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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2024

 

 

ZIMMER BIOMET HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-16407

13-4151777

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

345 East Main Street

 

Warsaw, Indiana

 

46580

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (574) 373-3333

 

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.01 par value

 

ZBH

 

New York Stock Exchange

2.425% Notes due 2026

 

ZBH 26

 

New York Stock Exchange

1.164% Notes due 2027

 

ZBH 27

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 8.01 Other Events.

 

Zimmer Biomet Holdings, Inc. (“we,” “us,” “our,” the “Company” and other similar words) is filing this Current Report on Form 8-K, including Exhibit 99.1, solely to recast certain financial information and related disclosures included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2024 (the “2023 Form 10-K”).

 

In the quarter ended March 31, 2024, the segment operating profit measures that our chief operating decision maker reviews were revised. These revisions did not result in a change to our operating segments, or to our reportable segments. Rather, certain costs were recast among our business units, resulting in changes to the operating profit measures of our operating segments. Certain product category headquarter costs, primarily research and development and marketing, that were previously in our Americas operating segment are now included in Corporate items, and certain support function costs from our operating segments are now included in Corporate items. Corporate items are not considered an operating segment or a reportable segment.

 

This Current Report on Form 8-K is being filed solely to recast financial information and related disclosures contained in the 2023 Form 10-K to reflect changes to the operating profit measures of our operating segments.

 

The following items of the 2023 Form 10-K are being recast as reflected in Exhibit 99.1 to this Current Report on Form 8-K:

•
Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and
•
Part II, Item 8. Financial Statements and Supplementary Data.

 

Except as specifically set forth in Exhibit 99.1 to reflect the changes to the operating profit measures of our operating segments, no revisions have been made to the 2023 Form 10-K to update for other information, developments or events that have occurred since the 2023 Form 10-K was filed with the SEC. Exhibit 99.1 does not purport to update the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section included in the 2023 Form 10-K except with respect to the changes to the operating profit measures of our operating segments. Exhibit 99.1 should be read in conjunction with the 2023 Form 10-K and subsequent filings with the SEC, including our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These subsequent SEC filings contain important information regarding forward-looking statements, events, developments, and updates affecting us and our expectations that have occurred since the filing of the 2023 Form 10-K. The information contained in Exhibit 99.1 is not an amendment to, or a restatement of, the 2023 Form 10-K.

 

 

Item 9.01 Financial Statements and Exhibits.

 

(d)
Exhibits

 

EXHIBIT INDEX

Exhibit No.

 

Description

23

 

Consent of PricewaterhouseCoopers LLP

99.1

 

Recast Sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023: Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and Part II, Item 8. Financial Statements and Supplementary Data

101

 

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 7, 2024

 

 

ZIMMER BIOMET HOLDINGS, INC.

 

 

 

 

By:

/s/ Chad F. Phipps

 

Name:

Chad F. Phipps

 

Title:

Senior Vice President, General Counsel
and Secretary