ZimVie Inc. reported a net loss of $25.8 million for the fiscal year ending December 31, 2024, a significant improvement compared to a net loss of $393.3 million in 2023. The company's total net sales for 2024 were $449.7 million, reflecting a 1.7% decrease from $457.4 million in the previous year. The decline in sales was attributed to decreased demand for dental implants and capital equipment, partially offset by growth in digital dentistry and biomaterial products. The company’s cost of goods sold decreased to $162.3 million, representing 36.1% of net sales, down from 36.5% in 2023.
In a strategic move, ZimVie completed the sale of its spine segment to H.I.G. Capital for $377 million on April 1, 2024. This transaction allowed the company to focus on its dental business, which is expected to drive future growth. The sale resulted in a gain of $11.1 million and has been classified as discontinued operations in the financial statements. Following the sale, ZimVie has streamlined its operations, with a workforce of approximately 1,770 employees, including around 700 in sales and marketing roles.
The company has also initiated several restructuring activities aimed at optimizing its operations and reducing costs. In 2024, ZimVie recorded $5.7 million in restructuring expenses, primarily related to employee termination benefits. The company anticipates total pre-tax charges of approximately $6 to $7 million related to these restructuring efforts, which are expected to be completed by the end of 2025. ZimVie is focusing on operational improvements to enhance margins and financial flexibility for future investments.
Looking ahead, ZimVie expects growth in its dental segment driven by new product launches and increased adoption of digital dentistry solutions. However, the company has acknowledged potential headwinds from foreign currency exchange risks and macroeconomic pressures in the premium tooth replacement market. The management remains optimistic about the operational improvements and cost optimization initiatives that are underway, which are expected to support the company's financial health in 2025 and beyond.
About ZimVie Inc.
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