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January 2026 From Turnaround to Transformation JP Morgan Presentation 2026
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2 Disclaimer Cautionary Note Regarding Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding sales and earnings, financial guidance, and any 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 our acquisitions, including the possibility that the expected benefits from such transactions will not be realized or will not be realized within the expected time period; the risk that the acquired businesses will not be integrated successfully; 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, service providers, agents, employees, sales representatives 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 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. Recipients of this presentation 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 presentation. Non-GAAP Financial Measures: This presentation refers to certain 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. 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 our performance and the transaction. 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 financial measures. In addition, certain of these non-GAAP financial measures are used as performance metrics in our incentive compensation programs. Forward looking information is not adjusted to give effect to accounting requirements for discontinued operations. Unless otherwise noted, all measures in this presentation are on an adjusted and constant currency basis. 2
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3 2018 Sales by Category 4% Other 22% S.E.T. 24% Hip 35% Knee 10% Spine1 5% Dental 1. Spine includes CMF in 2018 ~3% #1 IN WW HIPS & KNEES NET DEBT SUPPLY CHAIN REMEDIATION WAMGR >10% Employee turnover rate ENGAGEMENT $8.4B VITALITY INDEXNEW PRODUCT LAUNCHES 8 Launches 3 FDA warning letters & DOJ monitorship But ceding market share Significantly below peers 3+ Days of back orders entering 2018 2018
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4 2025 Sales by Category (3Q25) 8% Tech & Data, Bone Cement, and Surgical 27% S.E.T.1 25% Hip 40% Knee 3 FDA warning letters & DOJ monitorship ~3% #1 IN WW HIPS & KNEES NET DEBT (3Q25) SUPPLY CHAIN REMEDIATION WAMGR >10% Employee turnover rate ENGAGEMENT But ceding market share $8.4B Significantly below peers VITALITY INDEX 3+ Days of back orders entering 2018 NEW PRODUCT LAUNCHES 8 Launches Improved Market Share Trends RESOLVED >50 Upcoming Launches >3x Increase <1 Day backorder ~4% $6.8B High engagement scores 1. S.E.T. includes CMF & acquired revenue from Paragon 28 which closed during Q2 2025 2025 – The Turnaround
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5 Markets Innovation Commercial Execution • Current WAMGR ~4% • Volume growth stable • Rapid shift to ASCs and Robotics • Mix opportunities • Up to 100bps of annual price erosion • Addressing awareness, efficiency, safety, and outcomes • Closed core portfolio gaps with opportunities to continue to strengthen product offerings in S.E.T. & DTS • Introducing first-to-world technology to change standard-of-care (Iodine-Treated Hip System, Smart Implants, Robotics, F&A…) • New leadership • Alignment of sales incentives • Launch – not release – products • Salesforce specialization • Improve right to win in ASCs and Robotics • Optimize International strategies 5 2026 and Beyond
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6 Strengthening Global Commercial Channels Largest contributor to sales and profit United States International Increase salesforce specialization and accelerate channel ownership Address productivity gaps in core channel Expand ASC product offerings and field team Increase presence in data and technology Develop more durable go-to-market models Product portfolio optimization 6
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7 +3.5x Robotics1 +4x ASCs +1.5x CMFT US Salesforce Specialization: A Multi-Year Strategy 7 Expected Increase in Specialized Sales Reps from 2024 through 2027 Drive sales growth and improve consistency of execution 1. Includes capital sales, clinical sales, and field service engineers 2. Includes Paragon 28 sales reps as part of the acquisition that closed on April 21, 2025 >5x Sports Med and Upper Extremities +1.5x Lower Extremities2
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8 Building Blocks for 2026 8 T empered Sales Growth Outlook EPS Growth In-line with Sales Free Cash Flow Growth Faster than EPS Return of Capital to Shareholders
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9 Looking Ahead Strengthening Global Commercial Channels Driving Operating Margins and Free Cash Flow 9 Innovating to Change the Standard of Care Accelerating WAMGR PEOPLE AND CULTURE INNOVATION AND DIVERSIFICATION OPERATIONAL EXCELLENCE Driving Three Key Priorities… …To Transform The Future 2030+TODAY Transfer to Transform beyond MSK Restore vs. Replace Predict and Personalize vs. Explore Destination Workplace Robust Operating Leverage and Free Cash Flow Generation
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Moving You Forward. TM