ZIMV ZimVie Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41242

 

ZIMVIE INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware	87-2007795
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4555 Riverside Drive Palm Beach Gardens, FL	33410
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (800) 342-5454

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		ZIMV		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☒
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant’s Common Stock outstanding as of October 25, 2024 was 27,598,871.

 

---

ZIMVIE INC.

QUARTERLY REPORT

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report contains forward-looking statements within the meaning of federal securities laws, including, among others, any statements about our expectations, plans, intentions, strategies or prospects. 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,” “track,” “look forward to” and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; pricing pressures from competitors, customers, dental practices and insurance providers; changes in customer demand for our products and services caused by demographic changes or other factors; challenges relating to changes in and compliance with governmental laws and regulations affecting our United States and international businesses, including regulations of the U.S. Food and Drug Administration and foreign government regulators, such as more stringent requirements for regulatory clearance of products; competition; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors; cost containment efforts sponsored by government agencies, legislative bodies, the private sector and healthcare group purchasing organizations, including the volume-based procurement process in China; control of costs and expenses; dependence on a limited number of suppliers for key raw materials and outsourced activities; the ability to obtain and maintain adequate intellectual property protection; breaches or failures of our information technology systems or products, including by cyberattack, unauthorized access or theft; the ability to retain the independent agents and distributors who market our products; our ability to attract, retain and develop the highly skilled employees we need to support our business; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability, intellectual property and commercial litigation losses; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations; the effects of global pandemics and other adverse public health developments on the global economy, our business and operations and the business and operations of our suppliers and customers, including the deferral of elective procedures and our ability to collect accounts receivable; and the impact of the ongoing financial and political uncertainty on countries in the Euro zone on the ability to collect accounts receivable in affected countries.

See also Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 and Part II, Item 1A, "Risk Factors" of this Quarterly Report for further discussion of certain risks and uncertainties that could cause actual results and events to differ materially from the forward-looking statements. Readers of this Quarterly Report are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. 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.

For additional information concerning factors that may cause actual results to vary materially from those stated in the forward-looking statements, see our reports on Form 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) from time to time.

---

Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Stockholders' Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	28
PART II.	OTHER INFORMATION	29
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
Signatures		31

 

---

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

ZIMVIE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Net Sales
Third party, net		$	103,222			$	105,311			$	338,228			$	344,131
Related party, net			—				—				—				236
Total Net Sales			103,222				105,311				338,228				344,367
Cost of products sold, excluding intangible asset amortization			(35,820	)			(36,907	)			(123,596	)			(124,246	)
Related party cost of products sold, excluding intangible asset amortization			—				—				—				(231	)
Intangible asset amortization			(6,037	)			(6,778	)			(18,059	)			(20,378	)
Research and development			(6,926	)			(5,677	)			(20,285	)			(19,365	)
Selling, general and administrative			(57,313	)			(56,505	)			(180,024	)			(186,054	)
Restructuring and other cost reduction initiatives			(687	)			(1,391	)			(3,664	)			(3,929	)
Acquisition, integration, divestiture and related			(1,276	)			(1,936	)			(6,934	)			(4,647	)
Operating Expenses			(108,059	)			(109,194	)			(352,562	)			(358,850	)
Operating Loss			(4,837	)			(3,883	)			(14,334	)			(14,483	)
Other income (expense), net			3,462				(990	)			6,161				(1,189	)
Interest income			2,466				569				4,938				1,929
Interest expense			(4,827	)			(5,553	)			(14,766	)			(17,187	)
Loss from continuing operations before income taxes			(3,736	)			(9,857	)			(18,001	)			(30,930	)
Benefit (provision) for income taxes from continuing operations			688				(325	)			(6,161	)			(1,555	)
Net Loss from Continuing Operations of ZimVie Inc.			(3,048	)			(10,182	)			(24,162	)			(32,485	)
Earnings (loss) from discontinued operations, net of tax			764				5,093				10,103				(25,945	)
Net Loss of ZimVie Inc.		$	(2,284	)		$	(5,089	)		$	(14,059	)		$	(58,430	)
Basic (Loss) Earnings Per Common Share:
Continuing operations		$	(0.11	)		$	(0.38	)		$	(0.88	)		$	(1.23	)
Discontinued operations			0.03				0.19				0.37				(0.98	)
Net Loss		$	(0.08	)		$	(0.19	)		$	(0.51	)		$	(2.21	)
Diluted (Loss) Earnings Per Common Share:
Continuing operations		$	(0.11	)		$	(0.38	)		$	(0.88	)		$	(1.23	)
Discontinued operations			0.03				0.19				0.37				(0.98	)
Net Loss		$	(0.08	)		$	(0.19	)		$	(0.51	)		$	(2.21	)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

---

ZIMVIE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in thousands)

 

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Net Loss of ZimVie Inc.		$	(2,284	)		$	(5,089	)		$	(14,059	)		$	(58,430	)
Other Comprehensive Income (Loss)
Foreign currency cumulative translation adjustments, net of tax			11,559				(18,027	)			460				(6,930	)
Total Other Comprehensive Income (Loss)			11,559				(18,027	)			460				(6,930	)
Comprehensive Income (Loss)		$	9,275			$	(23,116	)		$	(13,599	)		$	(65,360	)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

---

ZIMVIE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

		As of
		September 30, 2024				December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	66,808			$	71,511
Accounts receivable, net of allowance for credit losses of $2,392 and $3,222, respectively			69,581				65,168
Inventories			77,087				79,600
Prepaid expenses and other current assets			24,162				23,825
Current assets of discontinued operations			28,036				242,773
Total Current Assets			265,674				482,877
Property, plant and equipment, net of accumulated depreciation of $131,717 and $126,624, respectively			49,614				54,167
Goodwill			262,767				262,111
Intangible assets, net			98,251				114,354
Note receivable			63,072				—
Other assets			31,271				26,747
Noncurrent assets of discontinued operations			12,299				265,089
Total Assets		$	782,948			$	1,205,345
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable		$	27,403			$	27,785
Income taxes payable			2,440				2,863
Other current liabilities			58,363				67,108
Current liabilities of discontinued operations			48,432				75,858
Total Current Liabilities			136,638				173,614
Deferred income taxes			276				265
Lease liability			9,477				9,080
Other long-term liabilities			9,269				9,055
Non-current portion of debt			220,281				508,797
Noncurrent liabilities of discontinued operations			369				95,041
Total Liabilities			376,310				795,852
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized   Shares, issued and outstanding, of 27,587 and 27,076, respectively			276				271
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding			—				—
Additional paid in capital			933,735				922,996
Accumulated deficit			(454,873	)			(440,814	)
Accumulated other comprehensive loss			(72,500	)			(72,960	)
Total Stockholders' Equity			406,638				409,493
Total Liabilities and Stockholders' Equity		$	782,948			$	1,205,345

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

---

ZIMVIE INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands)

 

 

														Accumulated
						Additional								Other
		Common				Paid-In				Accumulated				Comprehensive				Total
		Stock				Capital				Deficit				Income (Loss)				Equity
Balance June 30, 2024		$	276			$	930,471			$	(452,589	)		$	(84,059	)		$	394,099
Net loss			—				—				(2,284	)			—				(2,284	)
Stock plan activity			—				(59	)			—				—				(59	)
Share-based compensation expense			—				3,323				—				—				3,323
Other comprehensive income			—				—				—				11,559				11,559
Balance September 30, 2024		$	276			$	933,735			$	(454,873	)		$	(72,500	)		$	406,638
Balance June 30, 2023		$	265			$	908,507			$	(100,873	)		$	(80,057	)		$	727,842
Net loss			—				—				(5,089	)			—				(5,089	)
Share-based compensation expense			—				5,473				—				—				5,473
Other comprehensive loss			—				—				—				(18,027	)			(18,027	)
Balance September 30, 2023		$	265			$	913,980			$	(105,962	)		$	(98,084	)		$	710,199

 

														Accumulated
						Additional								Other
		Common				Paid-In				Accumulated				Comprehensive				Total
		Stock				Capital				Deficit				Income (Loss)				Equity
Balance December 31, 2023		$	271			$	922,996			$	(440,814	)		$	(72,960	)		$	409,493
Net loss			—				—				(14,059	)			—				(14,059	)
Stock plan activity			5				(1,734	)			—				—				(1,729	)
Share-based compensation expense			—				12,473				—				—				12,473
Other comprehensive income			—				—				—				460				460
Balance September 30, 2024		$	276			$	933,735			$	(454,873	)		$	(72,500	)		$	406,638
Balance December 31, 2022		$	262			$	897,028			$	(47,532	)		$	(91,154	)		$	758,604
Net loss			—				—				(58,430	)			—				(58,430	)
Stock plan activity			3				823				—				—				826
Share-based compensation expense			—				16,129				—				—				16,129
Other comprehensive loss			—				—				—				(6,930	)			(6,930	)
Balance September 30, 2023		$	265			$	913,980			$	(105,962	)		$	(98,084	)		$	710,199

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

---

ZIMVIE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

		For the Nine Months Ended September 30,
		2024				2023
Cash flows (used in) provided by operating activities:
Net loss of ZimVie Inc.		$	(14,059	)		$	(58,430	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			25,697				95,088
Share-based compensation			12,473				16,129
Deferred income tax provision			(4,201	)			(11,967	)
Loss on disposal of fixed assets			418				2,411
Other non-cash items			2,818				2,762
Gain on sale of spine disposal group (Note 2)			(22,427	)			—
Changes in operating assets and liabilities
Income taxes			2,548				(34,061	)
Accounts receivable			(5,742	)			13,019
Related party receivable			—				8,483
Inventories			7,139				18,246
Prepaid expenses and other current assets			(2,447	)			4,187
Accounts payable and accrued liabilities			(6,314	)			(18,216	)
Related party payable			—				(13,177	)
Other assets and liabilities			(3,179	)			(8,780	)
Net cash (used in) provided by operating activities			(7,276	)			15,694
Cash flows provided by (used in) investing activities:
Additions to instruments			(1,316	)			(4,341	)
Additions to other property, plant and equipment			(2,677	)			(5,340	)
Proceeds from sale of spine disposal group, net of cash disposed			291,123				—
Other investing activities			(1,961	)			(2,762	)
Net cash provided by (used in) investing activities			285,169				(12,443	)
Cash flows used in financing activities:
Proceeds from debt			—				4,760
Payments on debt			(290,000	)			(22,291	)
Business combination contingent consideration payments			(3,712	)			—
Payments related to tax withholding for share-based compensation			(1,729	)			(419	)
Proceeds from stock plan activity			—				1,167
Net cash used in financing activities			(295,441	)			(16,783	)
Effect of exchange rates on cash and cash equivalents			(2,124	)			(620	)
Decrease in cash and cash equivalents			(19,672	)			(14,152	)
Cash and cash equivalents, beginning of year			87,768				89,601
Cash and cash equivalents, end of period		$	68,096			$	75,449
Presentation includes cash of both continuing and discontinued operations
Supplemental cash flow information:
Income taxes paid, net		$	5,232			$	19,090
Interest paid			19,080				26,198
Promissory note receivable issued in connection with the sale of spine disposal group			60,000				—
Interest received in-kind			3,072				—

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

---

ZIMVIE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

---

 

---

---

---

 

---

 

---

---

At September 30, 2024, we had unrecognized share-based compensation cost related to unvested RSUs of $15.7 million, which is expected to be amortized into earnings over the remaining weighted average vesting period of approximately 1.1 years. The total fair value of RSUs granted during the nine months ended September 30, 2024 and 2023 was $14.0 million and $15.8 million, respectively. The total fair value of RSUs that vested during the nine months ended September 30, 2024 and 2023 was $11.1 million and $6.4 million, respectively.

 

---

For the three months ended September 30, 2024 and 2023, a weighted average of 1.8 million and 3.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, a weighted average of 2.1 million and 3.3 million, respectively, options to purchase shares of common stock were not included in the computation of diluted net loss per share as the exercise prices of these options were greater than the average market price of the common stock.

 

---

 

 

---

---

 

 

---

 

 

---

 

---

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following information should be read in conjunction with the interim condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report. Certain percentages presented in this discussion and analysis are calculated from the underlying whole-dollar amounts and therefore may not recalculate from the rounded numbers used for disclosure purposes. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed in this Quarterly Report and in our Annual Report, particularly in “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.”

 

OVERVIEW

 

Our History

 

ZimVie was incorporated in 2021 as a wholly owned subsidiary of Zimmer Biomet for the sole purpose of holding directly or indirectly the assets and liabilities associated with the dental and spine businesses of Zimmer Biomet for distribution. The distribution of the dental and spine businesses was completed on March 1, 2022, and resulted in ZimVie becoming a standalone, publicly traded company. Following the distribution, Zimmer Biomet initially retained 19.7% of the outstanding shares of ZimVie common stock, and all transactions between ZimVie and Zimmer Biomet from the distribution to February 1, 2023 were reported as related party transactions. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7% ownership in ZimVie and is no longer considered a related party. As such, transactions with Zimmer Biomet subsequent to February 1, 2023 are reported as third party transactions.

 

Sale of Spine Segment

 

On December 15, 2023, we entered into a definitive agreement to sell our spine segment to an affiliate of H.I.G. Capital. On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, received proceeds of $311.8 million, excluding the promissory note and transaction costs, but including cash disposed of $26.1 million, and recorded a gain on the sale of $11.3 million. See additional information in Notes 1 and 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report.

