
345 E. Main St.
Warsaw, IN 46580
www.zimmerbiomet.com	Exhibit 99.1


Media	Investors
Kristen Cardillo	David DeMartino
(925) 786-4913	(646) 531-6115
kristen.cardillo@zimmerbiomet.com	david.demartino@zimmerbiomet.com

Kirsten Fallon	Zach Weiner
(781) 779-5561	(908) 591-6955
kirsten.fallon@zimmerbiomet.com	zach.weiner@zimmerbiomet.com

Zimmer Biomet Announces

Second Quarter 2025 Financial Results

•

Second quarter net sales of $2.077 billion increased 7.0% on a reported basis, 5.4% on a constant currency1 basis and 2.8% on an organic constant currency1 basis

•

Second quarter diluted earnings per share were $0.77; adjusted1 diluted earnings per share were $2.07, an increase of 3.0%

•

Company tightens full-year 2025 reported, constant currency1 and organic constant currency1 revenue growth guidance to 6.7% - 7.7%, 6.2% - 7.2% and 3.5% - 4.5%, respectively, and increases adjusted1 earnings per share financial guidance to $8.10 - $8.30

(WARSAW, IN) August 7, 2025 — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter ended June 30, 2025. The Company reported second quarter net sales of $2.077 billion, an increase of 7.0% over the prior year period, an increase of 5.4% on a constant currency1 basis and an increase of 2.8% on an organic constant currency basis. Net earnings for the second quarter were $152.8 million, or $411.2 million on an adjusted1 basis.

Diluted earnings per share were $0.77 for the second quarter, and adjusted1 diluted earnings per share were $2.07, an increase of 3.0%.

1 Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.

Page 1 of 24

“Our team delivered another solid quarter of growth, as our robust new product cycle drove significant acceleration in our U.S. Hips and Knees portfolios and continued strong growth in our global S.E.T. business,” said Ivan Tornos, Chairman, President and CEO of Zimmer Biomet. “We are excited about the early customer enthusiasm and adoption for our broad new product portfolio, which we believe will continue to fuel our growth through 2025 and beyond. Customer-centric innovation like this is central to our long-term strategy, and the recent agreement to acquire Monogram Technologies not only marks a bold step forward in surgical robotics but also exemplifies our commitment to addressing the most meaningful challenges in healthcare.”

Recent Highlights

•

Announced definitive agreement to acquire Monogram Technologies (NASDAQ: MGRM), an AI-driven robotics company, to expand Zimmer Biomet’s robotics suite with semi- and fully autonomous solutions, creating the broadest, most flexible suite of orthopedic robotics and navigation technologies to meet surgeons’ needs.

•

Signed a strategic partnership with Getinge, a global medical technology company, where Zimmer Biomet will distribute Getinge’s Operating Room capital products to Ambulatory Surgery Center customers, creating a turnkey solution.

•

Appointed Kevin Thornal as Group President, Global Businesses and the Americas.

•

Launched “This, You Can Do,” a new direct-to-patient campaign and online resource to drive awareness of Zimmer Biomet’s Knee solutions in key U.S. markets.

•

Named one of America’s Best Mid-Size Companies in 2025 by TIME; also certified as a Great Place to Work® in Colombia, India, Ireland, Poland, Puerto Rico, Saudi Arabia, Switzerland and the United States.

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Geographic and Product Category Sales

The following sales tables provide results by geography and product category for the three and six-month periods ended June 30, 2025, as well as the percentage change compared to the applicable prior year period, on both a reported basis and a constant currency basis. Percentage change is also presented on an organic constant currency basis to exclude the impact on net sales from the April 2025 acquisition of Paragon 28.


