Zimmer Biomet Holdings, Inc. (ZBH) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet second-quarter 2026 earnings conference call.

各位女士、先生，早安，歡迎參加 Zimmer Biomet 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

As a reminder, this conference is being recorded today, August 5, 2026.

提醒各位，本次會議將於今日（2026 年 8 月 5 日）進行錄音。

(Operator Instructions)

(接線員指示)

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

現在我想將會議交給投資人關係資深副總裁 David DeMartino。請開始。

Thank you, operator, and good morning, everyone. Welcome to Zimmer Biomet's second-quarter 2026 Earnings Conference Call. Joining me on today's call are Ivan Tornos, our Chairman, President, and CEO; and Paul Stellato, our Interim CFO and VP, Controller and Chief Accounting Officer.

謝謝，接線員，各位早安。歡迎參加 Zimmer Biomet 2026 年第二季財報電話會議。今天與我一同出席的有：我們的董事長、總裁暨執行長 Ivan Tornos；以及 Paul Stellato，我們的代理財務長兼副總裁、財務控管長與首席會計長。

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.

在開始之前，我想提醒各位，我們在本次電話會議中的評論將包含前瞻性陳述。由於各種風險與不確定性，實際結果可能與前瞻性陳述所示存在重大差異。如需了解所有這些風險與不確定性的詳細討論，以及此類前瞻性陳述的固有限制，請參閱我們向 SEC 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. Reconciliation of these measures to the most directly comparable GAAP financial measures and an explanation of our basis for calculating these measures is included within our second-quarter earnings release, which can be found on our website, zimmerbiomet.com.

請注意，即使實際結果或未來預期發生重大變化，我們亦不承擔更新這些前瞻性陳述的義務。此外，本次電話會議的討論將包含若干非 GAAP 財務衡量指標，其中部分為前瞻性的非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 財務衡量指標之調節表，以及我們計算這些指標的依據說明，已包含於我們的第二季財報新聞稿中，可於我們網站 zimmerbiomet.com 查閱。

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

接下來，我把電話交給 Ivan。Ivan？

Thank you, David. Good morning, everyone, and thank you for joining today's call. I would like to start the way that I always do with gratitude, thanking our Zimmer Biomet team members around the world. Thank you for your commitment, your resilience and most importantly, your dedication to serving our customers and their patients each and every day. I'm truly grateful to have the opportunity to serve alongside you on this journey. Equally important, I'm beyond proud of the work that you do, David.

謝謝你，David。各位早安，感謝各位參加今天的電話會議。我想一如往常以感恩作為開場，感謝我們遍布全球的 Zimmer Biomet 團隊成員。感謝你們的承諾、韌性，更重要的是，你們每天致力於服務我們的客戶及其病患。我由衷感謝能在這段旅程中與各位並肩服務。同樣重要的是，我對你所做的工作感到無比自豪，David。

During my prepared remarks this morning, I'm going to cover three things. First, I'll summarize our strong second-quarter results. Second, I'll review our upgraded outlook for the year 2026. And then thirdly, I'll provide an update on our three strategic priorities, which remain unchanged. First, people and culture; second, operational excellence; and third, innovation and diversification.

在我今天上午的準備講稿中，我將涵蓋三件事。第一，我會總結我們強勁的第二季業績。第二，我會回顧我們對 2026 年全年展望的上調。第三，我將就我們三項策略重點提供最新進展，這些重點維持不變：第一，人員與文化；第二，營運卓越；第三，創新與多元化。

To begin, we delivered second-quarter net sales of $2.177 billion, which came in above our expectations, representing 4.8% growth on a reported basis and 4% growth on an organic constant currency basis. On an organic constant currency basis, we grew 4.6% in the US, while our international business grew 3.1%.

首先，我們第二季淨銷售額為 21.77 億美元，高於我們的預期；以申報基礎計算成長 4.8%，以有機固定匯率基礎計算成長 4%。以有機固定匯率基礎計算，美國成長 4.6%，國際業務成長 3.1%。

The growth in the US demonstrates the strong progress we are making across a variety of fronts, including our US sales force transformation. Starting with Hips, we delivered 5.1% constant currency growth, including 5.9% growth in the critical US market and 4.2% growth internationally. In the US, our hip triple play continues to gain momentum, driven by the continued penetration of Z1, our triple-taper hip stem, which now represents over 40% of our US hip stems and will soon surpass 100,000 implants worldwide. Secondly, we've seen greater utilization of HAMMR, our surgical impactor, which is now used in over 25% of our US primary hip cases.

美國的成長展現我們在多個面向取得的強勁進展，包括美國銷售團隊轉型。先從髖關節（Hips）來看，我們以固定匯率計算成長 5.1%，其中關鍵的美國市場成長 5.9%，國際市場成長 4.2%。在美國，我們的髖關節「三重奏」持續加速，動能來自 Z1（我們的三重錐形髖柄）持續滲透；目前 Z1 已占我們美國髖柄出貨量的 40% 以上，且不久將在全球累計超過 100,000 支植入。第二，我們看到 HAMMR（我們的手術衝擊器）使用率提升，目前已用於超過 25% 的美國初次髖關節手術病例。

And thirdly, we have seen increased adoption of OrthoGrid, our AI-based navigation solution for direct anterior hip procedures. OrthoGrid had its strongest quarter to date and the first half of 2026 saw as many cases as the entire full year 2025. We expect growth to accelerate in this platform in quarters to come.

第三，我們看到 OrthoGrid（我們以 AI 為基礎、用於直接前入路髖關節手術的導航解決方案）採用率提高。OrthoGrid 創下迄今最強勁的一季，而 2026 年上半年病例數已與 2025 年全年相當。我們預期未來幾季該平台的成長將加速。

Outside the US, our iodine-coated hip launch in Japan is exceeding expectations as we are seeing robust demand from both existing surgeons and competitive accounts. We expect this first-to-the-world technology to be a meaningful growth driver in the second half of the year 2026 and well beyond 2026.

在美國以外，日本的碘塗層髖關節產品上市表現超出預期，我們看到既有醫師與競品客戶皆有強勁需求。我們預期這項全球首創技術將在 2026 年下半年以及 2026 年之後很長一段時間內，成為重要的成長動能。

We're actively pursuing pathways to bring this game-changing technology to additional markets outside of Japan. Knees increased 0.1% in the quarter with US Knee growth of 1.4%, offset by a 1.5% decline internationally, which was heavily impacted by China and core emerging markets. We continue to see traction with new product launches and are very confident that the specialization work being done in the US and go-to-market changes in key OUS markets will lead to improved performance.

我們正積極尋求途徑，將這項顛覆性的技術帶到日本以外的更多市場。膝關節（Knees）本季成長 0.1%，其中美國膝關節成長 1.4%，但國際市場下滑 1.5% 抵銷了部分成長，主要受到中國與核心新興市場的顯著影響。我們持續看到新產品上市帶來的進展，並對美國正在推動的專業化工作，以及在關鍵 OUS 市場的上市策略調整將帶來表現改善，充滿信心。

S.E.T. grew 3.4% on an organic constant currency basis in the quarter, which was a 180 basis points acceleration from the first-quarter of the year. In the US, we delivered mid-single-digit growth and Paragon 28 sales increased mid-teens. This was driven by a differentiated and innovative product portfolio, strong execution, healthy market dynamics, and the successful integration of the acquisition.

S.E.T. 本季以有機固定匯率基礎計算成長 3.4%，較第一季加速 180 個基點。在美國，我們達成中個位數成長，而 Paragon 28 銷售額成長達十幾個百分點（mid-teens）。這主要受惠於具差異化且創新的產品組合、強勁的執行力、健康的市場動態，以及併購整合的成功。

CMFT, craniomaxillofacial and thoracic, once again grew double digits, led by our thoracic franchise, while upper extremities reported another quarter of upper single-digit growth. These compelling results were partially offset by continued pressure in both trauma and restorative therapies. Technology & Data, Bone Cement and Surgical grew 21.5%, demonstrating that our strategy of offering a comprehensive suite of customer-centric solutions is resonating with customers.

CMFT（顱顎顏面與胸腔）再次呈現雙位數成長，主要由我們的胸腔產品線帶動；同時，上肢（upper extremities）也再度繳出高個位數成長的一季。這些亮眼成果部分被創傷（trauma）與修復治療（restorative therapies）持續承壓所抵銷。Technology & Data、骨水泥（Bone Cement）與手術（Surgical）成長 21.5%，顯示我們提供以客戶為中心的完整解決方案組合之策略，正獲得客戶共鳴。

We delivered record capital sales this quarter, driven by both ROSA with OptimiZe and TMINI and saw early contribution from the much anticipated next-generation ROSA Shoulder launch. ROSA Shoulder is the only robotic shoulder system in the world that can perform both anatomic and reverse procedures and reset both the glenoid and humeral sides of the joint.

本季我們創下資本設備銷售新高，主要由搭載 OptimiZe 與 TMINI 的 ROSA 帶動，並且看到備受期待的下一代 ROSA Shoulder 上市帶來的初期貢獻。ROSA Shoulder 是全球唯一能同時執行解剖型（anatomic）與反置型（reverse）手術，並可同時重置關節盂（glenoid）與肱骨（humeral）兩側的機器人肩關節系統。

Surgeon feedback from the first round of cases is very strong, and we look forward to doing many more cases in quarters to come. US technology sales grew over 50%, and we continue to have a very robust capital equipment pipeline, demonstrating surgeon enthusiasm for our differentiated product offerings and a healthy CapEx environment.

首批病例的外科醫師回饋非常正面，我們也期待在未來幾季進行更多病例。美國技術相關銷售成長超過 50%，我們的資本設備管線仍非常強勁，顯示外科醫師對我們差異化產品的高度熱忱，以及健康的資本支出（CapEx）環境。

Turning now to our outlook. With a strong first half, the transition to a dedicated and specialized US sales channel progressing as planned, continued new product momentum and healthy underlying markets, we are raising our full year organic constant currency revenue guidance to 2.25% to 3.25% from the previous range of 1% to 3%. We are also increasing our adjusted earnings per share guidance to $8.47 to $8.59 from the previous guidance of $8.40 to $8.55. Paul will provide more detail in his prepared remarks.

