ZimVie — the upcoming spinoff of Zimmer Biomet’s spine and dental business — is forecasting that annual revenue will stay flat at $1 billion in 2022.
The news was part of ZimVie management’s announcement of an Investor Day today. They said plans for the spinoff remain on track, with ZimVie shares commencing trading on March 1.
ZimVie previously said it has filed to have its shares traded on the Nasdaq under the symbol ZIMV. The new 2,700-employee company will have its headquarters in Westminster, Colorado.
Today’s forecast also included adjusted EPS of $2.10 to $2.30 for the fiscal year ended Dec. 31, 2022.
“At ZimVie, we intend to prioritize innovation and enhanced commercial and operational focus to improve the adoption of our product platforms within the growing $20 billion global dental and spine markets,” ZimVie CEO Vafa Jamali said in a news release.
“As an independent company, we will be uniquely positioned to expand the reach of our solutions and execute on opportunities to drive sustainable growth and long-term shareholder value as we bring renewed energy and strategic focus to our brands and products that are trusted all over the world.”
After the Investor Day, Needham & Co. analyst Mike Matson wrote: “Overall, we believe that while the investor day highlighted opportunities to improve growth, particularly in the Spine business, we expect these to take time to work.”