 

Our Company

 

ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental patients worldwide. Prior to the closing of the sale of our spine segment, our operations were principally managed on a products basis and included two operating segments, 1) the dental products segment, and 2) the spine products segment. Following the sale of our spine segment on April 1, 2024, we operate as a single segment.

 

Since the sale of our spine segment, our core services include designing, manufacturing and distributing dental implant systems. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental prosthetic products are aimed at providing a more natural restoration to resemble the original teeth, and dental regenerative products are for soft tissue and bone rehabilitation.

 

Prior to the sale of our spine segment, the core services of our spine segment included designing, manufacturing and distributing medical devices and surgical instruments to deliver comprehensive solutions for individuals with back or neck pain caused by degenerative conditions, deformities or traumatic injury of the spine. Our broad portfolio addressed all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis. We also provided devices that promote bone healing.

 

RESTRUCTURING AND OTHER COST REDUCTION INITIATIVES

 

Below is a summary of our restructuring and other cost reduction initiatives. For further information, refer to our discussion of expenses below under “Results of Operations - Three and Nine Months Ended September 30, 2024 and 2023 - Operating Expenses” and in Note 13 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report.

 

2024 Program

 

In January 2024, we initiated restructuring activities to better structure the organization to support our dental segment following the disposal of the spine segment, as discussed in the "Overview - Sale of Spine Segment" above.

---

 

2023 Programs

In April and July 2023, we initiated restructuring activities to better position our organization for future success based on the then-current business environment. These activities had the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions and levels. These programs were substantially complete as of March 31, 2024.

 

2022 Program

 

In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. This program was substantially complete as of June 30, 2024.

 

RESULTS OF OPERATIONS

 

As discussed above in the "Overview," we entered into a definitive agreement in December 2023 to sell our spine segment, which closed on April 1, 2024. As such, the historical results of our spine segment have been reflected as discontinued operations in our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report, and the following discussion is presented on a continuing operations basis. See Notes 1 and 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for details of the financial condition, results of operations and selected cash flows of our spine segment.

 

Three and Nine Months Ended September 30, 2024 and 2023

 

Net Sales

 

The following table presents net sales and the components of the percentage changes ($ in thousands):

 

		Three Months Ended September 30,																				Foreign
		2024				2023				% Inc/(Dec)				Volume/Mix				Price				Exchange
Third party, net		$	103,222			$	105,311				(2.0	)%			(1.3	)%			(0.9	)%			0.2	%
Related party, net			—				—				—			N/A				N/A				N/A
Total Net Sales		$	103,222			$	105,311				(2.0	)%			(1.3	)%			(0.9	)%			0.2	%

 

		Nine Months Ended September 30,																				Foreign
		2024				2023				% Inc/(Dec)				Volume/Mix				Price				Exchange
Third party, net		$	338,228			$	344,131				(1.7	)%			(0.2	)%			(1.1	)%			(0.4	)%
Related party, net			—				236				(100.0	)%			(100.0	)%		N/A				N/A
Total Net Sales		$	338,228			$	344,367				(1.8	)%			(0.3	)%			(1.1	)%			(0.4	)%

 

Volume/Mix Trends

 

Volume decreased in the three and nine months ended September 30, 2024 compared to the same prior year periods. Lower dental implant and capital equipment sales were partially offset by growth in digital dentistry and biomaterials sales during the three months ended September 30, 2024, as compared to the same prior year period. Lower capital equipment and dental implant sales were partially offset by growth in digital dentistry and biomaterials sales during the nine months ended September 30, 2024, as compared to the same prior year period.

 

Pricing Trends

 

We experienced a price decline in the three and nine months ended September 30, 2024 compared to the same prior year periods, primarily related to pricing pressures on premium dental implant system sales in North America, resulting from a customer mix shift and customer consolidation in the specialty segment, as well as declines in pricing in China resulting from volume-based pricing.

 

---

Foreign Currency Exchange Rates

 

In countries where we have a subsidiary, we sell to customers in their local currencies. Accordingly, our net sales as reported in U.S. Dollars are affected by changes in foreign currency exchange rates. We are primarily exposed to foreign currency exchange rate risk with respect to net sales denominated in Euros and Japanese Yen. For the three months ended September 30, 2024, foreign exchange fluctuations had a small positive effect on year-over-year sales, mainly due to the strengthening of the Euro against the U.S. Dollar, partially offset by the weakening of the Japanese Yen against the U.S. Dollar. For the nine months ended September 30, 2024, foreign exchange fluctuations had a negative effect on year-over-year sales, mainly due to the weakening of the Japanese Yen against the U.S. Dollar.

 

Expenses as a Percent of Net Sales

 

		Three Months Ended September 30,
		2024				2023				2024 vs 2023 Inc/(Dec)
Cost of products sold including related party, excluding intangible asset amortization			34.7	%			35.0	%			(0.3	)%
Intangible asset amortization			5.8				6.4				(0.6	)
Research and development			6.7				5.4				1.3
Selling, general and administrative			55.5				53.7				1.8
Restructuring and other cost reduction initiatives			0.7				1.3				(0.6	)
Acquisition, integration, divestiture and related			1.2				1.8				(0.6	)
Operating Loss			(4.7	)			(3.7	)			1.0

 

		Nine Months Ended September 30,
		2024				2023				2024 vs 2023 Inc/(Dec)
Cost of products sold including related party, excluding intangible asset amortization			36.5	%			36.2	%			0.3	%
Intangible asset amortization			5.3				5.9				(0.6	)
Research and development			6.0				5.6				0.4
Selling, general and administrative			53.2				54.0				(0.8	)
Restructuring and other cost reduction initiatives			1.1				1.1				-
Acquisition, integration, divestiture and related			2.1				1.3				0.8
Operating Loss			(4.2	)			(4.2	)			-

 

Cost of Products Sold and Intangible Asset Amortization

 

Cost of products sold in dollars declined in the three and nine months ended September 30, 2024 as compared to the same prior year periods, primarily due to the decline in sales as discussed above. Cost of products sold as a percentage of net sales in the three months ended September 30, 2024 decreased as compared to the same prior year period, primarily as a result of a mix shift to higher margin products. Cost of products sold as a percentage of net sales in the nine months ended September 30, 2024 increased as compared to the same prior year period primarily due to the negative impact of price declines on sales as discussed above in "Net Sales - Pricing Trends."

 

Intangible asset amortization decreased in dollars and as a percentage of net sales in the three and nine months ended September 30, 2024 as compared to the same prior year periods, primarily due to certain intangible assets becoming fully amortized in 2023.

 

Operating Expenses

 

Research and development ("R&D") expenses increased in dollars and as a percentage of net sales in the three and nine months ended September 30, 2024 as compared to the same prior year periods. The increases in the three-month period were primarily due to professional service fees related to new product development and launches ($0.6 million), compensation expense ($0.4 million) and supplies ($0.3 million). The increases in the nine-month period were primarily due to professional service fees related to new product development and launches ($0.4 million) and compensation expense ($0.2 million).

 

Selling, general and administrative (“SG&A”) expenses increased in dollars and as a percentage of sales in the three months ended September 30, 2024 as compared to the same prior year period. Increases in compensation expense ($1.1 million), travel and entertainment expense ($0.5 million) and marketing expense ($0.5 million) were partially offset by decreases in professional services fees ($1.1 million).

 

---

SG&A expenses decreased in dollars and as a percentage of net sales in the nine months ended September 30, 2024, as compared to the same prior year period, generally due to savings from our announced restructuring and other cost reduction initiatives. Specifically, the decline in SG&A was primarily attributable to decreases in compensation and recruiting expense ($1.7 million), professional services fees ($1.4 million) and TSA expenses related to our separation from Zimmer Biomet ($0.7 million).

 

Expenses resulting from restructuring and other cost reduction initiatives relate to various restructuring plans as discussed above. We recognized expense of $0.7 million and $1.4 million in the three months ended September 30, 2024 and 2023, respectively, primarily related to employee termination benefits. We recognized expense of $3.7 million and $3.9 million in the nine months ended September 30, 2024 and 2023, respectively, primarily related to employee termination benefits, as well as professional services fees. For more information regarding these expenses, see Note 13 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report.

 

Acquisition, integration, divestiture and related expenses include costs incurred to prepare for and complete the separation from Zimmer Biomet (such as professional fees, transition services agreements, costs to stand up our corporate organization and infrastructure), changes in the fair value of contingent consideration for acquisitions closed prior to the separation date and transaction costs related to the disposal of our spine segment. Acquisition, integration, divestiture and related expenses decreased by $0.7 million for the three months ended September 30, 2024, as compared to the same prior year period, due primarily to a fair value adjustment of the promissory note related to the sale of the spine segment ($1.2 million) and decreases in separation-related expenses ($0.5 million), partially offset by transaction costs related to the evaluation of strategic options for our portfolio, including costs incurred related to the disposal of the spine segment (see Notes 1 and 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report) ($1.1 million). Acquisition, integration, divestiture and related expenses increased by $2.3 million for the nine months ended September 30, 2024 as compared to the same prior year period, due primarily to transaction costs related to the evaluation of strategic options for our portfolio, including costs incurred related to the disposal of the spine segment (see Notes 1 and 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report) ($5.3 million), partially offset by decreases in separation-related expenses ($3.2 million).

 

Other Income (Expense), net, Interest Income, Interest Expense and Income Taxes

 

Our other income (expense), net, relates to TSA income, as well as the remeasurement of monetary assets and liabilities that are denominated in a currency other than the subsidiary’s functional currency. We recognized $3.2 million and $6.6 million of TSA income in the three and nine months ended September 30, 2024 and 2023, respectively, related to the sale of the spine segment. Income or expense related to the remeasurement of monetary assets and liabilities varies based upon the volatility of foreign currency exchange rates.

 

Interest income in the three and nine months ended September 30, 2024 increased compared to the same prior year periods, due primarily to interest income from the promissory note received as partial consideration for the sale of the spine segment (see Note 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report).

 

Interest expense in the three and nine months ended September 30, 2024 decreased compared to the same prior year periods, due primarily to a reduction in outstanding debt (see Note 8 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report), as well as a reduction in interest rates.

 

Our ETR on loss before income taxes was 18.4% and (3.3%) for the three months ended September 30, 2024 and 2023, and (34.2%) and (5.0%), respectively, for the nine months ended September 30, 2024 and 2023, respectively. In the three and nine months ended September 30, 2024, the income tax rate was lower than the 21.0% statutory rate due to our mix of earnings and losses across jurisdictions and losses not benefited as a result of valuation allowances.

 

Our ETR in future periods could also potentially be impacted by: changes in our mix of pre-tax earnings; changes in tax rates, tax laws or their interpretation; the outcome of various federal, state and foreign audits; and the expiration of certain statutes of limitations. Currently, we cannot reasonably estimate the impact of these items on our financial results.

 

---

LIQUIDITY AND CAPITAL RESOURCES

 

The following discussion represents the combined liquidity and capital resources of continuing and discontinued operations.

 

As of September 30, 2024 and December 31, 2023, we had $68.1 million and $87.8 million, respectively, in cash and cash equivalents.

 

Sources of Liquidity

 

Cash flows (used in) provided by operating activities were $(7.3) million and $15.7 million in the nine months ended September 30, 2024 and 2023, respectively. Working capital for the nine months ended September 30, 2024 used cash of $4.8 million primarily due to cash used by accounts payable and accrued liabilities, accounts receivable and prepaid expenses and other current assets, partially offset by cash provided by inventories and income taxes. Working capital for the nine months ended September 30, 2023 used cash of $21.5 million due to cash used for income taxes, accounts payable and accrued liabilities and related party payables, partially offset by cash provided by inventories, accounts receivable, related party receivables and prepaid expenses and other current assets.

 

Cash flows provided by (used in) investing activities were $285.2 million and $(12.4) million in the nine months ended September 30, 2024 and 2023, respectively. In the current year period, we received proceeds of $291.1 million, net of cash disposed, from the sale of the spine segment (as discussed in Notes 1 and 2). Reductions in additions to instruments and other property, plant and equipment in the nine months ended September 30, 2024 compared to the same prior year period were primarily due to the sale of the spine segment.

 

Cash flows used in financing activities were $295.4 million and $16.8 million for the nine months ended September 30, 2024 and 2023, respectively. In the current year period, we prepaid $275.0 million on the Term Loan using proceeds from the sale of our spine segment (as discussed in Notes 1 and 2) and made optional prepayments on the Term Loan of $15.0 million. In the prior year period, we made optional prepayments on the Term Loan of $17.5 million, which represented the aggregate amount of the mandatory scheduled principal payments due in the first nine months of 2024.

 

Liquidity and Capital Resources

 

For additional information regarding our current debt arrangements, see Note 9 to our consolidated financial statements included in our Annual Report. In addition, for information regarding our other material estimated future cash requirements under our contractual obligations and certain other commitments, see “Material Cash Requirements” in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report. There have been no material changes to such information except as set forth herein.