接著談我們的展望。在上半年表現強勁、轉向專屬且專業化的美國銷售通路按計畫推進、新產品動能持續，以及基本面市場健康的情況下，我們將全年有機固定匯率營收指引由先前的 1% 至 3% 上調至 2.25% 至 3.25%。我們也將調整後每股盈餘（adjusted EPS）指引由先前的 8.40 至 8.55 美元上調至 8.47 至 8.59 美元。Paul 將在其準備講稿中提供更多細節。

With that, let's turn to our three strategic priorities: people and culture, operational excellence and innovation and diversification. First, in the area of people and culture, which is a key pillar of our strategy, we are doing great things. This is our top priority as a company, underpinning all that we do. And I love the fact that this is truly, and I mean truly becoming a competitive advantage for Zimmer Biomet. Over the last year, we were recognized by leading global publications such as TIME Magazine and Forbes as one of America's best companies.

接下來，讓我們回到三項策略重點：人員與文化、營運卓越，以及創新與多元化。首先，在人員與文化方面，這是我們策略的關鍵支柱，我們正在做出很棒的成果。這是公司最優先的事項，支撐我們所做的一切。我也很喜歡看到這一點確實——而且我是真心地說——正逐步成為 Zimmer Biomet 的競爭優勢。在過去一年中，我們獲得 TIME《時代》雜誌與 Forbes《富比士》等全球領先刊物肯定，入選為美國最佳公司之一。

We're also highlighted by Fortune magazine as one of America's most innovative companies, and we earned multiple Great Places to Work certifications and Best Workplaces awards all around the world. These recognitions not only cement our status as a best and preferred place to work, but they also help us recruit top performers in key roles while maintaining high engagement and low people turnover. Our people and culture first imperative extends to the acquisitions that we do.

《財富》雜誌也將我們評選為美國最具創新力的公司之一，我們並在全球各地獲得多項「最佳職場」（Great Places to Work）認證與「最佳工作場所」獎項。這些肯定不僅鞏固了我們作為最佳且首選雇主的地位，也有助於我們在關鍵職位招募頂尖人才，同時維持高員工投入度與低人員流動率。我們「以人才與文化優先」的核心方針也延伸至我們所進行的併購。

When we acquired Paragon 28 just over 12 months ago, our goal was to strike the right balance between integration and preserving the fast, agile, and entrepreneurial culture that have been central to the success of Paragon 28. More than a year after the close, Paragon 28 is growing mid-teens with commercial integration largely completed and negligible turnover among key team members.

在我們於12個多月前收購 Paragon 28 時，我們的目標是在整合與保留 Paragon 28 成功關鍵的快速、敏捷與創業家文化之間取得適當平衡。在交割一年多後，Paragon 28 以約中十位數的成長率持續成長，商業整合大致完成，關鍵團隊成員的流失率可忽略不計。

Paragon 28 now represents the template for future acquisitions as we identify a target that makes sense strategically and financially, accelerates our WAMGR and creates a growth platform just like Paragon 28 has done for Zimmer Biomet. We have successfully brought Paragon 28 into the company, combining the best of both organizations, and we are now very confident of the capabilities in place to do future deals with similar dynamics to this one.

Paragon 28 現已成為未來併購的範本：當我們鎖定在策略與財務上皆合理的標的、能加速我們的 WAMGR，並打造如同 Paragon 28 為 Zimmer Biomet 所建立的成長平台。我們已成功將 Paragon 28 納入公司體系，結合兩個組織的優勢，並且對於未來以與本案相似動態進行交易所需的能力已具備高度信心。

Finally, our people and culture first imperative is central to how we're approaching our global commercial transformation. In the US, our transition to a dedicated and focused sales organization, one specialized around key call points and growth areas is progressing as planned. Six months in, with less customer disruption and sales force turnover than initially expected, we have confidence to accelerate our transformational efforts in certain territories.

最後，我們「以人才與文化優先」的核心方針，也是我們推動全球商業轉型的核心。在美國，我們正按計畫推進轉型，建立一個專責且聚焦的銷售組織，並圍繞關鍵拜訪點與成長領域進行專業化分工。推行六個月以來，客戶受影響程度與銷售團隊流失率均低於原先預期，使我們有信心在部分區域加速轉型工作。

We firmly believe that once these efforts are completed at the end of next year, Zimmer Biomet will be a stronger company with a far more productive commercial channel and a more durable, diversified, and scalable growth engine. Our second priority is operational excellence.

我們堅信，當這些工作於明年年底完成後，Zimmer Biomet 將成為更強大的公司，擁有更高生產力的商業通路，以及更具韌性、更多元且可擴展的成長引擎。我們的第二項優先事項是營運卓越。

We continue to take actions to drive efficiencies. This includes shifting certain R&D spend to our newly opened global capability center in India, where we can access strong talent while improving our cost structure. Additionally, we are excited to open a new manufacturing plant in Costa Rica, which furthers our strategy of increasing supply chain resilience while gaining access to lower-cost geographies. Construction in Costa Rica is well underway, and we are scheduled to establish the initial manufacturing lines next year.

我們持續採取行動以提升效率。其中包括將部分研發支出轉移至我們新啟用的印度全球能力中心，在提升成本結構的同時，取得優秀人才。此外，我們也很期待在哥斯大黎加啟用新的製造工廠，這將進一步推進我們提升供應鏈韌性、同時取得較低成本地區資源的策略。哥斯大黎加的建設進度良好，我們預計於明年建立初期製造產線。

Lastly, to drive long-term margin improvement, we're aggressively implementing AI, artificial intelligence, initiatives to address our operating expenses cost base. Our third strategic priority is innovation and diversification. We remain very excited about our pipeline and the differentiated technologies we are bringing to market.

最後，為了推動長期毛利率改善，我們正積極導入 AI（人工智慧）相關計畫，以因應我們營運費用的成本基礎。我們的第三項策略優先事項是創新與多元化。我們對產品研發管線以及正在推向市場的差異化技術仍感到非常振奮。

As previously mentioned, we are encouraged by the early launch of our iodine-coated hip platform in Japan, which is designed to help address the risk of periprosthetic joint infection after total joint replacement. Within the overall $0.5 billion Japanese hip market, this first-to-the-world technology is driving share of wallet and also competitive conversions.

如先前所提，我們對於在日本早期推出的碘塗層髖關節平台感到鼓舞；該平台旨在協助降低全關節置換術後發生假體周圍關節感染的風險。在整體約5億美元的日本髖關節市場中，這項全球首創技術正帶動客戶錢包份額提升，並促成競品轉換。

Looking ahead, in the US, we continue to make excellent progress with Monogram and anticipate filing the 510(k) for Monogram in the very near future. Beyond these two transformational product launches, we expect to introduce over 50, 5-0, new products in the next 36 months with many of these launches being first-to-the-world introductions.

展望未來，在美國，我們在 Monogram 方面持續取得極佳進展，並預期在不久的將來提交 Monogram 的 510(k) 申請。除了這兩項具變革性的產品上市之外，我們預計在未來36個月推出超過50項新產品，其中許多將是全球首發。

While we could not be more enthusiastic about our current product cycle, we are deeply committed to being the boldest innovator in musculoskeletal health for years to come. Our role as the exclusive orthopedic investor in the Mobility Revolution Fund, a musculoskeletal venture capital fund, launched through a collaboration between Deerfield Management and the Hospital for Special Surgery in New York City is an example of this commitment.

儘管我們對目前的產品週期充滿熱情，我們仍堅定承諾在未來多年持續成為肌肉骨骼健康領域最勇於創新的公司。我們作為 Mobility Revolution Fund（肌肉骨骼領域創投基金）的獨家骨科投資人，即是此承諾的例證；該基金由 Deerfield Management 與紐約市的 Hospital for Special Surgery 合作成立。

Throughout the fund, we will have the opportunity to invest in disruptive technology ranging from AI and data applications to cartilage repair with the potential to redefine orthopedic care and further our mission to alleviate pain and improve the quality of life for people around the world.

透過該基金，我們將有機會投資於顛覆性技術，範圍涵蓋 AI 與數據應用到軟骨修復等，這些技術有潛力重新定義骨科照護，並推進我們減輕疼痛、改善全球人們生活品質的使命。

In addition to our organic innovation strategy, we are going to continue to look for responsible opportunities to diversify through M&A as we continue to aspire as a company to have a WAMGR, weighted average market growth rate, of 5% to 6% by the end of this decade.

除了有機創新策略之外，我們也將持續尋找負責任的機會，透過併購（M&A）推動多元化；同時，我們仍以在本十年末達成 5% 至 6% 的 WAMGR（加權平均市場成長率）為公司目標。

All in, we delivered strong second-quarter results, made strong progress on our key strategic priorities and we increased our outlook for the year 2026. The work that we are doing to transform our company, starting with our critical commercial channel is well underway. I'm very proud of the team.

整體而言，我們交出強勁的第二季業績，在關鍵策略優先事項上取得重大進展，並上調了2026年全年展望。我們正在推動的公司轉型工作——從至關重要的商業通路著手——已全面展開。我為團隊感到非常自豪。

I'm very proud of our progress, and I'm very excited with the momentum that we have as we advance our customer-centric strategy and address the most challenging problems in health care. I truly do mean I want to say that the boldest chapters for this company remain ahead.

我為我們的進展感到非常自豪，也對我們在推進以客戶為中心的策略、並解決醫療保健領域最具挑戰性問題時所展現的動能感到非常振奮。我確實是由衷地想說：這家公司最勇敢、最精彩的篇章仍在前方。

With that, I'll turn the call over to Paul. Thank you.

接下來，我把電話會議交給 Paul。謝謝。

Thanks, and good morning, everyone. As Ivan reviewed, we grew sales 4% on an organic constant currency basis in the second-quarter, driven by strength in Hips, high-growth segments of S.E.T. and Robotics. We reported GAAP diluted earnings per share of $1.03 compared to GAAP diluted earnings per share of $0.77 in the second-quarter of 2025. Higher revenue and lower acquisition-related costs, along with a lower share count were the primary drivers of the increase.

