Zimmer Biomet Holdings, Inc. (ZBH), headquartered in Warsaw, Indiana, designs, manufactures, and sells medical equipment. Valued at $18.7 billion by market cap, the company offers orthopedic, dental, and spinal reconstructive implants, as well as bone cement and related surgical products. Shares of medical device giant have underperformed the broader market over the past year.
ZBH has declined 3.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 20.6%. In 2026, ZBH stock is up 10.7%, compared to the SPX's 13.9% rise on a YTD basis. Mark Cuban Says If You Win The Lottery, Don't Take The Lump Sum — And Tell People Who Ask for Money No, But 'Be Nice.
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Narrowing the focus, ZBH's outperformance is apparent compared to the iShares U.S. Medical Devices ETF (IHI). The exchange-traded fund has declined about 9.2% over the past year.
Moreover, the stock's low double-digit returns on a YTD basis outshine the ETF's 9.7% losses over the same time frame. ZBH's mixed performance reflects strong domestic momentum that was partially offset by persistent operational and international hurdles. Growth was primarily fueled by U.S. hip market share gains via its "hip triple play," over 50% domestic expansion in technology and ROSA robotics, and robust S.E.T. sales following the Paragon 28 acquisition.
However, these gains were diluted by international headwinds, such as China's volume-based procurement, alongside price erosion and softness in non-core trauma and restorative therapies. Furthermore, operating margins faced short term pressure as the company heavily invested in transforming its U.S. sales force and establishing new manufacturing facilities in Costa Rica and India. On Aug. 5, ZBH shares closed up by 2.5% after reporting its Q2 results.
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