Risk Sleuth
ZBH · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Zimmer Biomet Holdings

34 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Group purchasing organizations

earns fromnamed as a risk
Our failure to respond to the cost-containment efforts of group purchasing organizations may cause us to lose market share to our competitors and could have a material adverse effect on our sales and results of operations.Risk factors (Item 1A)

Also named by BAX, BDX, BSX, CDW, EW, GMED, GWW, SYY and 1 more

European public hospitals

earns fromnamed as a risk
Since we sell products to public hospitals in those countries, we are indirectly exposed to government budget constraints and price reduction initiatives.Market risk (Item 7A)

Suppliers

Single-source suppliers

depends onnamed as a risk
Certain of these materials and components and outsourced activities can only be obtained from a single source or a limited number of sources due to quality considerations, expertise, costs or constraints resulting from regulatory requirements.Risk factors (Item 1A)

Also named by ACHR, AMAT, BAX, BSX, BWXT, CL, DOV, EL and 11 more

Contract sterilizers (ethylene oxide sterilization)

depends onnamed as a risk
To the extent we or our contract sterilizers are or may become unable to sterilize our products or provide sterilization services to us or to our customers, whether caused by insufficient capacity; unavailability of materials for sterilization; regulatory or other restrictions on the use of certain sterilizing methods such as use of ethylene oxide; the bankruptcy or other financial constraints of the sterilizer (as we experienced with respect to one sterilization supplier in 2024); or otherwise, we may be unable to transition to other contract sterilizers, sterilizer locations or sterilization methods in a timely or cost effective manner or at all, which could have a material impact on our results of operations and financial condition.Risk factors (Item 1A)

Also named by BSX

Partners and platforms

U.S. independent sales agents and distributors

depends onnamed as a risk
We are converting substantial portions of our U.S. sales force from independent distributors and sales representatives to our employees in a multi-year initiative.Risk factors (Item 1A)

Seikagaku Corporation

depends on
Gel-One® is a registered trademark of Seikagaku Corporation.Business (Item 1)

Other companies

ZimVie Inc. spinoff tax treatment

named as a risk
If the spinoff, or the subsequent divestiture of our retained interest in ZimVie, does not qualify for tax-free treatment for U.S. federal income tax purposes, the resulting tax liability to us, to our stockholders and to ZimVie stockholders could be substantial.Risk factors (Item 1A)

Competitors

Johnson & Johnson MedTech

competes with
In the global markets for our knees, hips, and S.E.T. products, our major competitors include Johnson & Johnson MedTech (formerly the DePuy Synthes Companies of Johnson & Johnson), Stryker Corporation and Smith & Nephew plc.Business (Item 1)

Also named by SYK

Smith & Nephew plc

competes with
In the global markets for our knees, hips, and S.E.T. products, our major competitors include Johnson & Johnson MedTech (formerly the DePuy Synthes Companies of Johnson & Johnson), Stryker Corporation and Smith & Nephew plc.Business (Item 1)

Also named by SYK

Stryker Corporation

competes with
In the global markets for our knees, hips, and S.E.T. products, our major competitors include Johnson & Johnson MedTech (formerly the DePuy Synthes Companies of Johnson & Johnson), Stryker Corporation and Smith & Nephew plc.Business (Item 1)

Places

Non-U.S. markets

earns from · approximately 42 percent of our net salesnamed as a risk
We sell our products in more than 100 countries and derived approximately 42 percent of our net sales in 2025 from outside the U.S.Risk factors (Item 1A)

Also named by ABT, DELL, DOV, IBM, ITW, LRCX, MA, MDLZ and 4 more

United States

earns from · approximately 95 percent of net sales in this region
The U.S. accounted for approximately 95 percent of net sales in this region in 2025.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Japan

earns from · approximately 50 percent of the region’s net sales
Japan is the largest market within this segment, accounting for approximately 50 percent of the region’s net sales in 2025.Business (Item 1)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more

France, Germany, Italy, Spain and United Kingdom

earns from · approximately 50 percent of net sales in the region
France, Germany, Italy, Spain and the United Kingdom (the “UK”) collectively accounted for approximately 50 percent of net sales in the region in 2025.Business (Item 1)

Warsaw, Indiana

operates in
Our primary research and development facilities are located in Warsaw, Indiana; Montreal, Quebec, Canada; Denver, Colorado; Jacksonville, Florida; Austin, Texas; Zug, Switzerland and Beijing, China.Business (Item 1)

Hazards

China–Taiwan conflict

named as a risk
The effects of emerging, expanding and new conflicts, such as a possible expansion of the Russian-Ukrainian conflict, conflicts in the Middle East, or a possible conflict involving China and Taiwan, may not be limited to the specific markets involved.Risk factors (Item 1A)