謝謝，各位早安。如 Ivan 所回顧，我們第二季以有機、固定匯率基礎計算的銷售成長4%，主要受惠於髖關節業務、S.E.T. 的高成長細分領域，以及機器人業務的強勁表現。我們公布的 GAAP 稀釋後每股盈餘為1.03美元，相較於2025年第二季的 GAAP 稀釋後每股盈餘0.77美元。營收增加與併購相關成本降低，再加上股數減少，是推動增幅的主要因素。

Our adjusted earnings per share were $2.07, in line with the prior year quarter as higher revenue and lower share count were offset by the expected dilution from the Paragon 28 acquisition and investments in the US commercial organization.

我們的調整後每股盈餘為2.07美元，與去年同期持平；較高的營收與較低的股數，被 Paragon 28 併購帶來的預期稀釋效應以及對美國商業組織的投資所抵銷。

Pricing was an 80 basis point headwind in the quarter, within our guidance range of up to 100 basis points of pricing pressure for the year. Adjusted gross margin was 71.1%, down 120 basis points year-over-year and in line with our expectations. This decrease was driven by increased manufacturing costs, partially offset by geographic and product mix. Adjusted operating margin was 25.7%, down 210 basis points year-over-year and in line with our expectations as we continue to invest in our US channel.

本季定價帶來80個基點的不利影響，落在我們對全年定價壓力最高100個基點的指引範圍內。調整後毛利率為71.1%，年減120個基點，符合我們的預期。此下降主要由製造成本上升所致，部分被地理與產品組合所抵銷。調整後營業利益率為25.7%，年減210個基點，亦符合我們的預期，因我們持續投資於美國通路。

Adjusted net interest and nonoperating expenses were $71 million, modestly below the prior year. Our adjusted effective tax rate was 18% and fully diluted shares outstanding were 192.8 million, down year-over-year due to $500 million in share repurchases during the first half of 2026, including $250 million repurchased during the second-quarter.

調整後淨利息與非營業費用為7,100萬美元，較去年略低。我們的調整後有效稅率為18%，完全稀釋後流通股數為1.928億股，因2026年上半年進行5億美元庫藏股回購而較去年下降，其中第二季回購2.5億美元。

Now turning to cash and liquidity. We had another strong quarter of cash generation with operating cash flow of $448 million and free cash flow of $308 million, up 18% and 24%, respectively. We ended the quarter with approximately $410 million in cash and cash equivalents. Regarding our updated outlook for the full year 2026. As Ivan mentioned, we now expect organic constant currency revenue growth of 2.25% to 3.25%, up from 1% to 3% previously.

接著談現金與流動性。我們本季現金創造力再度強勁，營運現金流為4.48億美元，自由現金流為3.08億美元，分別成長18%與24%。本季末我們持有約4.10億美元的現金及約當現金。關於我們更新後的2026年全年展望。如 Ivan 所提，我們目前預期以有機、固定匯率基礎計算的營收成長為2.25%至3.25%，高於先前的1%至3%。

We continue to anticipate foreign exchange to be an approximate 50 basis point tailwind to full year revenue growth. In addition, given Paragon 28's strong performance, it will contribute 110 basis points to full year reported sales growth, above our initial expectation of around 100 basis points.

我們仍預期外匯將對全年營收成長帶來約50個基點的順風。此外，鑑於Paragon 28的強勁表現，其將對全年已報告銷售成長貢獻110個基點，高於我們最初約100個基點的預期。

As a reminder, the Paragon 28 transaction closed on April 21, 2025, and is now included within organic growth. We now expect 2026 reported sales growth to be 3.9% to 4.9%, up from 2.5% to 4.5%. The updated revenue guidance contemplates a healthy orthopedic procedural market and new product momentum balanced with the continued risk of disruption from our US and international go-to-market changes and up to 100 basis points of pricing erosion. From a phasing perspective, we continue to anticipate third and fourth- quarter constant currency growth rates to be consistent, while foreign exchange is expected to be a 50 basis point headwind in the third-quarter.

提醒一下，Paragon 28交易已於2025年4月21日完成交割，且目前已納入有機成長。我們目前預期2026年已報告銷售成長為3.9%至4.9%，高於先前的2.5%至4.5%。更新後的營收指引考量到健康的骨科手術市場與新產品動能，同時也平衡了我們美國及國際市場進入策略（go-to-market）變更所持續帶來的干擾風險，以及最高達100個基點的價格侵蝕。就時點分布而言，我們仍預期第三季與第四季的固定匯率成長率將保持一致，而外匯預計在第三季將帶來50個基點的逆風。

Shifting to the P&L. For the full year, we continue to expect gross margin to be around 71%, and we now forecast operating margins to decline a little more than 50 basis points, reflecting the aforementioned investments in our US commercial organization.

接著談損益表。就全年而言，我們仍預期毛利率約為71%，並且我們現在預測營業利益率將下滑略多於50個基點，反映前述對我們美國商業組織的投資。

Within that, we anticipate third-quarter operating margins to be down slightly on a sequential basis from the second-quarter. Our assumptions for full year net interest and other non-operating expense and tax rate remain unchanged at $295 million and 18%, respectively. And as previously announced, we now plan to repurchase up to $1 billion of shares this year, an increase of $250 million from our initial expectation.

在此之中，我們預期第三季營業利益率將較第二季略為季減。我們對全年淨利息與其他非營業費用以及稅率的假設維持不變，分別為2.95億美元與18%。並且如先前所宣布，我們目前計畫今年最多回購10億美元股票，較我們最初預期增加2.5億美元。

As a result, we now anticipate having about 193 million fully diluted weighted average shares outstanding for 2026. Taking all of this into account, we are increasing our adjusted earnings per share expectations for the year to a range of $8.47 to $8.59 versus our prior guidance of $8.40 to $8.55. We continue to expect to grow free cash flow 9% to 11%. We remain focused on delivering solid results this year while continuing to position the company for long-term success.

因此，我們目前預期2026年完全稀釋加權平均流通股數約為1.93億股。綜合以上因素，我們將今年調整後每股盈餘預期上調至8.47美元至8.59美元區間，先前指引為8.40美元至8.55美元。我們仍預期自由現金流成長9%至11%。我們仍專注於今年交出穩健成果，同時持續為公司長期成功奠定基礎。

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

接下來，我把電話交回給David。

Thank you, Paul. Operator, let's open up for questions.

謝謝你，Paul。接線員，我們開始開放提問。

(Event Instructions)

(活動說明)

Operator, please go ahead.

接線員，請開始。

(Operator Instructions)

(接線員指示)

Rick Wise, Stifel.

Rick Wise，Stifel。

It's terrific to see all the positive progress and see the quarter's healthy beat and raise performance. Of course, I'm inclined to credit your tornado tour efforts as helping, in particular, the US sales team get all jazzed up. But share with us, if you would, Ivan, some more of your updated latest thoughts about the sales force transition. It seems to be going well but maybe help us better understand what's left to do, the growth implications since it seems to be going better than expected.

很高興看到所有正向進展，也看到本季健康的超預期表現以及上調的表現。當然，我傾向把功勞歸於你們的「tornado tour」努力，特別是讓美國銷售團隊士氣大振。不過如果可以的話，Ivan，請再跟我們分享一些你對銷售團隊轉型最新更新的想法。看起來進展順利，但也許請幫助我們更了解還剩下哪些工作要做，以及對成長的影響，因為看起來比預期更好。

But also maybe help us understand, it seems like you're making a deliberate choice to reinvest some of the sales outperformance, margin outperformance in higher SG&A spend. How do we -- is that a conscious decision? Is there something we need to understand better? And maybe just about the implications going forward in the second half and 2027.

另外也請幫我們理解一下，看起來你們刻意選擇把部分銷售超預期、利潤率超預期的成果，再投入到更高的SG&A支出。我們該如何看待——這是有意識的決策嗎？是否有什麼我們需要更深入理解的地方？以及也請談談對下半年與2027年的影響。

Thank you, Rick. First and most important, I'm going to invite you to the next tornado tour, you're going to love it, five states in five days, seeing countless reps, managers, and distributors. So giddy up because it's an intense week. I'll tell you, the sales force transition, the go-to-market changes are going better, if not much better than expected. And I think that's evidenced in the numbers that we posted for the quarter.

謝謝你，Rick。首先也是最重要的，我要邀請你參加下一次tornado tour，你一定會喜歡：五天跑五個州，見到無數業務代表、經理與經銷商。所以準備好吧，因為那是一個強度很高的一週。我可以告訴你，銷售團隊轉型與市場進入策略（go-to-market）變更的進展比預期更好，甚至好很多。我認為這也反映在我們本季公布的數字上。

We delivered almost 6% growth in Hips, 5.9%. Our technology business, we invested a lot, added a ton of reps in the channel, grew 53% in the quarter. When you look at S.E.T., there is a lot to unpack in S.E.T., as you know. But our shoulders business, our upper extremities business delivered upper single-digit growth.

我們在髖關節業務實現了接近6%的成長，5.9%。我們的科技業務投入很多，在通路新增了大量業務代表，本季成長53%。當你看S.E.T.時，如你所知，S.E.T.有很多面向可以拆解。但我們的肩部業務、上肢業務實現了高個位數成長。

Again, that's the outcome of the specialization changes that we're making, and we're growing across the board. Surgical had a great quarter. So again, across the board, the dedicated specialized structure is yielding results, 4.6% growth in the US So you see that the changes that we're making are increasing productivity. The number of cases per week are increasing. And again, we're seeing the return on these investments.

再次強調，這是我們正在推動的專業化調整所帶來的成果，而且我們是全面成長。外科（Surgical）本季表現也很出色。所以同樣地，全面來看，專職且專業化的組織架構正在產生成果，美國市場成長4.6%。因此你可以看到，我們所做的變革正在提升生產力。每週的手術案例數正在增加。而且我們再次看到這些投資的回報。

Beyond the financials, we look at all kinds of people metrics. Our attrition rates or people turnover rates are the lowest that we have seen in a while. And engagement is very high. We are on track to complete all of these by the end of 2027. So we're going at the right pace.

