ZimVie Reports First Quarter 2025 Financial Results
ZimVie (NASDAQ: ZIMV), a global dental life sciences company, reported its Q1 2025 financial results. The company posted net sales of $112.0 million, representing a decline of 5.2% (4.1% in constant currency) compared to Q1 2024. The company reported a net loss of $2.6 million, an improvement from the $11.5 million loss in Q1 2024, with net loss margin improving by 740 basis points to (2.3)%.
Adjusted EBITDA reached $17.6 million (15.7% margin), increasing by $5.1 million from Q1 2024. The company's adjusted diluted EPS was $0.27. For full-year 2025, ZimVie projects net sales between $445M-$460M, adjusted EBITDA of $65M-$70M, and adjusted EPS of $0.80-$0.95.
ZimVie (NASDAQ: ZIMV), un'azienda globale nel settore delle scienze dentali, ha comunicato i risultati finanziari del primo trimestre 2025. La società ha registrato vendite nette per 112,0 milioni di dollari, con un calo del 5,2% (4,1% a valuta costante) rispetto al primo trimestre 2024. È stato riportato un perdita netta di 2,6 milioni di dollari, un miglioramento rispetto alla perdita di 11,5 milioni nel primo trimestre 2024, con un margine di perdita netta migliorato di 740 punti base al (2,3)%.
Il EBITDA rettificato ha raggiunto 17,6 milioni di dollari (margine del 15,7%), con un aumento di 5,1 milioni rispetto al primo trimestre 2024. L'EPS rettificato diluito della società è stato di 0,27 dollari. Per l'intero anno 2025, ZimVie prevede vendite nette tra 445 e 460 milioni di dollari, un EBITDA rettificato tra 65 e 70 milioni e un EPS rettificato tra 0,80 e 0,95 dollari.
ZimVie (NASDAQ: ZIMV), una empresa global de ciencias dentales, informó sus resultados financieros del primer trimestre de 2025. La compañía registró ventas netas de 112,0 millones de dólares, lo que representa una disminución del 5,2% (4,1% en moneda constante) en comparación con el primer trimestre de 2024. Informó una pérdida neta de 2,6 millones de dólares, una mejora respecto a la pérdida de 11,5 millones en el primer trimestre de 2024, con un margen de pérdida neta que mejoró 740 puntos básicos hasta (2,3)%.
El EBITDA ajustado alcanzó 17,6 millones de dólares (margen del 15,7%), aumentando 5,1 millones respecto al primer trimestre de 2024. El BPA ajustado diluido de la compañía fue de 0,27 dólares. Para todo el año 2025, ZimVie proyecta ventas netas entre 445 y 460 millones, un EBITDA ajustado entre 65 y 70 millones, y un BPA ajustado entre 0,80 y 0,95 dólares.
ZimVie (NASDAQ: ZIMV)는 글로벌 치과 생명과학 기업으로 2025년 1분기 재무 실적을 발표했습니다. 회사는 순매출 1억 1,200만 달러를 기록했으며, 이는 2024년 1분기 대비 5.2%(환율 변동을 반영한 상수 통화 기준 4.1%) 감소한 수치입니다. 회사는 순손실 260만 달러를 보고했으며, 이는 2024년 1분기 1,150만 달러 손실에서 개선된 결과로, 순손실 마진은 740 베이시스 포인트 개선되어 (2.3)%를 기록했습니다.
조정 EBITDA는 1,760만 달러(마진 15.7%)에 달했으며, 2024년 1분기 대비 510만 달러 증가했습니다. 회사의 조정 희석 주당순이익(EPS)은 0.27달러였습니다. 2025년 연간 전망으로 ZimVie는 순매출 4억 4,500만~4억 6,000만 달러, 조정 EBITDA 6,500만~7,000만 달러, 조정 EPS 0.80~0.95달러를 예상하고 있습니다.