NET SALES - THREE MONTHS ENDED JUNE 30, 2025
(in millions, unaudited)


											Organic
							Constant				Constant
	Net						Currency				Currency
	Sales		% Change				% Change				% Change
Geographic Results
United States	$	1,173.8		6.1		%		6.1		%		2.3		%
International		903.5		8.1				4.6				3.4
Total	$	2,077.3		7.0		%		5.4		%		2.8		%
Product Categories
Knees
United States	$	448.7		1.7		%		1.7		%		1.7		%
International		377.3		4.8				1.8				1.8
Total		826.0		3.1				1.8				1.8
Hips
United States		272.5		5.2				5.2				5.2
International		263.6		6.5				2.7				2.7
Total		536.1		5.8				4.0				4.0
S.E.T. *		550.6		17.3				16.0				4.9
Technology & Data, Bone Cement and Surgical **		164.6		(0.2	)			(2.2	)			(2.2	)
Total	$	2,077.3		7.0		%		5.4		%		2.8		%

* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic
** Historically referred to as "Other"

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NET SALES - SIX MONTHS ENDED JUNE 30, 2025
(in millions, unaudited)


											Organic
							Constant				Constant
	Net						Currency				Currency
	Sales		% Change				% Change				% Change
Geographic Results
United States	$	2,287.4		3.7		%		3.7		%		1.8		%
International		1,699.0		4.5				4.1				3.5
Total	$	3,986.4		4.0		%		3.9		%		2.5		%
Product Categories
Knees
United States	$	907.8		0.9		%		0.9		%		0.9		%
International		711.2		3.1				3.0				3.0
Total		1,618.9		1.9				1.8				1.8
Hips
United States		536.7		4.5				4.5				4.5
International		495.2		2.3				1.9				1.9
Total		1,031.9		3.4				3.2				3.2
S.E.T. *		1,021.1		10.7				10.6				4.9
Technology & Data, Bone Cement and Surgical **		314.5		(2.4	)			(2.8	)			(2.8	)
Total	$	3,986.4		4.0		%		3.9		%		2.5		%

* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic
** Historically referred to as "Other"

Amounts reported in millions are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Percentages presented are calculated from the underlying unrounded amounts.

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Financial Guidance

The Company is updating its full-year 2025 financial guidance to tighten full-year 2025 reported, constant currency and organic constant currency1 revenue guidance and increase adjusted2 earnings per share financial guidance:


Projected Year Ending December 31, 2025
	Previous Guidance	Updated Guidance
2025 Reported Revenue Change	5.7% - 8.2%	6.7%- 7.7%
Foreign Currency Exchange Impact	0.0% - 0.5%	0.5%
2025 Constant Currency Revenue Change	5.7% - 7.7%	6.2% - 7.2%
2025 Organic Constant Currency Revenue Change(1)	3.0% - 5.0%	3.5% - 4.5%
Adjusted Diluted EPS(2)	$7.90 - $8.10	$8.10 - $8.30


(1)	Excludes the projected impact of the Paragon 28 acquisition. Reconciliation of this measure to the most directly comparable GAAP financial measure is included in this press release.
(2)	These measures are non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Forward-Looking Non-GAAP Financial Measures” below, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.

Conference Call

The Company will conduct its second quarter investor conference call today, August 7, 2025, at 8:30 a.m. ET. The audio webcast can be accessed via Zimmer Biomet's Investor Relations website at https://investor.zimmerbiomet.com. It will be archived for replay following the conference call.

About the Company

Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X / Twitter at www.x.com/zimmerbiomet.

Page 5 of 24

Website Information

We routinely post important information for investors on our website, www.zimmerbiomet.com, in the “Investor Relations” section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, our website or any other website referenced herein is not incorporated by reference into, and is not a part of, this document.

Note on Non-GAAP Financial Measures

This press release and our commentary in our investor conference call today include non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP.

Net sales change information for the three and six-month periods ended June 30, 2025 is presented on a GAAP (reported) basis and on a constant currency basis. Net sales change for those periods is also presented on an organic constant currency basis to exclude the impact on net sales from the April 2025 acquisition of Paragon 28. Constant currency percentage changes exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases. Projected revenue change information for the year ended December 31, 2025, is also presented on an organic constant currency basis. In addition to excluding the projected effects of foreign currency exchange rates, projected 2025 organic constant currency revenue change also excludes the projected impact on net sales from the April 2025 acquisition of Paragon 28.

Net earnings and diluted earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are presented on a GAAP (reported) basis and on an adjusted basis. These adjusted financial measures exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in the press release.