除了財務數據之外，我們也看各種人員指標。我們的離職率或人員流動率是我們一段時間以來看到的最低水準。而且員工投入度非常高。我們正按計畫在2027年底前完成所有這些工作。所以我們的節奏是正確的。

We always said we're going to have three stages. The first one is done, which was the lower or lowest risk. We are now in the second stage, and we're taking our time to understand what is the pace, what is the level of investment that we need to secure. And then quickly, we're going to move into the third stage. And again, repeating myself, we'll be done with this project. We'll have a fully dedicated and specialized structure by the end of 2027. So everything is on track, and that's why you see us today raising our guidance.

我們一直說會有三個階段。第一階段已完成，也就是風險較低或最低的部分。我們現在進入第二階段，並且我們會花時間去理解節奏是什麼、需要確保的投資水準是什麼。接著我們會很快進入第三階段。再次重申，我們會完成這個專案。到2027年底，我們將擁有一個完全專職且專業化的組織架構。所以一切都按計畫進行，這也是為什麼你今天看到我們上調指引。

In terms of your second question, the SG&A question, look, we said from day one that we're not going to be penny-wise and pound-foolish. This is not a cost savings strategy, the go-to-market changes in the US. This is a growth strategy. We want to have the best sales force in orthopedics, and we're building just that. So to not be penny-wise, pound-foolish, we got retention agreements across the board. We locked in the top six independent distributors. We have added 200 tech reps or we're adding 200 tech reps, probably midpoint into recruiting those 200 reps.

至於你的第二個問題，也就是SG&A的問題，聽著，我們從第一天就說過，我們不會因小失大。美國的市場進入策略（go-to-market）變更不是一個節省成本的策略。這是一個成長策略。我們希望擁有骨科領域最好的銷售團隊，而我們正在打造的正是這樣的團隊。因此，為了不因小失大，我們全面簽訂了留任協議。我們鎖定了前六大獨立經銷商。我們已新增200名技術業務代表，或正在新增200名技術業務代表，目前招募進度大概到一半。

We've invested heavily in sales excellence programs across the board. We got what we deem the best comp plan in orthopedics today, which is enabling us to recruit med tech top reps from across the board. Really excited about the people that we're bringing here. So that's why the SG&A is modestly up. We like this investment.

我們也在各方面大力投資銷售卓越（sales excellence）計畫。我們擁有我們認為目前骨科領域最好的薪酬方案（comp plan），這讓我們能從各處招募醫療科技領域的頂尖業務代表。我們對加入的這些人才感到非常興奮。所以這就是為什麼SG&A小幅上升。我們喜歡這項投資。

We like these investments. We know that are going to help us go at pace, de-risking the go-to-market changes. And most importantly, we know that these investments in '26 are going to yield better results in 2027. So I love what we see, everything on track, and thank you for your question.

我們喜歡這些投資。我們知道這些投資將幫助我們以適當節奏推進，降低市場進入策略（go-to-market）變更的風險。而且最重要的是，我們知道這些在2026年的投資將在2027年帶來更好的成果。所以我很喜歡我們看到的一切，一切都按計畫進行，謝謝你的提問。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Congrats on the nice quarter here. Ivan, you know the Recon market question is coming, and you talked about healthy underlying trends. So when we aggregate the data, it looks like the Recon market did slow in the first half of '26. It looks like it slowed in the US and outside the US.

恭喜本季表現亮眼。Ivan，你也知道大家一定會問到 Recon 市場的問題，而你提到基本面趨勢仍然健康。但當我們彙總數據時，看起來 Recon 市場在 2026 年上半年確實放緩。看起來美國以及美國以外地區都放緩了。

So my question is, what do you attribute that to? And you know there have been concerns about the ACA subsidies expiring and the Medicaid cuts. What are you assuming in the guidance? And I know you framed it as kind of low single-digit percent of your US procedures for both the ACA exchanges and Medicaid, but that's still, call it, in the aggregate, maybe 5%. If those declines, say, 20%, it could still be a 1% headwind for you. So how are you thinking about this?

所以我的問題是，你把這歸因於什麼？另外，市場也一直擔心 ACA 補貼到期以及 Medicaid 削減。你們在財測指引中是怎麼假設的？我知道你把它描述為 ACA 交易所與 Medicaid 兩者合計僅占你們美國手術量的低個位數百分比，但即便如此，整體加總可能大約是 5%。如果那些量下滑，比如說 20%，對你們仍可能造成 1% 的逆風。所以你們怎麼看這件事？

Thanks for the question. Look, this is my second stint in orthopedics, eight years now at Zimmer Biomet previously with DePuy for a few years. The one thing I've learned is that markets don't change one quarter to the other. So we don't look at one quarter dynamics. The second half of '25 was stronger than the first half of '26. Hips was very strong in the second-quarter. We continue to see knees, the knee market in the US around 3% or 4%. So again, we don't look at one quarter dynamics. We know that in Q1, there were some acute events.

謝謝你的提問。你看，這是我第二次在骨科領域任職，至今八年；之前在 Zimmer Biomet，另外也在 DePuy 待過幾年。我學到的一件事是，市場不會在一個季度到下一個季度之間就發生變化。所以我們不會只看單一季度的動態。2025 年下半年比 2026 年上半年更強。第二季髖關節（Hips）非常強勁。我們仍看到美國膝關節（Knees）市場約在 3% 到 4%。所以再說一次，我們不看單一季度的動態。我們知道在第一季有一些突發事件。

Some of that got resolved in the second-quarter. I'm talking about some of the strikes. I'm talking about some of the external changes. We are not concerned about market health. We continue to peg the overall market at 4% to 5%. Otherwise, we'll not be growing 4.6% in the quarter in the US.

其中一些在第二季已經解決。我指的是一些罷工。我指的是一些外部變化。我們不擔心市場健康度。我們仍將整體市場成長率估在 4% 到 5%。否則，我們不可能在美國本季成長 4.6%。

Relative to the ACA, we keep monitoring this. I'll tell you, for us, the exposure to ACA and exchanges is low single digit. Our single largest payer or our largest payer for Zimmer Biomet is Medicare. As you know, the population age matters. The average hip patient in the US is 65 years old. For knees, it's around 67. So these are Medicare patients. When you throw on top of that commercial, that's virtually the entire payer ecosystem. So low single exposure to ACAs.

關於 ACA，我們會持續追蹤。我可以告訴你，對我們而言，ACA 與交易所的曝險是低個位數。Zimmer Biomet 最大的單一付款方（payer）是 Medicare（聯邦醫療保險）。如你所知，人口年齡結構很重要。美國髖關節患者的平均年齡是 65 歲。膝關節大約是 67 歲。所以這些都是 Medicare 病患。再加上商業保險（commercial），幾乎就涵蓋了整個付款方生態系。因此對 ACA 的曝險是低個位數。

We track all kinds of data as the largest orthopedic company in the world, we look at waiting list, which remain unchanged. Average in the top 10 hospitals in the US is three to six months, that is, waiting times. We look at cancellation rates. This is a metric that we started to monitor during COVID.

作為全球最大的骨科公司，我們追蹤各種數據；我們看候診名單（waiting list），目前仍未改變。美國前 10 大醫院的平均等待時間是三到六個月。我們也看取消率（cancellation rates）。這是我們在 COVID 期間開始監測的一項指標。

What percentage of times do patients cancel their procedure? At one point, this was 40%, 50%. For the last five years, it's been in the teens. That tells us that when a patient commits to a procedure, 85%, 90% of the time, they will go through the procedure. So that's not changed. We look at referral cycles from the time you go to see a primary care doctor to the time you schedule the surgery, what is the waiting cycle? And again, it remains pretty much the same.

病患有多少比例會取消手術？曾經一度高達 40%、50%。過去五年一直維持在十幾個百分點。這告訴我們，當病患一旦決定要做手術，85% 到 90% 的情況下都會完成手術。所以這沒有改變。我們也看轉介週期（referral cycles）：從看家庭醫師到排定手術，等待週期是多久？同樣地，基本上仍維持不變。

So you may have some mix elements, Hips are stronger one quarter, Knees softer one quarter. Again, overall, we are not concerned. We like what we see as we look into the second half of the year 2026. And then internationally, there's all kinds of events, whether it's tenders, whether it's geopolitical dynamics in the Middle East. So we're not concerned about market health, and that's why we're raising guidance for the second half of 2026.

所以你可能會看到一些組合（mix）因素：某一季髖關節更強、某一季膝關節較弱。再說一次，整體而言我們不擔心。展望 2026 年下半年，我們對所看到的情況感到樂觀。至於國際市場，會有各種事件影響，無論是標案（tenders），或是中東地緣政治動態等。因此我們不擔心市場健康度，這也是為什麼我們上調 2026 年下半年的指引。

Thanks for the question.

謝謝你的提問。

Matthew Blackman, TD Cowen.

Matthew Blackman，TD Cowen。

Can you hear me okay?

你們聽得到我嗎？

Yes, we can, Matt.

可以的，Matt。

Great. And Ivan, I just wanted to drill down a little bit on some of your latter comments in response to Larry's question and specifically on the hip market. It was a noisy quarter in the hip market globally, everyone's growth decelerated with the exception of Zimmer Biomet. So I was just hoping to get your perspectives. First on the US market, anything notable in terms of volumes or share or mix?

很好。Ivan，我想針對你剛才回應 Larry 問題時的一些後段評論再深入一點，特別是髖關節市場。本季全球髖關節市場雜訊很多，除了 Zimmer Biomet 之外，大家的成長都在減速。所以我想請你分享一下觀點。先談美國市場：在量（volumes）、市占（share）或組合（mix）方面，有沒有什麼值得注意的？

And then OUS, obviously, you've got new products, particularly in Japan. I appreciate that OUS is a lot of different geographies. But just help us understand the opportunity OUS for the Zimmer hip franchise and the health of underlying -- key underlying markets there.

