Zimmer Biomet (ZBH)
Makes joint-replacement implants and robotic systems for orthopedic surgery.
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Zimmer Biomet makes the artificial knees, hips and shoulders that surgeons implant, plus the robots and instruments used to fit them. Knee replacement is still the largest business and the slowest one. The growth is coming from the smaller bones — feet, ankles, shoulders, chests — and from the robots the company places in hospitals, which pull its implants in behind them.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 13 more below
Knees
The biggest line and the slowest: about $3.32B of 2025's $8.23B in sales, yet knee revenue was essentially flat last quarter while the wider knee market grew. Watch whether cementless implants and a new robot change that.
Competes with Triathlon Knee System (Stryker) · ATTUNE Knee (J&J MedTech) · JOURNEY / LEGION knees (Smith+Nephew)
In plain English
A worn-out knee gets its damaged surfaces shaved off and capped with metal and plastic parts that slide against each other the way cartilage used to. Zimmer Biomet makes those parts — Persona, NexGen, Vanguard, and the Oxford partial knee for people who need only half the joint replaced.
Money arrives one operation at a time. A hospital or a same-day surgery centre buys the set of parts for each case at a price agreed in advance, and the surgeon in the room picks the brand. There are so many such buyers that no single one is even two percent of sales. Prices drift down a little every year, so this line grows only if the number of operations does.
Hips
About $2.09B of 2025 sales and the quicker half of joint replacement, up around 5% last quarter. The Z1 stem is now over 40% of the company's U.S. hip stems. Watch how far the front-of-hip bundle spreads.
Competes with Accolade / Insignia hips (Stryker) · DePuy Synthes hips (J&J MedTech) · Smith+Nephew hips (Smith+Nephew)
In plain English
Two parts, one job: a metal stem driven into the thigh bone with a smooth ball on top, turning inside a cup set into the pelvis. Taperloc, Avenir, Z1 and the G7 cup are Zimmer Biomet's versions.
Winning a hip case is less about the ball than about making the operation easier. The company pairs its Z1 stem with HAMMR, a hand tool used in the operation itself, and with OrthoGrid, software that reads the live X-ray and shows the surgeon the angles. That bundle is aimed at surgeons who work through the front of the hip without a robot — and it is why hips, not knees, is the half of joint replacement that is speeding up.
S.E.T. — Sports Medicine, Extremities, Trauma, Craniomaxillofacial & Thoracic
Everything that is not a hip or a knee — sports-medicine anchors, shoulders, feet and ankles, broken bones, skull, jaw and chest. About $2.15B in 2025, now the second-largest line, and where the acquisitions have gone.
Competes with Sports-medicine portfolio (Arthrex) · Trauma portfolio (J&J MedTech) · Tornier / AltiVate shoulders (Stryker)
In plain English
Think of the rest of the skeleton. A torn shoulder ligament stitched back to bone with a tiny anchor; a shattered ankle held together by a plate and screws; a breastbone held closed again with a metal plate. Zimmer Biomet sells the hardware for all of it — JuggerKnot anchors, Gorilla ankle plates, Natural Nail rods, SternaLock chest plates.
Each case is a small sale, and many of them now happen in same-day surgery centres rather than hospitals, which suits the company. This is where it has been buying and building, and the pile has grown big enough to pass hips as the second-largest line. Not every piece is moving forward: broken-bone hardware and an older knee-injection line have both been shrinking.
Paragon 28
Foot-and-ankle implants, bought in April 2025 for roughly $1.2 billion and left running as its own business. Growing mid-teens last quarter. Watch whether it reaches the same-day surgery centres it had barely touched.
Competes with Foot & ankle portfolio (Stryker) · Lapiplasty (Treace Medical Concepts) · Foot & ankle portfolio (Enovis)
In plain English
Feet and ankles hold a lot of small bones, and fixing them takes a big catalogue of small, oddly shaped plates and screws. Paragon 28 built that catalogue, and its own sales team calling on foot-and-ankle surgeons.
Zimmer Biomet bought the company in 2025 and, unusually, left it alone — same people, same sales channel. The trade runs both ways: Paragon 28 brings the specialist surgeons, and Zimmer Biomet brings standing relationships with the same-day surgery centres where foot operations increasingly happen and where Paragon 28 had little presence. Management calls it the template for the acquisitions that follow.
Comprehensive Shoulder / Identity
Shoulder replacement systems, including stemless versions, in a worldwide market of roughly a couple of billion dollars. The company's upper-limb lines grew high single digits last quarter, and an updated ROSA shoulder robot cleared the FDA in May 2026.
