同期下降了 29.1%。

Adjusted net interest and nonoperating expenses were $71 million, above the prior year, driven by higher debt related to Paragon 28 and higher interest rates on refinance debt that matured in 2024. Our adjusted effective tax rate was 17.9% and fully diluted shares outstanding were 198.1 million, down year-over-year due to share repurchases in 2025, including $250 million during the fourth quarter.

調整後的淨利息和非經營性支出為 7,100 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。我們調整後的有效稅率為 17.9%，完全稀釋後的流通股為 1.981 億股，年減，原因是 2025 年進行了股票回購，其中包括第四季度的 2.5 億美元。

Now turning to cash and liquidity. We had another strong quarter of cash generation, with operating cash flows of $517 million and free cash flow of $368 million. We ended the year generating $1.172 billion of free cash flow, growing over 11% year-over-year, marking the third consecutive year of at least high single-digit free cash flow growth. We ended with approximately $592 million in cash and cash equivalents.

現在來說說現金和流動性問題。我們又迎來了一個強勁的現金流季度，營運現金流為 5.17 億美元，自由現金流為 3.68 億美元。我們在年底實現了 11.72 億美元的自由現金流，年增超過 11%，連續第三年實現了至少接近兩位數的自由現金流成長。最後我們持有約 5.92 億美元的現金及現金等價物。

Now regarding our outlook for full year 2026. Unless otherwise noted, my commentary will be on a constant currency and adjusted operating basis and will include the contribution from Paragon 28 in organic growth beginning in April 2026, marking the one-year anniversary of the deal closing. We expect organic constant currency revenue growth of 1% to 3%, with growth roughly consistent throughout the year.

現在來談談我們對2026年全年的展望。除非另有說明，我的評論將以固定匯率和調整後的營運為基礎，並將包括 Paragon 28 從 2026 年 4 月（交易完成一周年）開始的自然成長貢獻。我們預計以固定匯率計算的有機收入成長率為 1% 至 3%，全年成長大致保持穩定。

In addition, we expect adjusted EPS of $8.30 to $8.45 with free cash flow growth of 8% to 10%, which would mark the fourth consecutive year of high single digit or greater free cash flow growth, quickly approaching 80% free cash flow conversion. This guidance contemplates end market growth in line with 2025, the risk of disruption from the US sales force transition, continued evolution of our international go-to-market models, up to 100 basis points of pricing erosion and a stable tariff and policy environment.

此外，我們預計調整後每股收益為 8.30 美元至 8.45 美元，自由現金流增長率為 8% 至 10%，這將標誌著連續第四年實現高個位數或更高的自由現金流增長，並迅速接近 80% 的自由現金流轉換率。該指導意見考慮了到 2025 年終端市場成長、美國銷售團隊轉型帶來的中斷風險​​、國際市場進入模式的持續演變、高達 100 個基點的價格侵蝕以及穩定的關稅和政策環境。

Now let's walk through the moving parts that impact our reported revenue guidance. At current rates, we expect FX to be approximately a 50 basis point tailwind to full year revenue growth, which includes approximately 250 basis points of tailwind in the first quarter. We expect Paragon 28 to contribute around 100 basis points to reported sales growth in 2026 before being reflected in organic growth in April. As we have discussed previously, we expect our operating margins to be down about 50 basis points from 2025, which contemplates lower gross margins, dilutions from the Paragon 28 acquisition and increased investments in our US commercial channel.

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。以當前匯率計算，我們預計外匯將對全年營收成長起到約 50 個基點的推動作用，其中第一季將起到約 250 個基點的推動作用。我們預計 Paragon 28 將在 2026 年為報告的銷售成長貢獻約 100 個基點，然後在 4 月反映在有機成長中。正如我們之前討論過的，我們預計到 2025 年，我們的營業利潤率將下降約 50 個基點，這其中考慮到了毛利率下降、收購 Paragon 28 帶來的稀釋以及對我們美國商業管道的增加投資。

Operating margins in the first quarter are expected to be down about 100 basis points from the first quarter of 2025 before increasing sequentially by about 100 basis points into the second quarter. For the full year, we expect adjusted net interest and other nonoperating expenses to be approximately $295 million, our adjusted effective tax rate to be about 18% and to end the year with about 194 million to 195 million shares outstanding. This share count reflects a share buyback program in 2026 of up to $750 million. I'd like to close by thanking the entire ZB team for their hard work and dedication. We continue to make meaningful positive changes across the business while investing to accelerate long-term growth.

預計第一季的營業利潤率將比 2025 年第一季下降約 100 個基點，然後在第二季度環比增長約 100 個基點。我們預計全年調整後的淨利息和其他非經營性支出約為 2.95 億美元，調整後的實際稅率約為 18%，年底流通股約為 1.94 億至 1.95 億股。該股數量反映了該公司在 2026 年計劃進行的高達 7.5 億美元的股票回購計劃。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進行有意義的積極變革，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. (Event Instructions) Operator, please go ahead.

謝謝你，蘇琪。（活動指示）操作員，請開始。

(Operator Instructions)

（操作說明）

Matthew Blackman, TD Cowen.

馬修布萊克曼，TD Cowen。

Ivan, we're obviously all focused on the near-term impact of the sales force optimization initiatives. But maybe take a step back, and you did touch on this a bit in the script, but tell us why now, how heavy the lift ahead is? And perhaps most important, what could the business look like if this is executed well and where and when across the franchises could we see visible returns? Is it exiting it this year? Is it 2027? Just any color would be helpful. Appreciate it.

伊万，我們顯然都專注於銷售隊伍優化計劃的近期影響。但或許應該退一步想想，雖然你在劇本中也稍微提到過這一點，但請告訴我們為什麼現在，擺在我們面前的挑戰有多麼艱鉅？或許最重要的是，如果這項措施執行得當，企業會是什麼樣子？在各個加盟店中，我們可以在何時何地看到明顯的回報？今年會退出嗎？現在是2027年嗎？任何顏色都可以。謝謝。

Absolutely, Matt. So what I'll do here, maybe I'll provide a longer answer than usual, and then maybe this saves some time in future questions this morning. But maybe start with what it is that we're doing because I think some people are confusing the what. And then we'll talk about why we're doing it. I'll directly answer your question of why we're doing it right now. I'll talk about how we're doing it to reassure everyone that we're taking a very prudent approach that is very state-centric. And then when do we see the benefits? So I'll break my answer in those four or five key areas.

當然，馬特。所以，我這次可能會給出比平常更長的答案，這樣或許可以節省今天早上回答其他問題的時間。但或許應該先從我們正在做的事情說起，因為我覺得有些人把「做什麼」和「做什麼」混淆了。然後我們會討論我們為什麼要這樣做。我會直接回答你關於我們為什麼現在要這樣做的問題。我將談談我們是如何做到的，讓大家放心，我們正在採取非常謹慎、以國家為中心的措施。那麼，我們什麼時候才能看到好處呢？所以我會從這四、五個關鍵面向來回答這個問題。

So what it is that we're doing? We're moving from being a company or rather a channel here in the US that has a lot of nondedicated employees. By nondedicated, this is not a legal 1099, W-2, committed, noncommitted. We got people that have two, three jobs while working at Zimmer Biomet.

所以，我們到底在做什麼？我們正在從一家在美國擁有大量非專職員工的公司，或者更確切地說，是一個管道，轉型為真正的公司。所謂“非專職”，指的是不符合法律規定的 1099 表格、W-2 表格、已承諾/未承諾的合約。我們這裡有人在 Zimmer Biomet 工作的同時，也兼職兩到三份工作。

It's part of the nature of the 1099 model here in the US. And that's not something that we want to keep. We want to have 100% of our US sales force being dedicated. Again, not to be confused, W-2, 1099, fully dedicated. So that's number one.