ZimVie (NASDAQ : ZIMV), une entreprise mondiale des sciences dentaires, a publié ses résultats financiers du premier trimestre 2025. La société a enregistré des ventes nettes de 112,0 millions de dollars, soit une baisse de 5,2 % (4,1 % en devise constante) par rapport au premier trimestre 2024. Elle a annoncé une perte nette de 2,6 millions de dollars, une amélioration par rapport à la perte de 11,5 millions du premier trimestre 2024, avec une marge de perte nette améliorée de 740 points de base à (2,3) %.
L’EBITDA ajusté a atteint 17,6 millions de dollars (marge de 15,7 %), en hausse de 5,1 millions par rapport au premier trimestre 2024. Le BPA dilué ajusté de la société était de 0,27 dollar. Pour l’année complète 2025, ZimVie prévoit des ventes nettes comprises entre 445 et 460 millions de dollars, un EBITDA ajusté de 65 à 70 millions, et un BPA ajusté de 0,80 à 0,95 dollar.
ZimVie (NASDAQ: ZIMV), ein globales Unternehmen im Bereich der dentalen Lebenswissenschaften, hat seine Finanzergebnisse für das erste Quartal 2025 veröffentlicht. Das Unternehmen meldete Nettoerlöse von 112,0 Millionen US-Dollar, was einem Rückgang von 5,2 % (4,1 % in konstanter Währung) gegenüber dem ersten Quartal 2024 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 2,6 Millionen US-Dollar, eine Verbesserung gegenüber dem Verlust von 11,5 Millionen im ersten Quartal 2024, wobei die Nettoverlustmarge um 740 Basispunkte auf (2,3)% verbessert wurde.
Das bereinigte EBITDA erreichte 17,6 Millionen US-Dollar (15,7 % Marge), was einer Steigerung von 5,1 Millionen gegenüber dem ersten Quartal 2024 entspricht. Das bereinigte verwässerte Ergebnis je Aktie (EPS) des Unternehmens lag bei 0,27 US-Dollar. Für das Gesamtjahr 2025 prognostiziert ZimVie einen Nettoumsatz zwischen 445 und 460 Millionen US-Dollar, ein bereinigtes EBITDA von 65 bis 70 Millionen US-Dollar sowie ein bereinigtes EPS von 0,80 bis 0,95 US-Dollar.
- Net loss improved by $8.9 million compared to Q1 2024
- Net loss margin improved by 740 basis points to (2.3)%
- Adjusted EBITDA increased by $5.1 million to $17.6 million
- Adjusted EBITDA margin improved by 520 basis points to 15.7%
- Adjusted net income increased by $5.2 million to $7.4 million
- Net sales decreased 5.2% (4.1% in constant currency) to $112.0 million
- Reported net loss of $2.6 million
- Negative net loss margin of (2.3)%
Insights
ZimVie shows improved profitability despite 5.2% sales decline; operational efficiency gains offset revenue challenges while pursuing dental market leadership.
ZimVie's Q1 2025 results paint a picture of a company prioritizing margin expansion amid revenue headwinds. Net sales decreased
The adjusted metrics reveal even stronger operational improvements. Adjusted EBITDA reached
This divergence between top-line performance and profitability metrics suggests ZimVie is effectively executing operational efficiency initiatives while potentially sacrificing some lower-margin business. CEO Vafa Jamali's comments reinforce this strategy, highlighting the dual focus on maintaining market leadership through innovation while driving operational improvements.
Looking ahead, the full-year guidance of
For dental market participants, ZimVie's trajectory represents a calculated approach to building sustainable profitability before pursuing renewed growth. The acknowledgment that the company is "striving towards a return to top-line growth" suggests management recognizes that margin improvement alone isn't a long-term solution. The challenge ahead lies in leveraging their improved cost structure and operational efficiency to eventually reignite revenue growth without sacrificing the hard-won profitability gains.
- Net Sales from Continuing Operations of
$112.0 million - Net Loss from Continuing Operations of
$(2.6) million ; Net Loss margin of (2.3)% - Adjusted EBITDA[1] from Continuing Operations of
$17.6 million ; Adjusted EBITDA[1] margin of15.7% - GAAP diluted EPS from Continuing Operations of
$(0.09) and adjusted diluted EPS[1] from Continuing Operations of$0.27
PALM BEACH GARDENS, Fla., May 08, 2025 (GLOBE NEWSWIRE) -- ZimVie Inc. (Nasdaq: ZIMV), a global life sciences leader in the dental market, today reported financial results for the quarter ended March 31, 2025. Management will host a corresponding conference call today, May 8, 2025, at 4:30 p.m. Eastern Time.