 

We believe that available cash and cash equivalents, cash flows generated through operations and cash available under our revolving credit facility will be sufficient to meet our liquidity needs, including capital expenditures, for at least the next 12 months. On April 1, 2024, we prepaid $275.0 million on the Term Loan using proceeds from the sale of our spine segment (as discussed in Notes 1 and 2), and we wrote off $0.9 million of debt issuance costs. As a result of this prepayment, we have no more scheduled quarterly amortization payments on the Term Loan, and the remaining balance is due at maturity on February 28, 2027.

 

CRITICAL ACCOUNTING ESTIMATES

 

Our financial results are affected by the selection and application of accounting policies and methods and require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting estimates are those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition and results of operations. There were no changes in the three and nine months ended September 30, 2024 to the application of our critical accounting estimates as described in our Annual Report.

 

ACCOUNTING DEVELOPMENTS

 

See Note 1 to our condensed consolidated financial statements included in this Quarterly Report for information on how recent accounting pronouncements have affected or may affect our financial position, results of operations or cash flows.

---

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Market Risk

 

We are exposed to certain market risks as part of our ongoing business operations, including risks from changes in foreign currency exchange rates, interest rates and commodity prices that could affect our financial condition, results of operations and cash flows.

 

Foreign Currency Exchange Risk

 

We operate on a global basis and are exposed to the risk that our financial condition, results of operations and cash flows could be adversely affected by changes in foreign currency exchange rates. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, Japanese Yen, Canadian Dollars, British Pounds, and Swiss Francs. We manage our foreign currency exposure centrally, on a combined basis, which allows us to net exposures and to take advantage of any natural offsets. To reduce the uncertainty of foreign currency exchange rate movements on transactions denominated in foreign currencies, we enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions. These forward contracts are designed to reduce the foreign exchange impact monetary assets and liabilities in non-functional currencies have on our financial results. Realized and unrealized gains and losses on these contracts are recognized in other (expense) income, net.

 

Commodity Price Risk

 

We purchase raw material commodities such as cobalt chrome, titanium, tantalum, polymer and sterile packaging. We enter into supply contracts generally with terms of 12 to 24 months, where available, on these commodities to alleviate the effect of market fluctuations in prices. As part of our risk management program, we perform sensitivity analyses related to potential commodity price changes. A 10% price change across all these commodities would not have a material effect on our condensed consolidated financial position, results of operations or cash flows.

 

Interest Rate Risk

 

Our interest expense and related risks as reported in our condensed consolidated statements of operations are due to borrowings under our credit agreement. As of September 30, 2024, we had $221.9 million of floating rate debt subject to the adjusted term secured overnight financing rate ("SOFR"). A hypothetical increase of 100 basis points in SOFR to our floating rate debt would, among other things, decrease our annual pre-tax results of operations by $2.2 million.

 

Credit Risk

 

Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash equivalents, derivative instruments and accounts receivable.

 

We place our cash and cash equivalents with highly rated financial institutions and limit the amount of credit exposure to any one entity. We believe we do not have any significant credit risk on our cash and cash equivalents.

 

Our concentrations of credit risks with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across a number of geographic areas and by frequent monitoring of the creditworthiness of the customers to whom credit is granted in the normal course of business. Substantially all of our trade receivables are concentrated in the public and private hospital and dental practices in the healthcare industry in the U.S. and internationally or with distributors or dealers who operate in international markets and, accordingly, are exposed to their respective business, economic and country-specific variables. Our ability to collect accounts receivable in some countries depends in part upon the financial stability of these hospital and healthcare sectors and the respective countries’ national economic and healthcare systems. Most notably, in Europe healthcare is typically sponsored by the government. Since we sell products to public hospitals in those countries, we are indirectly exposed to government budget constraints. To the extent the respective governments’ ability to fund their public hospital programs deteriorates, we may have to record significant bad debt expenses in the future.

 

While we are exposed to risks from the broader healthcare industry in Europe and around the world, there is no significant net exposure due to any individual customer. Exposure to credit risk is controlled through credit approvals, credit limits and monitoring procedures, and we believe that reserves for losses are adequate.

---

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures as defined under Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024 to provide reasonable assurance that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

---

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

 

We are subject to various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. We currently do not expect the outcome of these matters to have a material adverse impact on our results of operations, cash flows or financial position. However, the outcome of such matters is unpredictable, our assessment of them may change, and resolution of them could have a material adverse effect on our financial position, results of operations or cash flows.

 

For additional information related to our contingencies, see Note 12 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report, which is incorporated herein by reference.

Item 1A. Risk Factors.

 

Careful consideration should be given to the factors discussed in Part I, Item 1A, “Risk Factors” of our Annual Report, which could materially affect our business, financial condition and results of operations. Except as set forth below, there have been no material changes in those risk factors. The risks described in our Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or results of operations.

 

Due to the completion of the sale of our spine segment on April 1, 2024, the risk factor in our Annual Report entitled “The pending sale of our spine business (the “Pending Transaction”) is subject to various risks, uncertainties and conditions and may not be completed on the terms or timeline currently contemplated, if at all.” no longer applies.

The risk factor in our Annual Report entitled “We may be unable to achieve some or all of the strategic and financial benefits that we expect to achieve from the Pending Transaction.” is replaced in its entirety by the following:

We may be unable to achieve some or all of the strategic and financial benefits that we expect to achieve from the sale of our spine segment (the “Transaction”).

We are using the net proceeds from the Transaction to repay debt and invest in our dental business. The anticipated operational, financial, strategic and other benefits from the Transaction may not be achieved and could have an adverse impact on our business, financial condition and results of operations. The anticipated benefits are based on a number of assumptions, some of which may prove incorrect, and could be affected by a number of factors beyond our control, including, without limitation, general economic conditions, increased operating costs, regulatory developments and the other risks described in these risk factors.

The risk factor in our Annual Report entitled “If the Pending Transaction is completed, we will be a smaller, less diversified company than as we exist today.” is replaced in its entirety by the following:

The Transaction has resulted in us being a smaller, less diversified company.

The Transaction has resulted in us being a smaller, less diversified company that is significantly more reliant on our remaining dental business. As a result, we may be more vulnerable to changing market conditions, which could have a material adverse effect on our business, financial condition, and results of operations. The diversification of revenues, costs and cash flows has diminished as a result of the Transaction, such that our results of operations, cash flows, working capital, and effective tax rate may be subject to increased volatility and our ability to fund capital expenditures, investments and service debt may be diminished. As a result of the Transaction, we are incurring ongoing costs that were previously allocated to the spine segment. Those costs may exceed our estimates and could diminish the benefits we expect to realize from the Transaction.

Item 5. Other Information.

 

During the three months ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in the SEC’s rules).

---

Item 6. Exhibits.

Exhibit Index

 

Exhibit Number		Description
2.1^		Equity Purchase Agreement, dated as of December 15, 2023, among ZimVie Inc., ZEB Buyer, LLC and Zimmer Biomet Spine, LLC (formerly Zimmer Biomet Spine, Inc.) (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 18, 2023).
2.2^		Letter Agreement, dated as of March 29, 2024, to Equity Purchase Agreement, dated as of December 15, 2023, among ZimVie Inc., ZEB Buyer, LLC and Zimmer Biomet Spine, LLC (formerly Zimmer Biomet Spine, Inc.) (incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2024)
3.1		Amended and Restated Certificate of Incorporation of ZimVie Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 1, 2022).
3.2		Amended and Restated Bylaws of ZimVie Inc., effective as of February 17, 2023 (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2023).
21*		List of Subsidiaries.
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

 

^ Schedules and exhibits to this exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. ZimVie hereby undertakes to furnish copies of any of the omitted schedules and exhibits upon request by the SEC.

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		ZimVie Inc.
Date: October 30, 2024		By:	/s/ Richard Heppenstall
			Richard Heppenstall
			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

 

---

Subsidiaries of ZimVie Inc.

As of September 30, 2024

 

Name of Subsidiary		Jurisdiction of Formation
Domestic subsidiaries:
	Biomet 3i, LLC	Florida
	dba ZimVie
	dba Zimmer Biomet Dental
	dba ZimVie Dental
	Implant Concierge, LLC	Texas
	Zimmer Dental Inc.	Delaware
	dba ZimVie Dental
	ZimVie Holdings US 1 LLC	Delaware
	ZimVie Holdings US 2 LLC	Delaware
	ZimVie US Corp LLC	Delaware
Foreign subsidiaries:
	Biomet 3i Australia Pty. Ltd.	Australia
	ZimVie Austria GmbH	Austria
	ZimVie Belgium N.V.	Belgium
	ZimVie Brasil Comercio, Importacao e Exportacao de Produtos Medicos Ltda.	Brazil
	Zimmer Biomet Dental Canada Inc.	Canada
	ZimVie Chile Spa	Chile
	ZimVie (Shanghai) Medical Device Co. Ltd.	China
	IC Guided Surgery, SRL	Costa Rica
	Zimmer Dental SAS	France
	Zfx GmbH	Germany
	ZimVie Germany GmbH	Germany
	ZB Dental India Private Limited	India
	Zimmer Dental Ltd.	Israel
	3DIEMME Srl	Italy
	Zfx Innovation Srl	Italy
	Zimmer Dental Italy Srl	Italy
	ZimVie Japan G.K.	Japan
	JERDS Luxembourg Holding S.ar.l	Luxembourg
	Biomet 3i Mexico S.A. de C.V.	Mexico
	ZimVie Netherlands B.V.	Netherlands
	ZimVie Netherlands Global Holding B.V.	Netherlands
	ZimVie Netherlands Holding B.V.	Netherlands
	ZimVie Portugal Unipessoal, Lda.	Portugal
	Biomet 3i Dental Iberica SLU	Spain
	Biomet 3i Switzerland GmbH (Biomet 3i Schweiz GmbH)	Switzerland
	Biomet 3i UK Ltd.	United Kingdom

 

---

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Vafa Jamali, certify that:

 

Date: October 30, 2024		By:	/s/ Vafa Jamali
			Vafa Jamali
			Chief Executive Officer

 

---

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard Heppenstall, certify that:

 

Date: October 30, 2024		By:	/s/ Richard Heppenstall
			Richard Heppenstall
			Chief Financial Officer

 

---

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ZimVie Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

Date: October 30, 2024		By:	/s/ Vafa Jamali
			Vafa Jamali
			Chief Executive Officer

 

---

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ZimVie Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

Date: October 30, 2024		By:	/s/ Richard Heppenstall
			Richard Heppenstall
			Chief Financial Officer

 

---

v3.24.3

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001876588
Entity File Number	001-41242
Entity Registrant Name	ZIMVIE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2007795
Entity Address, Address Line One	4555 Riverside Drive
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33410
City Area Code	800
Local Phone Number	342-5454
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ZIMV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,598,871

v3.24.3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Sales
Total Net Sales	$ 103,222	$ 105,311	$ 338,228	$ 344,367
Cost of products sold, excluding intangible asset amortization	(35,820)	(36,907)	(123,596)	(124,246)
Related party cost of products sold, excluding intangible asset amortization	0	0	0	(231)
Intangible asset amortization	(6,037)	(6,778)	(18,059)	(20,378)
Research and development	(6,926)	(5,677)	(20,285)	(19,365)
Selling, general and administrative	(57,313)	(56,505)	(180,024)	(186,054)
Restructuring and other cost reduction initiatives	(687)	(1,391)	(3,664)	(3,929)
Acquisition, integration, divestiture and related	(1,276)	(1,936)	(6,934)	(4,647)
Operating Expenses	(108,059)	(109,194)	(352,562)	(358,850)
Operating Loss	(4,837)	(3,883)	(14,334)	(14,483)
Other income (expense), net	3,462	(990)	6,161	(1,189)
Interest income	2,466	569	4,938	1,929
Interest expense	(4,827)	(5,553)	(14,766)	(17,187)
Loss from continuing operations before income taxes	(3,736)	(9,857)	(18,001)	(30,930)
Benefit (provision) for income taxes from continuing operations	688	(325)	(6,161)	(1,555)
Net Loss from Continuing Operations of ZimVie Inc.	(3,048)	(10,182)	(24,162)	(32,485)
Earnings (loss) from discontinued operations, net of tax	764	5,093	10,103	(25,945)
Net Loss of ZimVie Inc.	$ (2,284)	$ (5,089)	$ (14,059)	$ (58,430)
Basic (Loss) Earnings Per Common Share:
Continuing operations	$ (0.11)	$ (0.38)	$ (0.88)	$ (1.23)
Discontinued operations	0.03	0.19	0.37	(0.98)
Net Loss	(0.08)	(0.19)	(0.51)	(2.21)
Diluted (Loss) Earnings Per Common Share:
Continuing operations	(0.11)	(0.38)	(0.88)	(1.23)
Discontinued operations	0.03	0.19	0.37	(0.98)
Net Loss	$ (0.08)	$ (0.19)	$ (0.51)	$ (2.21)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 103,222	$ 105,311	$ 338,228	$ 344,131
Related Party Net [Member]
Net Sales
Total Net Sales	$ 0	$ 0	$ 0	$ 236

v3.24.3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Loss of ZimVie Inc.	$ (2,284)	$ (5,089)	$ (14,059)	$ (58,430)
Foreign currency cumulative translation adjustments, net of tax	11,559	(18,027)	460	(6,930)
Total Other Comprehensive Income (Loss)	11,559	(18,027)	460	(6,930)
Comprehensive Income (Loss)	$ 9,275	$ (23,116)	$ (13,599)	$ (65,360)

v3.24.3

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents		$ 66,808	$ 71,511
Accounts receivable, net of allowance for credit losses of $2,392 and $3,222, respectively		69,581	65,168
Inventories		77,087	79,600
Prepaid expenses and other current assets		24,162	23,825
Current assets of discontinued operations		28,036	242,773
Total Current Assets		265,674	482,877
Property, plant and equipment, net of accumulated depreciation of $131,717 and $126,624, respectively		49,614	54,167
Goodwill		262,767	262,111
Intangible assets, net	[1]	98,251	114,354
Note receivable		63,072	0
Other assets		31,271	26,747
Noncurrent assets of discontinued operations		12,299	265,089
Total Assets		782,948	1,205,345
Current Liabilities:
Accounts payable		27,403	27,785
Income taxes payable		2,440	2,863
Other current liabilities		58,363	67,108
Current liabilities of discontinued operations		48,432	75,858
Total Current Liabilities		136,638	173,614
Deferred income taxes		276	265
Lease liability		9,477	9,080
Other long-term liabilities		9,269	9,055
Non-current portion of debt		220,281	508,797
Noncurrent liabilities of discontinued operations		369	95,041
Total Liabilities		376,310	795,852
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 27,587 and 27,076, respectively		276	271
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding		0	0
Additional paid in capital		933,735	922,996
Accumulated deficit		(454,873)	(440,814)
Accumulated other comprehensive loss		(72,500)	(72,960)
Total Stockholders' Equity		406,638	409,493
Total Liabilities and Stockholders' Equity		$ 782,948	$ 1,205,345
[1] (1) During the quarter ended September 30, 2024, we wrote off all fully amortized intangible assets that are no longer in use.

