The company attributes its net sales growth to a combination of market growth, new product introductions, and commercial execution. The company expects year-over-year revenue growth of mid-single digits in 2024.

The company completed acquisitions of V.I.M.S. Vidéo Interventionnelle Médicale Scientifique (sports medicine) and a third-party orthopedics distributor in EMEA. Subsequent to the quarter, they signed an agreement to acquire OrthoGrid Systems, Inc.

The 2023 Restructuring Plan is expected to result in total pre-tax restructuring charges of approximately $120 million. The company expects 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.

The company is executing on its 2023, 2021, and 2019 restructuring plans. However, the full benefits of the 2019 plan will not be realized until the closure of a manufacturing facility, expected in 2025.

The effective tax rate (ETR) was 19.6% for both the three and six-month periods ended June 30, 2024, driven by the mix of earnings between U.S. and foreign locations. The prior year's ETR was affected by the reorganization of the ownership structure of certain subsidiaries.

In July 2024, the company implemented a new ERP system for a significant portion of its U.S. and Canada sales operations. The company will continue to monitor and assess the impacts from the new ERP system on internal controls throughout the quarter ending September 30, 2024.

The company estimates that foreign currency exchange rates will negatively affect year-over-year net sales by approximately 1.0% for full-year 2024.

The company is under continuous audit by the IRS and has disputes with the IRS and other foreign taxing authorities. An adverse outcome in these audits or disputes could have a material effect on the company's results of operations and financial condition.

The company is involved in various legal proceedings, including product liability and intellectual property matters. The ultimate cost of litigation could be materially different than the amount of current estimates and accruals and could have a material adverse impact on the company's financial condition and results of operations.

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 company has had some success in offsetting negative effects through internal initiatives.

The company emphasizes the importance of new product development, technological advances, and innovation as drivers of growth and competitive advantage.

The company is actively acquiring companies to expand its portfolio in areas like sports medicine and to gain access to new technologies.

The company is executing on multiple restructuring plans aimed at optimizing cost structure and driving greater efficiencies throughout the company.

The company is seeing continued improvements in product supply, which is contributing to revenue growth.

Cost of products sold, excluding intangible asset amortization as a percentage of net sales increased primarily due to higher excess and obsolete inventory charges and higher manufacturing costs. These higher costs were partially offset by lower royalty expense.

The company acquired a technology company in November 2023 to expand its technology and data capabilities and solutions across multiple product categories.

Net sales growth in the U.S. was driven by market growth and sales of the ROSA® Robot. Other net sales grew in the three and six-month periods ended June 30, 2024, driven by net sales for our ROSA Robot.

The company is acquiring intellectual property through the buyout of certain licensing arrangements, which are recognized as intangible assets and result in additional intangible asset amortization expense instead of royalty expense.

The company's Board of Directors authorized a $2.0 billion share repurchase program effective May 29, 2024. As of June 30, 2024, $1,904.6 million remained authorized under the program.

The company's Board of Directors declared a quarterly cash dividend of $0.24 per share in February and May 2024.

The company invested in capital for the acquisitions of V.I.M.S. Vidéo Interventionnelle Médicale Scientifique (sports medicine) and a third-party orthopedics distributor in EMEA.

The document does not contain any specific information about ESG initiatives.

The company attributes its net sales growth to a combination of market growth, new product introductions, and commercial execution.

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 company is subject to 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.