Matthew Taylor
Jefferies LLC, Research Division

All right. Great. Thanks for joining us for our next session here at the Jefferies Healthcare Conference. I’ve been informed that I’m the Jefferies Healthcare Analyst here covering med tech. And I’m pleased to be joined by the management team from Zimmer Biomet. Ivan Tornos, who is the CEO; and Suky Upadhyay, he’s the CFO. And we’re going to start with some high-level comments from Ivan just talking about state of affairs of the business.

Ivan, if you want to get us going.

Ivan Tornos
President, CEO & Chairman of the Board

Thanks, Matt. Great to be here. So maybe I’ll summarize the, let’s call it, investment theses of Zimmer Biomet in 4 bullet points or maybe as you call it the state of affairs of Zimmer Biomet.

Looking at the current multiple of 10, probably seeing the reaction to the earnings call, you will think that everything is out of whack here. So maybe it’s worth spending 3 minutes, if you allow me to talk about these 4 key components.

So let’s talk about market. Let’s about innovation. Let’s talk about execution, which is both commercial and operational. And then lastly, just talk about the topic de jure. Let’s talk about guidance and expectations.

So on market, I think it’s very clear by now that these markets, orthopedic markets are not retracting. These are healthy markets, combination of volumes and price. We pick the market to be 4% to 4.25%. And every other quarter, I get asked the question, is