季報
季度報告
10-Q
2026-08-05
Zimmer Biomet第二季銷售增4.8%至21.77億美元 淨利潤升29.7%
AI 繁中摘要
Zimmer Biomet（ZBH）公布截至2026年6月30日第二季度（2026財年Q2）業績，期內淨銷售額按年增長約4.8%至21.77億美元（2025年同期為20.77億美元）；上半年累計銷售額42.64億美元，按年增長約7.0%。季內錄得歸屬於公司淨利潤1.983億美元，按年增長約29.7%；每股攤薄盈利1.03美元，去年同期為0.77美元。上半年淨利潤4.365億美元，每股攤薄盈利2.25美元。📊
按產品類別劃分，Q2膝關節產品銷售8.289億美元（微增0.4%），髖關節產品5.627億美元（增長5.0%），S.E.T.（運動醫學、上肢、足踝、創傷、顱頜面及胸科）5.860億美元（增長6.4%），科技與數據、骨水泥及外科產品1.994億美元（增長21.1%）。美國市場Q2銷售12.399億美元（增長5.6%），國際市場9.370億美元（增長3.7%）。
期內營運利潤3.261億美元，按年增長8.7%；惟銷售、一般及行政開支上升至8.993億美元（增長10.4%），部分反映收購相關及投資增加。公司於2025年完成收購Paragon 28（足踝專科）及Monogram Technologies（骨科機械人），相關收購帶動足踝及機械人技術組合擴充；截至2026年6月30日，兩項收購的購買價分配已定案，Paragon 28產生商譽6.131億美元，Monogram產生商譽2.636億美元。Monogram的IPR&D無形資產達1.315億美元，預期2027年開始商業化。🦿
現金流方面，上半年經營現金流8.072億美元，按年增加4,620萬美元；資本開支（儀器及廠房設備）合共約2.531億美元。期內公司回購普通股5.008億美元（去年同期2.37億美元），並派發股息每股0.48美元（共9,220萬美元）。截至季末，現金及等價物為4.10億美元，總債務約74.79億美元（含一年內到期部分）。
公司2025年重組計劃預期至2027年底產生稅前重組開支約1.55億美元，截至2026年6月30日已累計確認1.465億美元，季內再確認340萬美元。管理層並無在10-Q中提供全年盈利指引，但強調將繼續透過重組、收購整合及機械人技術商業化推動長期增長。📈
對投資者而言，業績顯示核心業務穩健增長，惟毛利率受產品組合及收購攤銷影響，加上持續回購及重組開支，短期盈利能見度或受壓；可留意Monogram機械人產品2027年商業化進展及足踝業務整合成效。
展開英文正文
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` UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2026 Commission File Number 001-16407 ZIMMER BIOMET HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 13-4151777 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 345 East Main Street, Warsaw, IN 46580 (Address of principal executive offices) Telephone: (574) 373-3333 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value ZBH New York Stock Exchange 2.425% Notes due 2026 ZBH 26 New York Stock Exchange 1.164% Notes due 2027 ZBH 27 New York Stock Exchange 3.518% Notes due 2032 ZBH 32 New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of July 30, 2026, 190,737,689 shares of the registrant’s $.01 par value common stock were outstanding. ZIMMER BIOMET HOLDINGS, INC. INDEX TO FORM 10-Q June 30, 2026 Page Part I - Financial Information Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2026 and 2025 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 4 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 5 Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 7 Notes to Interim Condensed Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 Part II - Other Information Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39 Signatures 40 2 Part I – Financial Information Item 1. Financial Statements ZIMMER BIOMET HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share amounts, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net Sales $ 2,177.0 $ 2,077.3 $ 4,263.7 $ 3,986.4 Cost of products sold, excluding intangible asset amortization 635.5 592.2 1,211.6 1,142.0 Intangible asset amortization 163.4 160.6 325.5 311.6 Research and development 104.8 113.3 208.2 223.9 Selling, general and administrative 899.3 814.8 1,749.3 1,573.5 Restructuring and other cost reduction initiatives 29.8 17.5 36.1 53.5 Acquisition, integration, divestiture and related 18.1 78.9 33.7 89.5 Operating expenses 1,850.9 1,777.3 3,564.4 3,394.0 Operating Profit 326.1 300.0 699.2 592.3 Other income (expense), net 1.9 3.9 (1.1 ) 6.9 Interest expense, net (72.9 ) (79.3 ) (141.7 ) (145.5 ) Earnings before income taxes 255.1 224.6 556.4 453.6 Provision for income taxes 55.5 71.2 118.5 117.6 Net Earnings 199.6 153.4 437.9 336.0 Less: Net earnings attributable to noncontrolling interest 1.3 0.6 1.5 1.1 Net Earnings of Zimmer Biomet