Free cash flow is an additional non-GAAP measure that is presented in this press release. Free cash flow is computed by deducting additions to instruments and other property, plant and equipment from net cash provided by operating activities.

Page 6 of 24

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. This press release also contains supplemental reconciliations of additional non-GAAP financial measures that the Company presents in other contexts. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation.

Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the Company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. In addition, constant currency revenue, adjusted operating profit, adjusted diluted earnings per share and free cash flow are used as performance metrics in our incentive compensation programs.

Forward-Looking Non-GAAP Financial Measures

This press release and our commentary in our investor conference call today also include certain forward-looking non-GAAP financial measures for the year ending December 31, 2025. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to initial compliance with the European Union Medical Device Regulation; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; and certain legal and tax matters. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures (other than projected 2025 organic constant currency revenue change) to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding financial guidance, statements regarding macro pressures, including the impact of such pressures on our business, and any

Page 7 of 24

statements about our forecasts, expectations, plans, intentions, strategies or prospects. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: competition; pricing pressures; dependence on new product development, technological advances and innovation; changes in customer demand for our products and services caused by demographic changes, obsolescence, development of different therapies or other factors; our ability to attract, retain, develop and maintain adequate succession plans for the highly skilled employees, senior management, independent agents and distributors we need to support our business; shifts in the product category or regional sales mix of our products and services; the risks and uncertainties related to our ability to successfully execute our restructuring plans; control of costs and expenses; risks related to the ability to realize the anticipated benefits of the acquisition of Paragon 28, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the risk that the businesses of Paragon 28 will not be integrated successfully; disruption from the Paragon 28 acquisition making it more difficult to maintain business and operational relationships, including with customers, vendors, service providers, independent sales representatives, agents or agencies; the effects of business disruptions affecting us, our suppliers, customers or payors, either alone or in combination with other risks on our business and operations; the risks and uncertainties related to our ability to successfully integrate the operations, products, employees and distributors of acquired companies; the effect of the potential disruption of management’s attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; unplanned delays, disruptions and expenses attributable to our enterprise resource planning and other system updates; the ability to form and implement alliances; dependence on a limited number of suppliers for key raw materials and other inputs and for outsourced activities; the risk of disruptions in the supply of materials and components used in manufacturing or sterilizing our products; breaches or failures of our (or of our business partners’ or other third parties’) information technology systems or products, including by cyberattack, unauthorized access or theft; the outcome of government investigations; the impact of healthcare reform and cost containment measures, including efforts sponsored by government agencies, legislative bodies, the private sector and healthcare purchasing organizations, through reductions in reimbursement levels, repayment demands and otherwise; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; changes in tax obligations arising from examinations by tax authorities and from changes in tax laws in jurisdictions where we do business, including as a result of the “base erosion and profit shifting” project undertaken by

Page 8 of 24

the Organisation for Economic Co-operation and Development and otherwise; challenges to the tax-free nature of the ZimVie Inc. spinoff transaction and the subsequent liquidation of our retained interest in ZimVie Inc.; the risk of additional tax liability due to the recategorization of our independent agents and distributors to employees; changes in tariffs relating to imports to the U.S. and other countries; the risk that material impairment of the carrying value of our intangible assets, including goodwill, could negatively affect our operating results; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; changes in general industry and market conditions, including domestic and international growth, inflation and currency exchange rates; the domestic and international business impact of political, social and economic instability, tariffs, trade restrictions and embargoes, sanctions, wars, disputes and other conflicts, including on our ability to operate in, export from or collect accounts receivable in affected countries; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration (“FDA”) and other government regulators relating to medical products, healthcare fraud and abuse laws and data privacy and cybersecurity laws; the success of our quality and operational excellence initiatives; the ability to remediate matters identified in inspectional observations issued by the FDA and other regulators, while continuing to satisfy the demand for our products; product liability, intellectual property and commercial litigation losses; and the ability to obtain and maintain adequate intellectual property protection. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

Note: Amounts reported in millions within this press release are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.