Competes with Tornier / AltiVate shoulders (Stryker) · Univers shoulders (Arthrex)
In plain English
Replacing a shoulder is fiddlier work than a knee — there is less bone to anchor into, and the joint is shallow. Comprehensive and Identity are Zimmer Biomet's kits for the job, including versions that skip the long stem down the arm bone altogether.
It is a much smaller market than hips or knees, and a faster-growing one for the company. It is also one of the joints the ROSA robot now helps with, which matters commercially: a hospital that already owns the machine for knee work can put it to a second use, and the implants tend to follow the robot.
ZBEdge — ROSA robots, navigation, bone cement and surgical products
Robots, navigation software, bone cement and operating-room products — roughly $665M in 2025, the smallest of the four lines and the fastest, up over 21% last quarter. Its real job is pulling implants along behind every machine placed.
Competes with Mako SmartRobotics (Stryker) · VELYS knee robot (J&J MedTech)
In plain English
A surgical robot does not operate on anyone. It holds a cutting guide exactly where the plan says it should sit, so the saw goes where it was meant to — a jig on a woodworking bench, scaled up and wheeled into an operating room. ROSA does this for knees, hips and shoulders, and the software around it keeps the plan and the results.
The machine is sold once, and that sale is the small part. What counts is that a hospital with a ROSA tends to buy Zimmer Biomet implants to run on it for years afterwards. Stryker got there first: more than two-thirds of its U.S. knee operations were running on its Mako robots at the end of 2025.
Monogram autonomous knee robot
A semi-automatic, scan-guided knee robot bought in October 2025 for $377.5M including payments tied to milestones. No revenue: the combined system still needs FDA clearance, which the company said in August 2026 it was close to filing for.
Competes with Mako haptic-boundary knee robot (Stryker) · VELYS imageless knee robot (J&J MedTech)
In plain English
Zimmer Biomet did not build this one; it bought it. Monogram's system takes a detailed scan of the patient's own knee beforehand, plans the cuts from it, and is designed to make those cuts semi-automatically rather than only steering the surgeon's hand.
Nothing is sold yet. The price was up to $377.5 million, part of it payable only if the technology hits agreed marks, and the combined Zimmer Biomet version still needs a sign-off from the FDA that the company said in August 2026 it was about to apply for. The reason to bother is plain: knees are the biggest business and the slowest, and this is the fix the company has picked.
KneesThe biggest line and the slowest: about $3.32B of 2025's $8.23B in sales, yet knee revenue was essentially flat last quarter while the wider knee market grew. Watch whether cementless implants and a new robot change that.The biggest line and the slowest: about $3.32B of 2025's $8.23B in sales, yet knee revenue was essentially flat last quarter while the wider knee market grew. Watch whether cementless implants and a new robot change that.
In plain English
A worn-out knee gets its damaged surfaces shaved off and capped with metal and plastic parts that slide against each other the way cartilage used to. Zimmer Biomet makes those parts — Persona, NexGen, Vanguard, and the Oxford partial knee for people who need only half the joint replaced.
Money arrives one operation at a time. A hospital or a same-day surgery centre buys the set of parts for each case at a price agreed in advance, and the surgeon in the room picks the brand. There are so many such buyers that no single one is even two percent of sales. Prices drift down a little every year, so this line grows only if the number of operations does.
Competes with Triathlon Knee System (Stryker) · ATTUNE Knee (J&J MedTech) · JOURNEY / LEGION knees (Smith+Nephew)
HipsAbout $2.09B of 2025 sales and the quicker half of joint replacement, up around 5% last quarter. The Z1 stem is now over 40% of the company's U.S. hip stems. Watch how far the front-of-hip bundle spreads.About $2.09B of 2025 sales and the quicker half of joint replacement, up around 5% last quarter. The Z1 stem is now over 40% of the company's U.S. hip stems. Watch how far the front-of-hip bundle spreads.
In plain English
Two parts, one job: a metal stem driven into the thigh bone with a smooth ball on top, turning inside a cup set into the pelvis. Taperloc, Avenir, Z1 and the G7 cup are Zimmer Biomet's versions.
Winning a hip case is less about the ball than about making the operation easier. The company pairs its Z1 stem with HAMMR, a hand tool used in the operation itself, and with OrthoGrid, software that reads the live X-ray and shows the surgeon the angles. That bundle is aimed at surgeons who work through the front of the hip without a robot — and it is why hips, not knees, is the half of joint replacement that is speeding up.
Competes with Accolade / Insignia hips (Stryker) · DePuy Synthes hips (J&J MedTech) · Smith+Nephew hips (Smith+Nephew)
S.E.T. — Sports Medicine, Extremities, Trauma, Craniomaxillofacial & ThoracicEverything that is not a hip or a knee — sports-medicine anchors, shoulders, feet and ankles, broken bones, skull, jaw and chest. About $2.15B in 2025, now the second-largest line, and where the acquisitions have gone.Everything that is not a hip or a knee — sports-medicine anchors, shoulders, feet and ankles, broken bones, skull, jaw and chest. About $2.15B in 2025, now the second-largest line, and where the acquisitions have gone.