v3.24.3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Equity, Attributable to Parent [Abstract]
Accounts receivable, net of allowance for credit loss, current	$ 2,392	$ 3,222
Property, plant and equipment, net of accumulated depreciation	$ 131,717	$ 126,624
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	27,587,000	27,076,000
Common stock, shares outstanding	27,587,000	27,076,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

v3.24.3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2022	$ 758,604	$ 262	$ 897,028	$ (47,532)	$ (91,154)
Net loss	(58,430)	0	0	(58,430)	0
Stock plan activity	826	3	823	0	0
Share-based compensation expense	16,129	0	16,129	0	0
Other comprehensive (loss) income	(6,930)	0	0	0	(6,930)
Ending Balance at Sep. 30, 2023	710,199	265	913,980	(105,962)	(98,084)
Beginning Balance at Jun. 30, 2023	727,842	265	908,507	(100,873)	(80,057)
Net loss	(5,089)	0	0	(5,089)	0
Share-based compensation expense	5,473	0	5,473	0	0
Other comprehensive (loss) income	(18,027)	0	0	0	(18,027)
Ending Balance at Sep. 30, 2023	710,199	265	913,980	(105,962)	(98,084)
Beginning Balance at Dec. 31, 2023	409,493	271	922,996	(440,814)	(72,960)
Net loss	(14,059)	0	0	(14,059)	0
Stock plan activity	(1,729)	5	(1,734)	0	0
Share-based compensation expense	12,473	0	12,473	0	0
Other comprehensive (loss) income	460	0	0	0	460
Ending Balance at Sep. 30, 2024	406,638	276	933,735	(454,873)	(72,500)
Beginning Balance at Jun. 30, 2024	394,099	276	930,471	(452,589)	(84,059)
Net loss	(2,284)	0	0	(2,284)	0
Stock plan activity	(59)	0	(59)	0	0
Share-based compensation expense	3,323	0	3,323	0	0
Other comprehensive (loss) income	11,559	0	0	0	11,559
Ending Balance at Sep. 30, 2024	$ 406,638	$ 276	$ 933,735	$ (454,873)	$ (72,500)

v3.24.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows (used in) provided by operating activities:
Net Loss of ZimVie Inc.	$ (14,059)	$ (58,430)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	25,697	95,088
Share-based compensation	12,473	16,129
Deferred income tax provision	(4,201)	(11,967)
Loss on disposal of fixed assets	418	2,411
Other non-cash items	2,818	2,762
Gain on sale of spine disposal group (Note 2)	(22,427)	0
Changes in operating assets and liabilities
Income taxes	2,548	(34,061)
Accounts receivable	(5,742)	13,019
Related party receivable	0	8,483
Inventories	7,139	18,246
Prepaid expenses and other current assets	(2,447)	4,187
Accounts payable and accrued liabilities	(6,314)	(18,216)
Related party payable	0	(13,177)
Other assets and liabilities	(3,179)	(8,780)
Net cash (used in) provided by operating activities	(7,276)	15,694
Cash flows provided by (used in) investing activities:
Additions to instruments	(1,316)	(4,341)
Additions to other property, plant and equipment	(2,677)	(5,340)
Proceeds from sale of spine disposal group, net of cash disposed	291,123	0
Other investing activities	(1,961)	(2,762)
Net cash provided by (used in) investing activities	285,169	(12,443)
Cash flows used in financing activities:
Proceeds from debt	0	4,760
Payments on debt	(290,000)	(22,291)
Business combination contingent consideration payments	(3,712)	0
Payments related to tax withholding for share-based compensation	(1,729)	(419)
Proceeds from stock plan activity	0	1,167
Net cash used in financing activities	(295,441)	(16,783)
Effect of exchange rates on cash and cash equivalents	(2,124)	(620)
Decrease in cash and cash equivalents	(19,672)	(14,152)
Cash and cash equivalents, beginning of year	87,768	89,601
Cash and cash equivalents, end of period	68,096	75,449
Supplemental cash flow information:
Income taxes paid, net	5,232	19,090
Interest paid	19,080	26,198
Promissory note receivable issued in connection with the sale of spine disposal group	60,000	0
Interest received-in-kind	$ 3,072	$ 0

v3.24.3

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.3

Background, Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background, Nature of Business and Basis of Presentation	1. Background, Nature of Business and Basis of Presentation   Background   On March 1, 2022, ZimVie Inc. ("ZimVie," "we," "us" and "our") and Zimmer Biomet Holdings, Inc. ("Zimmer Biomet") entered into a Separation and Distribution Agreement (the "Separation Agreement"), pursuant to which Zimmer Biomet agreed to spin off its spine and dental businesses into ZimVie. The distribution resulted in ZimVie becoming a standalone, publicly traded company. Following the distribution, Zimmer Biomet initially retained 19.7% of the outstanding shares of ZimVie common stock, and all transactions between ZimVie and Zimmer Biomet from the distribution to February 1, 2023 were reported as related party transactions. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7% ownership in ZimVie and is no longer considered a related party. As such, transactions with Zimmer Biomet subsequent to February 1, 2023 are reported as third party transactions. See Note 17 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 ("Annual Report") for further description of the impact of the distribution and post-spin activities with Zimmer Biomet.   On December 15, 2023, we entered into a definitive agreement to sell our spine segment to an affiliate of H.I.G. Capital (the "Buyer") for $375 million in total consideration, comprised of $315 million in cash, subject to certain customary adjustments as set forth in the agreement, and $60 million in the form of a promissory note that accrues interest at a rate of 10% per annum, compounded semi-annually, and interest is payable in kind. On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, and received proceeds of $311.8 million, excluding the promissory note and transaction costs, but including cash disposed of $26.1 million. See Notes 2 and 7 for additional discussion.   Nature of Business   ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. We are well-positioned in the growing global dental implant, biomaterials and digital dentistry market with a strong presence in the tooth replacement market with market leading positions in certain geographies. Prior to the closing of the sale of our spine segment, our operations were principally managed on a products basis and included two operating segments, 1) the dental products segment, and 2) the spine products segment.   Since the sale of our spine segment, our core services include designing, manufacturing and distributing dental implant systems. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental prosthetic products are aimed at providing a more natural restoration to resemble the original teeth, and dental regenerative products are for soft tissue and bone rehabilitation. Our key products include the T3® Implant, Tapered Screw-Vent® Implant System, Trabecular Metal®™ Dental Implant, BellaTek® Encode® Impression System and Puros® Allograft Particulate.   Prior to the sale of our spine segment, the core services of our spine segment included designing, manufacturing and distributing medical devices and surgical instruments to deliver comprehensive solutions for individuals with back or neck pain caused by degenerative conditions, deformities or traumatic injury of the spine. We also provided devices that promote bone healing. Other differentiated products in our spine portfolio included Mobi-C® Cervical Disc, a motion-preserving alternative to fusion for patients with cervical disc disease, and The Tether™, a novel non-fusion device for treatment of pediatric scoliosis.   Basis of Presentation   The accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, the condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, of ZimVie are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report. During the three months ended March 31, 2024, we recorded out of period adjustments that increased the Loss from continuing operations before income taxes and reduced Earnings from discontinued operations, net of tax, by $1.8 million and $0.7 million, respectively. We have concluded these out of period adjustments did not have a material impact on our interim condensed consolidated financial statements for the three months ended March 31, 2024 or nine months ended September 30, 2024, nor were they material to previously issued interim and annual consolidated financial statements.   Restricted Cash - As of both September 30, 2024 and December 31, 2023, we had $1.5 million in restricted cash. The restriction as of September 30, 2024 and December 31, 2023 is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China.   Sale of Spine Segment   The historical results of our spine segment have been reflected as discontinued operations in our condensed consolidated financial statements as the sale represented a strategic shift in our business that had a major effect on operations and financial results. The assets and liabilities associated with this segment are classified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets. The disclosures presented in the notes to the condensed consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.   Accounting Pronouncements Recently Issued   In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU amends the interim and annual disclosure requirements related to a variety of subtopics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. The guidance will be applied prospectively. The effective date for each amendment will be the date when the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our condensed consolidated financial statements or disclosures.   In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The key amendments require disclosure of significant segment expenses on an annual and interim basis that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, including other segment items by reportable segment and a description of their composition, and to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Topic 280, Segment Reporting, in interim periods as well. This ASU includes certain clarifications for measuring a segment's profit or loss in assessment by the CODM, disclosure of title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect the adoption of this ASU to affect our financial position or our results of operations, but expect it will result in additional disclosures.   In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments included in the ASU related to rate reconciliation, income taxes paid disclosures and other disclosures requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently in the process of evaluating the effect of this ASU.   In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their consolidated financial statements. While the SEC voluntarily stayed the rules due to pending judicial review, the rules in their current form would be effective for accelerated filers for annual periods beginning after December 15, 2025. We are currently in the process of evaluating the effect of these final rules.   Other recently issued ASUs, excluding ASUs discussed above, were assessed and determined to be not applicable, or are not expected to have a material impact on our condensed consolidated financial statements or disclosures.

v3.24.3

Discontinued Operations	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	2. Discontinued Operations   As discussed in Note 1, on December 15, 2023, we entered into a definitive agreement to sell our spine segment. The historical financial condition and results of operations of our spine segment have been reflected as discontinued operations in our condensed consolidated financial statements. The assets and liabilities associated with this segment are classified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets.   On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, and received proceeds of $311.8 million, excluding the promissory note and transaction costs, but including cash disposed of $26.1 million. We recognized a gain on the sale of $11.3 million, which is included in Earnings (loss) from discontinued operations and primarily related to transaction costs incurred related to the sale. In accordance with the terms of the agreement, the closing adjustments were finalized with the Buyer in October 2024, resulting in an immaterial adjustment to the purchase price. The transfer of spine business activities in certain jurisdictions ("Deferred Transfer Locations") is deferred until the Buyer has met various legal and regulatory requirements in those jurisdictions. Until such transfer, we continue to control and operate these Deferred Transfer Locations and therefore we continue to consolidate the assets and liabilities and results of operations within discontinued operations in the condensed consolidated balance sheets and statements of operations. Details of the assets and liabilities and results of operations not transferred to the Buyer as of September 30, 2024 are included below. Net profit or loss of the Deferred Transfer Locations are transferred to the Buyer on a monthly basis. The net profit or loss to be transferred to the Buyer is included in Other expense, net within discontinued operations. We currently expect the Deferred Transfer Locations to be transferred within one year of the closing date of the sale. During the three and nine months ended September 30, 2024, one Deferred Transfer Location with an immaterial net asset balance was transferred to the Buyer, and two additional Deferred Transfer Locations with immaterial net asset balances were transferred to the Buyer in October 2024.   In conjunction with the sale of our spine segment, we entered into a Transition Services Agreement ("TSA") to provide certain support services for up to 12 months from the closing date of the sale. These services include, among others, accounting, information technology, human resources, quality assurance, regulatory affairs and customer support. Income recognized related to the TSA is recorded as Other income in our condensed consolidated statements of operations.   Details of earnings (loss) from discontinued operations included in our condensed consolidated statements of operations are as follows (in thousands):       For the Three Months Ended September 30,     For the Nine Months Ended September 30,       2024     2023     2024     2023   Net Sales                         Third party, net   $ 13,244     $ 97,561     $ 121,642     $ 308,725   Related party, net     —       —       —       103   Total Net Sales     13,244       97,561       121,642       308,828   Cost of products sold, excluding intangible asset amortization     (5,866 )     (28,341 )     (40,360 )     (86,220 ) Related party cost of products sold, excluding intangible asset amortization     —       —       —       (97 ) Intangible asset amortization     —       (13,837 )     —       (41,409 ) Research and development     (295 )     (5,780 )     (7,306 )     (20,697 ) Selling, general and administrative     (7,009 )     (60,849 )     (69,227 )     (187,748 ) Restructuring and other cost reduction initiatives     228       (1,041 )     (1,666 )     (11,922 ) Acquisition, integration, divestiture and related     —       (9 )     (11,770 )     (377 ) Other (expense) income, net     (123 )     925       (768 )     817   Interest income (expense), net (1)     37       (4,224 )     (6,245 )     (11,922 ) Earnings (loss) from discontinued operations before income taxes     216       (15,595 )     (15,700 )     (50,746 ) Adjustment of spine disposal group to fair value (2)     —       —       11,143       —   Gain on sale of spine disposal group     —       —       11,284       —   Benefit for income taxes from discontinued operations     548       20,688       3,376       24,801   Earnings (loss) from discontinued operations, net of tax   $ 764     $ 5,093     $ 10,103     $ (25,945 )   (1) A portion of the interest on our Term Loan (as defined and described in Note 8) has been allocated to discontinued operations consistent with the amount of proceeds used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 8). (2) We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million.   Details of assets and liabilities of discontinued operations are as follows (in thousands):       As of     September 30, 2024     December 31, 2023   Cash and cash equivalents   $ 1,288     $ 16,257   Accounts receivable, less allowance for credit losses     13,554       83,871   Inventories     13,123       130,430   Prepaid expenses and other current assets     71       12,215   Total Current Assets of Discontinued Operations     28,036       242,773   Property, plant and equipment, net     11,153       62,692   Intangible assets, net     —       477,110   Other assets     1,146       14,743   Total Noncurrent Assets of Discontinued Operations     12,299       554,545   Accounts payable     1,416       24,186   Income taxes payable     49       410   Other current liabilities (1)     46,967       51,262   Total Current Liabilities of Discontinued Operations     48,432       75,858   Deferred income taxes     —       86,037   Lease liability     258       8,032   Other long-term liabilities     111       972   Total Noncurrent Liabilities of Discontinued Operations     369       95,041   Adjustment of spine disposal group to fair value (2)     —       (289,456 )   (1) Includes our non-cash liability of $40.5 million as of September 30, 2024 to transfer the net assets of the Deferred Transfer Locations to the Buyer. (2) This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.   Cash flows attributable to discontinued operations are included on our condensed consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in thousands):     For the Nine Months Ended September 30,     2024     2023   Depreciation and amortization   $ 27     $ 68,738   Share-based compensation     712       1,969   Gain on sale of spine disposal group     (22,427 )     —   Additions to instruments     1,316       4,341   Additions to other property, plant and equipment     88       447