這是美國1099模式的固有特性。這不是我們想要保留的東西。我們希望美國銷售團隊100%投入工作。再次強調，不要混淆 W-2、1099 和完全專用表格。這是第一點。

We believe in specialization, just like best-in-class companies believe in specialization. You can have sales reps selling hips, knees, components of technology, shoulders, et cetera, et cetera. Today, our current specialization rate is around 25%, I won't quote what is the end number, but we're going to make sure that we specialize the sales force so that we can compete at the level that we can compete in the higher-growth segments. To that end, we're adding something like 200-plus sales reps in robotics, countless reps in S.E.T., ASC, et cetera, et cetera. So that is the one, moving from non-dedicated to dedicated.

我們信奉專業化，就像一流公司信奉專業化一樣。你可以安排銷售代表來銷售髖關節、膝關節、技術組件、肩關節等等。目前，我們的專業化率約為 25%，我不會透露最終目標數字，但我們將確保銷售團隊的專業化程度，以便我們能夠在更高成長的細分市場中保持競爭力。為此，我們在機器人領域增加了 200 多名銷售代表，在 S.E.T.、ASC 等領域增加了無數的銷售代表。所以，這就是從非專用伺服器過渡到專用伺服器的過程。

Why are we doing this now? Well, look, we got no gaps in the portfolio. We've done significant work when it comes to technology in data, robotics and whatnot. We've added a ton of new products when it comes to S.E.T. We just got to have dedicated people to leverage that great new product cycle.

我們為什麼要現在做這件事？你看，我們的投資組合沒有任何缺口。我們在數據、機器人等領域的技術方面取得了顯著進展。在S.E.T.方面，我們新增了大量產品。我們只需要有專人來充分利用這個良好的新產品週期。

We couldn't do this three, five, seven years ago because candidly, we didn't have the products, not to mention, we're dealing with other challenges. So now that we have the products, we have to leverage the channel to sell those products at a higher rate.

三、五、七年前我們做不到這一點，坦白說，因為我們沒有產品，更何況，我們還要應付其他挑戰。既然我們現在有了產品，就必須利用通路以更高的價格銷售這些產品。

Our productivity rates in the US, we do a lot of the third-party benchmarking are roughly half of what some of our direct competitors have. So in plain English, we're doing half as many cases as some of our direct competitors, and that's something we're going to be addressing. So that's the why. We're doing it because of new products, we're doing it because of timing. We're doing it because we got a pretty significant productivity gap here in the US, not to mention our penetration in ASC and S.E.T. still is very high. So low penetration.

我們在美國的生產力，我們做了很多第三方基準測試，大約只有一些直接競爭對手的一半。簡單來說，我們的案件數量只有一些直接競爭對手的一半，這是我們將要解決的問題。這就是原因。我們這樣做是因為新產品，我們這樣做是因為時機合適。我們這樣做是因為我們在美國有相當大的生產力差距，更不用說我們在ASC和S.E.T.的滲透率仍然非常高。滲透率很低。

How we're going to do it? We've got third-party resources. We got a dedicated team. We have hired people that have done this in the previous life. I'm personally involved in the project. I'm going to continue to remain involved. So we're going to take a staged approach to getting it done. We've done one-third of this transformation already. We have locked in a significant percentage of the organization. So I feel that we've been very prudent when it comes to how we're doing it.

我們該怎麼做？我們擁有第三方資源。我們組建了一支專業的團隊。我們聘請了一些以前做過這方面工作的人。我自己也參與了這個計畫。我將繼續參與其中。所以我們將採取分階段的方法來完成這項工作。我們已經完成了這項改造的三分之一。我們已經鎖定了該組織相當大比例的股份。所以我覺得我們在處理這件事上一直都非常謹慎。

We learned a lot from the ones that we've done. It's actually gone better than expected. We did five conversions already late 2025, early 2026. Those are going as expected, if not better. And then just to close this summary, Matt, when are we going to get this done by? We expect the entire transformation to be done as we exit 2027.

我們從之前做過的專案中學到了很多。實際上比預期的還要好。我們在 2025 年底、2026 年初已經完成了五次轉換。這些進展都符合預期，甚至更好。最後總結一下，馬特，我們什麼時候能完成這項工作？我們預計整個轉型將在 2027 年底完成。

So that is the what, the why, the how and the when. And it is the final step in the transformation of Zimmer Biomet. We addressed the operational challenges in the past. We have addressed the leadership gaps that we had. We have built a best-in-class portfolio, remediating all the gaps and now with significant product launches to change the standard of care.

所以，這就是內容、原因、方法和時間。這是 Zimmer Biomet 轉型的最後一步。我們過去已經解決了營運方面的挑戰。我們已經解決了之前存在的領導力不足問題。我們打造了一流的產品組合，彌補了所有不足，現在又推出了重要的產品，以改變護理標準。

If we don't modify our US go-to-market structure, we're never going to have the durability and sustainable growth that I referenced in my prepared remarks.

如果我們不改變我們在美國市場的進入結構，我們就永遠無法獲得我在準備好的演講稿中提到的持久性和永續成長。

Rick Wise, Stifel.

Rick Wise，Stifel。

You highlighted in your comments, Ivan, that the -- obviously, the reality that Zimmer has grown mid-single digits for four consecutive years. Now you're offering tempered guidance and guiding to low single-digit growth. Help us better understand what's embedded at a high level in that thinking. I mean, clearly, you're trying to be respectful of the uncertainties about the transition -- sales transition process, but that seems to be going well.

伊万，你在評論中強調了——很明顯，齊默爾連續四年實現了個位數中段的成長。現在你提供的指導較為溫和，引導的是低個位數的成長。請幫助我們更能理解這種思維方式背後深層的意義。我的意思是，很明顯，你們在努力尊重過渡期間（銷售過渡過程）存在的不確定性，但目前看來進展順利。

So what have you baked in? And maybe help us think about the year ahead in terms of -- is the disruption greater in the first half and therefore, the second half could be better? Just maybe help us think through those factors.

你烤了些什麼？或許這可以幫助我們思考未來一年的情況──上半年的干擾是否更大，因此下半年可能會更好？或許您可以幫我們理清一下這些因素。

Thank you, Rick. Actually, it is five years of mid-single-digit revenue growth, not four. And we are very excited with how we exited 2025 growing in the second half, five plus. But we got to keep it -- we're going to make it durable. So to your question on what's embedded in the guidance, really, we're looking at three things.

謝謝你，里克。實際上，是連續五年實現了個位數中等水準的營收成長，而不是四年。我們對2025年下半年的成長感到非常興奮，成長超過5%。但我們必須保留它——我們要讓它經久耐用。所以，對於你提出的關於指導方針中包含哪些內容的問題，實際上，我們主要關註三件事。

Number one, obviously, is the US sales force transition. That is the priority in 2026. If it goes better than expected, obviously, our number exiting 2026 will be higher. If we don't do the job that I expect we're going to do, then we may move towards the lower range of that guidance. So that's item number one.

顯而易見，首要問題是美國銷售團隊的轉型。這是2026年的首要任務。如果情況比預期好，顯然，到 2026 年底，我們的數字將會更高。如果我們沒能完成我預期的工作，那麼我們可能會朝著該指導方針的較低範圍邁進。這是第一項。

Number two, we're paying close attention to the new product cycle and the adoption of these new products, namely the Magnificent 7. If you look at the performance in Q4, very solid across hips and knees, similar performance in the US in Q3. So now we need to make sure that we're going to be able to do the same or better as we enter 2026. So that's the second item we're paying attention to.

