Zimmer Biomet reported a solid start to the fiscal year 2025 (QQ1) with organic constant-currency (CC) revenue growth of 2.3% despite one fewer selling day, led by strong performance in U.S. Hips (approximately +4%) and mid-single-digit momentum in the S.E.T. portfolio. Management reinforced the durability of the Magnificent Seven product cycle, highlighted the rapid uptake of Z1 Hip Stem conversions from competitive accounts, and signaled an accelerating cadence in knee replacements driven by Persona OsseoTi (cementless) and the Oxford Partial Cementless Knee. The closing and integration of Paragon 28 in April 2025 is framed as a meaningful growth accelerant, expected to contribute roughly 270 basis points to sales growth in 2025, while management reiterates a disciplined approach to cost of goods, tariffs, and capital allocation. On the profitability front, adjusted EPS was $1.81 for the quarter (GAAP EPS of $0.91), with adjusted gross margin around 71.5% and adjusted operating margin near 26.2%, in line with expectations given a shift toward higher upfront investments and COGS capitalization in 2024. Free cash flow was $279 million for the quarter, and management continues to target full-year 2025 free cash flow of $750–$850 million, acknowledging tariff headwinds and one-time Paragon-related costs. Looking ahead, the company maintains 2025 organic CC revenue growth guidance of 3–5% and expects Paragon 28 to contribute about 270 bps to growth, while tariffs and FX are expected to create a bifurcated impact on margins and earnings. The strategic roadmap emphasizes people and culture, operational excellence (including U.S. channel optimization and ASC expansion), and ongoing innovation/diversification (with a strong emphasis on infection control, AI-assisted robotics, and patient outcomes).