Investor's Business Daily S&P 500 Falls Below Key Level On Elections, Tesla, Bitcoin; CPI Inflation Report Looms The S&P 500 fell below its 50-day line on election results, Tesla, Bitcoin and more. Next month, ZimVie will host a virtual Investor Day on Monday, Feb. 7, 2022 from 11 a.m. to about 3p.m. investors, and communities. The Innovation & Insights Summit in Texas is a full day of scientific and clinical presentations. And so as we are continuing to turn over rocks, we are finding areas of inefficiency. He brings more than 25 years of experience in medical devices, having held leadership roles at Medtronic, Covidien, Cardinal Health, and Baxter. 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. Safety Based on recent market data, we see T3 PRO capturing modest early share in the premium implant segment. This inventory is nontaxable to ZimVie as it is sold. Is it coming from variable comp? Laura Driscoll . Its humanitarian device exemption, HDE, was granted based on over 7 years of clinical data validating its safety and effectiveness in scoliosis correction. Together, we are a diverse and collaborative global team embracing innovative curiosity, personal authenticity . No, I think thats fair. Just 3 weeks ago, the family got word that insurance would cover the procedure due to the updated policy deemed in the treatment medically necessary for indicated patients. This cautionary statement is applicable to all forward-looking statements contained in this news release. You may now disconnect. ET) and the After Hours Market (4:00-8:00 p.m. Bard, Smith & Nephew, Sterigenics International, and Microport Orthopedics. ZimVie executives expect the company to bring in $1 billion of revenue in 2022, which is relatively zero growth compared to last year. Biomet 3i France, Ltd . As his scoliosis worsened, his family spent out on the phone to fight this. Our early efforts have resulted in a reduction in net inventory of $20.3 million since December 2021 and a reduction of $8.6 million in the planned amount of capital spent on spine instruments. Rich most recently served as Chief Financial Officer of Breg, Inc. and previously held senior leadership roles at Orthofix International, Solera Holdings, Flowserve Corporation, and Coopervision Inc. Mike is responsible for providing strategic direction through developing and operationalizing strategic plans and initiatives to accelerate growth and drive ZimVies competitive advantage. "At ZimVie, we intend to prioritize innovation and enhanced commercial and operational focus to improve the adoption of our product platforms within the growing $20 billion global dental and spine markets," said Vafa Jamali, President and Chief Executive Officer of ZimVie. Not fully diluted for 2022. There has been an increase in demand for medical devices in recent . Specifications Major Minor Angulation Run on Rod Head Height Height Above 5.5 mm Rod Resources Brochure Surgical Technique slide 5 to 6 of 2 This remains our priority as we continue our mission to transform patients lives. Yes. Both products have recognized strong early traction with T3 PRO receiving positive feedback on primary stability and favorable reception to Encode Emergence centered on seating at the tissue level, enhanced ease of use and eliminating the need for bone profiling. Yes. We have moved about 1 month, 1.5 months since the end of second quarter. Resources Literature Customer Service Terms & Conditions Electronic Labeling Service (IFU) Investor Relations. Stock Price. Thus, we are maintaining our adjusted EBITDA margin range of 13.1% to 13.6%. ZimVie Inc's trailing 12-month revenue is $0.0 million with a % profit margin. Hi and thank you all for joining todays call. But not necessarily when we go to visit the customers, we are not seeing a loss of a customer, we are seeing an absentee customer on vacation for a good reason. 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," "look forward to" and similar expressions to identify forward-looking statements. Last Update. He has more than 25 years of experience across all areas of finance within medtech and other industries. Local News; Regional News; Northeast Region; New York News ZimVie Inc.'s market-leading portfolio of products and solutions is designed to treat a range of spine pathologies, supporting dental tooth replacement and restoration procedures worldwide. Robbie thanks for your questions. We are pleased with our progress in the short time since spin and we will continue to apply our disciplined financial framework as we continue to operationalize the business. Over $30 million or slightly less than half of our total reduction is due to foreign exchange headwinds at prevailing rates. 