再來是美國以外（OUS），顯然你們有新產品，尤其是在日本。我理解 OUS 涵蓋很多不同地區。但請協助我們理解 Zimmer 髖關節產品線在 OUS 的機會，以及那裡關鍵基本市場的健康狀況。

Thanks, Matt, for taking the time this morning. Well, let me just piggyback to that first comment that Zimmer Biomet did grow in the quarter. Again, I'll tell you, that tells you that it's all about execution. The markets are not a problem. The innovation story is compelling here.

謝謝你今天早上撥空，Matt。我先延續你第一個評論：Zimmer Biomet 本季確實成長了。再說一次，這告訴你一切都取決於執行力。市場不是問題。這裡的創新故事很有說服力。

So as long as we continue to execute, our expectation is that we'll continue to deliver the performance that we can deliver. Relative to new products, hips, and the opportunity outside of the US and here in the US, let's start with iodine. It's one of the most transformational products that this company has launched.

所以只要我們持續把執行做好，我們的預期是會持續交出我們能交出的表現。關於新產品、髖關節，以及美國以外與美國本土的機會，我們先從碘（iodine）談起。這是公司推出過最具變革性的產品之一。

Periprosthetic joint infections are the number one cost for readmissions. Infection is a multibillion-dollar cost to all health care systems. Japan is the second largest market outside of the US, roughly $0.5 billion in value. And the launch has gone much better than expected. Candidly, I mean, we're struggling to supply at the pace that we need to supply.

人工關節周圍感染（periprosthetic joint infections）是再入院（readmissions）成本的第一大項。感染對所有醫療體系而言都是數十億美元規模的成本。日本是美國以外第二大市場，按價值計約 5 億美元。而且上市推進的表現遠超預期。坦白說，我們在供應上有點跟不上所需的供貨速度。

The demand is very high. We expect to convert the lion's share of the entire market over to iodine-coated devices. We get a 40% premium every time that we move from non-coated -- non-iodine-coated hip to a coated hip. We are converting not just Zimmer Biomet customers, but also competitive accounts. So the launch is going really, really well. We are in active conversations with the FDA to understand the pathway to bring this to the US and we got a pipeline of countries all over the world where we're going to be bringing this disruptive technology.

需求非常高。我們預期會把整個市場中絕大部分轉換到碘塗層（iodine-coated）器械。每當我們從未塗層（non-coated）—也就是非碘塗層—髖關節轉換到塗層髖關節時，我們可取得 40% 的溢價（premium）。我們不僅在轉換 Zimmer Biomet 的客戶，也在轉換競品客戶。所以這次上市進展非常、非常順利。我們正與 FDA 積極溝通，以了解將其引進美國的法規路徑；同時我們也有一串遍布全球的國家管線，將把這項顛覆性技術推向各地。

Here in the US, look, we don't have iodine today, but we do have the hip triple play, what we call the hip triple-play platform, Z1, HAMMR or surgical impactor and OrthoGrid. All three of them are taking market share. All three of them are going better than expected. And that's why we delivered 5.9% growth in Hips in the US this quarter.

在美國這邊，你看，我們今天沒有 iodine，但我們有髖關節 triple play，也就是我們所稱的髖關節 triple-play 平台：Z1、HAMMR（或手術衝擊器）以及 OrthoGrid。這三項都在搶占市占率。這三項的表現都優於預期。這也是為什麼我們本季在美國髖關節業務交出 5.9% 的成長。

So that's on Hips. I'm not going to ramble through the rest of the portfolio, but we like the innovation story. And again, I'll leave you with one word, execution. We got to execute better. That's what we're making the go-to-market changes, and then we'll be able to deliver quarters like this, if not much better than this.

以上是關於髖關節。我不打算把投資組合其餘部分都逐一贅述，但我們喜歡創新這個故事。再一次，我想用一個字作結：執行。我們必須把執行做得更好。這就是我們進行 go-to-market 變革的原因，之後我們就能交出像這一季這樣、甚至更好的季度表現。

Patrick Wood, UBS.

Patrick Wood，瑞銀（UBS）。

Ivan, you obviously said there's a lot to unpack in S.E.T. So I'd love to just drill into that a little bit better. Obviously, a bit of a sequential acceleration on that side. I know there's a lot going on between shoulder and sternal closure. So anything you can give us a sense for how -- what drove that acceleration and how you're thinking about that for the balance of the year and moving into '27?

Ivan，你顯然提到 S.E.T. 有很多內容可以拆解。所以我很想更深入鑽研一下。很明顯那一塊有一些環比加速。我知道肩部與胸骨閉合之間有很多事情在發生。所以你能否讓我們了解一下——是什麼驅動了那個加速，以及你對今年剩餘時間與進入 '27 年的看法？

Thanks, Patrick. We love this business. We delivered a 4% plus in the US. We're slightly behind mid-single-digit growth globally in S.E.T., some timing with Sports Med that is going to move on to the second half. As you heard in my prepared remarks, Paragon 28 is growing close to 15% or upper extremities business growing strongly, close to upper, if not upper -- actually upper single digit, our CMFT business growing in the teens.

謝謝你，Patrick。我們很喜歡這個業務。我們在美國交出 4% 以上的成長。在全球 S.E.T. 方面，我們略低於全球中個位數成長，主要是 Sports Med 有一些時點因素，會移到下半年。如同你在我事先準備的發言中聽到的，Paragon 28 的成長接近 15%；我們的上肢業務也強勁成長，接近高個位數——甚至是高個位數；我們的 CMFT 業務則以十幾%的幅度成長。

I don't know how many quarters in a row. This is driven by our thoracic business. You know the opportunity here is $2 billion plus when you move from wires to rigid fixation for sternal closure. So it's a standard of care change. So again, CMFT growing in the teens, shoulders growing upper single digit, Paragon 28, stellar growth at almost 15%. We expect bigger growth in the second half.

我不知道已經連續多少個季度了。這主要由我們的胸腔業務所帶動。你知道這裡的機會超過 20 億美元，因為胸骨閉合正從鋼絲轉向剛性固定。所以這是一個照護標準的改變。因此再次強調，CMFT 以十幾%成長、肩部以高個位數成長、Paragon 28 以接近 15% 的亮眼成長。我們預期下半年成長會更大。

So we like where we are with S.E.T. We do have two headwinds. We've been very candid about those two headwinds, those being trauma and restorative therapies. Actually, if you take those out, the US growth will be solidly in the upper single digit year-to-date.

所以我們對 S.E.T. 目前的位置感到滿意。我們確實有兩個逆風。我們對這兩個逆風一直非常坦率，也就是創傷（trauma）與修復性治療（restorative therapies）。其實如果把這兩項拿掉，美國年初至今的成長將會穩穩落在高個位數。

So we're addressing the changes that we need to make in those two businesses, trauma, and restorative therapies. Net-net, the second half of 2026, we expect to have a much better S.E.T. growth profile. But again, very pleased with the progress. And congratulations to the team, especially Paragon 28 for a stellar performance in the second-quarter.

因此我們正在處理這兩個業務需要做出的改變：創傷，以及修復性治療。總體而言，2026 年下半年我們預期 S.E.T. 的成長輪廓會好很多。但再次強調，我們對進展非常滿意。也恭喜團隊，特別是 Paragon 28 在第二季的亮眼表現。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

I guess I'll focus on Bone, Tech, and Cement north of 20%, really strong. How much of this is being driven by Zimmer's tech strategy resonating in the marketplace versus any one-time effect? Did you benefit from any Bone Cement competitors being off the market? If so, could that be a comp headwind when you think about '27?

我想我會聚焦在 Bone、Tech 和 Cement 超過 20% 的成長，真的很強。這當中有多少是因為 Zimmer 的科技策略在市場上引起共鳴，而不是任何一次性因素？你們是否受惠於任何骨水泥競爭對手暫時退出市場？如果是，當你們看 '27 年時，這會不會成為比較基期的逆風？

Thanks, Vijay. Look, there's a lot in this other category. I particularly don't love the name Other for everything. The lion's share of the growth is Technology. Technology in the US grew 30% in Q1. In the second-quarter grew 53%. As we look at the second half of 2026, the pipeline in Technology, both in the US and outside the US is very strong.

謝謝你，Vijay。你看，這個「其他」類別裡面有很多東西。我其實不太喜歡把所有東西都叫做 Other（其他）這個名稱。成長的最大部分來自 Technology（科技）。美國的 Technology 在 2026 年第一季成長 30%。第二季成長 53%。展望 2026 年下半年，Technology 的產品管線——不論在美國或美國以外——都非常強。

So I'll tell you, the lion's share of the growth is Technology. Our Bone Cement business is a tiny fraction of that category. There were some onetime events in some international markets. But no, the growth here comes from Technology, number one, and surgical. I referenced the surgical, the first-quarter of 2026 and the second-quarter has been much stronger than the past. That is part of our ASC strategy. So no, it's certainly not Bone Cement. It's Technology.

所以我跟你說，成長的最大部分是 Technology。我們的 Bone Cement（骨水泥）業務只占那個類別中非常小的一部分。在一些國際市場確實有一些一次性事件。但不是，這裡的成長來自 Technology（第一），以及手術（surgical）。我提到過手術業務，2026 年第一季與第二季都比過去強很多。那是我們 ASC 策略的一部分。所以不，絕對不是 Bone Cement。是 Technology。

And I'll tell you there's two different dynamics here, one internal and one external. On the external front with Technology, the CapEx environment is very healthy. As you probably heard now from all competitors, we all have a strong pipeline of robots that we're selling. The CapEx, again, is very, very healthy, most in the US, but in some countries outside of the US.

我再補充一下，這裡有兩個不同的動態，一個是內部的，一個是外部的。外部方面，就 Technology 而言，資本支出（CapEx）環境非常健康。如你現在可能也從所有競爭對手那裡聽到，我們大家都有很強的機器人產品管線在銷售。CapEx 再次強調，非常、非常健康，主要在美國，但在一些美國以外的國家也是如此。

And the second dynamic is here internally, we have the most comprehensive suite of solutions, whether it's handhelds that are cordless, whether it's CT scan devices, non-CT scan devices, mixed reality, large footprint robotics, if I can speak, whether it's the launch of ROSA OptimiZe, whether it's ROSA Shoulder, it will take an hour to go through it. We got a best-in-class portfolio in Technology, and we're in the early stages of gaining the market share that we can gain with our technology.

