Medical-device company ZimVie lowers sales guidance as losses grow

WESTMINSTER — ZimVie Inc. (Nasdaq: ZIMV), a Westminster-based dental and spine-centric medical-device company spun off this year from Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH), is projecting a lower sales total for 2022 as it posted a growing net loss in the second quarter. 

The company posted $233.4 million in revenue for the period, a decrease of 11.5% from the $263.6 million sales total in the second quarter of 2021.

ZimVie’s net loss for the quarter was $8.7 million, compared with a loss of $4.7 million in the same period last year. 

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Sales guidance for full-year 2022 has been revised down from $1 billion to $915 million to $930 million.

“We continue to make progress towards our most vital commercial initiatives in both our dental and spine segments. Within dental, we recently launched two highly innovative products: the T3 PRO Tapered Implant and the Encode Emergence Healing Abutment. Within spine, we received a major positive insurance policy decision from Anthem Blue Cross Blue Shield for The Tether, a device for treatment of pediatric scoliosis, expanding insurance coverage for up to 30 million lives,” ZimVie CEO Vafa Jamali said in a prepared statement. “We are also tracking to our plan to improve the short- and long-term operational efficiency of our newly independent company.”

ZimVie’s stock has plummeted in the months since it spun off from Indiana-based Zimmer Biomet, dropping from a high of more than $45 per share in mid-February to less than $20 in mid-August.