ZimVie (US:ZIMV)2022-05-06 11:12Company Overview - ZimVie is a global dental and spine company with approximately 2,700 team members serving over 70 countries[5] - The company estimates a ~$20 billion global market opportunity[5, 15] - In 2021, ZimVie's third-party net sales reached $10 billion[5] - Sales by segment in 2021 were 54% Spine and 46% Dental[6] - Sales by geography in 2021 were 75% Americas, 13% EMEA, and 12% APAC[7] Dental Business - The global tooth replacement market is estimated at ~$8 billion[17, 21] - Dental 2021 sales were $469 million, with a revenue split of approximately 57% US and 43% OUS[17] - The company is the 2 global biomaterials company by revenue[17] - 93% of dental sales are direct to customers[17] Spine Business - The global spine surgery market is estimated at ~$12 billion[22, 25] - Spine 2021 sales were $540 million, with a revenue split of approximately 70% US and 30% OUS[22] Financial Performance and Guidance - Total net sales for Q1 2022 were $2356 million[47] - Third-party net sales for Q1 2022 were $2347 million, including $1206 million in Dental net sales and $1141 million in Spine net sales[47] - Adjusted EBITDA for Q1 2022 was $338 million, with a 144% adjusted EBITDA margin[47] - The company's 2022 full-year financial guidance includes net sales flat to 2021 third-party net sales ($10 billion), adjusted EBITDA margin flat to 50bps improvement (131% - 136%), and adjusted EPS of $210 - $230[49]