v3.24.3

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	3. Goodwill and Other Intangible Assets   The following table summarizes the changes in the carrying amount of goodwill (in thousands):     Total   Balance at December 31, 2023       Goodwill, Gross   $ 404,111   Accumulated impairment losses     (142,000 ) Goodwill, Net     262,111   Currency translation     656   Balance at September 30, 2024       Goodwill, Gross     404,767   Accumulated impairment losses     (142,000 ) Goodwill, Net   $ 262,767     The components of identifiable intangible assets were as follows (in thousands):     Technology     Trademarks and Trade Names     Customer Relationships     Other     Total(1)   As of December 31, 2023:                               Intangible assets subject to amortization:                               Gross carrying amount   $ 168,841     $ 37,056     $ 143,565     $ 47,670     $ 397,132   Accumulated amortization     (113,354 )     (23,393 )     (98,361 )     (47,670 )     (282,778 ) Total identifiable intangible assets   $ 55,487     $ 13,663     $ 45,204     $ —     $ 114,354   As of September 30, 2024:                               Intangible assets subject to amortization:                               Gross carrying amount   $ 126,478     $ 34,955     $ 142,271     $ 2,032     $ 305,736   Accumulated amortization     (77,462 )     (23,418 )     (105,073 )     (1,532 )     (207,485 ) Total identifiable intangible assets   $ 49,016     $ 11,537     $ 37,198     $ 500     $ 98,251     (1) During the quarter ended September 30, 2024, we wrote off all fully amortized intangible assets that are no longer in use.   Estimated annual amortization expense for the years ending December 31, 2024 through 2028 based on exchange rates in effect at December 31, 2023 is as follows (in millions):   For the Years Ending December 31,       2024 (remaining)   $ 6.1   2025     22.2   2026     22.2   2027     16.9   2028     11.8

v3.24.3

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	4. Share-Based Compensation   Conversion Awards   At the time of separation, Zimmer Biomet had share-based compensation plans under which it granted stock options, restricted stock units ("RSUs") and performance-based RSUs. In connection with the distribution, ZimVie employees with outstanding Zimmer Biomet share-based awards received replacement share-based awards. The ratio used to convert the Zimmer Biomet share-based awards was designed to preserve the aggregate intrinsic value of the award immediately after the distribution when compared to the aggregate intrinsic value of the award immediately prior to the distribution. Outstanding RSUs and performance-based RSUs were converted into 0.3 million ZimVie RSUs at a weighted average fair value of $31.55, and outstanding stock options were converted into 2.1 million ZimVie stock options at a weighted average fair value of $14.76. Due to the conversion, ZimVie incurred $21.3 million of incremental share-based compensation expense. Of this amount, $10.3 million was related to unvested and/or unexercised share-based awards and was recognized at the distribution date. The remaining $11.0 million is being recognized over the remainder of the share-based awards' weighted average vesting period of 2.5 years from the date of the distribution.   ZimVie Awards   The ZimVie Inc. 2022 Stock Incentive Plan was established effective as of March 1, 2022, and was amended effective May 12, 2023 (as amended, the "2022 Plan"). A total of 6.0 million shares of common stock are authorized for issuance under the 2022 Plan. Shares issued pursuant to converted Zimmer Biomet share-based awards do not count against this limit. At September 30, 2024, 3.7 million shares were available for future grants and awards under the 2022 Plan. The 2022 Plan provides for the grant of various types of awards including stock options, stock appreciation rights, performance shares, performance units, restricted stock and RSUs. Generally, awards have a three-year vesting period and stock options have a term of ten years. Vesting may accelerate upon retirement after the first anniversary date of the award if certain criteria are met. Additionally, in cases of special circumstances as determined by the Compensation Committee of the Board of Directors, the Compensation Committee may, in its sole discretion, accelerate vesting. We recognize expense on a straight-line basis over the requisite service period, less awards expected to be forfeited using estimated forfeiture rates. Stock options are granted with an exercise price equal to the market price of our common stock on the date of grant, except in limited circumstances where local law may dictate otherwise.   Share-based compensation expense was as follows (in thousands):     For the Three Months Ended September 30,     For the Nine Months Ended September 30,     2024     2023     2024     2023   Share-based compensation expense recognized in:                         Cost of products sold, excluding intangible asset amortization   $ 104     $ 278     $ 450     $ 846   Research and development     182       334       1,017       1,139   Selling, general and administrative     3,037       4,861       11,006       14,144         3,323       5,473       12,473       16,129   Tax benefit related to awards     (831 )     (1,374 )     (3,143 )     (4,053 ) Total expense, net of tax   $ 2,492     $ 4,099     $ 9,330     $ 12,076     Share-based compensation expense related to discontinued operations is included in the table above and is disclosed in Note 2.   Stock option activity was as follows:     For the Nine Months Ended September 30, 2024           Weighted     Weighted Average                 Average     Remaining     Aggregate     Number of     Exercise     Contractual     Intrinsic     Stock Options     Price     Life (Years)     Value (in Millions)   Outstanding at December 31, 2023     2,303,143     $ 26.83               Exercised     (1,117 )     18.58               Forfeited     (572,188 )     26.11               Outstanding at September 30, 2024     1,729,838     $ 27.08       5.5     $ —   Exercisable at September 30, 2024     1,438,875     $ 26.88       5.2     $ —     We used a Black-Scholes option-pricing model to determine the fair value of our stock options. For awards granted shortly after the distribution: expected volatility of 52.29% was derived from a peer group's combined historical volatility that was de-levered and re-levered for ZimVie as ZimVie did not have sufficient historical volatility based on the expected term of the underlying options; the expected term of the stock options of 6.0 years was determined using the simplified method; and the risk-free interest rate of 1.94% was determined using the implied yield then available for zero-coupon United States ("U.S.") government issues with a remaining term approximating the expected life of the options. The dividend yield was zero as ZimVie has no plans to pay a dividend for the foreseeable future.   Aggregate intrinsic value was negligible at September 30, 2024. At September 30, 2024, we had unrecognized share-based compensation cost related to unvested stock options of $1.9 million, which is expected to be amortized over the remaining weighted average vesting period of less than one year.   RSU activity was as follows:       For the Nine Months Ended September 30, 2024           Weighted           Average     Number of     Grant Date     RSUs     Fair Value   Outstanding at December 31, 2023     1,942,210     $ 15.13   Granted     797,869       17.52   Vested     (553,903 )     20.12   Forfeited     (435,226 )     13.29   Outstanding at September 30, 2024     1,750,950     $ 15.78     RSUs with performance-based vesting provisions ("PRSUs") declined to zero at September 30, 2024. In September 2024, the Compensation Committee of the Board of Directors approved a modification of all 289,310 outstanding PRSUs. Prior to the modification, the PRSUs could have vested from 0-150% of target based on the level of cumulative achievement of pre-defined performance metrics based on the consolidated results of the dental and spine segments. The PRSUs were payable in common shares and did not have the right to vote until settled. Compensation expense related to the PRSUs was being recognized over a 36-month cliff vesting period, and adjusted as needed for changes in the projected level of achievement of the performance metrics. During the quarter ended September 30, 2024, the Compensation Committee approved a conversion of all outstanding PRSUs into time-based RSUs on a one-for-one basis. The converted awards will cliff-vest on the award's original vesting date. For PRSUs outstanding prior to the conversion that were expected to vest, we determined that there was no change in their fair value immediately after the conversion. For PRSUs outstanding prior to the conversion that were not expected to vest, the fair value of the awards immediately after the conversion increased due to becoming probable of vesting, resulting in $1.2 million of incremental compensation expense that will be recognized over the remaining vesting period of approximately 1.7 years.   At September 30, 2024, we had unrecognized share-based compensation cost related to unvested RSUs of $15.7 million, which is expected to be amortized into earnings over the remaining weighted average vesting period of approximately 1.1 years. The total fair value of RSUs granted during the nine months ended September 30, 2024 and 2023 was $14.0 million and $15.8 million, respectively. The total fair value of RSUs that vested during the nine months ended September 30, 2024 and 2023 was $11.1 million and $6.4 million, respectively.

v3.24.3

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	5. Earnings Per Share   The calculation of weighted average shares for basic and diluted net loss per common share is as follows (in thousands, except per share data):     For the Three Months Ended September 30,     For the Nine Months Ended September 30,     2024     2023     2024     2023   Net Loss from Continuing Operations of ZimVie Inc.   $ (3,048 )   $ (10,182 )   $ (24,162 )   $ (32,485 ) Earnings (loss) from discontinued operations, net of tax     764       5,093       10,103       (25,945 ) Net Loss of ZimVie Inc.   $ (2,284 )   $ (5,089 )   $ (14,059 )   $ (58,430 )                           Weighted average shares outstanding for basic net loss per common share     27,574       26,530       27,369       26,406   Effect of dilutive stock options and other equity awards (1)     —       —       —       —   Weighted average shares outstanding for diluted net loss per common share     27,574       26,530       27,369       26,406                                                       Basic (Loss) Earnings Per Common Share:                         Continuing operations   $ (0.11 )   $ (0.38 )   $ (0.88 )   $ (1.23 ) Discontinued operations     0.03       0.19       0.37       (0.98 ) Net Loss   $ (0.08 )   $ (0.19 )   $ (0.51 )   $ (2.21 )                           Diluted (Loss) Earnings Per Common Share:                         Continuing operations   $ (0.11 )   $ (0.38 )   $ (0.88 )   $ (1.23 ) Discontinued operations     0.03       0.19       0.37       (0.98 ) Net Loss   $ (0.08 )   $ (0.19 )   $ (0.51 )   $ (2.21 )   (1) Since we incurred a net loss in each of the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, no dilutive stock options or other equity awards were included as diluted shares in those periods.   For the three months ended September 30, 2024 and 2023, a weighted average of 1.8 million and 3.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, a weighted average of 2.1 million and 3.3 million, respectively, options to purchase shares of common stock were not included in the computation of diluted net loss per share as the exercise prices of these options were greater than the average market price of the common stock.

