The following is a summary of the ZimVie Inc. (ZIMV) Q4 2023 Earnings Call Transcript:
Financial Performance:
ZimVie Inc.'s Q4 2023 total third-party net sales were $113.1 million, a decrease of 2.4% in reported rates and 3.6% in constant currency.
Full year 2023 sales were $457.2 million, essentially flat year-over-year.
Adjusted EBITDA for Q4 2023 was $13.9 million, and it was $0.22 per share for the full year 2023.
ZimVie sold its Spine business for $375 million to H.I.G. Capital, enhancing its cash reserves, and plans to reduce net debt to under $200 million post-sale.
Despite a decrease in sales from discontinued operations, the company aims to achieve a 15% or over adjusted EBITDA margin post the sale.
Business Progress:
ZimVie is selling its Spine business to H.I.G. Capital, thus becoming a more focused Dental company.
The company is preparing for several product launches in 2024 and is looking to improve its financial performance through operational changes and cost-reduction initiatives.
ZimVie is committed to manufacturing automation, supply chain optimization, and improving plant efficiency.
ZimVie published its inaugural ESG report, showcasing its commitment to responsible business and workplace practices.
The company expects to deliver annual sales of over $455 million a year post-Spine sale.
More details: ZimVie IR
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