第二，我們密切注意新產品週期和這些新產品的採用情況，特別是「七大奇蹟」。如果看一下第四季的表現，髖關節和膝關節的表現非常穩健，第三季在美國的表現也類似。所以現在我們需要確保進入 2026 年後，我們能夠做到同樣甚至更好。所以這是我們關注的第二個面向。

And then number three, international. As we've been discussing, it has been a fragile business now for a couple of quarters. Since like one quarter, we do really well. The next quarter, something happens. So again, we got to pay attention in making sure that we do have the right go-to-market models.

第三，國際化。正如我們一直在討論的那樣，近幾個季度以來，這個行業一直很脆弱。從上個季度開始，我們表現得非常好。下一個季度，會發生一些事情。所以，我們再次強調，我們需要注意確保我們擁有正確的市場推廣模式。

We are focusing the right growth areas in the right country. So those are the three things we're paying attention to. The US sales force transition, the new product adoption cycle and the international performance in key geographies.

我們正專注於正確國家中正確的成長領域。所以，以上就是我們關注的三件事。美國銷售團隊轉型、新產品推廣週期以及在重點地區的國際績效。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

I'd love to just ask a slightly boring one, but on pricing, moving to a negative 100 basis points of erosion in the '26 guide. Inflation is kind of at the same spot that it was before. And I'm guessing your customers are in a pretty healthy spot from procedure volumes. Just curious why you're thinking pricing stays in the negative territory. I know that's where it was historically, but any outlook on how you think about price mix would be super helpful.

我很想問一個稍微無聊的問題，關於定價，2026 年的指導價下跌了 100 個基點。通貨膨脹率基本上維持在先前的水準。我猜想，從手術量來看，您的客戶目前狀況相當不錯。我只是好奇你為什麼認為價格會一直處於負值區間。我知道歷史上價格就是這樣，但如果您能分享您對價格組合的看法，那就太好了。

Yes, Patrick, this is Suky. Thanks for the question. So overall, for the year 2025, we ended on flat pricing at a consolidated level. So taking all the regions into account. The fourth quarter, as I said in my prepared remarks, was down about 50 basis points.

是的，派崔克，這是蘇琪。謝謝你的提問。因此，總體而言，2025 年我們最終實現了統一的定價水準。所以，要把所有地區都考慮進去。正如我在準備好的演講稿中所說，第四季下降了約 50 個基點。

For 2026, you're right, we're saying up to 100 basis points of erosion, which is consistent with our Analyst Day commentary almost two years ago. And as you noted, it is a significant improvement to sort of pre-pandemic price profile.

對於 2026 年，您說得對，我們預計最多會下降 100 個基點，這與我們近兩年前在分析師日上的評論一致。正如您所指出的，這相比疫情前的價格水準有了顯著改善。

The reason we expect to see some level of step down between '25 and 2026, and we've talked about this a bit over the last few quarters is we expect to see a moderation in some of the price increases we've been able to take across EMEA. We do expect Asia Pacific to be down year-over-year, primarily because of the Japan biannual price decrease, which happens. It's a normal part of our business. Also, we expect to be slightly down in China as we continue to reconfigure our go-to-market strategies. And the Americas are expected to be down sort of similar profile to what we saw in 2025. So when you put all those together, we do expect to see a modest step down into 2026. But again, well within our overall guidance that we provided at our Analyst Day.

我們預計 2025 年至 2026 年間價格會有所下降，過去幾季我們也討論過這個問題，原因是我們預期 EMEA 地區的一些價格上漲幅度將會放緩。我們預期亞太地區年比將會下滑，主要原因是日本每半年一次的價格下調，這種情況時有發生。這是我們業務的正常組成部分。此外，由於我們仍在調整市場進入策略，預計在中國的業績將略有下滑。預計美洲地區的經濟下滑趨勢將與 2025 年的情況類似。綜上所述，我們預計到 2026 年經濟將出現小幅下滑。但再次強調，這完全符合我們在分析師日中所給予的整體指導意見。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a nice execution in Q4 on free cash. Suky or Ivan, can you give us a bridge from back half, right? When you did mid-singles to 2% guidance at the midpoint for fiscal '26, how much of this is sales force reorg impact? And Ivan, you mentioned that you've already completed one-third of this transition. What's been your prior experience, right? Like when you look at the pacing of disruption, was it front loaded? And when does productivity increase to offset this?

恭喜你們第四季自由現金流利用得非常出色。Suky 或 Ivan，你們可以跟我們講講後半段的橋段嗎？您在 2026 財年中期給予的績效指引為 2% 到 100%，其中有多少是銷售團隊重整的影響？伊万，你提到你已經完成了三分之一的轉型。你之前有過類似的經驗嗎？例如，當你觀察顛覆性改變的步伐時，它是否集中在前期？那麼，生產力何時才能提高到足以抵銷這項損失？

Thank you for the question. Look, for 2026, it's all about the sales force transformation. So yes, we exited 2025 growing strong in the mid-single digit. As we provide guidance for 2026, we just want to be responsible in realizing that this is a significant transformation we're undertaking. I've made public commentary around the fact that in the US, we've got roughly 2,500 reps across 34 territories.

謝謝你的提問。你看，到 2026 年，一切都將圍繞著銷售團隊的轉型。是的，我們在 2025 年結束時保持了強勁的個位數中段成長。在為 2026 年提供指導時，我們只想負責任地認識到，我們正在進行一項重大變革。我曾公開評論過，在美國，我們在 34 個地區擁有約 2500 名代表。

There's a lot of legacy issues in the channel that we're addressing, and we're going to be responsible. We're going to do it over two years, and we believe there will be some disruption. So that's why we're giving the guidance that we're giving today. So that's the answer on why we're going from, call it, five plus in the second half of '25 to a midpoint of two here as we enter 2026. What we have learned as we go through these transitions is that disruption happens sometimes in the early stages.

頻道中存在著許多遺留問題，我們正在著手解決，我們將對此負責。我們將用兩年時間完成這項工作，我們相信這會帶來一些混亂。所以這就是我們今天給出這些指導的原因。所以，這就是為什麼我們從 2025 年下半年的 5 以上，到進入 2026 年達到 2 的中間點的原因。我們在經歷這些轉型過程中學到的是，混亂有時會在早期階段發生。

You go and negotiate your contracts with your distributors. And they say, no, we're not interested in the new model and rarely happens towards the end. Once they sign up, they sign up and they stay. And again, many lessons learned from the work we've done already one-third behind. As I referenced in my previous answer to Matt, I believe it was, we already have done five additional distributor changes here in the last four, five months, and they've gone really, really well.

你要去和分銷商談判合約。他們說，不，我們對新模式不感興趣，這種情況很少發生在最後階段。一旦他們註冊，他們就會一直註冊下去。再次強調，我們從先前的工作中學到了很多教訓，目前進度落後三分之一。正如我在先前回覆 Matt 的回答中提到的那樣，在過去的四五個月裡，我們已經進行了五次額外的經銷商變更，進展非常順利。

And we have active negotiations going on with roughly 40% of the channel as we speak, and those are going better than expected. In terms of the -- when will we see the outcomes, towards the end of '27 is when you start to see increases in productivity.

目前我們正在與大約 40% 的管道進行積極的談判，而且談判進展比預期要好。至於何時才能看到結果，到 2027 年底左右，生產力就會開始提高。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

I know it's one, but I have two quick clarification questions. I have a lot of investors asking, so I figure I get it out on the call here. First, really strong fourth quarter performance, particularly in the US across large joints. Just want to make sure there was no onetime items or above normal sales there.

我知道這是個問題，但我還有兩個問題需要快速澄清。有很多投資者問過我這個問題，所以我想就在這次電話會議上解答一下。首先，第四季業績表現非常強勁，尤其是在美國的大型連鎖店方面。我只是想確認一下，那裡沒有一次性商品或異常高的銷售額。

And then Suky, as you think about first quarter and first half, getting the cadence right has been really important, particularly over the past few years. And I know you've mentioned it in the script even. So just how do you want people to think about first quarter and first half top and bottom line? The guide is 1% to 3% on the top and bottom line, and you exited at 5%. So help us bridge expectations, how much disruption is built in and help us get the numbers set for the beginning of the year.