v3.24.3

Balance Sheet Details	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	6. Balance Sheet Details   Inventories consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Finished goods   $ 50,592     $ 54,456   Work-in-progress     22,360       20,659   Raw materials     4,135       4,485   Inventories   $ 77,087     $ 79,600     Amounts related to cost of products sold in the condensed consolidated statements of operations for excess and obsolete inventory were $0.5 million and $0.6 million in the three months ended September 30, 2024 and 2023, respectively, and were $1.6 million and $1.5 million in the nine months ended September 30, 2024 and 2023, respectively.   Other current liabilities consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Other current liabilities:             Salaries, wages and benefits   $ 25,307     $ 23,171   Lease liabilities     4,438       4,053   Other liabilities     28,618       39,884   Total other current liabilities   $ 58,363     $ 67,108

v3.24.3

Fair Value Measurements of Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities	7. Fair Value Measurements of Assets and Liabilities   The fair value of foreign currency exchange forward contracts (see Note 9) is determined using Level 2 inputs. The carrying value of our debt (see Note 8) approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, restricted cash, bank time deposits, accounts receivable, net, and accounts payable) approximated their fair values at September 30, 2024 and December 31, 2023 due to their short-term nature.   As discussed in Notes 1 and 2, on April 1, 2024, we completed the sale of the spine segment. A portion of the consideration was in the form of a $60.0 million promissory note that accrues interest at a rate of 10% per annum, compounded semi-annually and interest is payable in kind. The note matures on October 1, 2029, contains change of control provisions and allows for optional prepayment at any time. Including consideration of paid-in-kind interest, the fair value of the note was $63.1 million as of September 30, 2024, which was determined using a discounted cash flow analysis, where contractual cash flows were discounted to present value at a risk-adjusted rate of return. The fair value of the note is determined each period by applying the same approach, considering changes to the risk-adjusted rate of return given observed changes to the interest rate environment, market pricing of credit risk and issuer-specific credit risk.   The fair values of acquisition-related contingent payments are estimated using Level 3 inputs. Contingent payments related to acquisitions consist of sales-based payments and are valued using discounted cash flow techniques. The fair value of sales-based payments is based upon probability-weighted future revenue estimates and increases as revenue estimates increase.   The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands):   Level 3 - Liabilities   Contingent payments related to acquisitions       Balance December 31, 2023   $ 9,799   Settlements     (5,213 ) Balance September 30, 2024   $ 4,586

v3.24.3

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	8. Debt   Our debt consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Term loan   $ 221,913     $ 511,912   Debt issuance costs     (1,632 )     (3,115 ) Total debt     220,281       508,797   Less: current portion     —       —   Total debt due after one year   $ 220,281     $ 508,797     We entered into a Credit Agreement, dated as of December 17, 2021 (the “Credit Agreement”), with JP Morgan Chase Bank, N.A., as administrative agent and syndication agent, and the lenders and issuing banks named therein. The Credit Agreement provides for revolving loans of up to $175.0 million (the “Revolver”) and term loan borrowings of up to $595.0 million (the “Term Loan” and, together with the Revolver, the “Credit Facility”).   As of September 30, 2024, $221.9 million was outstanding on the Term Loan, and there were no outstanding borrowings under the Revolver. On April 1, 2024, we prepaid $275.0 million on the Term Loan using proceeds from the sale of our spine segment (as discussed in Notes 1 and 2), and we wrote off $0.9 million of debt issuance costs. As a result of this prepayment, we have no more scheduled quarterly amortization payments on the Term Loan, and the remaining balance is due at maturity on February 28, 2027. On September 30, 2024, we made an optional prepayment on the Term Loan of $15.0 million.   As of September 30, 2024, our interest rate was the secured overnight financing rate plus the applicable margin of 1.50% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.   Borrowings under the Credit Facility are collateralized by substantially all of our personal property, including intellectual property and certain real property, and we, along with our subsidiaries party to the Credit Facility, pledged our equity interests in our subsidiaries, subject to materiality thresholds and certain limitations with respect to foreign subsidiaries. The Credit Facility contains various covenants that restrict our ability to take certain actions, including incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, making certain investments, prepayments or redemptions of subordinated debt, or making certain restricted payments. In addition, the Credit Facility contains financial covenants that require us to maintain a maximum consolidated total net leverage ratio of 6.00 to 1.00. We were in compliance with all covenants as of September 30, 2024.   See Note 9 to our consolidated financial statements included in our Annual Report for additional information on our Credit Agreement.   In April 2023, we financed $4.8 million of our corporate insurance premium, all of which was repaid by June 30, 2023.

v3.24.3

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivatives [Abstract]
Derivatives	9. Derivatives   We enter into foreign currency exchange forward contracts with terms of one to three months in order to manage currency exposures related to monetary assets and liabilities denominated in a currency other than an entity’s functional currency. Any foreign currency remeasurement gains or losses recognized in earnings are generally offset with gains or losses on the foreign currency exchange forward contracts in the same reporting period. Outstanding contracts are recorded in our condensed consolidated balance sheets at fair value as of the end of the reporting period. The aggregate notional amounts of these contracts were $20.7 million as of September 30, 2024 and $25.0 million as of December 31, 2023.   Current derivative assets of $0.1 million and $0.4 million as of September 30, 2024 and December 31, 2023, respectively, were included in Prepaid expenses and other current assets on our condensed consolidated balance sheets. Current derivative liabilities of $0 and $0.2 million as of September 30, 2024 and December 31, 2023, respectively, were included in Other current liabilities in our condensed consolidated balance sheets. Gains from these derivative instruments recognized in our condensed consolidated statements of operations in Other income (expense), net were $0.9 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and were $0.5 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.

v3.24.3

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes   Our effective tax rate (“ETR”) on loss before income taxes was 18.4% and (3.3%) for the three months ended September 30, 2024 and 2023, respectively, and (34.2%) and (5.0%) for the nine months ended September 30, 2024 and 2023, respectively. In the three and nine months ended September 30, 2024 and 2023, the income tax rate was lower than the 21.0% statutory rate due to our mix of earnings and losses across jurisdictions and losses not benefited as a result of valuation allowances.

v3.24.3

Segment Data	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Data	11. Segment Data   Our Chief Executive Officer is our Chief Operating Decision Maker. He allocates resources to achieve our operating profit goals and historically reviewed business performance through two operating segments, 1) the dental segment, and 2) the spine segment, which also represented our reportable segments. As discussed in Notes 1 and 2, the spine segment is presented as discontinued operations and is not required to be presented in the segment disclosures. Following the sale of our spine segment on April 1, 2024, we operate as a single segment.   We conduct business in the following countries that hold 10% or more of our total combined property, plant and equipment, net (in thousands):       As of       September 30, 2024     December 31, 2023   U.S.   $ 31,652     $ 35,444   Spain     14,358       14,431   Other countries     3,604       4,292   Property, plant and equipment, net   $ 49,614     $ 54,167     U.S. and foreign sales (based on the location of the customer) are as follows (in thousands):       For the Three Months Ended September 30,     For the Nine Months Ended September 30,       2024     2023     2024     2023   U.S.   $ 65,350     $ 65,003     $ 202,414     $ 204,173   Spain     9,089       10,453       37,257       39,072   Other countries     28,783       29,855       98,557       100,886   Third party sales   $ 103,222     $ 105,311     $ 338,228     $ 344,131     Sales within any other individual country were less than 10% of our combined sales in each of those periods. No single customer accounted for 10% or more of our sales in the three and nine months ended September 30, 2024 and 2023.

v3.24.3

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies   We are subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. We record liabilities for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Legal defense costs expected to be incurred in connection with a loss contingency are accrued when probable and reasonably estimable. The recorded accrual balance for loss contingencies was $1.3 million and $2.6 million as of September 30, 2024 and December 31, 2023, respectively. The decline in the balance was primarily due to loss contingencies that were transferred as part of the sale of the spine segment on April 1, 2024 discussed in Notes 1 and 2. Initiation of new legal proceedings or a change in the status of existing proceedings may result in a change in the estimated loss accrued. Subject to certain exceptions specified in the Separation Agreement, we assumed the liability for, and control of, all pending and threatened legal matters related to our business, including liabilities for any claims or legal proceedings related to products that had been part of our business, but were discontinued prior to the distribution, as well as assumed or retained liabilities, and will indemnify Zimmer Biomet for any liability arising out of or resulting from such assumed legal matters.

v3.24.3

Restructuring and Other Cost Reduction Initiatives	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Cost Reduction Initiatives	13. Restructuring and Other Cost Reduction Initiatives   In January 2024, we initiated restructuring activities to better structure the organization to support our dental segment after the disposal of the spine segment. During the three and nine months ended September 30, 2024, we recorded pre-tax charges of $0.7 million and $3.5 million, respectively, related to these activities. The restructuring charges incurred under this plan were primarily related to employee termination benefits. We anticipate total charges of approximately $4 to $5 million related to this plan.   In April and July 2023, we initiated restructuring activities to better position our organization for future success based on the then-current business environment. These activities had the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions and levels. During the three and nine months ended September 30, 2024, the charges recorded under this plan were negligible. During the three and nine months ended September 30, 2023, the pre-tax charges recorded under this plan were $1.3 million and $3.8 million, respectively, primarily related to employee termination fees and professional fees. We have incurred pre-tax charges of $4.1 million from inception through September 30, 2024, and we do not expect to incur future charges under this plan.   In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. During the three and nine months ended September 30, 2024, the pre-tax charges recorded under this plan were negligible and $0.2 million, respectively, primarily related to employee termination benefits. During the three and nine months ended September 30, 2023, actions under this plan resulted in pre-tax charges that were negligible. We have incurred pre-tax charges of $3.0 million from inception through September 30, 2024, and we do not expect to incur future charges under this plan.   The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands):       Nine Months Ended September 30,     Employee Termination Benefits     Other     Total   Balance, December 31, 2023   $ 947     $ —     $ 947   Additions     3,518       161       3,679   Cash payments     (3,703 )     (118 )     (3,821 ) Balance, September 30, 2024   $ 762     $ 43     $ 805

v3.24.3

Background, Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Business	Nature of Business   ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. We are well-positioned in the growing global dental implant, biomaterials and digital dentistry market with a strong presence in the tooth replacement market with market leading positions in certain geographies. Prior to the closing of the sale of our spine segment, our operations were principally managed on a products basis and included two operating segments, 1) the dental products segment, and 2) the spine products segment.   Since the sale of our spine segment, our core services include designing, manufacturing and distributing dental implant systems. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental prosthetic products are aimed at providing a more natural restoration to resemble the original teeth, and dental regenerative products are for soft tissue and bone rehabilitation. Our key products include the T3® Implant, Tapered Screw-Vent® Implant System, Trabecular Metal®™ Dental Implant, BellaTek® Encode® Impression System and Puros® Allograft Particulate.   Prior to the sale of our spine segment, the core services of our spine segment included designing, manufacturing and distributing medical devices and surgical instruments to deliver comprehensive solutions for individuals with back or neck pain caused by degenerative conditions, deformities or traumatic injury of the spine. We also provided devices that promote bone healing. Other differentiated products in our spine portfolio included Mobi-C® Cervical Disc, a motion-preserving alternative to fusion for patients with cervical disc disease, and The Tether™, a novel non-fusion device for treatment of pediatric scoliosis.
Basis of Presentation	Basis of Presentation   The accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, the condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, of ZimVie are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report. During the three months ended March 31, 2024, we recorded out of period adjustments that increased the Loss from continuing operations before income taxes and reduced Earnings from discontinued operations, net of tax, by $1.8 million and $0.7 million, respectively. We have concluded these out of period adjustments did not have a material impact on our interim condensed consolidated financial statements for the three months ended March 31, 2024 or nine months ended September 30, 2024, nor were they material to previously issued interim and annual consolidated financial statements.   Restricted Cash - As of both September 30, 2024 and December 31, 2023, we had $1.5 million in restricted cash. The restriction as of September 30, 2024 and December 31, 2023 is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China.   Sale of Spine Segment   The historical results of our spine segment have been reflected as discontinued operations in our condensed consolidated financial statements as the sale represented a strategic shift in our business that had a major effect on operations and financial results. The assets and liabilities associated with this segment are classified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets. The disclosures presented in the notes to the condensed consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.
Accounting Pronouncements Recently Issued	Accounting Pronouncements Recently Issued   In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU amends the interim and annual disclosure requirements related to a variety of subtopics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. The guidance will be applied prospectively. The effective date for each amendment will be the date when the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our condensed consolidated financial statements or disclosures.   In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The key amendments require disclosure of significant segment expenses on an annual and interim basis that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, including other segment items by reportable segment and a description of their composition, and to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Topic 280, Segment Reporting, in interim periods as well. This ASU includes certain clarifications for measuring a segment's profit or loss in assessment by the CODM, disclosure of title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect the adoption of this ASU to affect our financial position or our results of operations, but expect it will result in additional disclosures.   In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments included in the ASU related to rate reconciliation, income taxes paid disclosures and other disclosures requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently in the process of evaluating the effect of this ASU.   In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their consolidated financial statements. While the SEC voluntarily stayed the rules due to pending judicial review, the rules in their current form would be effective for accelerated filers for annual periods beginning after December 15, 2025. We are currently in the process of evaluating the effect of these final rules.   Other recently issued ASUs, excluding ASUs discussed above, were assessed and determined to be not applicable, or are not expected to have a material impact on our condensed consolidated financial statements or disclosures.