###

Page 9 of 24



ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 and 2024
(in millions, except per share amounts, unaudited)

	2025			2024
Net Sales	$	2,077.3		$	1,942.0
Cost of products sold, excluding intangible asset amortization		592.2			553.6
Intangible asset amortization		160.6			144.0
Research and development		113.3			109.4
Selling, general and administrative		814.8			737.1
Restructuring and other cost reduction initiatives		17.5			41.5
Acquisition, integration, divestiture and related		78.9			5.2
Operating expenses		1,777.3			1,590.8
Operating Profit		300.0			351.3
Other income, net		3.9			2.0
Interest expense, net		(79.3	)		(51.1	)
Earnings before income taxes		224.6			302.2
Provision for income taxes		71.2			59.1
Net Earnings		153.4			243.1
Less: Net earnings attributable to noncontrolling interest		0.6			0.3
Net Earnings of Zimmer Biomet Holdings, Inc.	$	152.8		$	242.8

Earnings Per Common Share
Basic	$	0.77		$	1.18
Diluted	$	0.77		$	1.18
Weighted Average Common Shares Outstanding
Basic		197.9			205.7
Diluted		198.3			206.4

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ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024
(in millions, except per share amounts, unaudited)

	2025			2024
Net Sales	$	3,986.4		$	3,831.2
Cost of products sold, excluding intangible asset amortization		1,142.0			1,065.9
Intangible asset amortization		311.6			286.1
Research and development		223.9			217.4
Selling, general and administrative		1,573.5			1,473.2
Restructuring and other cost reduction initiatives		53.5			165.9
Acquisition, integration, divestiture and related		89.5			5.5
Operating expenses		3,394.0			3,214.0
Operating Profit		592.3			617.2
Other income, net		6.9			1.9
Interest expense, net		(145.5	)		(101.8	)
Earnings before income taxes		453.6			517.3
Provision for income taxes		117.6			101.4
Net Earnings		336.0			415.9
Less: Net earnings attributable to noncontrolling interest		1.1			0.7
Net Earnings of Zimmer Biomet Holdings, Inc.	$	334.9		$	415.2

Earnings Per Common Share
Basic	$	1.69		$	2.02
Diluted	$	1.68		$	2.01
Weighted Average Common Shares Outstanding
Basic		198.4			205.4
Diluted		199.0			206.3

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ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)

	June 30,		December 31,
	2025		2024
Assets
Cash and cash equivalents	$	556.9	$	525.5
Receivables, net		1,611.3		1,480.7
Inventories		2,454.2		2,235.3
Other current assets		431.4		430.1
Total current assets		5,053.9		4,671.5
Property, plant and equipment, net		2,175.7		2,048.8
Goodwill		9,709.5		8,951.1
Intangible assets, net		4,890.8		4,598.4
Other assets		1,035.2		1,095.5
Total Assets	$	22,865.1	$	21,365.3
Liabilities and Stockholders' Equity
Current liabilities	$	1,879.5	$	1,587.9
Current portion of long-term debt		820.0		863.0
Other long-term liabilities		878.8		1,096.6
Long-term debt		6,752.5		5,341.6
Stockholders' equity		12,534.3		12,476.2
Total Liabilities and Stockholders' Equity	$	22,865.1	$	21,365.3

Page 12 of 24


ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024
(in millions, unaudited)

	2025			2024
Cash flows provided by (used in) operating activities
Net earnings	$	336.0		$	415.9
Depreciation and amortization		526.2			481.8
Share-based compensation		40.8			55.4
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes		(132.0	)		(104.5	)
Receivables		(18.6	)		(10.2	)
Inventories		(40.2	)		(41.8	)
Accounts payable and accrued liabilities		40.4			(181.5	)
Other assets and liabilities		8.3			(17.7	)
Net cash provided by operating activities		761.0			597.4
Cash flows provided by (used in) investing activities
Additions to instruments		(140.2	)		(147.2	)
Additions to other property, plant and equipment		(94.7	)		(107.8	)
Net investment hedge settlements		3.5			16.5
Business combination investments, net of acquired cash		(1,226.3	)		(66.5	)
Acquisition of intangible assets		(32.4	)		(97.3	)
Other investing activities		(0.3	)		(39.7	)
Net cash used in investing activities		(1,490.4	)		(442.0	)
Cash flows provided by (used in) financing activities
Net proceeds on revolving facilities		220.0			115.0
Proceeds from senior notes		1,748.1			-
Redemption of senior notes		(863.0	)		-
Dividends paid to stockholders		(95.3	)		(98.8	)
Proceeds from employee stock compensation plans		17.1			63.0
Business combination contingent consideration payments		(17.4	)		(1.5	)
Debt issuance costs		(17.3	)		-
Repurchase of common stock		(237.0	)		(199.5	)
Other financing activities		(16.1	)		(20.3	)
Net cash provided by (used in) financing activities		739.2			(142.0	)
Effect of exchange rates on cash and cash equivalents		21.6			(9.0	)
Change in cash and cash equivalents		31.4			4.4
Cash and cash equivalents, beginning of year		525.5			415.8
Cash and cash equivalents, end of period	$	556.9		$	420.1