第二個動態是內部的：我們擁有最完整的解決方案組合，不論是無線手持設備、不論是 CT 掃描設備、非 CT 掃描設備、混合實境、大型占地的機器人（如果我講得順的話）、不論是 ROSA OptimiZe 的上市、不論是 ROSA Shoulder——要全部講完可能要一個小時。我們在 Technology 上有同級最佳的產品組合，而且我們正處於早期階段，開始取得我們能用科技拿到的市占率。

Travis Steed, Bank of America.

Travis Steed，美國銀行（Bank of America）。

Congrats on the good quarter. I guess I'm looking at kind of comp adjusted growth. Q2 was a nice acceleration. If you end up beating the guide in the back half, you'll have another acceleration in the back half of the year on the total company growth. Is that the sales force transition getting better and the execution getting better?

恭喜這一季表現不錯。我想看的是某種可比口徑調整後的成長。第二季有不錯的加速。如果你們在下半年最終超越指引，那麼公司整體成長在下半年還會再加速一次。那是因為銷售團隊轉換變得更好、執行也變得更好嗎？

Is it new products? Just curious what's driving that kind of acceleration over the course of the year? When you look at '27, what gets better, what gets worse? Does the sales force acceleration -- or is the sales force less of a headwind in '27 or new products more of a tailwind? Or is there -- is pricing better or worse in '27?

還是新產品？只是好奇，究竟是什麼在推動全年過程中的這種加速？當你看 '27 年時，什麼會變好、什麼會變差？銷售團隊的加速——或者說在 '27 年銷售團隊帶來的逆風會變小，還是新產品成為更大的順風？或者——'27 年的定價是更好還是更差？

Just trying to think about the factors of '27. We can make our own call on kind of market growth rates, but kind of the Zimmer specific factors on '27 that you could kind of call out what gets better or worse?

我只是想梳理一下 '27 年的因素。市場成長率我們可以自己判斷，但就 Zimmer 自身在 '27 年的因素而言，你能否點出哪些會變好或變差？

Travis, thanks for joining. Look, the numbers, when you see the numbers without understanding the details can mislead you. If you look at 2025, if you look at last year, the first half of 2025, when you adjust for the selling day impact dynamics of the first half, the growth in the first half of 2025 is 3.6%. And when you look at the second half of 2025, when you adjust for the ERP comparable versus '24, and I'm going back in history, now the growth rate in the second half of 2025 is around 4%, 4.2%. So 3.6% growth, real growth in the first half of '25 and 4.2% growth in the second half of '25. So that's a 60 basis points acceleration from the first half to the second half.

Travis，感謝加入。你看，這些數字，如果只看數字而不了解細節，可能會誤導你。如果你看2025年、看去年，也就是2025年上半年，當你把上半年銷售天數影響的動態因素調整掉之後，2025年上半年的成長是3.6%。而當你看2025年下半年，當你把ERP相較於'24的可比因素調整後（我回溯一下歷史），現在2025年下半年的成長率大約是4%、4.2%。所以，'25上半年實質成長3.6%，'25下半年成長4.2%。也就是說，從上半年到下半年加速了60個基點。

What gives us confidence that we're going to deliver that, if not more? We've seen great momentum with our go-to-market changes, again, as evidenced by the results. We continue to see an uptick in new product acceleration. Our S.E.T. business, as I referenced earlier during my answer to Patrick, it is going to accelerate.

是什麼讓我們有信心能做到這個，甚至做得更多？我們在市場進入策略（go-to-market）的變革上看到了很強的動能，結果也再次證明了這一點。我們持續看到新產品加速的提升。我們的S.E.T.業務，如同我先前在回答Patrick時提到的，將會加速。

We don't have the supply challenges we have with Sports Medicine. We continue to see Paragon 28 delivering strongly early in Q3, they continue to do really well. So a combination of commercial execution, innovation, and the fact that the growth is not as acute as it may look at face value, give us confidence on delivering on the second half of 2026.

我們不像運動醫學（Sports Medicine）那樣有供應方面的挑戰。我們也持續看到Paragon 28在第三季初期表現強勁，他們持續做得非常好。因此，商業執行、創新，以及成長並不像表面看起來那麼劇烈的綜合因素，讓我們對於在2026年下半年達成目標充滿信心。

Relative to '27, look, we're not going to get into commentary around what '27 looks like. I will tell you, if you ask me today, we are confident that the performance should improve in the year 2027. To begin with, by then, we'll be mostly done with all the go-to-market changes. We will not have the struggles that we have in China today. China is only 2% of the revenue of Zimmer Biomet, 1% of the EBITDA, but it's a country that has been declining 20% this year.

至於'27，你看，我們不會就'27會是什麼樣子做評論。但我可以告訴你，如果你今天問我，我們有信心2027年的表現應該會改善。首先，到那時我們大部分的市場進入策略變革將會基本完成。我們也不會再有今天在中國遇到的那些困難。中國只占Zimmer Biomet營收的2%、EBITDA的1%，但這是一個今年下滑20%的國家。

So we're going to have favourable comps as we get into 2027. We also have some noise in emerging markets. Those disappear as we get into 2027. So again, the US will perform better given the go-to-market changes, we're not going to have some of the headwinds that we got today in a variety of international regions. So we do believe '27 is going to be better. but we'll talk about 2027 when it's time to talk about 2027.

因此，進入2027年時，我們會有有利的可比基期。我們在新興市場也有一些雜音。到了2027年這些都會消失。所以同樣地，美國在市場進入策略變革的帶動下會表現更好，而我們也不會再承受今天在多個國際地區面臨的部分逆風。因此我們確實相信'27會更好。但我們會在該談2027年的時候再談2027年。

Robbie Marcus, JPMorgan.

JPMorgan的Robbie Marcus。

Congrats on a good quarter. Ivan, I wanted to ask following up on -- you were talking about all the different tech and robotic platforms you have. How do you think about coalescing that as a strategy to drive revenue growth and balance that? I have to imagine there's a decent amount of support dollars that go into having so many robotic platforms. So how do you think about all of those? Do you focus on a few? Do you keep the broadest offering? And how do you think about returns and support for those platforms?

恭喜這是一個不錯的季度。Ivan，我想追問一下——你剛才談到你們擁有各種不同的技術與機器人平台。你如何思考把這些整合成一個推動營收成長的策略，並在其中取得平衡？我想像得到，維持這麼多機器人平台需要投入相當多的支援費用。所以你怎麼看待這些平台？你會聚焦在少數幾個嗎？還是維持最廣泛的產品供給？你又如何看待這些平台的報酬與支援投入？

Thanks, Robbie. Look, we've taken a very data-centric approach to what is the best pathway when it comes to technology. We don't call ourselves a robotic company. We call ourselves a technology company. So we segmented all kinds of technology within orthopedics.

謝謝你，Robbie。你看，我們在技術最佳路徑的選擇上採取非常以數據為核心的方法。我們不把自己稱為一家機器人公司。我們把自己稱為一家科技公司。因此我們把骨科領域內各種技術都做了分群。

Percentage of surgeons that use robotics in the US remains 20%. So 80% of surgeons don't use a robot in the US When you look at OUS dynamics, 10% of surgeons will use a robot, 90% do not. So we don't want to be a robotic company.

在美國，使用機器人的外科醫師比例仍是20%。也就是說，在美國有80%的外科醫師不使用機器人；而當你看美國以外（OUS）的動態，只有10%的外科醫師會使用機器人，90%不會。所以我們不想成為一家機器人公司。

We want to be a navigation company. And that's why here in the US, we offer surgical guidance for non-robotic users. We have FDA-approved mixed reality. We recently acquired three quarters now, four quarters ago, OrthoGrid for direct anterior and similar technologies outside of the US.

我們想成為一家導航公司。因此在美國，我們為非機器人使用者提供手術導引。我們有獲得FDA核准的混合實境。我們最近在三個季度前、現在算四個季度前，收購了OrthoGrid，用於直接前入路（direct anterior）以及美國以外的類似技術。

When you look at the percentage of surgeons that use robots, again, the 20% in the US, 29,000 orthopedic surgeons, 20% use robots here in the US. One robot does not fit all. We do extensive market research. You got some surgeons that prefer CT scan. You got some that prefer imageless, you got some that like small portable to move the robot from one operating room to the other one.

再看使用機器人的外科醫師比例，同樣地，美國是20%；美國有29,000名骨科外科醫師，其中20%在美國使用機器人。一種機器人不可能適用所有人。我們做了大量的市場研究。有些外科醫師偏好CT掃描。有些偏好無影像（imageless），也有些喜歡小型可攜式，能把機器人從一間手術室移到另一間。

So we have that optionality. Again, we got a large footprint, small footprint, portable, which, by the way, is cordless, CT scan, non-CT scan. We got all kinds of robots. And similar dynamics outside the US. Outside the US, the preference is for CT scan-less robotics, and we have that.

所以我們提供這種選擇性。同樣地，我們有大占地、小占地、可攜式（順帶一提是無線的）、CT掃描、非CT掃描。我們有各式各樣的機器人。美國以外也有類似的動態。在美國以外，偏好的是不需要CT掃描的機器人技術，而我們也有。

So that's why you see such a comprehensive suite of solutions. In terms of the cost, look, we're evaluating that. As we launch Monogram, as we continue to track which products are doing better than other, as we see where the standard of care is going to evolve towards, we may start to prune the portfolio and have a more simplified portfolio. But right now, we like the optionality of having such a comprehensive suite of solutions. And look, 53% growth in the second-quarter tells us that we're doing something right.

這就是為什麼你會看到如此全面的解決方案組合。至於成本，你看，我們正在評估。隨著我們推出Monogram、持續追蹤哪些產品表現優於其他、並觀察照護標準將往哪個方向演進，我們可能會開始精簡產品組合，讓產品線更簡化。但就目前而言，我們喜歡擁有如此全面解決方案所帶來的選擇性。而且你看，第二季53%的成長告訴我們，我們做對了一些事。

Thanks, Robbie.

