Leading market position in its product categories and considerable scale (2016 revenues of about $7.7 billion); Substantial intellectual property assets and barriers to entry; Competition is limited but we expect pricing pressure to increase moderately for hip and knee implant products; Above-average EBITDA margins, compared with its medical device company peers (adjusted EBITDA margins of about 36%-37%); and Substantial product concentration in hip and knee segments (60% of 2016 revenues, combined). Estimated adjusted debt leverage of about 3.7x for 2017, declining to about 3.3x for 2018; Substantial free operating cash flow (FOCF); and Some product and patent liability risk. S&P Global Ratings' stable outlook on Warsaw, Ind.-based Zimmer Biomet Holdings Inc. reflects the expectation that the company will achieve modest
