The 3.2% increase in net sales was attributed to market growth, new product introductions, and commercial execution across the organization. This indicates a successful strategy of organic growth and market penetration.

The company completed several acquisitions in 2023, including Embody, Inc., which expands their portfolio for the sports medicine market. These acquisitions also provide new surgical technology and data capabilities to better serve customers.

The company is executing on a 2023 Restructuring Plan, a 2021 Restructuring Plan, and a 2019 Restructuring Plan. These plans are expected to result in pre-tax charges but also aim to reduce gross annual pre-tax operating expenses.

Management is actively executing on multiple restructuring plans (2023, 2021, and 2019) aimed at optimizing the cost structure and driving efficiencies. These plans involve employee termination benefits, sales agent contract terminations, and consulting expenses.

Management expects year-over-year revenue growth in 2024 to be driven in part by continued improvements in product supply. This indicates successful efforts to address previous supply chain constraints.

In the three-month period ended March 31, 2024, the segment operating profit measures our CODM reviews were revised. Certain product category headquarter costs, primarily R&D and marketing, that were previously in our Americas operating segment are now included in Corporate items.

The company's operations are subject to governmental laws and regulations, including regulations of the FDA and other government regulators relating to medical products, healthcare fraud and abuse laws and data privacy and security laws.

The company faces risks related to international business, including the domestic and international business impact of political, social and economic instability, tariffs, trade restrictions and embargoes, sanctions, wars, disputes and other conflicts.

The company is involved in various legal proceedings, including product liability, intellectual property, stockholder matters, tax disputes, commercial disputes, employment matters, whistleblower and qui tam claims and investigations, governmental proceedings and investigations, and other legal matters.

The company identifies competition as a key risk factor that could cause actual results to differ materially from forward-looking statements. This suggests an ongoing need to innovate and maintain market share.

The company notes pricing pressures from local hospitals, health systems, and governmental healthcare cost containment efforts. This highlights the need for cost management and value-based pricing strategies.

Changes in volume and mix of product sales had a positive effect of 4.2 percent on year-over-year sales during the three-month period ended March 31, 2024. Market growth and new product introductions contributed positively to volume and mix trends.

The 2023 Restructuring Plan, along with other related initiatives, is expected to reduce gross annual pre-tax operating expenses by $175 million to $200 million relative to the 2023 baseline expenses by the end of 2025.

Cost of products sold, excluding intangible asset amortization, decreased as a percentage of net sales in the three-month period ended March 31, 2024, primarily due to lower royalty expense. This was partially offset by higher manufacturing costs.

Selling, general and administrative (SG&A) expenses increased in amount, but slightly decreased as a percentage of net sales in the three-month period ended March 31, 2024 when compared to the same prior year period.

The company highlights dependence on new product development, technological advances, and innovation as a key factor influencing future results. This underscores the importance of R&D investments and a focus on innovation.

The acquisition of a technology company in November 2023 expands the company's technology and data capabilities and solutions across multiple product categories.

The 3.7 percent net sales growth in the U.S. in the three-month period ended March 31, 2024 was driven by market growth and sales of our ROSA® Robot.

The company repurchased approximately 0.7 million shares for $88.0 million during the three-month period ended March 31, 2024, indicating a continued commitment to returning capital to shareholders.

The Board of Directors declared a quarterly cash dividend of $0.24 per share, demonstrating a commitment to returning value to shareholders.

Cash flows used in investing activities included investments in instrument and property, plant and equipment additions, reflecting ongoing investments in the product portfolio and optimization of manufacturing and logistics networks.

The provided 10-Q filing does not contain any specific information regarding environmental, social, or governance (ESG) initiatives. Therefore, no headlines can be generated for this theme.

Changes in foreign currency exchange rates had a negative effect of 1.2 percent on year-over-year sales. If foreign currency exchange rates remain at levels consistent with recent rates, we estimate there will be a negative impact of approximately 0.5 percent on full-year 2024 sales.

The majority of countries in which the company operates continue to experience pricing pressure from local hospitals, health systems, and governmental healthcare cost containment efforts.

The domestic and international business impact of political, social and economic instability, tariffs, trade restrictions and embargoes, sanctions, wars, disputes and other conflicts, including on our ability to operate in, export from or collect accounts receivable in affected countries.