What You Should Know:
– Zimmer Biomet Holdings, a global medical technology leader, and Monogram Technologies Inc., an orthopedic robotics company, announced a definitive agreement for Zimmer Biomet to acquire all outstanding shares of Monogram.
– The deal, valued at an upfront payment of $4.04 per share in cash (approximately $177M equity value, $168M enterprise value), will significantly expand Zimmer Biomet’s surgical robotics portfolio and position it to become the first company in orthopedics to offer a fully autonomous surgical robot.
– Monogram common stockholders will also receive a non-tradeable contingent value right (CVR) entitling them to receive up to $12.37 per share in cash if certain product development, regulatory, and revenue milestones are achieved through 2030. The boards of directors of both companies have unanimously approved the proposed transaction.
First Fully Autonomous Surgical Robot
Monogram’s semi- and fully autonomous robotic technologies are expected to add new and differentiated capabilities to expand Zimmer Biomet’s flagship ROSA® Robotics platform and its broad suite of navigation and enabling technologies. Monogram has developed a CT-based, semi-autonomous, AI-navigated total knee arthroplasty (TKA) robotic technology, which received FDA 510(k) clearance in March 2025 and is expected to be commercialized with Zimmer Biomet implants in early 2027.
Crucially, Monogram is also developing a fully autonomous version of this technology with the potential to significantly increase safety, efficiency, and outcomes, as well as additional applications beyond TKA. Upon closing of the proposed transaction, Zimmer Biomet anticipates having a clear pathway to become the first and only company in orthopedics to offer a fully autonomous surgical robot.
Expanding a Comprehensive Robotics Portfolio
The proposed transaction expands Zimmer Biomet’s extensive suite of orthopedic robotics, enabling solutions and analytics designed to address the needs of surgeons pre-, intra-, and post-operatively. Zimmer Biomet’s broad portfolio currently features imageless robotics through its ROSA platform; a licensed CT-based handheld robot; mixed reality navigation; AI-based surgical navigation; and a pathway to advanced semi- and fully autonomous robotics capabilities. This positions Zimmer Biomet to uniquely solve for the diverse preferences of a wide range of surgeons globally, addressing multiple styles of surgical techniques, including CT and non-CT; robotic and non-robotic; and manual, surgeon-centered methods or semi- or fully autonomous technologies.
The ROSA platform, the cornerstone of Zimmer Biomet’s robotics offering, is rapidly approaching 2,000 installations worldwide and is a market leader outside the United States. Zimmer Biomet is committed to continuing to advance the ROSA platform, investing in a robust R&D pipeline that includes several new product and software applications expected between now and 2027. This includes ROSA Knee with OptimiZe (submitted to the FDA with 510(k) clearance anticipated later this year), as well as ROSA Posterior Hip and the full commercial launch of ROSA Shoulder.
“Monogram’s technology is a major leap forward, demonstrating our commitment to becoming the boldest and broadest innovator in surgical robotics and navigation,” said Ivan Tornos, Chairman, President, and Chief Executive Officer of Zimmer Biomet. “Upon closing, our customer-centric portfolio will consist of the most comprehensive and flexible technology ecosystem to support the varying preferences of a vast array of surgeons—now and into the future. With Monogram’s proprietary technology, Zimmer Biomet has the potential to become the first company to deliver fully autonomous capabilities and redefine both the standard of care and the future of orthopedic surgery.”
Zimmer Biomet plans to fund the proposed transaction through a combination of cash on the balance sheet and other available debt financing sources, expecting to maintain a strong balance sheet and support its stated capital allocation priorities.
