ZimVie (NASDAQ:ZIMV) shares rose slightly this morning on full-year 2021 revenues that came in ahead of the consensus forecast.
Full-year revenues for the company topped $1 billion, beating Wall Street projections by more than $20 million.
The new Zimmer Biomet (NYSE:ZBH) spinoff of its spine and dental businesses posted fourth-quarter losses of $60.7 million on sales of $261.6 million for the three months ended Dec. 31, 2021. ZimVie successfully completed its spinoff from Zimmer Biomet last month.
Losses were impacted by a $40.3 million brand rationalization charge in 2021, according to a news release. That charge was related to products the company intends to discontinue, as well as a resumption of spending in 2021 that had been reduced in 2020 due to the COVID-19 pandemic.
“We are intently focused on strengthening our foundation in the $20 billion global dental and spine markets as we progress from our recent spin-off,” ZimVie President and CEO Vafa Jamali said in a news release. “We have a broad portfolio of trusted brands, clinically-proven products, and the global resources of a large multinational company – creating a unique opportunity for execution and growth – and we look forward to improving upon our 2021 results.”
ZimVie reaffirmed its full-year guidance for 2022, with expectations of bringing in revenues totaling $1 billion and registering adjusted earnings per share of between $2.10 and $2.30.
ZIMV shares were up more than 4% at $23.80 apiece by the close of trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.