PALM BEACH GARDENS, Fla., May 16, 2024 (GLOBE NEWSWIRE) -- ZimVie Inc. (Nasdaq: ZIMV), a global life sciences leader in the dental market, today announced that the company will be participating in two upcoming investor conferences. Investor Contact Information: Gilmartin Group LLC Marissa Bych • Marissa@gilmartinir.com ZimVie will be presenting at the upcoming Stifel 2024 Jaws & Paws Conference. ZimVie's management is scheduled to present on Thursday, May 30, 2024, at 11:30 a.m. Eastern Time. ZimVie's manag ...

ZimVie Inc. (NASDAQ:ZIMV) Q1 2024 Earnings Conference Call May 8, 2024 4:30 PM ET Company Participants Marissa Bych - IR, Gilmartin Group LLC Vafa Jamali - President and CEO Richard Heppenstall - CFO Conference Call Participants Matt Miksic - Barclays Operator Good afternoon and welcome to ZimVie's First Quarter 2024 Earnings Conference Call. Currently, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call. As a reminder, this call ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41242 ZIMVIE INC. (Exact Name of Registrant as Specified in its Charter) | Delaware | 87-2007795 | | --- | --- | | ( State or oth ...

[ZimVie First Quarter 2024 Financial Performance](index=1&type=section&id=ZimVie%20First%20Quarter%202024%20Financial%20Performance) [First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) In the first quarter of 2024, ZimVie's continuing operations generated third-party net sales of $118.2 million, a slight decrease of 1.6% year-over-year, while significantly reducing its net loss and improving Adjusted EBITDA margin to 10.5% Q1 2024 Key Financial Metrics (Continuing Operations) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Third Party Net Sales | $118.2M | $120.2M | -1.6% | | Net Loss | ($11.5M) | ($16.4M) | +$4.9M | | Net Loss Margin | (9.7%) | (13.6%) | +390 bps | | Adjusted Net Income | $2.2M | $0.3M (approx.) | +$1.9M | | Adjusted EBITDA | $12.5M | $10.7M | +$1.8M | | Adjusted EBITDA Margin | 10.5% | 8.8% | +170 bps | | Diluted EPS | ($0.42) | ($0.62) | +$0.20 | | Adjusted Diluted EPS | $0.08 | $0.01 | +$0.07 | - Net sales from continuing operations decreased by **1.4%** on a constant currency basis compared to the first quarter of 2023[3](index=3&type=chunk) [Corporate Developments](index=1&type=section&id=Corporate%20Developments) ZimVie successfully reshaped its financial profile by completing the sale of its spine business for $375 million on April 1, 2024, using $275 million of proceeds to repay debt and re-focusing as a pure-play dental company - Completed the sale of the spine business for **$375 million**[9](index=9&type=chunk) - Repaid **$275 million** of debt on April 1, 2024, strengthening the company's financial position[9](index=9&type=chunk) - The company is now re-focused as a pure-play dental company with a comprehensive portfolio[3](index=3&type=chunk) [Full Year 2024 Financial Guidance](index=1&type=section&id=Full%20Year%202024%20Financial%20Guidance) ZimVie projects full-year 2024 net sales for continuing operations between $450 million and $460 million, with Adjusted EBITDA expected in the range of $60 million to $65 million Full Year 2024 Guidance (Continuing Operations) | Metric | Guidance Range | | :--- | :--- | | Net Sales | $450M - $460M | | Adjusted EBITDA | $60M - $65M | | Adjusted EPS | $0.55 - $0.70 | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) For Q1 2024, ZimVie reported total net sales of $118.2 million, an improved operating loss of ($2.7 million), and a reduced net loss from continuing operations of ($11.5 million), alongside significant earnings from discontinued operations Q1 2024 vs Q1 2023 Statement of Operations Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Net Sales | $118,195 | $120,406 | | Operating Loss | $(2,732) | $(6,187) | | Net Loss from Continuing Operations | $(11,483) | $(16,369) | | Earnings (Loss) from Discontinued Operations | $3,722 | $(13,599) | | Net Loss of ZimVie Inc. | $(7,761) | $(29,968) | | Diluted EPS (Continuing Operations) | $(0.42) | $(0.62) | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, ZimVie's total assets were $1.17 billion, with cash and cash equivalents at $43.5 million, total liabilities at $783.3 million, and total stockholders' equity at $388.3 million Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $43,528 | $71,511 | | Total Current Assets | $455,141 | $482,877 | | Total Assets | $1,171,607 | $1,205,345 | | **Liabilities & Equity** | | | | Total Current Liabilities | $169,648 | $173,614 | | Non-current portion of debt | $502,056 | $508,797 | | Total Liabilities | $783,278 | $795,852 | | Total Stockholders' Equity | $388,329 | $409,493 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, ZimVie used $11.5 million in cash from operating activities, with a total decrease in cash and cash equivalents of $19.2 million, ending the period with $68.6 million Q1 2024 vs Q1 2023 Cash Flow Highlights (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(11,511) | $(7,196) | | Net cash used in investing activities | $(4,138) | $(5,832) | | Net cash used in financing activities | $(1,437) | $(10,936) | | Decrease in cash and cash equivalents | $(19,184) | $(23,187) | | Cash and cash equivalents, end of period | $68,584 | $66,414 | [Segment and Geographic Performance](index=7&type=section&id=Segment%20and%20Geographic%20Performance) [Net Sales Analysis](index=7&type=section&id=Net%20Sales%20Analysis) Q1 2024 total dental third-party sales decreased by 1.4% in constant currency, with U.S. dental sales down 3.1% and international sales up 1.1%, while the discontinued spine business saw a 10.1% decline Q1 2024 Net Sales Breakdown by Segment and Geography (in thousands) | Segment / Geography | Q1 2024 Sales | YoY Change (Reported) | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | | **Dental (Continuing Ops)** | | | | | United States | $67,748 | -3.1% | -3.1% | | International | $50,447 | +0.4% | +1.1% | | **Total Dental Third Party** | **$118,195** | **-1.6%** | **-1.4%** | | **Spine (Discontinued Ops)** | | | | | **Total Spine Third Party** | **$93,824** | **-10.6%** | **-10.1%** | [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Reconciliation of Net Income (Loss) to Adjusted Net Income](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Adjusted%20Net%20Income) ZimVie's Q1 2024 GAAP net loss of ($11.5 million) was adjusted to a net income of $2.2 million, primarily by adding back intangible asset amortization, restructuring costs, and acquisition-related expenses, resulting in an adjusted diluted EPS of $0.08 Q1 2024 Reconciliation of GAAP Net Loss to Adjusted Net Income (in thousands) | Description | Amount | | :--- | :--- | | **Net Loss from Continuing Operations (GAAP)** | **$(11,483)** | | Intangible asset amortization | $6,022 | | Restructuring and other cost reduction initiatives | $2,579 | | Acquisition, integration, divestiture and related | $1,037 | | Tax effect of adjustments & other | $3,316 | | Other charges | $687 | | **Adjusted Net Income (Non-GAAP)** | **$2,158** | [Reconciliation of Net Loss to Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Adjusted EBITDA from continuing operations increased to $12.5 million in Q1 2024, reconciled from a GAAP net loss of ($11.5 million) by adding back interest, taxes, depreciation, amortization, share-based compensation, and restructuring costs Q1 2024 Reconciliation to Adjusted EBITDA (in thousands) | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Loss (GAAP)** | **$(11,483)** | **$(16,369)** | | Interest expense, net | $4,366 | $5,075 | | Income tax provision | $4,074 | $5,077 | | Depreciation and amortization | $8,430 | $8,628 | | **EBITDA** | **$5,387** | **$2,411** | | Share-based compensation | $2,762 | $4,223 | | Restructuring and other cost reduction | $2,579 | $1,172 | | Acquisition, integration, divestiture | $1,037 | $1,342 | | **Adjusted EBITDA (Non-GAAP)** | **$12,452** | **$10,630** | [Reconciliation of Operating Expenses](index=10&type=section&id=Reconciliation%20of%20Operating%20Expenses) Adjusted cost of products sold was 37.2% of net sales in Q1 2024, with adjusted R&D at 5.3% and adjusted SG&A decreasing to 51.0%, reflecting improved operational efficiency Adjusted Operating Expenses as a % of Third Party Net Sales | Expense Line | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Adjusted cost of products sold | 37.2% | 35.4% | | Adjusted research and development | 5.3% | 4.9% | | Adjusted selling, general and administrative | 51.0% | 55.1% | [Important Disclosures](index=2&type=section&id=Important%20Disclosures) [About Non-GAAP Financial Measures](index=2&type=section&id=About%20Non-GAAP%20Financial%20Measures) Management uses non-GAAP financial measures like Adjusted EBITDA and constant currency sales to evaluate business performance and provide supplemental information, with reconciliations to GAAP measures included - Management uses non-GAAP measures internally to evaluate business performance and believes they help investors identify operating trends by removing the impact of certain items[17](index=17&type=chunk) - Non-GAAP measures presented include Adjusted EBITDA, constant currency sales, adjusted net income, and adjusted diluted EPS[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward%20Looking%20Statements) This report contains forward-looking statements based on current management beliefs, subject to significant risks such as pricing pressures, regulatory changes, and competition, which could cause actual results to differ materially - The report includes forward-looking statements based on current management assumptions, which are not guarantees of future performance[20](index=20&type=chunk) - Key risks that could affect future results include dependence on new products, pricing pressures, regulatory compliance, competition, and general economic conditions[20](index=20&type=chunk)

