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WARSAW, Ind. - Zimmer Biomet Holdings, Inc. (NYSE:ZBH), a global leader in medical technology with a market capitalization of $21.4 billion and a strong financial health rating according to InvestingPro, announced today that its Non-Executive Chairman, Christopher Begley, will retire from the Board of Directors at the company’s annual meeting of stockholders slated for May 29, 2025. Following Begley’s departure, President and CEO Ivan Tornos is set to assume the role of Chairman of the Board. Under current management, the company has demonstrated strong financial discipline, with InvestingPro data showing aggressive share buybacks and a 13-year track record of consistent dividend payments.
Begley, who joined the Zimmer Biomet Board in 2012 and has served as Non-Executive Chairman since August 2023, will be adhering to the mandatory director retirement age outlined in the company’s Corporate Governance Guidelines. His tenure included roles on the Corporate Governance and Compensation and Management Development Committees, and as Chair of the Quality, Regulatory and Technology Committee.
Tornos, who has been with the company as President and CEO, as well as previously as Chief Operating Officer, was praised by Begley for his leadership and is expected to continue driving value for the company’s stakeholders in his new role.
In addition to Tornos’s appointment, Michael Farrell will take on the position of Lead Independent (LON:IOG) Director upon Begley’s retirement. Farrell, a member of the Zimmer Biomet Board since 2014, currently serves as Chairman of the Compensation and Management Development Committee and is a member of the Quality, Regulatory and Technology Committee. He also holds the position of Chairman and Chief Executive Officer of ResMed Inc (NYSE:RMD).
Zimmer Biomet is recognized for its extensive portfolio aimed at enhancing mobility and health, integrating digital and robotic technologies in its product offerings. The company boasts over 90 years of industry leadership and operates in more than 25 countries, with sales in over 100 countries. With annual revenues of $7.7 billion and a healthy gross profit margin of 72%, analysts tracked by InvestingPro predict continued profitability, with the stock currently trading below its Fair Value. Discover more insights about ZBH and 1,400+ other stocks through InvestingPro’s comprehensive research reports.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. These statements reflect the company’s current expectations and are not guaranteed to be accurate. Zimmer Biomet does not undertake any obligation to publicly update any forward-looking statements.
In other recent news, Zimmer Biomet Holdings, Inc. has announced the issuance of new notes totaling $1.75 billion, with allocations of $600 million due in 2027, $550 million due in 2030, and $600 million due in 2035. The company also updated terms related to its merger agreement with Paragon 28, Inc., noting a special mandatory redemption clause for the 2030 and 2035 notes if the merger is not completed by the specified deadline. In the realm of analyst updates, Citi has maintained a Neutral rating on Zimmer Biomet with a price target of $118, citing a conservative full-year guidance with potential upside. Meanwhile, Truist Securities has adjusted its price target for the company to $113 from $118, maintaining a Hold rating due to EPS guidance for 2025 falling below consensus estimates. Truist also noted that Zimmer Biomet’s revenue forecast is conservative but positive, with expectations of product launches driving growth in the latter half of 2025.
Additionally, JMP Securities has maintained a Market Outperform rating with a $140 price target, expressing confidence in Zimmer Biomet’s Long Range Plan, which aims for mid-single-digit revenue growth and EPS growth at 1.5 times the revenue rate. The firm’s analysts believe the company is on track to meet its financial objectives for 2024 through 2026, despite some tempered expectations for 2025. Zimmer Biomet’s strategic initiatives and financial health remain closely watched by investors and analysts, with the company positioned to potentially deliver increased shareholder value through its operational efficiencies and growth strategies.
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