謝謝你，Robbie。

Matt Taylor, Jefferies.

Jefferies的Matt Taylor。

So Ivan, I want to ask you about other since you don't like that. But let me ask another technology-based question. I'd love an update on ROSA Shoulder, how that is going. Maybe you could talk about the rollout, the uptake that you expect and how that's differentiated from other technology-driven shoulder solutions?

Ivan，所以我想問你關於Other，因為你不喜歡那個。但我再問一個以技術為主的問題。我想聽聽ROSA Shoulder的最新進展，現在進行得如何。也許你可以談談推廣（rollout）、你預期的採用情況（uptake），以及它與其他以技術驅動的肩關節解決方案相比有何差異化？

Matt, good to hear from you. First of all, I do like the category Other. I just don't like the name because we do a lot of bold stuff within what we call Other. So to be continued on that, ROSA Shoulder is going better than expected. Early in the launch, but what a great opportunity.

Matt，很高興聽到你的聲音。首先，我確實喜歡Other這個類別。我只是不喜歡這個名稱，因為在我們所稱的Other裡面，我們做了很多大膽的事情。所以這部分後續再說；ROSA Shoulder的進展比預期更好。目前仍在上市初期，但這是一個很棒的機會。

Shoulder arthroplasty, as you know, is one of the fastest-growing areas within orthopedics. Today, only about 20% of doctors perform shoulder arthroplasties because it is a very difficult procedure. The real estate in the shoulder is minimal. The accuracy needs to be very high. It's very complex. And reimbursement is very high. It's actually the highest of all core orthopedic procedures.

肩關節置換術（shoulder arthroplasty），如你所知，是骨科中成長最快的領域之一。目前只有大約20%的醫師會做肩關節置換，因為這是一個非常困難的手術。肩部的操作空間非常有限。精準度要求非常高。它非常複雜。而且給付（reimbursement）非常高。事實上，它是所有核心骨科手術中最高的。

So you bring in a solution to a complex problem that you can monetize, you're going to get rewarded. And that's what robotics are bringing to the space. As you know, earlier this year, we received the clearance for next-generation ROSA Shoulder. We launched the original version, I want to say 1.5 years ago. We did a very extensive LMR, limited market release.

所以當你為一個複雜問題帶來一個可變現的解決方案，你就會得到回報。而這正是機器人技術為這個領域帶來的價值。如你所知，今年稍早我們取得了新一代 ROSA 肩關節系統的核准。我們在大約 1.5 年前推出了原始版本。我們進行了非常廣泛的 LMR（有限市場上市）。

We learned a ton. And with the learnings, we reconfigured parts of ROSA, and now we launched ROSA Shoulder next generation, what we call version 1.1. It is the only system that can do both reverse and anatomic procedures. Reverse is roughly 70% of all shoulder arthroplasties around the world, especially in the US.

我們學到了很多。根據這些學習，我們重新配置了 ROSA 的部分組件，現在我們推出了新一代 ROSA 肩關節系統，也就是我們所稱的 1.1 版。它是唯一能同時進行反置（reverse）與解剖型（anatomic）手術的系統。反置手術約占全球所有肩關節置換術的 70%，尤其是在美國。

But you got 1/3 of surgeons that prefer an anatomic approach. And again, we are the only company that offers both. It's also the only system that can do both the humeral and the glenoid resection. What that gives you is more accuracy in the cuts that yields to a better outcome and faster recovery. Generation 2 versus Generation 1 is a much simpler and improved interface. Again, we took our time. I know we've been talking about the LMR for, I don't know, 1.5 years. Now we're moving into a full market release as we speak in the next couple of weeks.

但仍有三分之一的外科醫師偏好解剖型方式。而且再次強調，我們是唯一同時提供兩者的公司。它也是唯一能同時進行肱骨端與盂窩端切除的系統。這帶來的是更高的切削精準度，進而帶來更好的結果與更快的復原。第二代相較第一代，介面更簡單且更完善。同樣地，我們花了時間把事情做對。我知道我們談 LMR 已經談了，嗯，我不知道，大概 1.5 年。現在我們正如各位所見，在接下來幾週內推進到全面市場上市。

And again, only a month into the launch, but we have seen great adoption. We're getting outstanding feedback and early to make commitments, but if we do the work that I believe we're going to do, we expect the penetration of robotics to go faster than it did when robots were launching Knees back 10, 12 years ago. So a great overall opportunity and a great platform, and we look forward to updating you every other quarter.

而且再次強調，上市才一個月，但我們已看到很好的採用率。我們收到非常出色的回饋；現在談承諾還言之過早，但如果我們把我相信我們會做的工作做到位，我們預期機器人滲透率的提升速度，會比 10 到 12 年前膝關節機器人剛推出時更快。所以這是一個整體非常好的機會與平台，我們也期待每隔一季向各位更新。

Ryan Zimmerman, US Bancorp BTIG.

Ryan Zimmerman，US Bancorp BTIG。

First, Ivan, I have to say congrats on the World Cup. I think we all have known you're big fan there, and it's nice to see. But I want to ask about pricing in the quarter. If you look at pricing over the last three quarters, the headwinds have increased a little bit. It's still within the range of what you expect.

首先，Ivan，我得說恭喜你們拿下世界盃。我想大家都知道你是個大球迷，看到這樣的結果很開心。不過我想問的是本季的定價。如果你看過去三個季度的定價，逆風似乎增加了一點。但仍在你們預期的區間內。

But when you think about Medicare is your largest payer, the CJR-X program, the PFS rates that are proposed for '27, which are down potentially up to 20% right now. Is it your assumption that pricing headwinds will increase in orthopedics because of these dynamics? It just seems like that it will increase the shift to the ASC and potentially put some pressure on implant pricing. So I would appreciate your thoughts there.

但當你想到 Medicare 是你們最大的付款方、CJR-X 計畫，以及目前提出的 2027 年 PFS 費率（可能下調、目前看起來最高可達 20%），你是否假設因為這些動態，骨科的定價逆風會加劇？看起來這會加速轉向 ASC（門診手術中心），並可能對植入物定價造成一些壓力。希望聽聽你的看法。

Thanks for joining. And yes, Spain did send Lionel Messi into retirement. And before that, we sent my friend Cristiano Ronaldo into retirement. And if you ask me, that game should have been 3-0, not 1-0. Relative to pricing, look, the ongoing question for 5 years now, 20 quarters, I've been asked whether I thought that pricing was going to get worse, and it hasn't.

謝謝加入。是的，西班牙讓 Lionel Messi 退休了。在那之前，我們也讓我的朋友 Cristiano Ronaldo 退休了。如果你問我，那場比賽應該是 3 比 0，而不是 1 比 0。至於定價，聽著，這個問題過去 5 年、20 個季度以來一直有人問我：我是否認為定價會變得更糟？但事實並沒有。

It is very much within the guidance that we provided of flat to 100 basis points. Pricing dynamics are not changing all that much in the ASC environment. As you know, most of these ASCs are owned by surgeons or private equity companies or astute operators that understand that the implant is only around 14% to 15% of the overall cost.

它非常符合我們所提供的指引：持平到下滑 100 個基點。在 ASC 環境中，定價動態並沒有太大改變。如你所知，多數 ASC 由外科醫師、私募股權公司或精明的營運者持有，他們理解植入物只占總成本約 14% 到 15%。

So the conversation is not about the implant. The conversation is around reduction of surgical time, ensuring that you're not sending the patient to an inpatient unit, lowering readmissions, et cetera, et cetera. So we continue to track pricing dynamics, inpatient, HOPD, hospital outpatient departments and stand-alone ASCs, and they're very comparable. If you look at the data going back 20 years, the implant right now as a percentage of DRG, remains at the lowest point. So I'm not sure that you got much more to squeeze in those implants.

所以對話的重點不在植入物。對話重點在於縮短手術時間、確保不把病人送到住院病房、降低再入院率，等等等等。因此我們持續追蹤住院端、HOPD（醫院門診部門）以及獨立 ASC 的定價動態，而它們非常相近。如果你看回 20 年的數據，植入物目前占 DRG 的比例仍處於最低點。所以我不確定在這些植入物上還有多少空間可以再被擠壓。

And with the conversations we're having now around CGR expansion, comprehensive joint [ registry ] expansion, with the focus right now, not on the surgery alone, but the entire recovery, the entire episode of treatment, I don't envision that anyone who understands data is going to choose lower-priced implants or is going to try to negotiate lower pricing. It's going to be around the comprehensive bundle of care and companies that drive efficiency, companies that enable best-in-class clinical outcomes are going to win.

而且就我們目前在談的 CGR 擴大、全面關節[ 登錄 ]擴大而言，現在的焦點不只是手術本身，而是整個復原、整個治療事件（episode of treatment），我不認為任何懂數據的人會選擇更低價的植入物，或試圖去談更低的價格。重點會在整體照護的打包方案（comprehensive bundle of care），以及能提升效率、能帶來同級最佳臨床結果的公司將會勝出。

With all that rambling, I'll tell you, we don't expect the second half to be an uptick when it comes to price erosion. 85% of our book of business is contracted. We got visibility into the second half of '26 as well as 2027, and we're very confident on our guidance of flat to 100 basis points at worst of price erosion. Thanks for joining the call.

講了這麼多，我告訴你，我們不預期下半年在價格侵蝕方面會出現上升。85% 的業務量已簽訂合約。我們對 2026 年下半年以及 2027 年都有能見度，並且對我們「持平到最差下滑 100 個基點」的價格侵蝕指引非常有信心。謝謝加入這通電話。

Steve Lichtman, William Blair.

Steve Lichtman，William Blair。

Ivan, you touched on M&A in your prepared remarks. With Paragon now fully in the fold, could you give us your latest thoughts on the type of deal that makes sense for Zimmer Biomet right now? Are you thinking about going further outside of your verticals? And any comments on size preference in terms of tuck-in or could we see something larger?

