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Sales change information for the three and nine-month periods ended September 30, 2020 ispresented on a GAAP (reported) basis and on a constant currency basis. Constant currencypercentage changes exclude the effects of foreign currency exchange rates. They are calculated bytranslating current and prior-period sales at the same predetermined exchange rate. The translatedresults are then used to determine year-over-year percentage increases or decreases.Net earnings (loss) and diluted earnings (loss) per share for the three and nine-month periods endedSeptember 30, 2020 are presented on a GAAP (reported) basis and on an adjusted basis. Adjustedearnings and adjusted diluted earnings per share exclude the effects of certain inventory andmanufacturing-related charges including charges to discontinue certain product lines; intangible assetamortization; goodwill and intangible asset impairment; restructuring and other cost reduction initiativeexpenses; quality remediation expenses; acquisition, integration and related expenses; certainlitigation gains and charges; expenses to establish initial compliance with the European Union MedicalDevice Regulation; other charges; any related effects on our income tax provision associated withthese items; tax adjustments relating to the impacts of tax only amortization in Switzerland; the effectof Switzerland tax reform; other certain tax adjustments; and, with respect to earnings per shareinformation, provide for the effect of dilutive shares assuming net earnings in a period of a reported netloss.Free cash flow is an additional non-GAAP measure that is presented in this press release. Free cashflow is computed by deducting additions to instruments and other property, plant and equipment fromnet cash provided by operating activities.Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financialmeasures are included in this press release. This press release also contains supplementalreconciliations of additional non-GAAP financial measures that the Company presents in othercontexts. These additional non-GAAP financial measures are computed from the most directlycomparable GAAP financial measure as indicated in the applicable reconciliation.Management uses non-GAAP financial measures internally to evaluate the performance of thebusiness. Additionally, management believes these non-GAAP measures provide meaningfulincremental information to investors to consider when evaluating the performance of the Company.Management believes these measures offer the ability to make period-to-period comparisons that arenot impacted by certain items that can cause dramatic changes in reported income but that do notimpact the fundamentals of our operations. The non-GAAP measures enable the evaluation ofoperating results and trend analysis by allowing a reader to better identify operating trends that mayotherwise be masked or distorted by these types of items that are excluded from the non-GAAPmeasures. In addition, constant currency sales changes, adjusted operating profit, adjusted dilutedearnings per share and free cash flow are used as performance metrics in our incentive compensationprograms.Page 6 of 25

Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the safe harborprovisions of the Private Securities Litigation Reform Act of 1995, including statements regarding theimpact of the COVID-19 pandemic on our business, and any statements about our forecasts,expectations, plans, intentions, strategies or prospects. All statements other than statements ofhistorical or current fact are, or may be deemed to be, forward-looking statements. Such statementsare based upon the current beliefs, expectations and assumptions of management and are subject tosignificant risks, uncertainties and changes in circumstances that could cause actual outcomes andresults to differ materially from the forward-looking statements. These risks, uncertainties andchanges in circumstances include, but are not limited to: the effects of the COVID-19 global pandemicand other adverse public health developments on the global economy, our business and operationsand the business and operations of our suppliers and customers, including the deferral of electiveprocedures and our ability to collect accounts receivable; the risks and uncertainties related to ourability to successfully execute our restructuring plans; the success of our quality and operationalexcellence initiatives, including ongoing quality remediation efforts at our Warsaw North Campusfacility; the ability to remediate matters identified in inspectional observations or warning letters issuedby the U.S. Food and Drug Administration (FDA), while continuing to satisfy the demand for ourproducts; compliance with the Deferred Prosecution Agreement entered into in January 2017; theimpact of substantial indebtedness on our ability to service our debt obligations and/or refinanceamounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; theability to retain the independent agents and distributors who market our products; dependence on alimited number of suppliers for key raw materials and outsourced activities; the possibility that theanticipated synergies and other benefits from mergers and acquisitions will not be realized, or will notbe realized within the expected time periods; the risks and uncertainties related to our ability tosuccessfully integrate the operations, products, employees and distributors of acquired companies; theeffect of the potential disruption of management’s attention from ongoing business operations due tointegration matters related to mergers and acquisitions; the effect of mergers and acquisitions on ourrelationships with customers, suppliers and lenders and on our operating results and businessesgenerally; challenges relating to changes in and compliance with governmental laws and regulationsaffecting our U.S. and international businesses, including regulations of the FDA and foreigngovernment regulators, such as more stringent requirements for regulatory clearance of products; theoutcome of government investigations; competition; pricing pressures; changes in customer demandfor our products and services caused by demographic changes or other factors; the impact ofhealthcare reform measures; reductions in reimbursement levels by third-party payors and costcontainment efforts of healthcare purchasing organizations; dependence on new product development,technological advances and innovation; shifts in the product category or regional sales mix of ourPage 7 of 25