“We are proud to have entered 2025 with a strong focus on execution and operational diligence as we maintain a leading position with dental customers through innovation and education,” said Vafa Jamali, President and Chief Executive Officer. “Going forward, we intend to advance our goal to drive operational efficiency and profitability improvements while striving towards a return to top-line growth.”
First Quarter 2025 Financial Results: Continuing Operations
Net sales for the first quarter of 2025 were
Net loss for the first quarter of 2025 was
Adjusted net income[1] for the first quarter of 2025 was
Basic and diluted EPS were
Adjusted EBITDA[1] for the first quarter of 2025 was
Full Year 2025 Continuing Operations Financial Guidance:
| Projected Year Ending December 31, 2025 | Guidance |
| Net Sales | |
| Adjusted EBITDA [2] | |
| Adjusted EPS[2] |
[1] This is a non-GAAP financial measure. Refer to “Note on Non-GAAP Financial Measures” and the reconciliations in this release for further information.
[2] This is a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. Refer to “Forward-Looking Non-GAAP Financial Measures” in this release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that this forward-looking non-GAAP financial measure may be materially different from the corresponding GAAP financial measure.
Conference Call
ZimVie will host a conference call today, May 8, 2025, at 4:30 p.m. ET to discuss its first quarter 2025 financial results. To access the call, please register online at https://investor.zimvie.com/events-presentations/event-calendar. A live and archived audio webcast will also be available on this site.
About ZimVie
ZimVie is a global life sciences leader in the dental market that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. From its headquarters in Palm Beach Gardens, Florida, and additional facilities around the globe, ZimVie works to improve smiles, function, and confidence in daily life by offering comprehensive tooth replacement solutions, including trusted dental implants, biomaterials, and digital workflow solutions. As a worldwide leader in this space, ZimVie is committed to advancing clinical science and technology foundational to restoring daily life. For more information about ZimVie, please visit us at www.ZimVie.com. Follow @ZimVie on Twitter, Facebook, LinkedIn, or Instagram.
Note on Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP.
Sales change information in this release is presented on a GAAP (reported) basis and on a constant currency basis. Constant currency percentage changes exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales from Continuing Operations at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases.
Net income (loss) and diluted earnings (loss) per share in this release are presented on a GAAP (reported) basis and on an adjusted basis. Adjusted net income (loss) and adjusted diluted earnings (loss) per share exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in this press release.
Adjusted EBITDA is a non-GAAP financial measure provided in this release for certain periods and is calculated by excluding certain items from net income (loss) from Continuing Operations on a GAAP basis, as detailed in the reconciliations presented later in this press release. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales from Continuing Operations for the applicable period.
Adjusted cost of products sold (excluding intangible asset amortization), adjusted R&D and adjusted SG&A (on an actual basis and as a percentage of sales) are non-GAAP financial measures provided in this presentation for certain periods and are calculated by excluding the effects of certain items from cost of products sold (excluding intangible asset amortization), R&D and SG&A, respectively, on a GAAP basis. as detailed in the reconciliations presented later in this presentation.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in this press release.
Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income, but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures.