蘇基，當你思考第一季和上半場時，把握好節奏非常重要，尤其是在過去幾年。我知道你甚至在劇本裡也提到過這一點。那麼，您希望人們如何看待第一季和上半年的營收和利潤？指導價是上下各佔 1% 到 3%，而你退出時佔比為 5%。所以請幫助我們釐清預期，說明其中有多少幹擾因素，並幫助我們設定年初的目標數字。

Thank you, Robbie. I'll start and then I'll let Suky comment on the phasing for the year. In terms of performance in Q4, the main driver behind the solid growth in the US, and I'm frankly very pleased with where we landed OUS is new product acceleration. We did benefit from some additional capital sales in the quarter. We had some modest uptick when it comes to some of the sales that we do towards ASCs.

謝謝你，羅比。我先開始，然後請 Suky 對今年的分階段安排發表意見。就第四季業績而言，美國市場穩健成長的主要驅動力是新產品加速發展，坦白說，我對我們在美國境外取得的成績非常滿意。本季我們確實從一些額外的資本銷售中獲益。我們在面向 ASC 的一些銷售額方面出現了一些小幅成長。

But I would say the lion's share of the performance is better execution. We did, Robbie, benefit internationally in Knees. If you look at the knee number, we grew 8.2%. That is some of the revenue in Q3. You may recall that Q3, we didn't end where we expected, some Middle East revenue that got into Q4. But very, very pleased with the execution when it comes to new products, both in the US and international. Suky, do you want to talk about phasing?

但我認為，表現提升的主要因素是執行力的提升。羅比，我們確實在國際上受益於膝蓋。如果看膝蓋部位的數據，我們增加了 8.2%。這是第三季的部分收入。您可能還記得，第三季我們並沒有達到預期，有些來自中東的營收計入了第四季。但對於新產品的執行情況，無論是在美國還是在國際市場上，我都非常非常滿意。Suky，你想談談相位問題嗎？

Yes. So thanks, Robbie, for the question. So on phasing, it's very consistent with what I said in my prepared remarks, which we expect on the top line for growth to be roughly consistent, plus or minus from quarter-to-quarter throughout the year. And that takes into account what Ivan has talked about relative to the sort of US phenomenon on sales force and optimization there as well as some of the elements that he's been teeing up for some time around international and go-to-market changes.

是的。謝謝你的提問，羅比。因此，關於分階段實施，這與我事先準備好的發言稿中所說的非常一致，我們預計全年各季度的增長總額將大致保持穩定，上下浮動幅度不大。這考慮到了伊凡所談到的美國銷售團隊和優化方面的現象，以及他一段時間以來一直在籌劃的關於國際市場和市場進入方式的變革的一些因素。

So both of those have been reflected and sort of contribute to sort of that first -- last -- or sorry, second half of 2025 into 2026 step down. Relative to P&L from an operating margin standpoint, some of the building blocks there are, we do expect gross margin to be down for the full year. We've talked about that for quite some time. We're going to make a lot of that up through SG&A efficiency inside of operating margins, but we do expect that to be down 50 basis points, as I talked about in my prepared remarks. Overall, earnings, we expect to grow in line with constant currency organic growth, and that's going to be assisted by some of the share buyback that we plan to do this year.

所以這兩件事都得到了體現，並在某種程度上促成了 2025 年下半年到 2026 年的第一次——最後一次——或者抱歉，是下半年的——降級。從損益表的營運利潤率角度來看，我們預期全年毛利率將下降。我們已經討論這個問題很久了。我們將透過提高營業利潤率中的銷售、一般及行政費用效率來彌補很大一部分損失，但正如我在準備好的發言稿中提到的，我們預計這將下降 50 個基點。總體而言，我們預計獲利將與以固定匯率計算的自然成長保持一致，而我們計劃今年進行的一些股票回購將有助於實現這一目標。

Now taking those building blocks into phasing, operating margins, we do expect to be down in the first quarter year-over-year by about 100 basis points. That's largely driven by Paragon 28, which was not yet anniversaried because we did the deal in the second quarter of '25. We're going to have higher commercial investments as part of this overall optimization in the US, as Ivan has talked about, yes, it is specialization, but it's also augmentation where we're adding reps in a couple of key areas. And then as I said, gross margin will be down in the first quarter. So again, operating margins down year-over-year in the first quarter, about 100 basis points.

現在，將這些基本要素納入考量，就營運利潤率而言，我們預計第一季同比將下降約 100 個基點。這主要得益於 Paragon 28，由於我們在 2025 年第二季完成了這筆交易，所以它還沒有迎來週年紀念。作為美國整體優化的一部分，我們將增加商業投資。正如伊万所說，這既是專業化，也是增強，我們將在幾個關鍵領域增加代表性。正如我之前所說，第一季的毛利率將會下降。所以，第一季營業利益率較去年同期下降了約 100 個基點。

From there, we expect to see a sequential step-up in the second quarter as we anniversary out of Paragon 28. That will be an increase sequentially in the second quarter of about 100 basis points. And then as we move into the back end of the year, we expect operating margins to be roughly in line with 2025. So hopefully, that gives you a bit, again, top line, roughly consistent growth rate throughout the quarters, plus or minus, and then the operating margins, as I talked about.

從那以後，我們預計在第二季度會逐步提升，因為我們即將迎來 Paragon 28 週年紀念。第二季將較上季成長約100個基點。然後，隨著我們進入下半年，我們預計營業利潤率將與 2025 年大致持平。所以，希望這能再次為你帶來一些，大致穩定的季度成長率（上下浮動），以及我剛才提到的營業利潤率。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Just wanted to kind of follow-up on Robbie's question in terms of on the margins, how you're thinking about the cost of the sales force transition? Is there -- what you kind of baked in on the margins from that? And then a question in terms of -- you've already done one-third of this transition already. So one question I get often is like why does it actually take two years to do all this? And when do you start to see some green shoots here?

我想就羅比提出的問題，從邊際效益的角度來看，您是如何考慮銷售團隊轉型成本的？你是否——從中汲取了某種靈感，並將其融入邊緣地帶？然後還有一個問題，就是──你已經完成了這個轉變的三分之一。所以我常被問到的一個問題是，為什麼做這一切其實需要兩年？什麼時候才能看到一些復甦的跡象呢？

Yes. So thanks for the call -- or sorry, for the question, Travis. Overall, the impact of the sales force transition, there's a modest impact to overall operating margins inside of SG&A. I think start to see that in the fourth quarter or really the back half of last year. You're going to see that continue into 2026.

是的。所以，謝謝你的來電——或者，抱歉，謝謝你的提問，崔維斯。整體而言，銷售團隊轉型對銷售、一般及行政費用 (SG&A) 內的整體營業利潤率的影響不大。我認為從去年第四季或更確切地說是下半年開始，這種情況就開始出現了。這種情況將會持續到2026年。

That near-term headwind has been accounted for in our guidance for 2026. But the opportunity, I think, is more attractive as you think mid- to longer term. One, it does give us the opportunity to do some restructuring and offset some of that headwind through more productivity, as Ivan talked about, we're at about half of some of our peers. And secondly, the whole idea behind this is that it generates better revenue growth, more durable sort of market to better-than-market growth rates. And at those levels, that provides a significant amount of leverage into our P&L. So near term, yes, headwind, modest headwind incorporated into the guide. Mid- to long term, we do see it being a benefit.