products and services; supply and prices of raw materials and products; control of costs andexpenses; the ability to obtain and maintain adequate intellectual property protection; breaches orfailures of our information technology systems or products, including by cyberattack, unauthorizedaccess or theft; the ability to form and implement alliances; changes in tax obligations arising from taxreform measures, including European Union rules on state aid, or examinations by tax authorities;product liability, intellectual property and commercial litigation losses; changes in general industry andmarket conditions, including domestic and international growth rates; changes in general domestic andinternational economic conditions, including interest rate and currency exchange rate fluctuations; andthe impact of the ongoing financial and political uncertainty on countries in the Euro zone on the abilityto collect accounts receivable in affected countries. A further list and description of these risks anduncertainties and other factors can be found in our Annual Report on Form 10-K for the year endedDecember 31, 2019, including in the sections captioned “Cautionary Note Regarding Forward-LookingStatements” and “Item 1A. Risk Factors,” and our subsequent filings with the Securities and ExchangeCommission (SEC). Copies of these filings are available online at www.sec.gov,www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustiveand should be read in conjunction with the other cautionary statements that are included in our filingswith the SEC. Forward-looking statements speak only as of the date they are made, and we expresslydisclaim any intention or obligation to update or revise any forward-looking statements, whether as aresult of new information, future events or otherwise. Readers of this press release are cautioned notto rely on these forward-looking statements since there can be no assurance that these forwardlooking statements will prove to be accurate. This cautionary note is applicable to all forward-lookingstatements contained in this press release.###Page 8 of 25

ZIMMER BIOMET HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF EARNINGSFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, except per share amounts, unaudited)Net SalesCost of products sold, excluding intangible asset amortizationIntangible asset amortizationResearch and developmentSelling, general and administrativeRestructuring and other cost reduction initiativesQuality remediationAcquisition, integration and relatedOperating expensesOperating ProfitOther income (expense), netInterest expense, netEarnings before income taxesProvision (benefit) for income taxesNet EarningsLess: Net earnings attributable to noncontrolling interestNet Earnings of Zimmer Biomet Holdings, Inc.Earnings Per Common ShareBasicDilutedWeighted Average Common Shares OutstandingBasicDiluted20202019 1,929.3 5.49.820.79.1(2.6 )1,630.11,646.6299.2245.810.6(4.4 )(54.0 )(56.8 )255.8184.69.7(247.4 )246.1432.03.60.9 242.5 431.1 1.171.16207.1208.5 2.102.08205.3207.0Page 9 of 25

ZIMMER BIOMET HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF EARNINGSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, except per share amounts, unaudited)Net SalesCost of products sold, excluding intangible asset amortizationIntangible asset amortizationResearch and developmentSelling, general and administrativeGoodwill and intangible asset impairmentRestructuring and other cost reduction initiativesQuality remediationAcquisition, integration and relatedOperating expensesOperating (Loss) ProfitOther income (expense), netInterest expense, net(Loss) earnings before income taxesProvision (benefit) for income taxesNet (Loss) EarningsLess: Net earnings (loss) attributable to noncontrolling interestNet (Loss) Earnings of Zimmer Biomet Holdings, Inc.(Loss) Earnings Per Common ShareBasicDilutedWeighted Average Common Shares OutstandingBasicDiluted20202019 4,939.2 8(328.5 )800.717.4(9.6 )(158.9 )(174.5 )(470.0 )616.61.2(193.5 )(471.2 )810.11.4(0.8 ) (472.6 ) 810.9 (2.29 ) (2.29 ) 206.8206.83.963.93204.8206.3Page 10 of 25