Ivan，你在事先準備的發言中提到了併購（M&A）。隨著 Paragon 現在已完全納入體系，你能否分享一下你們目前對 Zimmer Biomet 來說，什麼類型的交易在此刻最合理？你們是否在考慮進一步跨出既有垂直領域？另外就規模偏好而言，你們偏向小型併入（tuck-in），還是我們可能會看到更大型的交易？

Thanks, Steve. Look, it has not changed. It's the same story, I believe, that we've been telling for now two to three years. Our M&A strategy remains consistent across three vectors. First, we're going to focus on the higher-growth segments of Recon.

謝謝，Steve。聽著，這沒有改變。我相信這就是我們過去兩到三年一直在講的同一個故事。我們的併購策略在三個向量上保持一致。第一，我們會聚焦在 Recon（重建）中成長較快的細分領域。

Not all Recon is created equal. You got segments within Recon that are higher growth, data, technology, infection. And that's why we have acquired companies like OrthoGrid, obviously, Monogram, surgical impactors, and other data technology plays. So that's vector number one. We will continue to invest in higher-growth segments of Recon, where we own the call point and where we are the leading company globally.

並非所有 Recon 都一樣。Recon 裡有一些成長更快的領域：數據、科技、感染。這也是為什麼我們收購了像 OrthoGrid、當然還有 Monogram、手術衝擊器（surgical impactors）以及其他數據科技相關的布局。所以這是第一個向量。我們會持續投資於 Recon 中成長較快的領域，在那裡我們掌握關鍵接觸點（call point），並且我們是全球領導者。

The second vector is going to be higher growth areas within S.E.T. Again, foot and ankle, sports medicine, upper extremities, CMFT, and there's a lot of optionality there. And we've done some deals there. You referenced Paragon 28, which is going great. But also Embody in Sports Medicine is going great or acquisitions in CMFT are going much better than expected. That's why for, again, five years, CMFT has been growing strongly in the teens. So again, our second vector is going to be S.E.T.

第二個向量會是 S.E.T. 內部的高成長領域。同樣地，足踝、運動醫學、上肢、CMFT，而且那裡有很多選擇性。我們也在那裡做了一些交易。你提到的 Paragon 28，目前進展非常好。此外，運動醫學的 Embody 表現也很出色，或是我們在 CMFT 的收購案也比預期好很多。這也是為什麼在過去 5 年，CMFT 一直以十幾%的幅度強勁成長。所以再次強調，我們的第二個向量會是 S.E.T.。

And then thirdly, at some point, we look at more adjacent areas to S.E.T. Are they businesses peripheral to neuro that we want to look into? S.E.T. happens -- most of these procedures happening in ASC, what are some other opportunities. So those are the three vectors we're going to go at pace.

第三，到了某個時間點，我們會看更貼近 S.E.T. 的相鄰領域。是否有一些屬於神經（neuro）周邊的業務，是我們想要深入評估的？S.E.T. 的情況是——這些手術大多在 ASC（門診手術中心）進行——那還有哪些其他機會。所以這就是我們將以加速節奏推進的三個向量。

We're going to be bold, as I tell my team, but not reckless. In terms of criteria, you called it, it's similar to Paragon 28. Up to $2 billion acquisition price, ideally, that's our zip code. Needless to say, whatever we acquire needs to be immediately accretive to revenue and WAMGR or weighted average market growth rate. Similar to Paragon, it has to be EPS accretive by the second year. We're looking for a double-digit return on investment capital or invested capital ROIC by the year five.

正如我對團隊說的，我們會大膽，但不會魯莽。就標準而言，你說得沒錯，這與 Paragon 28 類似。收購價格上限到 20 億美元，理想情況下，這就是我們的範圍。不用說，我們收購的任何標的都必須能立即對營收與 WAMGR（加權平均市場成長率）具增益效果。與 Paragon 類似，必須在第二年就能對 EPS（每股盈餘）具增益。我們希望在第五年達到投資資本報酬率（ROIC）雙位數的水準。

So we're going to take our time. We have an ambition to have a WAMGR of 5% to 6% by the end of the decade. That doesn't mean we need to buy or delta from 4.25% today to 6%. There's a lot of organic work that we're doing to move into higher growth WAMGR environments from an R&D perspective. But yes, now that we know that we can do effective R&D or M&A, now that we've learned that we can integrate, given what we've done with Paragon 28, we're going to continue to look at this.

所以我們會慢慢來。我們的目標是在本十年末把 WAMGR 提升到 5% 到 6%。這不代表我們必須透過收購，或把今天的 4.25% 一口氣拉到 6%。從研發角度來看，我們正在做很多有機性的工作，把我們推向更高成長的 WAMGR 環境。但沒錯，既然我們已經知道自己能做有效的研發或併購（M&A），也已經從 Paragon 28 的經驗中學到我們能完成整合，我們會持續關注這一塊。

Thanks for the question.

謝謝你的提問。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

Nice quarter. I'm a little curious how you're thinking about guidance philosophy and how you're thinking about the raise for the second half of the year and as you think about setting 2027. The company in a very short period of time has gone through a number of changes, the sales force change in your product pipeline, a couple of stumbles not worth mentioning. How do you think about pulling all of this together when you do give the guidance? And should we think about your commentary in the phrase of conservative, realistic or hopeful?

這一季表現不錯。我有點好奇你們如何看待財測（guidance）的理念，以及你們如何思考今年下半年的上調，並在你們思考設定 2027 年目標時的做法。公司在很短的時間內經歷了多項變化，包括銷售團隊的變動、產品管線的變化，還有幾次小失誤就不提了。當你們給出財測時，會如何把這些因素整合起來？我們應該把你們的評論理解為保守、務實，還是偏樂觀？

Thanks, Joanne. Look, I'd say that my guidance -- our guidance philosophy is going to be to say less and do more. We're going to take a measured approach given all the variables that we continue to analyse, and that's what we're doing. We're confident on the guidance for the second half of 2026. Lots of puts and takes, but we see certainly more upside than downside when we look at where we finished the first half, but we're going to go one quarter at a time.

謝謝，Joanne。我想說，我的財測——我們的財測理念——會是少說多做。鑑於我們持續分析的各種變數，我們會採取審慎、循序的做法，而我們也正是這麼做的。我們對 2026 年下半年的財測很有信心。有很多拉鋸與取捨，但回頭看上半年結束時的狀況，我們確實看到上行空間大於下行風險；不過我們會一季一季地推進。

We'll take the same philosophy for 2027. And at the right time, we'll talk about 2027. But the philosophy is going to be to say less and to do more as we did in the second-quarter of 2026.

對 2027 年我們也會採取同樣的理念。在適當的時機，我們會談 2027 年。但理念會是少說多做，就像我們在 2026 年第二季所做的一樣。

Vik Chopra, BMO.

Vik Chopra，BMO。

Congrats on a nice quarter. Ivan, I wanted to ask where you are with your CFO search and what specific attributes you're looking for in a permanent CFO?

恭喜這一季表現亮眼。Ivan，我想問你們的 CFO（財務長）招募目前進展到哪裡？你們在尋找正式 CFO 時，特別看重哪些特質？

Thank you. Look, we have a great interim CFO, who's sitting here to my right. Paul Stellato has been a great business partner for four years. A lot of the transformational work that this company has gone through over the last four years has been led by Paul. So I am in no hurry here because I got a stellar interim CFO.

謝謝。我們有一位很棒的代理 CFO，就坐在我右手邊。Paul Stellato 四年來一直是很好的業務夥伴。公司過去四年所經歷的許多轉型工作，都是由 Paul 主導。所以我不急，因為我有一位非常出色的代理 CFO。

Obviously, we're looking also at external candidates. We're looking for someone who wants to be part of this transformation. Somebody is going to be in the trenches, somebody is going to think like an operator, somebody with experience in value creation, someone who brings credibility from a street perspective, a true business partner. So that's what we're looking for. But again, we're going to take our time.

當然，我們也在看外部候選人。我們在找的是願意成為這場轉型一部分的人。要能深入第一線、像營運者一樣思考、具備價值創造經驗的人；同時也要能從華爾街/資本市場角度帶來公信力，並且是真正的業務夥伴。這就是我們在尋找的。但同樣地，我們會慢慢來。

We've got a great interim CFO here at Zimmer Biomet and everything is very much on track as we think about the search and the process. Thanks for the question.

Zimmer Biomet 目前有一位很棒的代理 CFO；就招募與流程而言，一切都非常按計畫進行。謝謝你的提問。

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

以上為今天電話會議的問答環節。接下來我想把電話交給 Ivan Tornos，請他做結語。

Thanks, operator. Look, we started today with gratitude, and I'm going to close with gratitude. I want to thank again all the employees, 17,000 of you at Zimmer Biomet, who do so much every day. I'm grateful for your hard work, your dedication, the results, the progress and most importantly, for what you do for patients and customers every day. In closing, we're very pleased with the results in the second-quarter.

謝謝，接線員。我們今天以感謝作為開場，我也將以感謝作為結尾。我要再次感謝 Zimmer Biomet 的所有員工——你們 17,000 位——每天付出這麼多。我感謝你們的辛勤工作、投入、成果與進展；最重要的是，感謝你們每天為病患與客戶所做的一切。最後，我們對第二季的結果非常滿意。

The transformation of the company is going as expected, if not better than expected. We are extremely confident on the guidance raise that we provided this morning. And most importantly, we're really excited about the changes that we're making in 2026. We always said it was going to be a transitional year. It will be a transitional year.

公司的轉型進展符合預期，甚至優於預期。我們對今天早上所提供的財測上調非常有信心。更重要的是，我們對 2026 年正在推動的變革感到非常振奮。我們一直說 2026 年會是過渡的一年。它確實會是一個過渡年。

And as we enter in '27, '28, we're going to have a totally different company. So very excited, very proud of the team, and I thank everybody for joining the call this morning.

而當我們進入 2027、2028 年時，我們將會是一家完全不同的公司。所以我們非常興奮，也為團隊感到非常自豪；並感謝各位今天早上參與本次電話會議。

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。感謝各位的參與。您現在可以掛線。