我們在 2026 年的業績預期中已經考慮到了近期可能出現的不利因素。但我認為，從中長期角度來看，這個機會更有吸引力。第一，這確實給了我們一個進行一些重組並透過提高生產力來抵消一些不利因素的機會，正如伊凡所說，我們的生產力大約只有一些同行的一半。其次，這樣做的目的是為了創造更好的收入成長，打造更持久的市場，並實現優於市場平均的成長率。在這些水準上，這將對我們的損益表產生相當大的影響。所以短期內，是的，會有逆風，但適度的逆風已納入指引中。從中長期來看，我們認為這將是有益的。

Then, Travis, relative to your question on why two years, no more complex than that. We're going to be responsible. As I mentioned, we done one-third. So 2,500 reps, done a a third, that's what, 1,600 reps that we're going to get through across multiple states. So we're going to take our time in understanding what's the right sequence, locking in the contracts. We have segmented areas by contract status, by market set status. So it's a project that we're not going to take lightly. So that's why it takes two years. And we're going to go slowly to then go fast later on.

那麼，Travis，關於你提出的為什麼是兩年這個問題，其實就是這麼簡單。我們會承擔責任。正如我之前提到的，我們已經完成了三分之一。所以，總共 2500 次重複，完成了三分之一，也就是 1600 次重複，我們將在多個州完成這 1600 次重複。所以我們將花時間了解正確的順序，並最終敲定合約。我們已按合約狀態和市場狀態對區域進行了劃分。所以，我們絕對不會輕視這個項目。所以這就是為什麼需要兩年時間的原因。我們會先慢一點，然後再加快速度。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

I wanted to just follow up on gross margins. I know you said down for the year, and we touched on pricing, but I was hoping that you could go through all the puts and takes on gross margin this year? And also maybe just talk at a high level about the trajectory beyond '26 for gross profit.

我只是想了解一下毛利率的情況。我知道您說過今年的業績會下滑，我們也談到了定價問題，但我希望您能詳細分析一下今年毛利率的各種可能性？或許還可以高屋建瓴地談談 2026 年以後的毛利走勢。

Sure. Thanks for the question, Matt. Yes. So we expect gross margins for '26 to be in the range of 70% to 71%. It is a step down from a pretty good year in 2025. We've been sort of telegraphing that. The key drivers are really the biggest one is around the lower growth profile, as you see in the revenue. We get a lot of leverage in our P&L when the revenue growth rate is at a higher level. And of course, the opposite works at a lower growth level. So volumes are the biggest contributor to that step down.

當然。謝謝你的提問，馬特。是的。因此，我們預計 2026 年的毛利率將在 70% 到 71% 之間。與2025年相當不錯的成績相比，這算是退步。我們其實已經暗示過這一點了。關鍵驅動因素實際上是最大的因素，即較低的成長前景，正如您在收入中看到的那樣。當收入成長率處於較高水準時，我們在損益表上就能獲得很大的優勢。當然，在較低的成長水平下，情況則相反。因此，交易量下降是導致這一下滑趨勢的最大因素。

Secondly, we've talked a bit about the FX hedge gains that we've seen in 2025 tapering off in 2026 as we've seen a weakening of the dollar through 2025. The next big area, again, is around price and geographic mix, which we expect to be a headwind compared to 2025. And then the last piece is really on tariffs, which on a net basis year-over-year is not a significant increase, but it will be choppy through the quarters, primarily because of certain credits from 2025 that we expect to realize into 2026. So those are your moving parts that really step you down from '25 into '26. But I would say we're making up a very large percentage of that through our SG&A restructuring that I talked about in our prepared remarks.

其次，我們已經討論過，隨著美元在 2025 年走弱，我們在 2025 年看到的 FX 對沖收益將在 2026 年逐漸減少。下一個重要領域仍然是價格和地理組成，我們預計這將比 2025 年帶來不利影響。最後一部分是關於關稅的，從淨額上看，同比增幅並不大，但各季度之間會有波動，主要是因為我們預計某些 2025 年的稅收抵免要到 2026 年才能實現。所以，這些就是導致你從 25 年過渡到 26 年的真正原因。但我認為，我們正在透過我在準備好的演講稿中提到的銷售、一般及行政費用重組來彌補很大一部分損失。

And so while gross margins will be down 100 basis points or more, we're making more than half of that up through SG&A efficiencies even while we're incrementally investing in some portions of our commercial business. It's too early to tell on gross margin outlook beyond 2026. And I think the largest component, which is driving this year will drive future gross margin, which is really around volumes and sales levels. But beyond that, I can tell you, we continue to emphasize efficiency, continue to make great progress in the areas of sourcing improvements. We continue to build out low-cost manufacturing.

因此，儘管毛利率將下降 100 個基點或更多，但即使我們正在逐步投資於商業業務的某些部分，我們仍然透過提高銷售、一般及行政費用效率彌補了其中一半以上的損失。現在判斷2026年以後的毛利率前景還為時過早。我認為今年推動毛利率成長的最大因素，也將推動未來的毛利率成長，這實際上與銷量和銷售水平有關。但除此之外，我可以告訴你們，我們將繼續強調效率，並在採購改進方面繼續取得巨大進步。我們將繼續擴大低成本製造規模。

I think you'll see that in the stepped up PP&E in 2025. And then lastly, I talked about a pretty large-scale portfolio rationalization charge we took in the fourth quarter. We believe that, that's going to have significant meaningful midterm and long-term results or benefits, I should say, into cost of goods. So longer term, a little bit too early to tell. Again, it will depend on revenue growth, but we continue to push very hard on a number of efficiency gains and are making good progress.

我認為你會在 2025 年不斷增加的固定資產中看到這一點。最後，我談到了我們在第四季提列的一筆相當大規模的投資組合合理化費用。我們相信，這將對商品成本產生重大且有意義的中期和長期結果或好處。所以長遠來看，現在下結論還太早。這同樣取決於收入成長，但我們將繼續大力推動多項效率提升措施，並取得了良好進展。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

I'm going to turn to Paragon actually, because a lot of questions have been asked on guidance. And just ask -- I mean, the contribution this quarter was lower than we expected. And if I look at the outlook for '26, I think it's about 100 basis points, which, again is a little lower than we expected. And so Ivan, can you just talk about kind of what you're seeing there? I mean we have heard obviously, chatter about kind of the health of the foot and ankle market, particularly in '25 being softer, and kind of what you expect and where you're seeing specific parts of weakness versus maybe parts that are offsetting that?

我打算求助於 Paragon，因為很多人問到了指導方面的問題。問問就知道了——我的意思是，本季的貢獻低於我們的預期。如果我展望 2026 年，我認為大約是 100 個基點，這又比我們預期的要低一些。那麼伊万，你能談談你在那裡看到了什麼嗎？我的意思是，我們顯然聽到了一些關於足踝市場健康狀況的討論，尤其是在 2025 年，市場可能會比較疲軟。您對此有何預期？您認為哪些方面存在疲軟，哪些方面又會抵銷這些疲軟？

Yes. Thanks for the question, Ryan. So we've been at it for two quarters, right? So we've done two quarters as a consolidated company. They both came in at -- in the upper single-digit range. Recall that for the year 2025, we said we'll get around 270 basis points or revenue accretion, thanks to -- or due to Paragon 28, we came in roughly 20 basis points behind that. So not a huge gap. We have made a commitment that we're going to grow this business double digit in 2026, early in 2026, but we like what we see. I would say mostly everything has gone in line. Our revenue, again, is slightly behind what we anticipated but again, only two quarters.