ZIMMER BIOMET HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in millions, unaudited)September 30, December 31,20202019AssetsCash and cash equivalentsReceivables, netInventoriesOther current assetsTotal current assetsProperty, plant and equipment, netGoodwillIntangible assets, netOther assetsTotal AssetsLiabilities and Stockholders' EquityCurrent liabilitiesCurrent portion of long-term debtOther long-term liabilitiesLong-term debtStockholders' equityTotal Liabilities and Stockholders' Equity 967.3 .024,025.5 .6980.124,638.71,816.2 450.02,040.97,840.211,878.224,025.5 1,941.51,500.02,083.06,721.412,392.824,638.7Page 11 of 25

ZIMMER BIOMET HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, unaudited)2020Cash flows provided by (used in) operating activitiesNet (loss) earningsDepreciation and amortizationShare-based compensationGoodwill and intangible asset impairmentChanges in operating assets and liabilities, net of acquired assets andliabilitiesIncome taxesReceivablesInventoriesAccounts payable and accrued expensesOther assets and liabilities(1)Net cash provided by operating activitiesCash flows provided by (used in) investing activitiesAdditions to instrumentsAdditions to other property, plant and equipmentNet investment hedge settlementsAcquisition of intellectual property rightsInvestments in other assetsNet cash used in investing activitiesCash flows provided by (used in) financing activitiesProceeds from senior notesRedemption of senior notesProceeds from term loansPayments on term loansNet payments on other debtDividends paid to stockholdersProceeds from employee stock compensation plansNet cash flows from unremitted collections from factoring programsBusiness combination contingent consideration paymentsDebt issuance costsOther financing activitiesNet cash used in financing activitiesEffect of exchange rates on cash and cash equivalentsIncrease (decrease) in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of period(1) 2019(471.2 )767.362.0645.0 810.1752.261.670.1(55.0 )13.6(108.6 )(131.4 )57.7779.4(356.3 )109.5(106.0 )(162.7 )(16.0 )1,162.5(222.8 )(89.8 )43.0(28.3 )(297.9 )(239.5 )(155.3 )37.5(197.6 )(36.4 )(591.3 )1,497.1(1,500.0 )(148.7 )97.7(39.6 )(13.0 )(22.3 )(6.7 )(135.5 )3.4349.4617.9 967.3200.0(750.0 )(5.0 )(147.3 )125.9(15.4 )(5.4 )(597.2 )(4.3 )(30.3 )542.8 512.52019 reflects approximately 168 million paid related to a patent litigation matterPage 12 of 25

ZIMMER BIOMET HOLDINGS, INC.NET SALES BY GEOGRAPHYFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, unaudited)Three Months EndedSeptember 30,2020 1,216.5366.2346.6 1,929.3AmericasEMEAAsia PacificTotal2019 1,179.2374.6338.6 1,892.4% Inc /VolumeForeign(Dec)/ MixPriceExchange3.2 %6.7 %(3.4 ) %(0.1 ) %(2.3 )(4.8 )(0.9 )3.42.32.1(1.4 )1.62.0 %3.7 %(2.6 ) %0.9 %ZIMMER BIOMET HOLDINGS, INC.NET SALES BY PRODUCT CATEGORYFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, unaudited)Three Months EndedSeptember 30,KneesHipsS.E.TDental, Spine &CMFTOtherTotal2020 648.7484.1359.92019 651.9459.2348.5295.5141.1 1,929.3275.5157.3 1,892.4% Inc /VolumeForeign(Dec)/ MixPriceExchange(0.5 ) %1.4 %(2.8 ) %0.9 %5.47.3(2.9 )1.03.34.9(2.4 )0.87.3(10.3 )2.0 %9.0(10.1 )3.7 %(2.5 )(1.0 )(2.6 ) %0.80.80.9 %Page 13 of 25