Financial Data and Key Metrics Changes - Total third-party net sales for Q4 2023 were $113.1 million, a decrease of 2.4% in reported rates and a decline of 3.6% in constant currency [34] - Full year 2023 total third-party net sales were $457.2 million, essentially flat year-over-year, declining 50 basis points [34] - Adjusted EBITDA attributable to continuing operations for Q4 2023 was $13.9 million, representing a 12.3% EBITDA margin [36] - Full year 2023 adjusted EBITDA was $50.8 million, reflecting 11.1% of third-party net sales [36] - Adjusted earnings per share for continuing operations for Q4 2023 was $0.10 per share [60] Business Line Data and Key Metrics Changes - The U.S. third-party net sales for Q4 2023 were $65.4 million, a decrease of 3.2%, driven by a weaker implant market [15] - Full year 2023 U.S. sales were $327.3 million, declining 8.4% [18] - Outside the U.S., Q4 2023 third-party net sales were $18.9 million, a decrease of 11.6% on a reported basis [18] - Adjusted cost of products sold for Q4 2023 was 37.4%, compared to 34.8% in the prior year [16] Market Data and Key Metrics Changes - The dental market was soft throughout most of 2023, but the company exited the year roughly flat compared to 2022, indicating resilience [35] - The company expects Q1 sales from discontinued operations to be in the range of $89 million to $91 million [40] Company Strategy and Development Direction - The company executed an agreement to sell its Spine business to H.I.G. Capital for $375 million, addressing concerns about synergy and capital structure [5][6] - Post-sale, the company aims to become a leaner, focused pure-play Dental company with a commitment to a 15% plus adjusted EBITDA margin one year post-sale [7][26] - The company plans to invest in innovation and operational efficiency, particularly in manufacturing automation and supply chain optimization [10][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2024 as a pure-play Dental company, focusing on differentiating solutions for patients and providers [25] - The company aims to reduce net debt to under $200 million by one year post-sale [26][63] - Management acknowledged the challenges in the macroeconomic environment but remains confident in the performance of their premium implants and digital solutions [39] Other Important Information - The Spine segment is classified as discontinued operations as of the end of 2023 [14] - The company ended 2023 with a cash balance of $87.8 million and gross debt of $508.8 million, yielding a net debt balance of $421.0 million [63] Q&A Session Summary Question: How is the company addressing opportunities in the implant market? - Management noted that they have gained market share despite a slower market and emphasized the strength of their implant portfolio [69][70] Question: What is the status of the agreement with iTero regarding the new Lumina scanner? - Management confirmed that the agreement includes the new scanner, but sales will not begin until Q4 due to regulatory delays [72][74] Question: Can you quantify the stranded costs currently being incurred? - Management indicated that stranded costs are largely in SG&A within the corporate sector, with ongoing costs related to the separation of the Spine business [76] Question: How does the company plan to manage its net debt post-sale? - Management discussed the complexities of the transaction and the need to balance cash flow with debt repayment, aiming for under $200 million in net debt [92][96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41242 ZIMVIE INC. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation or organizatio ...

Exhibit 99.1 ZimVie Reports Fourth Quarter and Full Year 2023 Financial Results WESTMINSTER, Colorado, February 28, 2024 (GLOBE NEWSWIRE) – ZimVie Inc. (Nasdaq: ZIMV), a global life sciences leader in the dental and spine markets, today reported financial results for the quarter and year ended December 31, 2023. Management will host a corresponding conference call today, February 28, 2024, at 4:30 p.m. Eastern Time. "We had significant accomplishments in 2023. We invested to further differentiate our portfo ...

WESTMINSTER, Colo., Feb. 07, 2024 (GLOBE NEWSWIRE) -- ZimVie Inc. (NASDAQ:ZIMV), a global life sciences leader in the dental and spine markets, today announced the launch of the TSX® Implant in Japan. As ZimVie's largest dental implant market in APAC and fifth largest market globally, Japan is of great strategic importance to ZimVie. The launch of TSX in Japan allows the company to compete head-to-head with premium market leaders in the dental implant space.  TSX Implants are designed for immediate extracti ...

sorn340/iStock via Getty Images In June, I downgraded ZimVie Inc. (NASDAQ:ZIMV) to a hold, based on the company's elevated valuation and deteriorating fundamentals. For a while, my cautious stance appeared to be the right call, as ZimVie struggled to return its businesses to growth, and the stock languished, falling to $7 a share or more than 40% below my June downgrade (Figure 1). Figure 1 - ZIMV performance since last article (Seeking Alpha) However, since reporting Q3 results on November 1st, ZimVi ...

ZimVie Inc. (NASDAQ:ZIMV) Q3 2023 Earnings Conference Call November 1, 2023 4:30 PM ET Company Participants Marissa Bych - Investor Relations, Gilmartin Group LLC Vafa Jamali - President and Chief Executive Officer Richard Heppenstall - Chief Financial Officer Conference Call Participants Lilly Wyttenbach - JPMorgan Matt Miksic - Barclays Operator Good day, and thank you for standing by. Welcome to the ZimVie Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please be advised tha ...