Forward-Looking Non-GAAP Financial Measures
This press release also includes certain forward-looking non-GAAP financial measures for the year ending December 31, 2025. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management’s plans may change. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including, among others, any statements about our expectations, plans, intentions, strategies, or prospects. We generally use the words “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “sees,” “seeks,” “should,” “could,” “would,” “predicts,” “potential,” “strategy,” “future,” “opportunity,” “work toward,” “intends,” “guidance,” “confidence,” “positioned,” “design,” “strive,” “continue,” “track,” “look forward to,” “optimistic” and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are or may be deemed to be forward-looking statements. Such statements are based upon the current beliefs, expectations, and assumptions of management and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products, including impacts from tariffs; pricing pressures from competitors, customers, dental practices and insurance providers; changes in customer demand for our products and services caused by demographic changes or other factors; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration and foreign government regulators, such as more stringent requirements for regulatory clearance of products; competition; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors; cost containment efforts sponsored by government agencies, legislative bodies, the private sector and healthcare group purchasing organizations, including the volume-based procurement process in China; control of costs and expenses; dependence on a limited number of suppliers for key raw materials and outsourced activities; the ability to obtain and maintain adequate intellectual property protection; breaches or failures of our information technology systems or products, including by cyberattack, unauthorized access or theft; the ability to retain the independent agents and distributors who market our products; our ability to attract, retain and develop the highly skilled employees we need to support our business; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; a determination by the Internal Revenue Service that the distribution of our shares of common stock by Zimmer Biomet Holdings, Inc. in 2022 (the "distribution") or certain related transactions should be treated as taxable transactions; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability, intellectual property and commercial litigation losses; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations; the effects of global pandemics and other adverse public health developments on the global economy, our business and operations and the business and operations of our suppliers and customers, including the deferral of elective procedures and our ability to collect accounts receivable; and the impact of the ongoing financial and political uncertainty on countries in the Euro zone on the ability to collect accounts receivable in affected countries. You are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Media Contact Information:
ZimVie
Grace Flowers • Grace.Flowers@ZimVie.com
(561) 319-6130
Investor Contact Information:
Gilmartin Group LLC
Webb Campbell • Webb@gilmartinir.com
| ZIMVIE INC. CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||
| For the Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net Sales | $ | 111,997 | $ | 118,195 | |||
| Cost of products sold, excluding intangible asset amortization | (37,949 | ) | (44,258 | ) | |||
| Intangible asset amortization | (6,032 | ) | (6,022 | ) | |||
| Research and development | (5,371 | ) | (6,701 | ) | |||
| Selling, general and administrative | (58,984 | ) | (60,330 | ) | |||
| Restructuring and other cost reduction initiatives | (1,432 | ) | (2,579 | ) | |||
| Acquisition, integration, divestiture and related | (1,449 | ) | (1,037 | ) | |||
| Operating expenses | (111,217 | ) | (120,927 | ) | |||
| Operating Profit (Loss) | 780 | (2,732 | ) | ||||
| Other income (expense), net | 1,686 | (311 | ) | ||||
| Interest income | 2,035 | 507 | |||||
| Interest expense | (4,052 | ) | (4,873 | ) | |||