ZIMMER BIOMET HOLDINGS, INC.NET SALES BY GEOGRAPHYFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, unaudited)Nine Months EndedSeptember 30,AmericasEMEAAsia PacificTotal2020 3,051.5983.0904.7 4,939.22019 3,587.61,276.5992.4 5,856.5% (Dec)(14.9 ) %(23.0 )(8.8 )(15.7 ) %VolumeForeign/ MixPriceExchange(11.9 ) %(2.9 ) %(0.1 ) %(21.5 )(1.2 )(0.3 )(7.8 )(1.2 )0.2(13.4 ) %(2.2 ) %(0.1 ) %ZIMMER BIOMET HOLDINGS, INC.NET SALES BY PRODUCT CATEGORYFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, unaudited)Nine Months EndedSeptember 30,KneesHipsS.E.TDental, Spine& CMFTOtherTotal2020 1,652.71,246.4946.12019 2,049.51,421.11,062.3% (Dec)(19.4 ) %(12.3 )(10.9 )729.7364.3 4,939.2855.2468.4 5,856.5(14.7 )(22.2 )(15.7 ) %VolumeForeign/ MixPriceExchange(16.7 ) %(2.5 ) %(0.2 ) %(9.5 )(2.7 )(0.1 )(8.5 )(2.3 )(0.1 )(13.5 )(20.6 )(13.4 ) %(1.2 )(1.6 )(2.2 ) %(0.1 ) %Page 14 of 25

ZIMMER BIOMET HOLDINGS, INC.RECONCILIATION OF REPORTED NET SALES % CHANGE TOCONSTANT CURRENCY % CHANGE(unaudited)For the Three Months EndedSeptember 30, 2020ForeignConstantExchangeCurrency% ChangeImpact% ChangeGeographic ResultsAmericasEMEAAsia PacificTotalProduct CategoriesKneesAmericasEMEAAsia PacificTotalHipsAmericasEMEAAsia PacificTotalS.E.TDental, Spine & CMFTOtherTotal3.2 %(2.3 )2.32.0 %(0.1 ) %3.41.60.9 %3.3 %(5.7 )0.71.1 %0.9 %(6.4 )1.7(0.5 )- %3.11.80.90.9 %(9.5 )(0.1 )(1.4 )7.90.84.45.43.37.3(10.3 )2.0 %(0.1 )3.41.51.00.80.80.80.9 %8.0(2.6 )2.94.42.56.5(11.1 )1.1 %Page 15 of 25

ZIMMER BIOMET HOLDINGS, INC.RECONCILIATION OF REPORTED NET SALES % CHANGE TOCONSTANT CURRENCY % CHANGE(unaudited)For the Nine Months EndedSeptember 30, 2020ForeignConstantExchangeCurrency% ChangeImpact% ChangeGeographic ResultsAmericasEMEAAsia PacificTotalProduct CategoriesKneesAmericasEMEAAsia PacificTotalHipsAmericasEMEAAsia PacificTotalS.E.TDental, Spine & CMFTOtherTotal(14.9 ) %(23.0 )(8.8 )(15.7 ) %(0.1 ) %(0.3 )0.2(0.1 ) %(14.8 ) %(22.7 )(9.0 )(15.6 ) %(17.9 ) %(27.4 )(13.6 )(19.4 )- %(0.4 )(0.2 )(0.2 )(17.9 ) %(27.0 )(13.4 )(19.2 )(10.3 )(20.6 )(7.0 )(12.3 )(10.9 )(14.7 )(22.2 )(15.7 ) %(0.1 )(0.2 )0.2(0.1 )(0.1 )(0.1 ) %(10.2 )(20.4 )(7.2 )(12.2 )(10.8 )(14.7 )(22.2 )(15.6 ) %Page 16 of 25