是的。謝謝你的提問，瑞恩。所以我們已經做了兩個季度了，對吧？所以我們已經以合併公司的形式完成了兩個季度的業績。他們的得分都在個位數以上。回想一下，我們曾預測 2025 年的營收將成長約 270 個基點，這要歸功於 Paragon 28，但最終我們比預期少了約 20 個基點。所以差距並不大。我們已經承諾，到 2026 年初，這項業務將實現兩位數的成長，但我們對目前的情況感到滿意。我覺得大部分事情都進展順利。我們的收入再次略低於預期，但同樣，這只是兩個季度的情況。

In terms of the EPS dilution, everything is on track, if not better than expected, committed to a 3% dilution in year one, came in slightly better, around 1% in the second year. We expect to deliver on that. And then the integration costs and everything associated with Paragon is also better than expected. We're not seeing any dramatic changes when it comes to market growth. We continue to monitor that.

就每股盈餘稀釋而言，一切都在按計劃進行，甚至比預期還要好。第一年承諾稀釋 3%，第二年略好一些，約 1%。我們期望能夠實現這一目標。此外，與 Paragon 相關的整合成本和所有費用也比預期要好。就市場成長而言，我們並未看到任何劇烈的變化。我們會持續關注此事。

If anything, we're seeing that the shift to ASC continues to move in the right direction. So we're very excited about the business. Again, two quarters behind, I just left the sales meeting in San Diego a couple of weeks ago. I'll tell you, Ryan, that with eight new products being launched in 2026, with virtually the same legacy Paragon 28 employees being now with Zimmer Biomet, the excitement is high, and we expect to deliver double-digit growth in 2026.

如果有什麼改變的話，那就是我們看到向 ASC 的轉變正朝著正確的方向發展。所以我們對這項業務感到非常興奮。又落後了兩個季度，幾週前我剛從聖地牙哥的銷售會議回來。Ryan，我可以告訴你，隨著 2026 年將推出八款新產品，以及幾乎所有原 Paragon 28 的員工現在都加入了 Zimmer Biomet，我們感到非常興奮，並預計 2026 年將實現兩位數的增長。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Just on this sales force transition, I'm just curious sort of what gives you the confidence? I appreciate it third has been done so far. But just coming to the decision to make this move, was it best practices at competitors, market research, physician feedback? And then I appreciate you probably can't comment on 2027 right now, but should 2027 be conceptually a year of growth acceleration versus '26 wherever you end up, just given you'll be further along in the sales force transition? Or are there other factors we should be considering as we put a finer point on '27 on our models today?

關於這次銷售團隊的轉型，我很好奇是什麼讓您充滿信心？我很感激，目前為止已經完成了第三項。但在做出這項決定時，是否參考了競爭對手的最佳實踐、市場調查和醫生回饋？我知道您現在可能無法對 2027 年發表評論，但無論您最終選擇哪一年，考慮到您在銷售團隊轉型方面會走得更遠，2027 年是否應該被視為增長加速之年，而不是像 2026 年那樣？或者，當我們今天在模型中對「27」進行更精細的標註時，是否還有其他我們應該考慮的因素？

Thank you, Danielle. So let's start with the easy one. We're not going to talk about 2027. So that's something we'll do later on in the year. But right now, we're going to focus on 2026. What gives us the confidence that this is the right time and the right project is data, no more complex than that. We look at productivity rates for Zimmer Biomet versus direct competitors that are fully dedicated, fully specialized. And again, I mentioned, when it comes to case load, when it comes to overall productivity, will be high. And given the strength of the new product portfolio, the time to do it is now. We do a lot of benchmarking in terms of those territories that are fully dedicated and specialized versus those territories that are nondedicated and they're nonspecialized and it's literally night and day.

謝謝你，丹妮爾。那麼，我們就從簡單的開始吧。我們不談2027年。所以這是我們今年晚些時候會做的事情。但現在，我們將重點放在2026年。讓我們確信現在是合適的時機，也是合適的項目的原因在於數據，僅此而已。我們檢視 Zimmer Biomet 與那些完全專注、完全專業化的直接競爭對手的生產力。我再次提到，就案件量而言，就整體生產力而言，將會很高。鑑於新產品組合的強大實力，現在就是行動的最佳時機。我們對那些完全專注且專業的地區與那些非專注且不專業的地區進行了大量基準測試，結果發現兩者之間簡直是天壤之別。

We see a much greater productivity, no surprise there, Danielle, in those dedicated and specialized territories. If we don't get the US right, and by that, I mean, if we don't get the US to be consistently mid-single digit, at some point, upper single digit, this company will never realize the aspirations that we have for this company. The US is 62%, 63% of the revenue. It's north or half of the profit of the company. We got to get it right. So we got the leadership in place. We made a lot of changes.

丹妮爾，毫不奇怪，在這些專注和專業化的領域，我們看到了更高的生產力。如果我們不能把美國市場做好，我的意思是，如果我們不能讓美國市場持續保持在個位數中段，甚至在某個時候達到個位數高段，那麼這家公司就永遠無法實現我們對這家公司的期望。美國佔總收入的 62% 和 63%。這相當於公司利潤的一半或更高。我們必須把這件事做好。所以我們已經組建了領導團隊。我們做了很多改變。

We got the new product cycle in full motion. We're about to enter a new stage when it comes to innovation in 2027 with Monogram. We just have to do it. So it will create some short-term disruption, but it's going to set up the company very nicely as we enter '27 and beyond.

我們已經全面啟動了新產品週期。2027 年，Monogram 將帶領我們進入創新的新階段。我們必須這麼做。因此，這會造成一些短期混亂，但隨著我們進入 2027 年及以後，這將為公司奠定非常好的基礎。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

So Ivan, I wanted to ask about capital allocation. It feels like a change in terms of prioritizing returning free cash flow to shareholders over M&A. So my question is, why the change? I think there was a time not too long ago when you talked about diversification. And any color on what percent of free cash flow you'll return to shareholders through buybacks each year? And what can we expect on M&A going forward?

伊万，我想問關於資本配置的問題。感覺公司在優先考慮向股東返還自由現金流而非併購方面做出了改變。所以我的問題是，為什麼要做這樣的改變？我想不久前您曾談到多元化投資。能否透露一下每年將有多少百分比的自由現金流透過股票回購返還給股東？那麼，未來併購領域會有什麼樣的發展趨勢呢？

Thank you, Larry, and great to hear from you. I wouldn't say it's a change. I will say that it's a pause. Recall that we've done three acquisitions between OrthoGrid late '24, Paragon 28, April of '25. And then a few months after that, Monogram. I mean these are pretty significant projects. And then add on top of that, this transformation of the US channel. This is not the time to add more complexity. This is not the time to run more projects.

謝謝你，拉里，很高興收到你的來信。我不會說這是一種改變。我想說，這是一個停頓。回想一下，我們在 2024 年底收購了 OrthoGrid，2028 年收購了 Paragon，2025 年 4 月收購了 Paragon。幾個月後，Monogram 也成立了。我的意思是，這些都是非常重要的項目。再加上美國頻道的轉型。現在不是增加複雜性的時候。現在不是開展更多專案的時候。

This is the time to be nimble and laser-focused on getting those three integrations right and ensure minimal disruption out of this US transformation. So that is no more complex than that. At the right time, we'll continue to diversify responsibly. So no, we're not throwing in the white towel.

現在正是靈活應變、專注做好這三項整合工作，確保美國轉型帶來的干擾降到最低的時候。事情就是這麼簡單。時機成熟時，我們將繼續負責任地進行多元化發展。所以，不，我們不會認輸。

We aspire to have a higher weighted average market growth rate as we continue to evolve the company. But right now, it's all about focus on these three integrations and this project. As you might have read, we got approval yesterday from the Board to do up to $1.5 billion in buybacks. We like where the stock of Zimmer Biomet is today. We acquired $0.25 billion of shares in the fourth quarter of 2025.

