Zimmer Biomet delivered a strong start to 2026 (QQ1) with a robust top-line and meaningful progress on strategic initiatives. Net sales reached $2.087 billion, up 9.3% on a reported basis and 2.9% on a constant-currency organic basis excluding Paragon 28, reflecting ongoing demand for technology-enabled solutions and the benefit from tariff-related items (~$0.20 per share). Adjusted EPS rose 15% year over year to $2.09, supported by higher revenue, tariff benefits and a lower share count, partially offset by higher ongoing commercial investments. Operating margin, while down modestly versus the prior year due to mix and Paragon-related dilution, remained resilient at 27.3% in adjusted terms, with gross margin at 73% (adjusted) driven by favorable mix and tariff-related benefits. Cash generation remained strong, with operating cash flow of $359 million and free cash flow of $246 million, contributing to a cash and cash equivalents balance of roughly $424 million at quarter-end. Management affirmed full-year 2026 guidance, including: organic CC revenue growth of 1%–3%, up to 100 bps of price erosion (unchanged), roughly 50 bps FX tailwind, and Paragon 28 contributing about 100 bps to reported sales growth; EPS guidance increased to $8.40–$8.55 and free cash flow growth to 9%–11%. The quarter also showcased the company’s strategic emphasis on go-to-market transformation in the U.S., ongoing international model evolution, and relentless investment in innovation and diversification (notably Monogram robotics, ROSA, TMINI, and Persona IQ). The leadership transition, with Suketu Upadhyay exiting and Paul Stellato acting as Interim CFO, underscores a focus on sustaining momentum during a period of substantial organizational change. Overall, Zimmer Biomet sits at an inflection point where accelerated robotics-enabled growth, a disciplined capital allocation framework, and a pursue-with-speed approach to go-to-market initiatives could support mid-to-long-term outperformance, albeit with near-term margin headwinds tied to acquisitions and channel restructuring.