v3.24.3

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Details of Earnings (Loss), Asset and Liabilities, Significant Non-Cash Operating Activities and Capital Expenditures from Discontinued Operations	Details of earnings (loss) from discontinued operations included in our condensed consolidated statements of operations are as follows (in thousands):       For the Three Months Ended September 30,     For the Nine Months Ended September 30,       2024     2023     2024     2023   Net Sales                         Third party, net   $ 13,244     $ 97,561     $ 121,642     $ 308,725   Related party, net     —       —       —       103   Total Net Sales     13,244       97,561       121,642       308,828   Cost of products sold, excluding intangible asset amortization     (5,866 )     (28,341 )     (40,360 )     (86,220 ) Related party cost of products sold, excluding intangible asset amortization     —       —       —       (97 ) Intangible asset amortization     —       (13,837 )     —       (41,409 ) Research and development     (295 )     (5,780 )     (7,306 )     (20,697 ) Selling, general and administrative     (7,009 )     (60,849 )     (69,227 )     (187,748 ) Restructuring and other cost reduction initiatives     228       (1,041 )     (1,666 )     (11,922 ) Acquisition, integration, divestiture and related     —       (9 )     (11,770 )     (377 ) Other (expense) income, net     (123 )     925       (768 )     817   Interest income (expense), net (1)     37       (4,224 )     (6,245 )     (11,922 ) Earnings (loss) from discontinued operations before income taxes     216       (15,595 )     (15,700 )     (50,746 ) Adjustment of spine disposal group to fair value (2)     —       —       11,143       —   Gain on sale of spine disposal group     —       —       11,284       —   Benefit for income taxes from discontinued operations     548       20,688       3,376       24,801   Earnings (loss) from discontinued operations, net of tax   $ 764     $ 5,093     $ 10,103     $ (25,945 )   (1) A portion of the interest on our Term Loan (as defined and described in Note 8) has been allocated to discontinued operations consistent with the amount of proceeds used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 8). (2) We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million.   Details of assets and liabilities of discontinued operations are as follows (in thousands):       As of     September 30, 2024     December 31, 2023   Cash and cash equivalents   $ 1,288     $ 16,257   Accounts receivable, less allowance for credit losses     13,554       83,871   Inventories     13,123       130,430   Prepaid expenses and other current assets     71       12,215   Total Current Assets of Discontinued Operations     28,036       242,773   Property, plant and equipment, net     11,153       62,692   Intangible assets, net     —       477,110   Other assets     1,146       14,743   Total Noncurrent Assets of Discontinued Operations     12,299       554,545   Accounts payable     1,416       24,186   Income taxes payable     49       410   Other current liabilities (1)     46,967       51,262   Total Current Liabilities of Discontinued Operations     48,432       75,858   Deferred income taxes     —       86,037   Lease liability     258       8,032   Other long-term liabilities     111       972   Total Noncurrent Liabilities of Discontinued Operations     369       95,041   Adjustment of spine disposal group to fair value (2)     —       (289,456 )   (1) Includes our non-cash liability of $40.5 million as of September 30, 2024 to transfer the net assets of the Deferred Transfer Locations to the Buyer. (2) This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.   Cash flows attributable to discontinued operations are included on our condensed consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in thousands):     For the Nine Months Ended September 30,     2024     2023   Depreciation and amortization   $ 27     $ 68,738   Share-based compensation     712       1,969   Gain on sale of spine disposal group     (22,427 )     —   Additions to instruments     1,316       4,341   Additions to other property, plant and equipment     88       447

v3.24.3

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment	The following table summarizes the changes in the carrying amount of goodwill (in thousands):     Total   Balance at December 31, 2023       Goodwill, Gross   $ 404,111   Accumulated impairment losses     (142,000 ) Goodwill, Net     262,111   Currency translation     656   Balance at September 30, 2024       Goodwill, Gross     404,767   Accumulated impairment losses     (142,000 ) Goodwill, Net   $ 262,767
Summary of Identifiable Intangible Assets	The components of identifiable intangible assets were as follows (in thousands):     Technology     Trademarks and Trade Names     Customer Relationships     Other     Total(1)   As of December 31, 2023:                               Intangible assets subject to amortization:                               Gross carrying amount   $ 168,841     $ 37,056     $ 143,565     $ 47,670     $ 397,132   Accumulated amortization     (113,354 )     (23,393 )     (98,361 )     (47,670 )     (282,778 ) Total identifiable intangible assets   $ 55,487     $ 13,663     $ 45,204     $ —     $ 114,354   As of September 30, 2024:                               Intangible assets subject to amortization:                               Gross carrying amount   $ 126,478     $ 34,955     $ 142,271     $ 2,032     $ 305,736   Accumulated amortization     (77,462 )     (23,418 )     (105,073 )     (1,532 )     (207,485 ) Total identifiable intangible assets   $ 49,016     $ 11,537     $ 37,198     $ 500     $ 98,251     (1) During the quarter ended September 30, 2024, we wrote off all fully amortized intangible assets that are no longer in use.
Summary of Estimated Annual Amortization Expense Based on Exchange Rates	Estimated annual amortization expense for the years ending December 31, 2024 through 2028 based on exchange rates in effect at December 31, 2023 is as follows (in millions):   For the Years Ending December 31,       2024 (remaining)   $ 6.1   2025     22.2   2026     22.2   2027     16.9   2028     11.8

v3.24.3

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation	Share-based compensation expense was as follows (in thousands):     For the Three Months Ended September 30,     For the Nine Months Ended September 30,     2024     2023     2024     2023   Share-based compensation expense recognized in:                         Cost of products sold, excluding intangible asset amortization   $ 104     $ 278     $ 450     $ 846   Research and development     182       334       1,017       1,139   Selling, general and administrative     3,037       4,861       11,006       14,144         3,323       5,473       12,473       16,129   Tax benefit related to awards     (831 )     (1,374 )     (3,143 )     (4,053 ) Total expense, net of tax   $ 2,492     $ 4,099     $ 9,330     $ 12,076
Summary of Stock Option Activity	Stock option activity was as follows:     For the Nine Months Ended September 30, 2024           Weighted     Weighted Average                 Average     Remaining     Aggregate     Number of     Exercise     Contractual     Intrinsic     Stock Options     Price     Life (Years)     Value (in Millions)   Outstanding at December 31, 2023     2,303,143     $ 26.83               Exercised     (1,117 )     18.58               Forfeited     (572,188 )     26.11               Outstanding at September 30, 2024     1,729,838     $ 27.08       5.5     $ —   Exercisable at September 30, 2024     1,438,875     $ 26.88       5.2     $ —
Summary of Restricted Stock Unit Activity	RSU activity was as follows:       For the Nine Months Ended September 30, 2024           Weighted           Average     Number of     Grant Date     RSUs     Fair Value   Outstanding at December 31, 2023     1,942,210     $ 15.13   Granted     797,869       17.52   Vested     (553,903 )     20.12   Forfeited     (435,226 )     13.29   Outstanding at September 30, 2024     1,750,950     $ 15.78

v3.24.3

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Weighted Average Shares for Basic and Diluted Net Loss Per Common Share	The calculation of weighted average shares for basic and diluted net loss per common share is as follows (in thousands, except per share data):     For the Three Months Ended September 30,     For the Nine Months Ended September 30,     2024     2023     2024     2023   Net Loss from Continuing Operations of ZimVie Inc.   $ (3,048 )   $ (10,182 )   $ (24,162 )   $ (32,485 ) Earnings (loss) from discontinued operations, net of tax     764       5,093       10,103       (25,945 ) Net Loss of ZimVie Inc.   $ (2,284 )   $ (5,089 )   $ (14,059 )   $ (58,430 )                           Weighted average shares outstanding for basic net loss per common share     27,574       26,530       27,369       26,406   Effect of dilutive stock options and other equity awards (1)     —       —       —       —   Weighted average shares outstanding for diluted net loss per common share     27,574       26,530       27,369       26,406                                                       Basic (Loss) Earnings Per Common Share:                         Continuing operations   $ (0.11 )   $ (0.38 )   $ (0.88 )   $ (1.23 ) Discontinued operations     0.03       0.19       0.37       (0.98 ) Net Loss   $ (0.08 )   $ (0.19 )   $ (0.51 )   $ (2.21 )                           Diluted (Loss) Earnings Per Common Share:                         Continuing operations   $ (0.11 )   $ (0.38 )   $ (0.88 )   $ (1.23 ) Discontinued operations     0.03       0.19       0.37       (0.98 ) Net Loss   $ (0.08 )   $ (0.19 )   $ (0.51 )   $ (2.21 )   (1) Since we incurred a net loss in each of the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, no dilutive stock options or other equity awards were included as diluted shares in those periods.

v3.24.3

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Finished goods   $ 50,592     $ 54,456   Work-in-progress     22,360       20,659   Raw materials     4,135       4,485   Inventories   $ 77,087     $ 79,600
Schedule of Other Current Liabilities	Other current liabilities consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Other current liabilities:             Salaries, wages and benefits   $ 25,307     $ 23,171   Lease liabilities     4,438       4,053   Other liabilities     28,618       39,884   Total other current liabilities   $ 58,363     $ 67,108

v3.24.3

Fair Value Measurements of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3)	The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands):   Level 3 - Liabilities   Contingent payments related to acquisitions       Balance December 31, 2023   $ 9,799   Settlements     (5,213 ) Balance September 30, 2024   $ 4,586

v3.24.3

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Our debt consisted of the following (in thousands):     September 30, 2024     December 31, 2023   Term loan   $ 221,913     $ 511,912   Debt issuance costs     (1,632 )     (3,115 ) Total debt     220,281       508,797   Less: current portion     —       —   Total debt due after one year   $ 220,281     $ 508,797

v3.24.3

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Disclosure on Geographic Areas, Long-Lived Assets	We conduct business in the following countries that hold 10% or more of our total combined property, plant and equipment, net (in thousands):       As of       September 30, 2024     December 31, 2023   U.S.   $ 31,652     $ 35,444   Spain     14,358       14,431   Other countries     3,604       4,292   Property, plant and equipment, net   $ 49,614     $ 54,167     U.S. and foreign sales (based on the location of the customer) are as follows (in thousands):       For the Three Months Ended September 30,     For the Nine Months Ended September 30,       2024     2023     2024     2023   U.S.   $ 65,350     $ 65,003     $ 202,414     $ 204,173   Spain     9,089       10,453       37,257       39,072   Other countries     28,783       29,855       98,557       100,886   Third party sales   $ 103,222     $ 105,311     $ 338,228     $ 344,131

v3.24.3

Restructuring and Other Cost Reduction Initiatives (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands):       Nine Months Ended September 30,     Employee Termination Benefits     Other     Total   Balance, December 31, 2023   $ 947     $ —     $ 947   Additions     3,518       161       3,679   Cash payments     (3,703 )     (118 )     (3,821 ) Balance, September 30, 2024   $ 762     $ 43     $ 805

v3.24.3

Background, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Thousands				3 Months Ended			9 Months Ended
	Apr. 01, 2024 USD ($)	Dec. 15, 2023 USD ($)	Mar. 01, 2022	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 01, 2023
Number of operating segments | Segment							2
Loss from continuing operations before income taxes				$ (3,736)		$ (9,857)	$ (18,001)	$ (30,930)
Earnings (loss) from discontinued operations, net of tax				764		$ 5,093	10,103	$ (25,945)
Restricted cash				$ 1,500			$ 1,500		$ 1,500
Consideration by Buyer HIG		$ 315,000
Consideration as promissory note		$ 60,000
Promissory note, interest rate	10.00%	10.00%
Total purchase price	$ 377,200
Purchase price, inclusive of preliminary closing adjustments	2,200
Proceeds received	311,800
Cash disposed	$ 26,100
Affiliate of H.I.G. Capital
Total consideration		$ 375,000
Zim Vie Inc
Percentage of common stock shares outstanding			19.70%
Percentage of ownership sold										19.70%
Loss from continuing operations before income taxes					$ 1,800
Earnings (loss) from discontinued operations, net of tax					$ 700

v3.24.3

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total purchase price	$ 377,200
Purchase price, inclusive of preliminary closing adjustments	2,200
Proceeds received	311,800
Cash disposed	26,100
Gain on sale included in earnings (loss) from discontinued operations	$ 11,300	$ 0	$ 0	$ 11,284	$ 0

v3.24.3

Discontinued Operations - Summary of Earnings (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands			3 Months Ended					9 Months Ended				12 Months Ended
		Apr. 01, 2024	Sep. 30, 2024		Mar. 31, 2024	Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023		Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Net Sales			$ 13,244			$ 97,561		$ 121,642		$ 308,828
Cost of products sold, excluding intangible asset amortization			(5,866)			(28,341)		(40,360)		(86,220)
Related party cost of products sold, excluding intangible asset amortization			0			0		0		(97)
Intangible asset amortization			0			(13,837)		0		(41,409)
Research and development			(295)			(5,780)		(7,306)		(20,697)
Selling, general and administrative			(7,009)			(60,849)		(69,227)		(187,748)
Restructuring and other cost reduction initiatives			228			(1,041)		(1,666)		(11,922)
Acquisition, integration, divestiture and related			0			(9)		(11,770)		(377)
Other (expense) income, net			(123)			925		(768)		817
Interest income (expense), net	[1]		37			(4,224)		(6,245)		(11,922)
Earnings (loss) from discontinued operations before income taxes			216			(15,595)		(15,700)		(50,746)
Gain on sale of spine disposal group		$ 11,300	0			0		11,284		0
Adjustment of spine disposal group to fair value			0	[2]	$ 11,100	0	[2]	11,143	[2]	0	[2]	$ (289,500)
Benefit for income taxes from discontinued operations			548			20,688		3,376		24,801
Earnings (loss) from discontinued operations, net of tax			764			5,093		10,103		(25,945)
Third Party Net [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Net Sales			13,244			97,561		121,642		308,725
Related Party Net [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Net Sales			$ 0			$ 0		$ 0		$ 103
[1] A portion of the interest on our Term Loan (as defined and described in Note 8) has been allocated to discontinued operations consistent with the amount of proceeds used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 8). [2] We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million.

