ZimVie stock soars on EPS beat

WESTMINSTER — The stock price for ZimVie Inc. (Nasdaq: ZIMV), a medical technology company that manufactures devices for spinal surgery and oral reconstruction that was spun off last year from Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH), added more than 10% on Thursday after the company’s earnings per share outperformed Wall Street expectations.

Sales for the most-recent period were $202.9 million, a year-over-year decrease of 4.9%.

Net loss for the third quarter of 2023 was $5.1 million, compared with net income of $800,000 in the same period last year.

ZimVie’s adjusted earnings per share were 8 cents for the most recent quarter. The consensus among investors was that the company would post negative earnings per share of around 2 cents, according to several analysts reports. 

“In the third quarter, we continued to make progress on our innovation platform as we work to actively reshape our portfolio and further penetrate into the markets with the best long-term growth potential,” ZimVie CEO Vafa Jamali said in a prepared statement. “In parallel, we are improving our operating efficiency and working to increase our cash position.”

ZimVie’s stock closed Thursday at $7.44, up 10.55% for the day. 

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