| Income (loss) from continuing operations before income taxes | 449 | (7,409 | ) | ||||
| Provision for income taxes from continuing operations | (3,074 | ) | (4,074 | ) | |||
| Net Loss from Continuing Operations of ZimVie Inc. | (2,625 | ) | (11,483 | ) | |||
| Income from discontinued operations, net of tax | 1,154 | 3,722 | |||||
| Net Loss of ZimVie Inc. | $ | (1,471 | ) | $ | (7,761 | ) | |
| Basic (Loss) Earnings Per Common Share: | |||||||
| Continuing operations | $ | (0.09 | ) | $ | (0.42 | ) | |
| Discontinued operations | 0.04 | 0.13 | |||||
| Net Loss | $ | (0.05 | ) | $ | (0.29 | ) | |
| Diluted (Loss) Earnings Per Common Share | |||||||
| Continuing operations | $ | (0.09 | ) | $ | (0.42 | ) | |
| Discontinued operations | 0.04 | 0.13 | |||||
| Net Loss | $ | (0.05 | ) | $ | (0.29 | ) | |
| ZIMVIE INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) | ||||||||
| As of | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 66,750 | $ | 74,974 | ||||
| Accounts receivable, net of allowance for credit losses of | 76,688 | 65,211 | ||||||
| Inventories | 77,675 | 75,018 | ||||||
| Prepaid expenses and other current assets | 17,309 | 23,295 | ||||||
| Current assets of discontinued operations | 12,236 | 18,787 | ||||||
| Total Current Assets | 250,658 | 257,285 | ||||||
| Property, plant and equipment, net of accumulated depreciation of | 46,948 | 47,268 | ||||||
| Goodwill | 260,444 | 257,605 | ||||||
| Intangible assets, net | 89,658 | 92,734 | ||||||
| Note receivable | 65,928 | 64,643 | ||||||
| Other assets | 26,298 | 26,611 | ||||||
| Noncurrent assets of discontinued operations | 5,848 | 7,528 | ||||||
| Total Assets | $ | 745,782 | $ | 753,674 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 31,541 | $ | 32,958 | ||||
| Income taxes payable | 4,139 | 3,263 | ||||||
| Other current liabilities | 61,064 | 62,905 | ||||||
| Current liabilities of discontinued operations | 20,400 | 34,818 | ||||||
| Total Current Liabilities | 117,144 | 133,944 | ||||||
| Deferred income taxes | 28 | — | ||||||
| Lease liability | 8,237 | 8,218 | ||||||
| Other long-term liabilities | 4,631 | 9,232 | ||||||
| Non-current portion of debt | 220,618 | 220,451 | ||||||
| Noncurrent liabilities of discontinued operations | 1 | 122 | ||||||
| Total Liabilities | 350,659 | 371,967 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' Equity: | ||||||||
| Common stock, | 279 | 277 | ||||||
| Preferred stock, | — | — | ||||||
| Additional paid in capital | 940,990 | 938,630 | ||||||
| Accumulated deficit | (468,110 | ) | (466,639 | ) | ||||
| Accumulated other comprehensive loss | (78,036 | ) | (90,561 | ) | ||||
| Total Stockholders' Equity | 395,123 | 381,707 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 745,782 | $ | 753,674 | ||||
| ZIMVIE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||
| For the Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Cash flows used in operating activities: | ||||||
| Net loss of ZimVie Inc. | $ | (1,471 | ) | $ | (7,761 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 8,655 | 8,430 | ||||
| Share-based compensation | 3,497 | 3,473 | ||||
| Deferred income tax provision | 1,012 | (233 | ) | |||
| (Gain) loss on disposal of fixed assets | (172 | ) | 413 | |||
| Other non-cash items | 515 | 1,596 | ||||
| Adjustment of spine disposal group to fair value | — | (11,143 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| Income taxes | 3,722 | 6,586 | ||||
| Accounts receivable | (10,019 | ) | (6,651 | ) | ||
| Inventories | (1,283 | ) | 4,588 | |||
| Prepaid expenses and other current assets | 3,360 | 323 | ||||
| Accounts payable and accrued liabilities | (20,386 | ) | (10,264 | ) | ||
| Other assets and liabilities | (1,341 | ) | (868 | ) | ||
| Net cash used in operating activities | (13,911 | ) | (11,511 | ) | ||
| Cash flows used in investing activities: | ||||||
| Additions to instruments | — | (1,316 | ) | |||
| Additions to other property, plant and equipment | (1,503 | ) | (835 | ) | ||
| Other investing activities | (444 | ) | (1,987 | ) | ||
| Net cash used in investing activities | (1,947 | ) | (4,138 | ) | ||
| Cash flows used in financing activities: | ||||||