隨著公司的不斷發展，我們渴望實現更高的加權平均市場成長率。但現在，所有的精力都集中在這三項整合和這個項目上。正如您可能已經了解到的，我們昨天獲得了董事會的批准，可以進行高達 15 億美元的股票回購。我們看好Zimmer Biomet目前的股價。我們在 2025 年第四季收購了價值 2.5 億美元的股票。

And we're going to continue to continue to acquire shares of Zimmer Biomet given the current valuation. Love the free cash flow generation of this business. You heard Suky in his prepared remarks, upper single digit to double digit in 2026. This company generates tremendous cash flow. We got very solid firepower. I like our debt profile. So at the right time, we'll get back to doing the things that we need to do. But in 2026, those are the priorities.

鑑於目前的估值，我們將繼續增持 Zimmer Biomet 的股份。我喜歡這家公司產生的自由現金流。你在蘇基事先準備好的講話中已經聽到了，2026 年的成長率將達到個位數到兩位數。這家公司現金流非常充裕。我們擁有非常強大的火力。我對我們的債務狀況很滿意。所以，時機成熟時，我們會繼續做該做的事情。但到了 2026 年，這些就是優先事項了。

Chris Pasquale, Nephron.

克里斯·帕斯誇萊，腎臟病。

Ivan, you highlighted strong performances from CMFT, Upper Extremities, but organic growth for S.E.T. still did step down a bit. Can you talk a little bit about the other S.E.T. segments, how they performed in the quarter? And then how you're thinking about that business once Paragon becomes sort of part of the organic piece going forward?

伊万，你重點介紹了 CMFT 和上肢的強勁表現，但 S.E.T. 的自然增長還是有所放緩。您能否簡單談談其他S.E.T.業務板塊，以及它們在本季的表現？那麼，當 Paragon 逐漸成為公司發展有機組成部分之後，您是如何考慮這項業務的呢？

Sure. Sure. Thanks for the question. So net-net, in the year, S.E.T. delivered mid-single-digit growth again. So now there has been a cadence of quarters and years in what we've seen this business perform. To your point, CMFT, mid-teens growth, shoulders, upper single digit, if not double-digit, sports in and out of the upper single-digit territory. Obviously, foot and ankle is double digit given Paragon. But we do have to problem children, our trauma business and our restorative therapies business, HA injections in the US. So those are the two headwinds that we got.

當然。當然。謝謝你的提問。綜上所述，S.E.T. 在這一年中再次實現了個位數中段的成長。因此，我們已經觀察到該業務的業績呈現出一定的季度和年度規律。正如您所說，CMFT，青少年中期生長，肩膀，個位數以上，如果不是兩位數，運動能力在個位數以上和以下之間波動。顯然，考慮到 Paragon 的規則，腳踝是兩位數。但我們確實有一些問題兒童，我們的創傷治療業務和修復療法業務，以及美國的透明質酸注射業務。這就是我們遇到的兩大不利因素。

We spoke about that openly in the Q3 call that our HA business in the US has been struggling. We exited the year more or less in line with our expectations, but those expectations were very low. So as we enter 2026, we're going to continue to invest in the four key growth drivers. We're adding a ton of reps in shoulder.

我們在第三季財報電話會議上公開談到，我們在美國的HA業務一直舉步維艱。今年年底的業績基本上符合預期，但我們的預期非常低。因此，進入 2026 年，我們將繼續投資於四大關鍵成長驅動因素。我們在肩部訓練中增加了大量的重複次數。

We're expanding our CMF team, craniomaxillofacial thoracic sales force. And we put in new processes, new people to make sure that the two problem children, trauma, restorative therapies don't become the headwind in 26 that became in 2025.

我們正在擴充 CMF 團隊和顱顏面胸腔外科銷售團隊。我們引入了新的流程和人員，以確保創傷和修復療法這兩個問題兒童不會像 2025 年那樣，在 2026 年成為阻礙因素。

Caitlin Roberts, Canaccord.

Caitlin Roberts，Canaccord。

So how do you see ASCs as a part of your revamped US strategy? And where did you end the year with ASC penetration in hips, knees and shoulder?

那麼，您如何看待ASC在您改進後的美國策略中的作用？那麼，您今年在髖關節、膝關節和肩關節的ASC滲透率方面取得了怎樣的成績？

Thank you, Caitlin. So we ended '25 on knees and hips. I do not know, to be honest with you, the final number for shoulder, but we exited 2025 in the 20%, 22% range. So 20% to 22% of all the hips and knees that we did in the US were doing in ASC.

謝謝你，凱特琳。所以，2025 年我們以膝蓋和髖關節的傷兵收場。說實話，我不知道肩膀最終的佔比是多少，但我們預計 2025 年的比例會在 20% 到 22% 之間。因此，我們在美國進行的所有髖關節和膝關節手術中，有 20% 到 22% 是在 ASC 進行的。

And I speculate the shoulder number is higher than that. But right now, I don't recall the number, so I don't want to mislead you. In terms of our strategy, we've spoken about the fact we need to have dedicated people. We need to have the portfolio, we need to have the partnerships. And speaking of people, really excited about the additions that we brought to the team in 2025.

我推測肩部的數字比這還要高。但我現在記不清具體數字了，所以我不想誤導你。就我們的策略而言，我們已經討論過我們需要有專職人員。我們需要投資組合，我們需要合作關係。說到人，我們對 2025 年加入團隊的新成員感到非常興奮。

New president for ASCs, who is a superstar, Greg Siller. He's brought in great people across the entire US. We're actively hiring people into the ASC channel. As Suky mentioned, it's not just specialization, it's also augmentation. So I think we are rapidly getting the right amount of people and the right type of people to win in ASCs.

ASCs 新任主席，超級明星 Greg Siller他從全美各地招攬了優秀人才。我們正在積極招募ASC管道的人員。正如 Suky 所提到的，這不僅是專業化，也是增強。所以我認為我們正在迅速地招募到足夠數量和合適類型的人才，以在 ASC 領域取得成功。

As far as the portfolio, there are no gaps whatsoever. We're really excited about the opportunity that Monogram will bring to an ASC environment where speed, efficiency and accuracy matters most. But in addition to that, we got another 7 to 10 products that make a lot of sense in the ASC. And in the partnerships, we continue to see great momentum with our partnership with Getinge. We are doing new contracts. We got a couple of large groups that we are actively involved in final negotiations. So we're very bullish when it comes to our ASC strategy. We'll follow up with you on the number for penetration for shoulder.

就投資組合而言，沒有任何缺口。我們非常興奮 Monogram 將為 ASC 環境帶來機遇，因為在 ASC 環境中，速度、效率和準確性至關重要。但除此之外，我們還有 7 到 10 款產品非常適合 ASC 使用。在合作關係方面，我們與 Getinge 的合作繼續保持著強勁的發展勢頭。我們正在簽訂新合約。我們正在積極參與幾個大型團體的最終談判。因此，我們對ASC策略非常看好。我們會跟進肩部滲透率的數據。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

I'll put two right upfront. I'm sorry, I'm only allowed to ask one. One, AAOS, what should we be expecting there? And I suspect this is where you'll be showcasing the mBos system. How do you anticipate folding that into your robotics portfolio and platform?

我先放兩個。抱歉，我只能問一個問題。第一，AAOS，我們該對它抱持什麼期待？我懷疑你們會在這裡展示 mBos 系統。您打算如何將其融入您的機器人產品組合和平台中？

Thank you, Joanne. As far as I'm concerned, you can ask 50 questions, if you want. But anyway, what should you expect at the Academy meeting in New Orleans? We're going to have a lot of new products there. We're going to showcase again the Mag 7. We're going to show next generation S.E.T. products. But to your point, the main event is going to be mBos, the fully autonomous and semi-autonomous robot that -- robotic platform that we acquired from Monogram. This is technology that we strongly believe that will change the standard of care. It's definitely the step of moving from guided robotics to smart robotics.