774-284-1606 . ZimVie is a global medical technology leader dedicated to restoring life for dental and spine patients, and we participate in a $20 billion global market opportunity across those markets. ZimVie is a brand new, publicly traded global life sciences company with a portfolio of trusted brands and products, led by a team of energetic and seasoned experts. With that, Ill now turn the call back over to Vafa. Investor Relations. This is at the lower end of our prior expectations for mid to high single-digit growth due to macroeconomic headwinds, particularly in Europe. But I do believe the summer is slow and we dont see, especially outside of the U.S. I am looking forward to sharing that pipeline with you guys later on as we get a little more granular on what we have. Indraneel joined ZimVie from Zimmer Biomet, where he served across several of its business units leading strategy and business development for nearly 10 years before becoming Global President of the Dental division in 2021. Terms of the Separation . and WESTMINSTER, Colo., Feb. 7, 2022 /PRNewswire/ -- ZimVie, the intended standalone, publicly traded entity to be spun off from Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), will host its inaugural Investor Day today, February 7, 2022, from 11:00 a.m. to approximately 2:00 p.m. Eastern Time. ZimVie Inc. (NASDAQ:NASDAQ:ZIMV) Q1 2022 Earnings Conference Call May 5, 2022 16:30 ET Company Participants Marissa Bych - Investor Relations Vafa Jamali - President and Chief Executive. Id like to kick off our call by reacquainting investors with who we are at ZimVie, including our dental and spine businesses, and then reviewing our financial performance for the quarter ended June 30, 2022, our first full quarter as a newly independent company. And with that, I will turn the call over to Vafa Jamali, President and Chief Executive Officer of ZimVie. As I mentioned earlier, we have the fortune of being a leading player in two substantial and growing markets. Great. These items may vary greatly from year to year and could significantly impact our results as reported in accordance with GAAP. Tim Doherty's Phone Number and Email. . Achieve efficiency to your CAD/CAM restoration workflow with a singular TiBase that provides flexibility of channel angulation and adjustable post height options. Please disable your ad-blocker and refresh. That helps. And just last for me. Prior to the announced spin-off Zimmer Biomet struggled with quality control and supply chain problems for about a year at that point, and those challenges had created investor frustration that ultimately led to former CEO David Dvorak's resignation in July 2017. This program is working as designed, reflected by a modest $0.5 million of currency gains making their way into our income statement in Q2 of 2022. 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. Before I close and hand back over to Vafa I want to underscore that we were to launch a number of operational initiatives in the 4 months since spin to control operating expenses, rightsize our business, rationalize our real estate and geographic footprint and monetize the strength of assets on our balance sheet. Headquartered in Baltimore, our generation fleet powers more than 20 million homes and businesses . Nonetheless, I am pleased to announce we recognized $233.4 million in total net sales for the second quarter, declining roughly 8% year-over-year on a constant currency basis, but offering the baseline against we are confident we can grow over time. Last for me is, the good news is you had good expense control. Biologic Solutions ZimVie Spine offers a full line of biologics products including advanced allografts, synthetic bone void fillers, and allograft demineralized bone matrix products to provide best-in-class biologic solutions for use in spine surgery. Im on the call today with Rich Heppenstall, our Chief Financial Officer. * These measures are non-GAAP financial measures for which a reconciliation to the most directly comparable, Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. ZimVie, the intended standalone, publicly traded entity to be spun off from Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), will host its inaugural Investor Day today, February 7, 2022, from 11: . "At ZimVie, we intend to prioritize innovation and enhanced commercial and operational focus to improve the adoption of our product platforms within the growing $20 billion global dental and spine markets," said Vafa Jamali, President and Chief Executive Officer of ZimVie. Macroeconomic, which I think is the crux of your question, I think the summer has been slow, and I think thats why we are being very conservative into the back half of the year. CopiOs Bone Void Filler Indux Cancellous Sponge and Cortical Strip InterGro DBM Family Zimvie is selling for under 8.20 as of the 30th of October 2022; that is 6.49% increase since the beginning of the trading day. The U.S. has largely been a pretty good market. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in our filings with the Securities and Exchange Commission, including our registration statement on Form 10. However, we are not allowing a challenging macro environment to detract from our focus on strengthening our foundation and positioning to drive future growth. This concludes todays conference call. Adjusted gross profit was $155.0 million, compared to $153.7 million in the prior-year period. Our profit margins are generally naturally hedged against currency fluctuations, which meets to the volatility we are seeing in the global currency markets. Motion Preservation is an area we are actively leading and remain very excited about, including Mobi-C, the market-leading cervical disc replacement and The Tether a novel treatment for pediatric scoliosis. ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. Explore Careers. In 2021, the spine segment is estimated to make up about 56% of revenues, with . ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Stock Information ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. Although the realization of many of these projects will manifest themselves in the income statement over coming quarters we are seeing an immediate benefit to liquidity and financial flexibility, as I just discussed. The decline is due to choppiness in procedural volumes, China volume-based procurement acceleration into 2022, and commercial execution challenges. Rich oversees all areas of ZimVies finance and accounting organization and investor relations. I will now hand the line over to Rich Heppenstall, our Chief Financial Officer, to review more details of our second quarter performance and financial outlook. . ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. Please enter a search term. Continued uncertainty due to the ongoing COVID-19 pandemic could materially impact the company's projections. ET). from 8 AM - 9 PM ET. Vafa serves on the board of directors of Baylis Medical and Eptam Precision. About ZimVieZimVie will focus on the dental and spine markets and their respective growth drivers such as implants, surgical tools, bone graft substitutes, spinal fusion implants, non-fusion alternatives, and digital care management solutions. 10225 Westmoor Drive Westminster, CO 80021, US Get directions Employees at ZimVie Cliff Nicholson Global IT Service Delivery, Infrastructure & Operations Leader | Building and adapting IT for. Ill begin by reviewing our second quarter 2022 results, and well then close by providing commentary on our outlook for the full year 2022. Continued uncertainty due to the ongoing COVID-19 pandemic could materially impact the company's projections. Thanks Vafa and good afternoon everyone. We have seen firsthand the positive impact that The Tethers had on the lives of children and their families, and were optimistic that this decision will pave the way for additional favorable policy changes to continue expanding therapy access. Presented by leaders in the dental implant therapy market, this Summit will highlight exciting and new regenerative techniques, and review the latest scientific findings in the field of grafting materials and regenerative therapies, including regenerative patient-specific digital solutions. Prior to Fresenius, she spent 10 years in key communication roles at Covidien, and then Medtronic after the acquisition of Covidien. On May 5th, the ZimVie reported its inaugural quarterly earnings as an independent company, posting revenues of $236 million and non-GAAP EPS of $0.50 a share. Yes. So, by early summer, we were back on to service levels we wanted, and that was basically savings in a sense that we werent duplicating spend there. Head-to-head connectors provide multi-planar motion, allowing for off-axis screw head positioning. That transaction process remains on track, with ZimVie's first day of trading as a standalone entity anticipated on March 1, 2022. Beginning with sales, total third-party net sales for the second quarter of 2022 were $233.4 million, a decrease of 11.5% on a reported basis and 8.3% in constant currency when compared to the prior year period. The way I think about it is if Q3 sequentially is our lower quarter for dental, and so what we expect to see is a kind of a modest decline in Q3 due to seasonality and then Q4 is typically our strongest quarter. During a virtual investor day, executives for ZimVie broke down each segment and outlined their growth strategy for the spinoff. CONTACT: Ann Marie Gothard, Vice President, Corporate Media Relations, Annmarie.gothard@henryschein.com, (631) 390-8169 In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. The virtual event will feature presentations from ZimVie . Thank you very much for joining the call. As I touched on earlier, we saw the culmination of years of our teams work driving awareness of The Tethers value in pediatric scoliosis in the form of a positive policy decision from Anthem, although The Tether contributes a smaller piece of our spine portfolio today, insurance coverage has proven the greatest headwind to adoption in the past, and we expect The Tether to grow meaningfully as access improves over time. Under the terms of the separation, at 12:01 a.m. (EST) on March 1, 2022, each Zimmer Biomet Holdings, Inc. shareholder received one share of ZimVie common stock for every 10 shares of Zimmer Biomet common stock held as of . It looks like there is more shortfall assumed in third quarter and fourth quarter. Indraneel also has extensive experience in the life sciences industry in research and development, sales and marketing consulting, and business development with Agilent Technologies, ZS Associates, and Danaher Corporation. And so thats also in there for part of Q2. Our first question comes from Robbie Marcus. Forward-Looking StatementsThis 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. As SVP and CHRO, Dave leads strategies that shape and foster a strong and meaningful corporate culture for our more than 3,000 and growing team members worldwide and position ZimVie as an unrivaled place to work. Marissa Bych. The virtual event will feature presentations from ZimVie leaders outlining its Spine and Dental offerings, addressable market opportunity, business strategy, and financial outlook. The event will feature a live Q&A panel following speaker presentations. While at Medtronic, he was responsible for the global leadership of a $3 billion business that included 10,000 team members across four businesses and 14 manufacturing sites. Sure. 