ZimVie ‘optimistic about the future’ after spine biz sale

WESTMINSTER — While ZimVie Inc. (Nasdaq: ZIMV), a medical technology company that manufactures devices for oral reconstruction surgery that was spun off from Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH) in 2023, grew its losses in the fourth quarter of 2023, company leaders say they are more confident in the longevity of the business after offloading ZimVie’s spine-surgery device business late last year. 

“We had significant accomplishments in 2023. We invested to further differentiate our portfolio, which helped us make gains in the markets we serve, and we improved our operating efficiency through restructuring and cost reduction initiatives,” ZimVie CEO Vafa Jamali said in a statement this week when the company announced its financial results for the fourth quarter and full-year 2023. “In addition, we successfully executed an agreement to sell our spine business and transform ZimVie into a pure play dental company with a comprehensive and industry leading portfolio. We are optimistic about the future of ZimVie as a purely dental focused company with a strong capital structure.”

Net sales for the fourth quarter were $113.1 million, down 2.4% from the same period in 2022. 

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ZimVie’s net loss for the fourth quarter of 2023 was $22.2 million, compared to a net loss of $15.4 million in the fourth quarter of 2022.

Sales for the full 2023 fiscal year were down 0.5% year over year to $457.2 million, while the company’s net loss of $46.9 million in 2022 increased to a loss of $56 million in 2023.

H.I.G. Capital Partners LP paid ZimVie $375 million in December 2023 to acquire its spine business. ZimVie said at the time that those proceeds would be used to pay down debt and support growth in its dental business.