Also named by CW, FND, GGG, HLMN

Commodities and inputs

Euro

exposed to its pricenamed as a risk
Significant increases in the value of the U.S. Dollar relative to the Euro, the Japanese Yen, the Swiss Franc or other currencies could have a material adverse effect on our results of operations.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Japanese Yen

exposed to its pricenamed as a risk
A substantial portion of our foreign revenues is generated in Europe and Japan.Risk factors (Item 1A)

Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more

Titanium

exposed to its pricenamed as a risk
We purchase raw material commodities such as cobalt chrome, titanium, tantalum, polymer and sterile packaging.Market risk (Item 7A)

Also named by BA, CRS, HON, HWM, RTX

Tantalum

exposed to its pricenamed as a risk
We purchase raw material commodities such as cobalt chrome, titanium, tantalum, polymer and sterile packaging.Market risk (Item 7A)

Also named by MTRN, UCTT, VSH

Cobalt chrome

exposed to its pricenamed as a risk
We purchase raw material commodities such as cobalt chrome, titanium, tantalum, polymer and sterile packaging.Market risk (Item 7A)

Secure Overnight Financing Rate (SOFR)

exposed to its pricenamed as a risk
SOFR and such other rates have increased from pandemic-era lows, which has increased our cost of borrowing.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
The products and services we design, develop, manufacture and market are subject to rigorous regulation by the FDA and numerous other national, regional, state and other governmental authorities.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

OECD Pillar 2 global minimum tax

subject to · 15%named as a risk
The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenue and profits above certain thresholds (referred to as Pillar 2).Risk factors (Item 1A)

Also named by AJG, C, GTLB, GTX, IR, NOW, PPG, WELL

Medicare

subject tonamed as a risk
Violations of these laws are punishable by criminal and/or civil sanctions, including, in some instances, fines, imprisonment and, within the U.S., exclusion from participation in government healthcare programs, including Medicare, Medicaid and Veterans Administration health programs.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk
Our operations outside the U.S. are subject to the extraterritorial application of the U.S. Foreign Corrupt Practices Act (the “FCPA”).Business (Item 1)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

EU Medical Device Regulation (EU MDR)

subject tonamed as a risk
Products currently certified per the MDD regulations must be certified to the new EU MDR regulation prior to December 2027 or December 2028, depending upon the device’s risk class.Business (Item 1)

Also named by ABBV, BAX, BDX, BSX, CAH, COO, DXCM, EW and 4 more

China volume-based procurement (VBP)

subject tonamed as a risk
For example, China has implemented volume-based procurement (“VBP”) processes designed to reduce medical spending, which have in the past resulted in, and could in the future result in, reduced margins on covered devices and products, required renegotiation of distributor arrangements, and incurrence of inventory-related charges.Risk factors (Item 1A)

Also named by BDX, GEHC, MRK, PFE, SYK, VTRS, WAT

Anti-Kickback Statute

subject tonamed as a risk
Our industry is subject to various laws and regulations pertaining to healthcare fraud and abuse, including the False Claims Act, the Anti-Kickback Statute, the Stark law, the Physician Payments Sunshine Act, the Food, Drug, and Cosmetic Act and similar laws and regulations in the U.S. and around the world.Risk factors (Item 1A)

Also named by BSX, CAH, HCA, LH, ORCL, PROF

U.S. tariffs and export controls

subject tonamed as a risk
For example, U.S. tariff and export controls policies have recently experienced rapid and extensive change, which in turn drove responsive or retaliatory changes to other countries’ tariff and export controls policies, many of which had adverse consequences on our cost of goods sold and revenue.Risk factors (Item 1A)

Also named by IBM

UK Medical Device Regulation (UK MDR)

subject tonamed as a risk
Both before and after a product is commercially released, we have ongoing responsibilities under FDA regulations, the EU MDR, UK MDR and other national, regional, state and other requirements.Risk factors (Item 1A)

Italy medical device Pay Back law

subject tonamed as a risk
Similarly, the Italian Public Administration implemented a “Pay Back” law to obtain reimbursement from the medical device industry to contribute to government overspending on medical devices beginning in 2015 and a “Fund for the Government of Medical Devices” applicable to revenues relating to medical devices, large medical equipment and in vitro diagnostic devices commencing in 2024.Risk factors (Item 1A)

Technology

Americas ERP system transition

depends onnamed as a risk
For example, during 2024, we experienced unanticipated challenges during an Americas ERP transition that disrupted our ability to fulfill customer orders during the second half of fiscal 2024, which caused adverse consequences including disruption to our ability to distribute product, difficulty in meeting customer demand, productivity declines, delays in invoicing customers, increased ERP system costs and loss of customers and sales.Risk factors (Item 1A)

ROSA Robot

earns from
Additionally, our ROSA® Robot utilizes robotic technologies to assist a surgeon with implant positioning in total knee arthroplasty or partial knee arthroplasty.Business (Item 1)