Zimmer Biomet President and CEO Bryan Hanson said the company is still eyeing opportunities for mergers and acquisitions.
He addressed the topic during a May 2 first quarter earnings call, saying the company is in a phase that is "focused on portfolio transformation [and] using capital to be able to acquire technologies that are attractive to the organization," according to Seeking Alpha.
Most recently, Zimmer Biomet signed an agreement to acquire Embody, an orthobiologics company for $155 million.
Mr. Hanson also said Zimmer Biomet is looking to diversify its portfolio.
"Looking at acquisitions, which we've already shown in other parts of orthopedics that are faster growth, that's mainly in our set category for us," he said. "Eventually [we're ]looking to diversify outside of orthopedics [and] to diversify outside of elective procedures … And we would say most likely in the near term, we would look at smaller to midsized deals, and we would kind of quantify that to say about $1 billion in revenue or less would put us in that category."