From new partnerships to FDA approvals, here are eight Zimmer Biomet milestones that have occurred so far in 2024:
1. Zimmer Biomet signed a multiyear co-marketing agreement with RevelAi Health to commercialize artificial intelligence-powered care management platforms and other products.
2. Zimmer Biomet entered a limited distribution agreement with Think Surgical to offer the Tmini wireless handheld robot for total knee replacement. Under the agreement, Zimmer Biomet's technology will be integrated into the Tmini robots.
3. In May, Zimmer Biomet outlined a three-year plan to bring above-market growth by the end of 2027. The company's long-range plan aims for mid-single-digit constant currency consolidated revenue CAGR, adjusted earnings per share of at least 1.5 times revenue growth and free cash flow growing at least 100 basis points faster than adjusted EPS.
4. Zimmer Biomet partnered with CBRE Group to develop orthopedic ASCs as part of a larger plan toward above-market growth. CBRE is the world's largest commercial real estate services and investment firm, and the partnership aims to expand patient access to Zimmer Biomet's orthopedic technology.
5. Zimmer Biomet struck a partnership with three of the top pickleball organizations in the U.S., becoming the first and only medical device partner within pickleball.
6. ZimVie, Zimmer Biomet's spine and dental spinoff, made its exit from the spine market after a tumultuous year, selling the business to global investment firm H.I.G. Capital.
7. Zimmer Biomet earned FDA clearance for the Rosa Shoulder robot. Rosa Shoulder will be the world's first robotic system for shoulder replacement, and it is Zimmer Biomet's fourth application for Rosa robotics
8. Zimmer Biomet is laid off 3% of its workforce as part of a global restructuring that is expected to save the company $200 million by 2025.