Page 13 of 24


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE
(unaudited)


	For the Three Months Ended
	June 30, 2025 vs. 2024
															Organic
					Foreign			Constant				Paragon			Constant
					Exchange			Currency				28			Currency
	% Change				Impact			% Change				Impact			% Change
Geographic Results
United States		6.1		%		-	%		6.1		%		3.8	%		2.3		%
International		8.1				3.5			4.6				1.2			3.4
Total		7.0		%		1.6	%		5.4		%		2.6	%		2.8		%
Product Categories
Knees
United States		1.7		%		-	%		1.7		%		-	%		1.7		%
International		4.8				3.0			1.8				-			1.8
Total		3.1				1.3			1.8				-			1.8
Hips
United States		5.2				-			5.2				-			5.2
International		6.5				3.8			2.7				-			2.7
Total		5.8				1.8			4.0				-			4.0
S.E.T.		17.3				1.3			16.0				11.1			4.9
Technology & Data, Bone Cement and Surgical		(0.2	)			2.0			(2.2	)			-			(2.2	)
Total		7.0		%		1.6	%		5.4		%		2.6	%		2.8		%

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ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE
(unaudited)


	For the Six Months Ended
	June 30, 2025 vs. 2024
															Organic
					Foreign			Constant				Paragon			Constant
					Exchange			Currency				28			Currency
	% Change				Impact			% Change				Impact			% Change
Geographic Results
United States		3.7		%		-	%		3.7		%		1.9	%		1.8		%
International		4.5				0.4			4.1				0.6			3.5
Total		4.0		%		0.1	%		3.9		%		1.4	%		2.5		%
Product Categories
Knees
United States		0.9		%		-	%		0.9		%		-	%		0.9		%
International		3.1				0.1			3.0				-			3.0
Total		1.9				0.1			1.8				-			1.8
Hips
United States		4.5				-			4.5				-			4.5
International		2.3				0.4			1.9				-			1.9
Total		3.4				0.2			3.2				-			3.2
S.E.T.		10.7				0.1			10.6				5.7			4.9
Technology & Data, Bone Cement and Surgical		(2.4	)			0.4			(2.8	)			-			(2.8	)
Total		4.0		%		0.1	%		3.9		%		1.4	%		2.5		%

Page 15 of 24


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF PROJECTED FULL-YEAR 2025 REPORTED REVENUE CHANGE TO
ORGANIC CONSTANT CURRENCY REVENUE CHANGE
(unaudited)


	Projected
	Full-year 2025
Reported revenue change	6.7 - 7.7	%
Less: Foreign currency exchange impact	0.5
Less: Paragon 28	2.7
Organic constant currency revenue change	3.5 - 4.5	%

Page 16 of 24


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 and 2024
(in millions, except per share amounts, unaudited)


