WESTMINSTER — ZimVie Inc. (Nasdaq: ZIMV), a medical technology company that manufactures devices for spinal surgery and oral reconstruction that was spun off last year from Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH), experienced a double-digit year-over-year decrease in sales during the fourth quarter of 2022 and nearly as significant a drop in full-year revenue when comparing 2022 to 2021.
The firm’s fourth quarter sales were $228.2 million, a decrease of 12.4% compared to the same period in 2021.
In the dental division, the drop was “driven by a general slowdown of customer purchases due to macroeconomic pressures and in anticipation of volume-based procurement (VBP) in China,” ZimVie said.
For the spine segment, it was “driven by the exit of a number of unprofitable markets in late 2021, the discontinuation of certain products and brands, a slowdown of customer purchases in China in anticipation of VBP, operational disruptions resulting from an [enterprise resource planning] implementation, other IT systems projects, and continued competitive pressures in the spine market.”
Full-year sales in 2022 were $909.5 million, down 9.8% from 2021.
“Our team has been diligently focused on accelerating independence from our prior parent, and despite a difficult macroenvironment, we launched several innovative products and drove significant operational progress in our first year as a company,” ZimVie CEO Vafa Jamali said in a prepared statement. “We remain focused on innovating around our core platforms and driving adoption of our clinically differentiated solutions.”
In 2023, ZimVie is projecting sales totals ranging from $825 million to $850 million.