Holdings, Inc. $ 198.3 $ 152.8 $ 436.5 $ 334.9 Earnings Per Common Share Basic $ 1.03 $ 0.77 $ 2.25 $ 1.69 Diluted $ 1.03 $ 0.77 $ 2.25 $ 1.68 Weighted Average Common Shares Outstanding Basic 192.2 197.9 193.6 198.4 Diluted 192.8 198.3 194.3 199.0 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 ZIMMER BIOMET HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net Earnings of Zimmer Biomet Holdings, Inc. $ 198.3 $ 152.8 $ 436.5 $ 334.9 Other Comprehensive Income (Loss): Foreign currency cumulative translation adjustments, net of tax 22.1 40.6 22.4 65.4 Unrealized cash flow hedge gains (losses), net of tax 10.7 (23.3 ) 30.6 (55.4 ) Reclassification adjustments on hedges, net of tax (6.9 ) (12.7 ) (12.9 ) (30.0 ) Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax 0.6 (1.9 ) 1.7 (1.7 ) Total Other Comprehensive Income (Loss) 26.5 2.7 41.8 (21.7 ) Comprehensive Income Attributable to Zimmer Biomet Holdings, Inc. $ 224.8 $ 155.5 $ 478.3 $ 313.2 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 ZIMMER BIOMET HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share amounts, unaudited) June 30, December 31, 2026 2025 ASSETS Current Assets: Cash and cash equivalents $ 410.0 $ 591.9 Accounts receivable, less allowance for credit losses 1,769.5 1,704.4 Inventories 2,270.3 2,286.4 Prepaid expenses and other current assets 646.9 537.3 Total Current Assets 5,096.7 5,119.9 Property, plant and equipment, net 2,236.8 2,207.1 Goodwill 9,919.5 9,947.1 Intangible assets, net 4,461.6 4,717.3 Other assets 1,083.3 1,100.3 Total Assets $ 22,797.8 $ 23,091.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 352.4 $ 303.0 Salaries, wages and benefits 334.3 477.1 Other current liabilities 1,125.3 1,216.5 Current portion of long-term debt 1,201.5 587.1 Total Current Liabilities 3,013.5 2,583.7 Deferred income taxes, net 235.6 244.1 Other long-term liabilities 638.7 626.1 Long-term debt 6,277.5 6,932.0 Total Liabilities 10,165.3 10,386.0 Commitments and Contingencies (Note 16) Stockholders' Equity: Zimmer Biomet Holdings, Inc. Stockholders' Equity: Common stock, $0.01 par value, one billion shares authorized, 319.4 million shares as of June 30, 2026 (318.7 million as of December 31, 2025) issued 3.2 3.2 Paid-in capital 10,223.2 10,178.6 Retained earnings 11,955.1 11,611.0 Accumulated other comprehensive loss (163.9 ) (205.7 ) Treasury stock, 128.8 million shares as of June 30, 2026 (123.2 million as of December 31, 2025) (9,393.7 ) (8,889.4 ) Total Zimmer Biomet Holdings, Inc. stockholders' equity 12,623.9 12,697.7 Noncontrolling interest 8.7 8.1 Total Stockholders' Equity 12,632.5 12,705.8 Total Liabilities and Stockholders' Equity $ 22,797.8 $ 23,091.7 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 ZIMMER BIOMET HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in millions, except per share amounts, unaudited) Zimmer Biomet Holdings, Inc. Stockholders Accumulated Other Total Common Shares Paid-in Retained Comprehensive Treasury Shares Noncontrolling Stockholders' Number Amount Capital Earnings (Loss) Income Number Amount Interest Equity Balance April 1, 2026 319.3 $ 3.2 $ 10,199.3 $ 11,802.5 $ (190.4 ) (125.9 ) $ (9,141.3 ) $ 8.2 $ 12,681.6 Net earnings - - - 198.3 - - - 1.3 199.6 Other comprehensive income - - - - 26.5 - - - 26.5 Cash dividends declared ($0.24 per share) - - - - (45.8 ) - - - - (45.8 ) Cash dividends to noncontrolling interest - - - - - - (0.8 ) (0.8 ) Stock compensation plans 0.1 - 23.8 - - - - -