ZIMMER BIOMET HOLDINGS, INC.RECONCILIATION OF REPORTED TO ADJUSTED RESULTSFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, except per share amounts, unaudited)FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020Cost ssetamortization amortization 569.4 149.7As ReportedInventory and manufacturingrelated charges(1)Intangible assetamortization(2)Restructuring and other cost(4)reduction initiativesQuality remediation(5)Acquisition, integration andrelated(6)Litigation(7)European Union MedicalDevice Regulation(8)Other charges(9)Tax adjustments relating tothe impacts of tax onlyamortization in Switzerland(10)Switzerland tax reform(11)Other certain taxadjustments(12)As Adjusted (2.3 )Researchanddevelopment 85.9Qualityremediation 9.8Acquisition,integrationand related 9.1Otherincome(expense),net 10.6Provision(benefit)forincometaxes 9.7NetEarningsofZimmerBiometHoldings,Inc. 242.5Dilutedearningspercommonshare gand otherSelling,costgeneral andreductionadministrativeinitiatives 790.0 16.2(149.7 )(0.2 )566.9 ---(0.3 )------83.9- (9.8 )(19.3 )(2.0 )- (16.2 )-770.4 -- (9.1 )-- (8.6 )2.0 (2.0 )(0.01 )1.1(4.7 )0.9(3.6 )0.01(0.02 )(1.9 )6.51.9(6.5 )0.01(0.03 )(3.0 )376.8 (0.01 )1.813.075.7 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019Cost chSelling,assetassetandgeneral andamortization amortization development administrative 535.7 146.6 114.4 826.4As ReportedInventory andmanufacturing-relatedcharges(1)Intangible assetamortization(2)Restructuring and othercost reductioninitiatives(4)Quality remediation(5)Acquisition, integrationand related(6)Litigation(7)European Union MedicalDevice Regulation(8)Other charges(9)(11)Switzerland tax reformOther certain tax(12)adjustmentsAs Adjusted (11.6 )Provision(benefit)Net EarningsAcquisition,forattributable n and relatedtaxesinterest 20.7 (2.6 ) (247.4 ) 0.9NetEarningsofZimmerBiometHoldings,Inc. 431.1Dilutedearningspercommonshare 4.116.70.020.08---(0.5 )8.7-(2.1 )34.1(0.01 )0.16--0.1-9.313.8(263.8 )0.050.07(1.27 )523.3 --(0.8 )-Restructuringand othercostreductioninitiatives 5.4(146.6 ) (5.4 )-(20.7 )(42.8 )--2.6-(11.4 )-(18.5 )----103.0 765.1 - - -2.14.6263.8 1.272.4 1.0 (1.2 )366.4 (0.01 )1.77Page 17 of 25

ZIMMER BIOMET HOLDINGS, INC.RECONCILIATION OF REPORTED TO ADJUSTED RESULTSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019(in millions, except per share amounts, unaudited)FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020NetCost of(Loss)productsEarnings Dilutedsold,Goodwill RestructuringProvisionof(loss)excludingandand otherOther(benefit)Zimmer dgeneral andassetreductionQualityintegration (expense), income Holdings, commonamortization amortization development administrative impairmentinitiativesremediation and relatednettaxesInc.shareAs Reported Inventory andmanufacturingrelated charges(1)Intangible assetamortization(2)Goodwill andintangible assetimpairment(3)Restructuring andother cost ition,integration and(6)relatedLitigation(7)European UnionMedical DeviceRegulation(8)Other charges(9)Tax adjustmentsrelating to theimpacts of tax onlyamortization inSwitzerland(10)Switzerland taxreform(11)Other certain taxadjustments(12)Effect of dilutiveshares assuming net(13)earningsAs Adjusted 1,481.0 445.0 (4.3 )272.0 --(445.0 )2,283.9 645.0 89.2 35.9 15.7 17.4 1.2 (472.6 ) (2.29 3.27.915.9(2.3 )0.07(0.01 )18.1----(645.0 )(0.03 )-----0.1--------(100.4 )-----(18.1 )-------------(18.1 )---------6.5(6.5 )(0.03 )---------6.1(6.1 )(0.03 )- - - - 4.9 147.8 1,476.8 - (19.1 )-252.9 2,165.4 (89.2 )(5.9 )(35.9 )(15.7 )-(12.5 )0.09(0.02 )740.9 3.56FOR THE NINE MONT

Zimmer Biomet Announces Third Quarter 2020 Financial Results Third quarter net sales of 1.929 billion increased 2.0%, and increased 1.1% on a . approach reduces acquisition and construction costs and is especially attractive to ambulatory surgery center (ASC) customers; revenues will be recorded in the Company's S.E.T. segment .