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Mar 31, 2022
ZimVie Q1 2022 Earnings Report
Reported first quarter results as a newly-spun, independent company.
Key Takeaways
ZimVie reported a decrease in third party net sales by 4.6% to $234.7 million. Net loss was ($25.7) million, with a diluted EPS of ($0.98). Adjusted EBITDA was $33.8 million, representing 14.4% of third party sales.
Third party net sales were $234.7 million, including $120.6 million in dental net sales and $114.1 million in spine net sales.
Net loss was ($25.7) million; net loss as a percentage of net sales was (10.9%); adjusted net income of $13.1 million.
Diluted EPS was ($0.98); adjusted diluted EPS was $0.50.
Adjusted EBITDA was $33.8 million; adjusted EBITDA margin was 14.4%.
ZimVie
ZimVie
Forward Guidance
ZimVie is reaffirming full-year 2022 financial guidance.
Positive Outlook
- Net sales of $1.0 billion (Flat to 2021 third party net sales)
- Adjusted EBITDA margin of 13.1% to 13.6% (Flat to 50 bps improvement)
- Adjusted EPS of $2.10 to $2.30
- Focus on growing leadership presence in the dental and spine markets.
- Executing plan to improve business performance over time.
Challenges Ahead
- Continued uncertainty due to the ongoing COVID-19 pandemic could materially impact the company's projections.
- Third party net sales decreased by (4.6%) on a reported basis.
- Net loss for the first quarter of 2022 was ($25.7) million, a decline of ($26.1) million versus the first quarter of 2021.
- Adjusted net income for the first quarter of 2022 was $13.1 million, a decline of ($7.6) million versus the same prior year period.
- Adjusted EBITDA for the first quarter of 2022 was $33.8 million, a decrease of ($6.0) million compared to the first quarter of 2021.