| Payments related to tax withholding for share-based compensation | (1,135 | ) | (1,437 | ) | ||
| Net cash used in financing activities | (1,135 | ) | (1,437 | ) | ||
| Effect of exchange rates on cash and cash equivalents | 7,171 | (2,098 | ) | |||
| Decrease in cash and cash equivalents | (9,822 | ) | (19,184 | ) | ||
| Cash and cash equivalents, beginning of year | 76,572 | 87,768 | ||||
| Cash and cash equivalents, end of period | $ | 66,750 | $ | 68,584 | ||
| Presentation includes cash of both continuing and discontinued operations | ||||||
RECONCILIATION OF CONSTANT CURRENCY NET SALES
Continuing Operations ($ in thousands)
| For the Three Months Ended March 31, | |||||||||||||||||
| 2025 | 2024 | Change (%) | Foreign Exchange Impact | Constant Currency % Change | |||||||||||||
| United States | $ | 65,833 | $ | 67,748 | (2.8 | %) | 0.0 | % | (2.8 | %) | |||||||
| International | 46,164 | 50,447 | (8.5 | %) | (2.6 | %) | (5.9 | %) | |||||||||
| Total Net Sales | $ | 111,997 | $ | 118,195 | (5.2 | %) | (1.1 | %) | (4.1 | %) | |||||||
RECONCILIATION OF ADJUSTED NET INCOME AND DILUTED EPS
Continuing Operations (in thousands, except per share data)
| For the Three Months Ended March 31, 2025 | ||||||||||||||||
| Net Sales | Cost of products sold, excluding intangible asset amortization | Operating expenses, excluding cost of products sold | Operating Income | Net (Loss) Income | Diluted EPS | |||||||||||
| Reported | $ | 111,997 | $ | (37,949 | ) | $ | (73,268 | ) | $ | 780 | $ | (2,625 | ) | $ | (0.09 | ) |
| Restructuring and other cost reduction initiatives [1] | - | - | 1,432 | 1,432 | 1,432 | 0.05 | ||||||||||
| Acquisition, integration, divestiture and related [2] | - | - | 1,449 | 1,449 | 1,449 | 0.05 | ||||||||||
| Intangible asset amortization | - | - | 6,032 | 6,032 | 6,032 | 0.22 | ||||||||||
| Other charges [3] | - | 314 | 34 | 348 | 348 | 0.01 | ||||||||||
| Share-based compensation modification [4] | - | - | 251 | 251 | 251 | 0.01 | ||||||||||
| Tax effect of above adjustments & other [5] | - | - | - | - | 484 | 0.02 | ||||||||||
| Adjusted | $ | 111,997 | $ | (37,635 | ) | $ | (64,070 | ) | $ | 10,292 | $ | 7,371 | $ | 0.27 | ||
| For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||
| Net Sales | Cost of products sold, excluding intangible asset amortization | Operating expenses, excluding cost of products sold | Operating (Loss) Income | Net (Loss) Income | Diluted EPS | ||||||||||||||||||
| Reported | $ | 118,195 | $ | (44,258 | ) | $ | (76,669 | ) | $ | (2,732 | ) | $ | (11,483 | ) | $ | (0.42 | ) | ||||||
| Restructuring and other cost reduction initiatives [1] | - | - | 2,579 | 2,579 | 2,579 | 0.10 | |||||||||||||||||
| Acquisition, integration, divestiture and related [2] | - | - | 1,037 | 1,037 | 1,037 | 0.04 | |||||||||||||||||
| Intangible asset amortization | - | - | 6,022 | 6,022 | 6,022 | 0.22 | |||||||||||||||||
| European Union medical device regulation [6] | - | - | 401 | 401 | 401 | 0.01 | |||||||||||||||||
| Other charges [3] | - | 286 | - | 286 | 286 | 0.01 | |||||||||||||||||
| Tax effect of above adjustments & other [5] | - | - | - | - | 3,316 | 0.12 | |||||||||||||||||
| Adjusted | $ | 118,195 | $ | (43,972 | ) | $ | (66,630 | ) | $ | 7,593 | $ | 2,158 | $ | 0.08 | |||||||||
| [1] Restructuring activities optimize our organization for future success based on the current business environment and sale of the spine business, primarily related to employee termination benefits. | |||||||||||||||||||||||
| [2] Acquisition, integration, divestiture and related expenses for the three months ended March 31, 2025 include professional services fees ( | |||||||||||||||||||||||
| [3] Regulatory costs incurred in 2025 to change the manufacturer of record as required by our separation from Zimmer Biomet Holdings, Inc. (“ZBH”) after initial compliance with the European Union (“EU”) Medical Device Regulation (“MDR”), as well as property, plant, and equipment step-up amortization from prior acquisitions. | |||||||||||||||||||||||
| [4] Net impact to share-based compensation expense of converting outstanding restricted stock units (“RSUs”) with performance-based metrics based on the consolidated results of the spine and dental segments into time-based RSUs following the sale of the spine segment. | |||||||||||||||||||||||