謝謝你，喬安妮。就我而言，你想問什麼都可以，50個問題都可以。不過，無論如何，在路易斯安那州新奧爾良舉行的學院會議上，您該期待些什麼呢？我們將在那裡推出許多新產品。我們將再次展示 Mag 7。我們將展示下一代S.E.T.產品。但正如你所指出的，主要活動將是 mBos，它是我們從 Monogram 收購的全自動和半自動機器人平台。我們堅信這項技術將改變醫療照護的標準。這無疑是從引導式機器人邁向智慧機器人的重要一步。

It has best-in-class ease of use. The registration speed that we've seen in the clinical trials is better than anything that is in the market today. You can literally do the cases, and I hope you come to the booth in a hands-free approach. The workflow is as streamlined as it gets. And again, it's highly accurate, extremely reproducible and it's got all the right guardrails to make it the safest robot out there.

它擁有同類產品中最便利的使用體驗。我們在臨床試驗中看到的註冊速度比目前市場上的任何產品都要快。您可以親自處理這些案件，我希望您能以輕鬆的方式來到展位。工作流程已經精簡到了極致。而且，它非常精確，可重複性極高，並具備所有必要的防護措施，使其成為目前最安全的機器人。

So we'll be talking about all of that. We debuted mBos at the Hip and Knee Society Meeting in Dallas. And since then, we've gotten just tremendous feedback. We expect to have a large group of surgeons when it comes to New Orleans. So looking forward to sharing this excitement with you and the other investors.

所以我們會討論所有這些內容。我們在達拉斯舉行的髖膝關節協會會議上首次推出了 mBos。從那以後，我們收到了非常好的回饋。我們預計屆時將有一大批外科醫生前往新奧爾良。非常期待與您和其他投資者分享這份喜悅。

But beyond that, we'll have our entire suite of technology, and we'll be describing why it makes sense to have these category depth. Second part of your question, how you expect to integrate it. Look, we got the optionality of integrating all things into one platform if we choose to do that. But so far, the data and the feedback validates that since not all customers are created equal, not all technologies will be created equal. We believe in optionality.

但除此之外，我們將展示我們全套技術，並闡述為什麼擁有這些類別深度是有意義的。問題的第二部分，你打算如何整合它？你看，如果我們願意的話，我們可以選擇將所有內容整合到一個平台上。但到目前為止，數據和回饋都證實，由於並非所有客戶都是一樣的，因此並非所有技術都是一樣的。我們相信選擇權。

We believe in large footprint robotics, small footprint robotics, sounds like our competitors do as well now. We believe in CT scan for some customers that want to have a CT scan, but we also have a large percentage of customers, namely outside the US that want to use image less. We got some surgeons that want to be more in control of the surgery, and you got some that are okay with semi and fully autonomy. So we have the optionality to integrate at the right time. But right now, we like to have the category breadth that we have. And so far, as you saw in the results in Q4, it seems to be working out.

我們相信大型機器人和小型機器人，聽起來我們的競爭對手現在也這麼認為了。我們相信，對於一些想要進行 CT 掃描的客戶來說，CT 掃描是必要的，但我們也有很大一部分客戶，特別是美國以外的客戶，希望使用無影像檢查。有些外科醫生希望對手術有更多控制權，而有些外科醫生則樂於接受半自主或完全自主權。因此，我們可以在適當的時機進行整合。但就目前而言，我們喜歡維持現有的品類廣度。到目前為止，正如你在第四季度的業績報告中看到的那樣，一切似乎都進展順利。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Just maybe looking at some of the strength in knees in the quarter geographically and maybe you talk a little bit about pockets of strength where you're seeing success, the sort of cadence of the iodine coated launch in Japan, sort of the geographic breakdown? And any color you can provide would be great.

或許可以看看該地區膝蓋部位的某些優勢，從地理位置上看，也許可以談談你看到成功的地方的優勢區域，例如日本碘塗層產品的上市節奏，以及地理分佈情況？您提供的任何顏色都非常感謝。

Thanks, Matt. Look, great quarter. Q4 was a great quarter. So we delivered 6% growth in US knees and 8.2% for international. In the US, it is the combination of all the things that I mentioned in my prepared remarks, Oxford Partial Cementless continues to do better than expected, and it's really early in the journey. Recall, it's the only FDA-approved partial cementless knee, which is gaining tremendous adoption in an ASC setting. Our Persona OsseoTi, our cementless platform exited 2025, somewhere around 35% penetration. Again, with very rapid adoption in an ASC setting as well. And internationally, we saw great momentum with Persona Revision in Europe, exiting 2025.

謝謝你，馬特。你看，這季度很棒。第四季表現出色。因此，我們在美國膝關節置換手術市場實現了 6% 的成長，在國際市場實現了 8.2% 的成長。在美國，正是我在準備好的發言稿中提到的所有因素的結合，使得牛津局部無水泥修復體繼續表現得比預期更好，而這只是開始。請記住，這是唯一獲得 FDA 批准的部分無骨水泥膝關節置換術，在門診手術中心 (ASC) 中得到了廣泛應用。我們的 Persona OsseoTi，我們的無水泥平台，預計到 2025 年滲透率將達到 35% 左右。同樣，在 ASC 環境中也得到了非常迅速的採用。在國際上，我們看到 Persona Revision 在歐洲取得了巨大的發展勢頭，預計將在 2025 年後結束。

Recall that this is only two, three quarters into the launch. So we think that the ramp-up can be very compelling as it has been here in the US. In terms of iodine, we had minimal sales of iodine in Q4. The real launches happened here in Q1. This is a product that we've been working on for 10 years with robust data out of the University of Yokohama in Japan.

請記住，這只是發射進行到二到四分之三的時候。所以我們認為，這種快速成長的勢頭可能會非常強勁，就像在美國一樣。就碘而言，我們在第四季的碘銷量極低。真正的產品發布都發生在第一季。這是我們利用日本橫濱大學的可靠數據，歷經 10 年研發的產品。

We expect to have a very meaningful contribution out of this product in international in 2026. We're doing cases pretty much every day now. We get a 40% price uplift when it comes to iodine versus non-iodine. And again, the data around prolonged elution, the fixation stability, how this product reacts to bacteria is very, very, very compelling. So really excited about iodine, and we look forward to bringing this product to other geographies down the road.

我們預計該產品將在 2026 年為國際市場做出非常有意義的貢獻。我們現在幾乎每天都在辦案。碘化物比非碘化物貴 40%。再次強調，關於延長洗脫時間、固定穩定性以及該產品對細菌的反應的數據非常、非常、非常有說服力。我們對碘感到非常興奮，並期待將來將這款產品推廣到其他地區。

This concludes the question-and-answer portion of this call. I would like to turn the call over to Ivan Tornos for any closing remarks.

本次電話會議的問答環節到此結束。我謹將電話交給伊凡·托諾斯，請他作總結發言。

Thank you. I'll close the way that I started with gratitude. Thanks to all of you for being here today, and thank you to the Zimmer Biomet team. Great exit to 2025. We love the performance that we saw in Q3 and Q4, really encouraged about the opportunities we have ahead.

謝謝。我將以感恩之心結束今天的節目，就像我一開始那樣。感謝各位今天蒞臨現場，也感謝 Zimmer Biomet 團隊。完美謝幕，迎接2025年。我們對第三季和第四季的業績非常滿意，也對未來的機會充滿信心。

Excited about '26, while there will be some disruption associated with the US go-to-market transformation, we strongly believe this is the right step to take at the right time so that we can create a company that we all aspire to create. Thank you for your time this morning.

我們對 2026 年充滿期待，雖然美國市場轉型會帶來一些混亂，但我們堅信這是在正確的時間採取的正確步驟，以便我們能夠創建一個我們都渴望創建的公司。感謝您今天上午抽出時間。

Thank you again for participating in today's conference call. You may now disconnect.

再次感謝您參加今天的電話會議。您現在可以斷開連線了。