v3.24.3

Discontinued Operations - Summary of Earnings (Loss) from Discontinued Operations (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended				12 Months Ended
	Sep. 30, 2024		Mar. 31, 2024	Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023		Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Adjustment of spine disposal group to fair value	$ 0	[1]	$ (11,100)	$ 0	[1]	$ (11,143)	[1]	$ 0	[1]	$ 289,500
[1] We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million.

v3.24.3

Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents		$ 1,288	$ 16,257
Accounts receivable, less allowance for credit losses		13,554	83,871
Inventories		13,123	130,430
Prepaid expenses and other current assets		71	12,215
Total Current Assets of Discontinued Operations		28,036	242,773
Property, plant and equipment, net		11,153	62,692
Intangible assets, net		0	477,110
Other assets		1,146	14,743
Total Noncurrent Assets of Discontinued Operations		12,299	554,545
Accounts payable		1,416	24,186
Income taxes payable		49	410
Other current liabilities	[1]	46,967	51,262
Total Current Liabilities of Discontinued Operations		48,432	75,858
Deferred income taxes		0	86,037
Lease liability		258	8,032
Other long-term liabilities		111	972
Total Noncurrent Liabilities of Discontinued Operations		369	95,041
Adjustment of spine disposal group to fair value	[2]	$ 0	$ (289,456)
[1] Includes our non-cash liability of $40.5 million as of September 30, 2024 to transfer the net assets of the Deferred Transfer Locations to the Buyer. [2] This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.

v3.24.3

Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Parenthetical) (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash liability	[1]	$ 46,967	$ 51,262
Spine Segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash liability		$ 40,500
[1] Includes our non-cash liability of $40.5 million as of September 30, 2024 to transfer the net assets of the Deferred Transfer Locations to the Buyer.

v3.24.3

Discontinued Operations - Summary of Significant Non-Cash Operating Activities and Capital Expenditures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Depreciation and amortization	$ 27	$ 68,738
Share-based compensation	712	1,969
Gain on sale of spine disposal group	(22,427)	0
Additions to instruments	1,316	4,341
Additions to other property, plant and equipment	$ 88	$ 447

v3.24.3

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross	$ 404,111	$ 404,767
Accumulated impairment losses	(142,000)	(142,000)
Goodwill, Net	262,111	$ 262,767
Currency translation	$ 656

v3.24.3

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	[1]	$ 305,736	$ 397,132
Accumulated amortization	[1]	(207,485)	(282,778)
Total identifiable intangible assets	[1]	98,251	114,354
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		126,478	168,841
Accumulated amortization		(77,462)	(113,354)
Total identifiable intangible assets		49,016	55,487
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		34,955	37,056
Accumulated amortization		(23,418)	(23,393)
Total identifiable intangible assets		11,537	13,663
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		142,271	143,565
Accumulated amortization		(105,073)	(98,361)
Total identifiable intangible assets		37,198	45,204
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		2,032	47,670
Accumulated amortization		(1,532)	(47,670)
Total identifiable intangible assets		$ 500	$ 0
[1] (1) During the quarter ended September 30, 2024, we wrote off all fully amortized intangible assets that are no longer in use.

v3.24.3

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based on Exchange Rates (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 6.1
2025	22.2
2026	22.2
2027	16.9
2028	$ 11.8

v3.24.3

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 3,323	$ 5,473	$ 12,473	$ 16,129
Unexercised stock option			$ 10,300
Weighted average remaining vesting period			2 years 6 months
Vesting period			3 years
Expected Volatility			52.29%
Expected term			6 years
Risk-free interest rate			1.94%
Dividend yield			0.00%
Unrecognized share-based compensation cost related to unvested stock options	$ 1,900		$ 1,900
2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized						6,000,000
Shares available for future grants	3,700,000		3,700,000
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average vesting period of unrecognized share-based compensation costs			1 year
Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense			$ 21,300
Stock option not yet recognized	$ 11,000		$ 11,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 15.78		$ 15.78		$ 15.13
Number of RSUs, Granted			797,869
Number of RSUs outstanding	1,750,950		1,750,950		1,942,210
Unrecognized share-based compensation cost related to unvested stock options	$ 15,700		$ 15,700
Weighted average vesting period of unrecognized share-based compensation costs			1 year 1 month 6 days
Total fair value of RSUs granted			$ 14,000	15,800
Total fair value of RSUs vested			$ 11,100	$ 6,400
Restricted Stock Units | Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 31.55		$ 31.55
Performance Restricted Stock Units and RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares			300,000
Vesting period			36 months
Expected term			1 year 8 months 12 days
Number of RSUs outstanding	0		0
Incremental compensation expense			$ 1,200
Performance Restricted Stock Units and RSU | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage			0.00%
Performance Restricted Stock Units and RSU | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage			150.00%
Performance Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs outstanding	289,310		289,310
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 14.76		$ 14.76
Vesting period			10 years
Employee Stock Option | Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares			2,100,000

v3.24.3

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 3,323	$ 5,473	$ 12,473	$ 16,129
Tax benefit related to awards	(831)	(1,374)	(3,143)	(4,053)
Total expense, net of tax	2,492	4,099	9,330	12,076
Cost of Products Sold, Excluding Intangible Asset Amortization [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	104	278	450	846
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	182	334	1,017	1,139
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 3,037	$ 4,861	$ 11,006	$ 14,144

v3.24.3

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance | shares	2,303,143
Number of Stock Options, Exercised | shares	(1,117)
Number of Stock Options, Forfeited | shares	(572,188)
Number of Stock Options, Outstanding, Ending Balance | shares	1,729,838
Number of Stock Options, Exercisable | shares	1,438,875
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 26.83
Weighted Average Exercise Price, Exercised | $ / shares	18.58
Weighted Average Exercise Price, Forfeited | $ / shares	26.11
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	27.08
Weighted Average Exercise Price, Exercisable | $ / shares	$ 26.88
Weighted Average Remaining Contractual Life, Outstanding	5 years 6 months
Weighted Average Remaining Contractual Life, Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding | $	$ 0
Aggregate Intrinsic Value, Exercisable | $	$ 0

v3.24.3

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Outstanding, Beginning Balance | shares	1,942,210
Number of RSUs, Granted | shares	797,869
Number of RSUs, Vested | shares	(553,903)
Number of RSUs, Forfeited | shares	(435,226)
Number of RSUs, Outstanding, Ending balance | shares	1,750,950
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $ / shares	$ 15.13
Weighted Average Grant Date Fair Value, Granted | $ / shares	17.52
Weighted Average Grant Date Fair Value, Vested | $ / shares	20.12
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	13.29
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares	$ 15.78

v3.24.3

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average number of shares excluded from computation of diluted net loss per share	1.8	3.2	2.1	3.3

v3.24.3

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss from Continuing Operations of ZimVie Inc.		$ (3,048)	$ (10,182)	$ (24,162)	$ (32,485)
Earnings (loss) from discontinued operations, net of tax		764	5,093	10,103	(25,945)
Net Loss of ZimVie Inc.		$ (2,284)	$ (5,089)	$ (14,059)	$ (58,430)
Weighted average shares outstanding for basic net loss per common share		27,574	26,530	27,369	26,406
Effect of dilutive stock options and other equity awards	[1]	0	0	0	0
Weighted average shares outstanding for diluted net loss per common share		27,574	26,530	27,369	26,406
Basic (Loss) Earnings Per Common Share:
Continuing operations		$ (0.11)	$ (0.38)	$ (0.88)	$ (1.23)
Discontinued operations		0.03	0.19	0.37	(0.98)
Net Loss		(0.08)	(0.19)	(0.51)	(2.21)
Diluted (Loss) Earnings Per Common Share:
Continuing operations		(0.11)	(0.38)	(0.88)	(1.23)
Discontinued operations		0.03	0.19	0.37	(0.98)
Net Loss		$ (0.08)	$ (0.19)	$ (0.51)	$ (2.21)
[1] Since we incurred a net loss in each of the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, no dilutive stock options or other equity awards were included as diluted shares in those periods.

v3.24.3

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Expense (Benefit) charged to obsolete inventories	$ 0.5	$ 0.6	$ 1.6	$ 1.5

v3.24.3

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 50,592	$ 54,456
Work in progress	22,360	20,659
Raw materials	4,135	4,485
Inventories	$ 77,087	$ 79,600

v3.24.3

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other current liabilities:
Salaries, wages and benefits	$ 25,307	$ 23,171
Lease liabilities	4,438	4,053
Other liabilities	28,618	39,884
Total other current liabilities	$ 58,363	$ 67,108

v3.24.3

Fair Value Measurements of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 15, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Consideration as promissory note	$ 60,000	$ 60,000	$ 0
Promissory note, interest rate	10.00%				10.00%
Note receivable		$ 63,072		$ 0

v3.24.3

Fair Value Measurements of Assets and Liabilities - Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3) (Details) - Contingent Consideration to Acquisitions [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 9,799
Contingent payment related to prior acquisitions	(5,213)
Fair Value, Ending Balance	$ 4,586

v3.24.3

Debt - Schedule of Debt Due to Parent (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loan	$ 221,913	$ 511,912
Debt issuance costs	(1,632)	(3,115)
Total debt	220,281	508,797
Less: current portion	0	0
Total debt due after one year	$ 220,281	$ 508,797

v3.24.3

Debt - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 01, 2024	Dec. 17, 2021	Apr. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Line of Credit Facility [Line Items]
Scheduled repayments on the term loan				$ 0
Debt instrument description					As of September 30, 2024, our interest rate was the secured overnight financing rate plus the applicable margin of 1.50% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.
Corporate insurance premium finance amount			$ 4,800,000
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding					$ 0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding					221,900,000
Prepayment of debt	$ 275,000,000
Wrote off of debt isuance cost	$ 900,000
Debt instrument periodic payment					$ 15,000,000
Maximum
Line of Credit Facility [Line Items]
Proceeds from revolving loans		$ 175,000,000
Borrowings under term loan credit agreements		$ 595,000,000
Borrowing interest Rate				1.50%	1.50%
Debt instrument total net leverage ratio				6	6
Minimum
Line of Credit Facility [Line Items]
Debt instrument total net leverage ratio				1	1

v3.24.3

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.1		$ 0.1		$ 0.4
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets, Current		Assets, Current		Assets, Current
Current derivative liabilities	$ 0.0		$ 0.0		$ 0.2
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current		Liabilities, Current		Liabilities, Current
Derivative gains on derivative instrument	$ 0.9	$ 0.6	$ 0.5	$ 0.2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net
Derivative notional amount	$ 20.7		$ 20.7		$ 25.0
Maximum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			3 months
Minimum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			1 month

v3.24.3

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate on loss before income taxes	18.40%	(3.30%)	(34.20%)	(5.00%)
Statutory tax rate	21.00%	21.00%	21.00%	21.00%

v3.24.3

Segment Data - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 Customer	Sep. 30, 2023 Customer	Sep. 30, 2024 Segment Customer	Sep. 30, 2023 Customer
Segment Reporting Information [Line Items]
Number of operating segments | Segment			2
Revenue
Segment Reporting Information [Line Items]
Number of customers accounted for 10% or more | Customer	0	0	0	0
Geographic Concentration Rsk | Revenue | Dental
Segment Reporting Information [Line Items]
Revenue segment less than 10%			10.00%

v3.24.3

Segment Data - Disclosure on Geographic Areas, Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 49,614		$ 49,614		$ 54,167
Third party sales	103,222	$ 105,311	338,228	$ 344,131
U.S
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	31,652		31,652		35,444
Third party sales	65,350	65,003	202,414	204,173
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	14,358		14,358		14,431
Third party sales	9,089	10,453	37,257	39,072
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	3,604		3,604		$ 4,292
Third party sales	$ 28,783	$ 29,855	$ 98,557	$ 100,886

v3.24.3

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Amount of accrued loss contingency	$ 1.3	$ 2.6

v3.24.3

Restructuring and Other Cost Reduction Initiatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		18 Months Ended	28 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
January 2024 restructuring plan [Member] | Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax	$ 0.7		$ 3.5
January 2024 restructuring plan [Member] | Employee Termination Benefits and Professional Fees [Member] | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5.0		5.0		$ 5.0	$ 5.0
January 2024 restructuring plan [Member] | Employee Termination Benefits and Professional Fees [Member] | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4.0		4.0		4.0	4.0
April and July 2023 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax					$ 4.1
April and July 2023 Restructuring Plan [Member] | Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax		$ 1.3		$ 3.8
June 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax	$ 0.2		$ 0.2
June 2022 Restructuring Plan [Member] | Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax						$ 3.0

v3.24.3

Restructuring and Other Cost Reduction Initiatives - Schedule of Restructuring Liabilities (Details) - Restructuring Plans Member $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 947
Additions	3,679
Cash payments	(3,821)
Restructuring Reserve, Ending Balance	805
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	947
Additions	3,518
Cash payments	(3,703)
Restructuring Reserve, Ending Balance	762
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Additions	161
Cash payments	(118)
Restructuring Reserve, Ending Balance	$ 43

---