FOR THE THREE MONTHS ENDED JUNE 30, 2025
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Restructuring and other cost reduction initiatives			Acquisition, integration, divestiture and related			Other income, net			Interest expense, net			Provision for income taxes			Net Earnings of Zimmer Biomet Holdings, Inc.		Diluted earnings per common share
As Reported	$	592.2		$	160.6		$	113.3		$	814.8		$	17.5		$	78.9		$	3.9		$	(79.3	)	$	71.2		$	152.8	$	0.77
Inventory and manufacturing-related charges(1)		(17.0	)		-			-			-			-			-			-			-			4.7			12.3		0.06
Intangible asset amortization(2)		-			(160.6	)		-			-			-			-			-			-			32.6			128.0		0.65
Restructuring and other cost reduction initiatives(3)		-			-			-			-			(17.5	)		-			-			-			3.9			13.6		0.07
Acquisition, integration, divestiture and related(4)		-			-			-			-			-			(78.9	)		-			-			13.4			65.5		0.33
European Union Medical Device Regulation(6)		-			-			(4.3	)		-			-			-			-			-			1.0			3.3		0.02
Other charges(7)		-			-			-			(0.3	)		-			-			(0.5	)		0.8			0.1			0.5		-
Other certain tax adjustments(8)		-			-			-			-			-			-			-			-			(35.2	)		35.2		0.18
As Adjusted	$	575.2		$	-		$	109.0		$	814.5		$	-		$	-		$	3.4		$	(78.5	)	$	91.7		$	411.2	$	2.07


FOR THE THREE MONTHS ENDED JUNE 30, 2024
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Restructuring and other cost reduction initiatives			Acquisition, integration, divestiture and related			Other income, net		Provision for income taxes			Net Earnings of Zimmer Biomet Holdings, Inc.		Diluted earnings per common share
As Reported	$	553.6		$	144.0		$	109.4		$	737.1		$	41.5		$	5.2		$	2.0	$	59.1		$	242.8	$	1.18
Inventory and manufacturing-related charges(1)		(2.7	)		-			-			-			-			-			-		1.2			1.5		0.01
Intangible asset amortization(2)		-			(144.0	)		-			-			-			-			-		29.4			114.6		0.56
Restructuring and other cost reduction initiatives(3)		-			-			-			-			(41.5	)		-			-		9.3			32.2		0.16
Acquisition, integration, divestiture and related(4)		-			-			-			-			-			(5.2	)		-		0.6			4.6		0.02
Litigation(5)		-			-			-			(0.1	)		-			-			-		-			0.1		-
European Union Medical Device Regulation(6)		-			-			(7.6	)		-			-			-			-		1.8			5.8		0.03
Other charges(7)		-			-			-			(0.2	)		-			-			4.1		1.4			2.9		0.01
Other certain tax adjustments(8)		-			-			-			-			-			-			-		(10.4	)		10.4		0.05
As Adjusted	$	550.9		$	-		$	101.8		$	736.7		$	-		$	-		$	6.1	$	92.4		$	415.0	$	2.01

Page 17 of 24


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(in millions, except per share amounts, unaudited)

FOR THE SIX MONTHS ENDED JUNE 30, 2025
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Research and development			Selling, general and administrative			Restructuring and other cost reduction initiatives			Acquisition, integration, divestiture and related			Other income, net			Interest expense, net			Provision for income taxes			Net Earnings of Zimmer Biomet Holdings, Inc.		Diluted earnings per common share
As Reported	$	1,142.0		$	311.6		$	223.9		$	1,573.5		$	53.5		$	89.5		$	6.9		$	(145.5	)	$	117.6		$	334.9	$	1.68
Inventory and manufacturing-related charges(1)		(23.2	)		-			-			-			-			-			-			-			6.8			16.4		0.08
Intangible asset amortization(2)		-			(311.6	)		-			-			-			-			-			-			60.8			250.8		1.26
Restructuring and other cost reduction initiatives(3)		-			-			-			-			(53.5	)		-			-			-			11.1			42.4		0.21
Acquisition, integration, divestiture and related(4)		-			-			-			-			-			(89.5	)		-			-			15.3			74.2		0.37
European Union Medical Device Regulation(6)		-			-			(8.7	)		-			-			-			-			-			1.9			6.8		0.04
Other charges(7)		-			-			-			(0.2	)		-			-			(0.5	)		5.6			2.8			2.5		0.01
Other certain tax adjustments(8)		-			-			-			-			-			-			-			-			(44.3	)		44.3		0.22
As Adjusted	$	1,118.8		$	-		$	215.3		$	1,573.4		$	-		$	-		$	6.4		$	(139.9

ZIMMER BIOMET HOLDINGS, INC. 8-K