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 due to our limited visibility into and inability to make accurate projections and estimates of items, including GAAP allocations and other GAAP carveout adjustments. Consolidated revenues were $233 million and net loss was $9 million or diluted EPS of ($0.33) per share. Adjusted earnings per share was $0.67 on a fully diluted weighted average share count at 26.1 million shares. So, thank you very much for your time and we look forward to talking to you in a quarter. Year-over-year quarterly sales growth most recently was -14.7%. She brings strong strategic commercial experience in the medical device and healthcare sectors from companies including BD Medical Systems, CR Bard, Galen Partners, and Covidien. In constant currency, adjusted EBITDA was $32.6 million or 13.5% of sales. Got it. Adjusted gross profit was $153.4 million compared to $177.9 million in the prior year period. Turning to our performance as we exit the first full quarter as an independent company, I would like to reiterate that it remains very early days at ZimVie. ZimVie is the result of the third phase of Zimmer Biomet's transformation. Good afternoon Robbie. Are you cutting back on projects? And I have a few follow-ups after that. Thank you, Rich. Minimally Invasive Surgery, which typically benefits from the addition of enabling technology, is an area in which we intend to further expand. But outside of the U.S., we are seeing extended vacations for lack of a better way to explain it. That transaction process remains on track, with ZimVie's first day of trading as a standalone entity anticipated on March 1, 2022. Appreciate the interest. Mike has more than 20 years of experience driving global growth and alignment through new ventures, corporate/business development (M&A), management consulting, and general management in medical and technology industries with organizations like Medtronic, Covidien, General Electric Healthcare, and Deloitte Consulting. Okay. As CEO, Vafa leads ZimVie's overall global operations and strategic vision. . With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. We drove cash flow improvement through greater fiscal discipline, including spending scrutiny and monetization of certain aspects of our balance sheet, as Rich will detail shortly. Under the terms of the separation, at 12:01 a.m. Eastern time on March 1, 2022, each Zimmer Biomet Holdings, Inc. shareholder received one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock . He has more than 25 years of experience across all areas of finance within medtech and other industries. ZimVie . This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 10, 2022. Turning to our bottom line expectations, we are revising our full year 2022 adjusted earnings per share outlook to a range of $1.80 to $2 per share from $2.10 to $2.30 per share previously. . The company first announced the spinoff in February of 2021. Their ZIMV share price forecasts range from $20.00 to $34.00. Efficiency Double-lead screw accelerates insertion. For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet. Over 1,200 children have received The Tether since HDE approval in August 2019 with approximately 50 U.S. surgeons performing the procedure. Our product platforms address a broad set of critical patient needs across those markets and are substantially differentiated from competitive solutions in several cases. WARSAW, Ind. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. See "Forward-Looking Non-GAAP Financial Measures" below. In addition to our largest spine segment of core and complex solutions, we also have exposure to two exciting emerging categories, Motion Preservation Devices, and Minimally Invasive Surgery. ZimVie to Report First Quarter 2022 Financial Results May 5, 2022 at 4:30 PM EDT Click here for Webcast ZimVie Begins First Day as Independent Public Company March 1, 2022 at 9:30 AM EST On March 1, ZimVie will spin off from Zimmer Biomet, becoming a publicly traded company on Nasdaq, trading under the ticker symbol ZIMV. Geographically, U.S. third-party net sales of $70.2 million increased by 3.7%. What we are seeing right now with the euro basically close to parity, we are seeing over $30 million of FX headwind. Careers; Investors; Global Contacts . So, our pipeline looks really good. Third Quarter 2022 Zimmer Biomet Announces Third Quarter 2022 Financial Results International toll-free and local numbers View All Results View Fact Sheet Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. If you have an ad-blocker enabled you may be blocked from proceeding. Is this happening to you frequently? Third party net sales of $213.3 millionNet income of $0.8 million; net income margin of 0.4%; adjusted net income[1] of $12.9 million Diluted EPS of $0.03; adjusted diluted EPS[1] of $0.49Adjusted EBITDA[1] of $29.4 million; adjusted EBITDA margin[1] of 13.8% Cash and cash equivalents of $116.0 million at September 30, 2022Reaffirming full-year 2022 guidance for third party net sales, adjusted .
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