ZimVie Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a strategic shift following the sale of its spine segment. The company recorded net sales of $103.2 million for the third quarter, a decrease of 2.0% from $105.3 million in the same period of 2023. For the nine months, net sales totaled $338.2 million, down 1.8% from $344.4 million year-over-year. The decline in sales was attributed to lower volumes in dental implant and capital equipment sales, although growth was noted in digital dentistry and biomaterials.
ZimVie reported an operating loss of $4.8 million for the third quarter, compared to a loss of $3.9 million in the prior year. However, the net loss from continuing operations improved to $3.0 million, down from $10.2 million in Q3 2023. The overall net loss for the quarter was $2.3 million, significantly reduced from $5.1 million a year earlier. Basic loss per share from continuing operations was $(0.11), an improvement from $(0.38) in the previous year.
For the nine months ended September 30, 2024, ZimVie recorded a net loss of $14.1 million, a substantial decrease from $58.4 million in the same period of 2023. The company’s comprehensive income for the third quarter was $9.3 million, contrasting with a loss of $23.1 million in Q3 2023.
The sale of the spine segment, completed on April 1, 2024, for $377.2 million, has significantly impacted ZimVie’s financial structure. The company received $311.8 million in cash from the sale, which allowed for a $275 million prepayment on its term loan, reducing the non-current portion of debt from $508.8 million at the end of 2023 to $220.3 million as of September 30, 2024. The transaction resulted in a gain of $11.3 million, recorded in earnings from discontinued operations.
ZimVie’s total current assets decreased to $265.7 million from $482.9 million at the end of 2023, while total assets fell to $782.9 million from $1.2 billion. Total stockholders' equity remained relatively stable at $406.6 million, down slightly from $409.5 million.
The company has initiated restructuring activities to streamline operations and reduce costs, with anticipated charges of approximately $4 to $5 million related to these efforts. Selling, general, and administrative expenses decreased by $3.8 million for the nine months ended September 30, 2024, primarily due to savings from restructuring initiatives.
ZimVie continues to focus on its core dental products segment, which includes dental implant systems and related products, following the divestiture of its spine business. The company is also navigating challenges related to pricing pressures and foreign exchange fluctuations, which have affected sales performance.
About ZimVie Inc.
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