In plain English
Think of the rest of the skeleton. A torn shoulder ligament stitched back to bone with a tiny anchor; a shattered ankle held together by a plate and screws; a breastbone held closed again with a metal plate. Zimmer Biomet sells the hardware for all of it — JuggerKnot anchors, Gorilla ankle plates, Natural Nail rods, SternaLock chest plates.
Each case is a small sale, and many of them now happen in same-day surgery centres rather than hospitals, which suits the company. This is where it has been buying and building, and the pile has grown big enough to pass hips as the second-largest line. Not every piece is moving forward: broken-bone hardware and an older knee-injection line have both been shrinking.
Competes with Sports-medicine portfolio (Arthrex) · Trauma portfolio (J&J MedTech) · Tornier / AltiVate shoulders (Stryker)
Paragon 28Foot-and-ankle implants, bought in April 2025 for roughly $1.2 billion and left running as its own business. Growing mid-teens last quarter. Watch whether it reaches the same-day surgery centres it had barely touched.Foot-and-ankle implants, bought in April 2025 for roughly $1.2 billion and left running as its own business. Growing mid-teens last quarter. Watch whether it reaches the same-day surgery centres it had barely touched.
In plain English
Feet and ankles hold a lot of small bones, and fixing them takes a big catalogue of small, oddly shaped plates and screws. Paragon 28 built that catalogue, and its own sales team calling on foot-and-ankle surgeons.
Zimmer Biomet bought the company in 2025 and, unusually, left it alone — same people, same sales channel. The trade runs both ways: Paragon 28 brings the specialist surgeons, and Zimmer Biomet brings standing relationships with the same-day surgery centres where foot operations increasingly happen and where Paragon 28 had little presence. Management calls it the template for the acquisitions that follow.
Competes with Foot & ankle portfolio (Stryker) · Lapiplasty (Treace Medical Concepts) · Foot & ankle portfolio (Enovis)
Comprehensive Shoulder / IdentityShoulder replacement systems, including stemless versions, in a worldwide market of roughly a couple of billion dollars. The company's upper-limb lines grew high single digits last quarter, and an updated ROSA shoulder robot cleared the FDA in May 2026.Shoulder replacement systems, including stemless versions, in a worldwide market of roughly a couple of billion dollars. The company's upper-limb lines grew high single digits last quarter, and an updated ROSA shoulder robot cleared the FDA in May 2026.
In plain English
Replacing a shoulder is fiddlier work than a knee — there is less bone to anchor into, and the joint is shallow. Comprehensive and Identity are Zimmer Biomet's kits for the job, including versions that skip the long stem down the arm bone altogether.
It is a much smaller market than hips or knees, and a faster-growing one for the company. It is also one of the joints the ROSA robot now helps with, which matters commercially: a hospital that already owns the machine for knee work can put it to a second use, and the implants tend to follow the robot.
Competes with Tornier / AltiVate shoulders (Stryker) · Univers shoulders (Arthrex)
ZBEdge — ROSA robots, navigation, bone cement and surgical productsRobots, navigation software, bone cement and operating-room products — roughly $665M in 2025, the smallest of the four lines and the fastest, up over 21% last quarter. Its real job is pulling implants along behind every machine placed.Robots, navigation software, bone cement and operating-room products — roughly $665M in 2025, the smallest of the four lines and the fastest, up over 21% last quarter. Its real job is pulling implants along behind every machine placed.
In plain English
A surgical robot does not operate on anyone. It holds a cutting guide exactly where the plan says it should sit, so the saw goes where it was meant to — a jig on a woodworking bench, scaled up and wheeled into an operating room. ROSA does this for knees, hips and shoulders, and the software around it keeps the plan and the results.
The machine is sold once, and that sale is the small part. What counts is that a hospital with a ROSA tends to buy Zimmer Biomet implants to run on it for years afterwards. Stryker got there first: more than two-thirds of its U.S. knee operations were running on its Mako robots at the end of 2025.
Competes with Mako SmartRobotics (Stryker) · VELYS knee robot (J&J MedTech)
Monogram autonomous knee robotA semi-automatic, scan-guided knee robot bought in October 2025 for $377.5M including payments tied to milestones. No revenue: the combined system still needs FDA clearance, which the company said in August 2026 it was close to filing for.A semi-automatic, scan-guided knee robot bought in October 2025 for $377.5M including payments tied to milestones. No revenue: the combined system still needs FDA clearance, which the company said in August 2026 it was close to filing for.
