How well-positioned is Zimmer Biomet for 2024?

Orthopedic

With a new CEO at the helm, Zimmer Biomet has had a strong year. Here's what to know going into 2024.

1. Zimmer Biomet saw year-over-year revenue growth in the first, second and third quarters of the year.

2. Ivan Tornos, Zimmer Biomet's former COO, was promoted to CEO in August. He joined Zimmer Biomet in 2018 as group president of orthopedics.

3. Nitin Goyal, MD, a hip and knee reconstruction surgeon was added to Zimmer Biomet's executive leadership team.

4. The company has its eyes on biologics. In January it signed an agreement to acquire Embody, an orthobiologics company, for $155 million. Zimmer Biomet also partnered with HippoFi to develop and launch a novel synthetic biomaterial for bone growth.

5. Zimmer Biomet's Persona IQ smart knee implant earned CMS' New Technology Add-on Payment. The NTAP indication went into effect in October and will enable an additional payment of about $850 more per knee.

6. In August, CEO Bryan Hanson said Zimmer Biomet has 40 product launches in the pipeline from 2023 through 2025.

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