Acquisition Bolsters Ai Powered Surgical Solutions

Zimmer Biomet to Acquire OrthoGrid, Posts Q2 Beat

Acquisition Bolsters AI-Powered Surgical Solutions

WARSAW, Ind., July 20, 2024 /PRNewswire-PRWeb/ -- Zimmer Biomet Holdings Inc. (NYSE: ZBH) ("Zimmer Biomet") today announced that it has signed a definitive agreement to acquire OrthoGrid Systems Inc. ("OrthoGrid"), a privately-held medical technology company focused on developing artificial intelligence (AI)-powered surgical assistance technology. The acquisition is subject to customary closing conditions and is expected to close in the third quarter of 2024.

Q2 Financial Results

In addition to the OrthoGrid acquisition, Zimmer Biomet reported its financial results for the second quarter of 2024.

Hipai. OrthoGrid's AI-powered platform is designed to assist surgeons in performing hip replacement surgeries with greater accuracy and precision. It utilizes advanced machine learning algorithms to analyze real-time fluoroscopy images and provide real-time guidance to surgeons during surgery.

The acquisition of OrthoGrid will enhance Zimmer Biomet's portfolio of smart technologies, enable integrations with its existing digital solutions and robotics, drive procedural efficiency, and advance the company's leadership in joint reconstruction.

Zimmer Biomet expects the acquisition to be accretive to its earnings per share in the first full year after closing.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the expected closing of the OrthoGrid acquisition, the anticipated benefits of the acquisition, and the impact of the acquisition on Zimmer Biomet's financial results. These forward-looking statements are based on Zimmer Biomet's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.