In plain English
Zimmer Biomet did not build this one; it bought it. Monogram's system takes a detailed scan of the patient's own knee beforehand, plans the cuts from it, and is designed to make those cuts semi-automatically rather than only steering the surgeon's hand.
Nothing is sold yet. The price was up to $377.5 million, part of it payable only if the technology hits agreed marks, and the combined Zimmer Biomet version still needs a sign-off from the FDA that the company said in August 2026 it was about to apply for. The reason to bother is plain: knees are the biggest business and the slowest, and this is the fix the company has picked.
Competes with Mako haptic-boundary knee robot (Stryker) · VELYS imageless knee robot (J&J MedTech)
Named in filings, launches and programs
- iTaperloc Complete / iG7 with Iodine TechnologyProduct · RampingHip implants with an iodine surface meant to stop bacteria taking hold; approved in Japan in 2025, where management says the launch is beating expectations.
- Persona IQ / Persona OsseoTiProductA knee implant with sensors built in, and a cementless porous-titanium version; both named as launch drivers for the knee line.
- Z1 Hip ImplantProduct · RampingTriple-taper hip stem, now over 40% of the company's U.S. hip stems and nearing 100,000 implants worldwide.
- HAMMRProduct · RampingA hand tool used during hip surgery, now part of over a quarter of U.S. first-time hip operations.
- OrthoGrid Hip AIPlatformSoftware that reads the live X-ray to guide front-of-hip surgery, bought in 2024; it logged as many cases in early 2026 as in all of 2025.
- ROSA Shoulder, next generationProduct · RampingThe updated shoulder robot cleared the FDA in May 2026, with the first operations done the same quarter.
- TMINI Miniature Handheld Robotic SystemProductA small handheld knee robot Zimmer Biomet sells under an agreement with THINK Surgical — a small-footprint option for surgery centres.
- JuggerKnot Soft Anchor System / EmbodyBrandAll-suture anchors for reattaching soft tissue to bone, plus Embody, the soft-tissue healing business bought in 2023.
- Natural Nail / Gorilla Ankle Fracture PlatingBrandRods and plates for broken bones — one of the two pieces of S.E.T. running backwards.
- SternaLock / CMFT closureBrandPlates for skull, jaw and chest bones; this line grew double digits last quarter on chest procedures.
- ioveraProduct · RampingA device that quiets nerves by freezing them, bought from Pacira in 2026 for $70M up front plus up to $70M in milestone payments.
- Mobility Revolution FundEcosystemA venture fund run by Deerfield Management with Hospital for Special Surgery; Zimmer Biomet is its exclusive orthopedic investor.
- Bengaluru global capability centreService · RampingA research and shared-services hub opened in India in 2026, with 500 hires planned over three years.
iTaperloc Complete / iG7 with Iodine TechnologyProduct · Ramping
Hip implants with an iodine surface meant to stop bacteria taking hold; approved in Japan in 2025, where management says the launch is beating expectations.
Persona IQ / Persona OsseoTiProduct
A knee implant with sensors built in, and a cementless porous-titanium version; both named as launch drivers for the knee line.
Z1 Hip ImplantProduct · Ramping
Triple-taper hip stem, now over 40% of the company's U.S. hip stems and nearing 100,000 implants worldwide.
HAMMRProduct · Ramping
A hand tool used during hip surgery, now part of over a quarter of U.S. first-time hip operations.
OrthoGrid Hip AIPlatform
Software that reads the live X-ray to guide front-of-hip surgery, bought in 2024; it logged as many cases in early 2026 as in all of 2025.
ROSA Shoulder, next generationProduct · Ramping
The updated shoulder robot cleared the FDA in May 2026, with the first operations done the same quarter.
TMINI Miniature Handheld Robotic SystemProduct
A small handheld knee robot Zimmer Biomet sells under an agreement with THINK Surgical — a small-footprint option for surgery centres.
JuggerKnot Soft Anchor System / EmbodyBrand
All-suture anchors for reattaching soft tissue to bone, plus Embody, the soft-tissue healing business bought in 2023.
Natural Nail / Gorilla Ankle Fracture PlatingBrand
Rods and plates for broken bones — one of the two pieces of S.E.T. running backwards.
SternaLock / CMFT closureBrand
Plates for skull, jaw and chest bones; this line grew double digits last quarter on chest procedures.
ioveraProduct · Ramping
A device that quiets nerves by freezing them, bought from Pacira in 2026 for $70M up front plus up to $70M in milestone payments.
Mobility Revolution FundEcosystem
A venture fund run by Deerfield Management with Hospital for Special Surgery; Zimmer Biomet is its exclusive orthopedic investor.
Bengaluru global capability centreService · Ramping
A research and shared-services hub opened in India in 2026, with 500 hires planned over three years.