| [5] Reflects the tax effect of the adjustments from reported to adjusted, as well as an adjustment for management’s expectation of ZimVie’s statutory tax rate based on current tax law and adjusted pre-tax income. | |||||||||||||||||||||||
| [6] Expenses incurred for initial compliance with the EU MDR for previously-approved products. | |||||||||||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA:
Continuing Operations ($ in thousands)
For the Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net Sales | $ | 111,997 | $ | 118,195 | |||
| Net Loss | $ | (2,625 | ) | $ | (11,483 | ) | |
| Interest expense, net | 2,017 | 4,366 | |||||
| Income tax provision | 3,074 | 4,074 | |||||
| Depreciation and amortization | 8,655 | 8,430 | |||||
| EBITDA | 11,121 | 5,387 | |||||
| Share-based compensation | 3,497 | 2,762 | |||||
| Restructuring and other cost reduction initiatives[1] | 1,432 | 2,579 | |||||
| Acquisition, integration, divestiture and related[2] | 1,449 | 1,037 | |||||
| European Union medical device regulation[3] | — | 401 | |||||
| Other charges[4] | 62 | 286 | |||||
| Adjusted EBITDA | $ | 17,561 | $ | 12,452 | |||
| Net Loss Margin[5] | (2.3 | %) | (9.7 | %) | |||
| Adjusted EBITDA Margin[6] | 15.7 | % | 10.5 | % | |||
| [1] Restructuring activities to optimize our organization for future success based on the current business environment and sale of the spine business, primarily related to employee termination benefits. |
| [2] Acquisition, integration, divestiture and related expenses for the three months ended March 31, 2025 include professional services fees ( |
| [3] Expenses incurred for initial compliance with the EU MDR for previously-approved products. |
| [4] Regulatory costs incurred in 2025 to change the manufacturer of record as required by our separation from ZBH after initial compliance with the EU MDR, as well as property, plant, and equipment step-up amortization from prior acquisitions. |
| [5] Net Loss Margin is calculated as Net Loss divided by Net Sales for the applicable period. |
| [6] Adjusted EBITDA Margin is Adjusted EBITDA divided by Net Sales for the applicable period. |
RECONCILIATION OF COST OF PRODUCTS SOLD (excluding intangible asset amortization), R&D and SG&A:
Continuing Operations ($ in thousands)
| Three Months Ended March 31, | Percentage of Net Sales | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cost of products sold, excluding intangible asset amortization | $ | (37,949 | ) | $ | (44,258 | ) | (33.9 | %) | (37.4 | %) | |||||
| Other charges[1] | 314 | 286 | 0.3 | % | 0.2 | % | |||||||||
| Adjusted cost of products sold, excluding intangible asset amortization | $ | (37,635 | ) | $ | (43,972 | ) | (33.6 | %) | (37.2 | %) | |||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Research and development | $ | (5,371 | ) | $ | (6,701 | ) | (4.8 | %) | (5.7 | %) | |||||
| European Union medical device regulation[2] | - | 401 | 0.0 | % | 0.4 | % | |||||||||
| Adjusted research and development | $ | (5,371 | ) | $ | (6,300 | ) | (4.8 | %) | (5.3 | %) | |||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Selling, general and administrative | $ | (58,984 | ) | $ | (60,330 | ) | (52.7 | %) | (51.0 | %) | |||||
| Other charges[1] | 34 | - | 0.0 | % | 0.0 | % | |||||||||
| Share-based compensation modification[3] | 251 | - | 0.3 | % | 0.0 | % | |||||||||
| Adjusted selling, general and administrative | $ | (58,699 | ) | $ | (60,330 | ) | (52.4 | %) | (51.0 | %) | |||||
| [1] Regulatory costs incurred in 2025 to change the manufacturer of record as required by our separation from ZBH after initial compliance with the EU MDR, as well as property, plant, and equipment step-up amortization from prior acquisitions. | |||||||||||||||
| [2] Expenses incurred for initial compliance with the EU MDR for previously-approved products. | |||||||||||||||
| [3] Net impact to share-based compensation expense of converting outstanding RSUs with performance-based metrics based on the consolidated results of the spine and dental segments to time-based RSUs following the sale of the spine segment. | |||||||||||||||
FAQ
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