0000950170-23-005542 | 10-K | XBRL Viewer

Fair Value Measurements of Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Fair Value Measurements of Assets and Liabilities

9. Fair Value Measurements of Assets and Liabilities

The following financial assets and liabilities are recorded at fair value on a recurring basis (in thousands):


	As of December 31, 2022
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Contingent payments related to acquisitions	$	13,250	$	—	$	—	$	13,250
Total Liabilities	$	13,250	$	—	$	—	$	13,250


	As of December 31, 2021
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Contingent payments related to acquisitions	$	10,181	$	—	$	—	$	10,181
Total Liabilities	$	10,181	$	—	$	—	$	10,181

The carrying value of our debt (discussed in Note 10) approximates fair value as it bears interest at variable rates and is categorized as a Level 2 instrument. 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. See Note 3 for additional information regarding contingent payments related to acquisitions.

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) (in thousands):


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2020	$	10,033
Change in estimate		1,500
Settlements		(750	)
Foreign currency impact		(602	)
Balance December 31, 2021	$	10,181
Change in estimate		2,750
Foreign currency impact		319
Balance December 31, 2022	$	13,250

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

18. Related Party Transactions

Prior to the distribution, we did not operate as a standalone business and had various relationships with Zimmer Biomet whereby Zimmer Biomet provided services to us. Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. The following disclosures summarize activity between us and Zimmer Biomet that are included in our consolidated financial statements.

Prior to Distribution

Corporate Overhead and Other Allocations from Zimmer Biomet

Zimmer Biomet provided certain services, which included, but were not limited to, executive oversight, treasury, finance, legal, human resources, tax planning, internal audit, financial reporting, information technology and other corporate departments. The expenses related to these services have been allocated based on direct usage or benefit where specifically identifiable, with the remainder allocated on a proportional cost allocation method based primarily on net trade sales, as applicable. When specific identification is not practicable, a proportional cost method was used primarily based on sales.

Corporate allocations reflected in the consolidated statements of operations are as follows (in thousands):


	For the Years Ended December 31,
	2022			2021		2020
Cost of products sold	$	(78	)	$	1,210	$	3,145
Selling, general & administrative		13,914			76,170		69,865
Acquisition, integration, divestiture and related		—			6,966		—

Management believes that the methods used to allocate expenses to ZimVie are a reasonable reflection of the utilization of services provided to, or the benefit derived by, ZimVie during the periods presented. However, the allocations may not necessarily reflect the consolidated financial position, results of operations and cash flows in the future or what they would have been had ZimVie been a separate, standalone entity during the periods presented.

Share-Based Compensation

As discussed in Note 5, our employees participated in Zimmer Biomet’s share-based compensation plans, the costs of which have been allocated and recorded in cost of products sold, R&D and selling, general and administrative expenses in the consolidated statements of operations. Share-based compensation benefit related to our employees prior to the distribution were $1.0 million, $7.3 million and $5.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Centralized Cash Management

Zimmer Biomet used a centralized approach to cash management and financing of operations. The majority of our subsidiaries were party to Zimmer Biomet’s cash pooling arrangements with several financial institutions to maximize the availability of cash for general operating and investing purposes. Under these cash pooling arrangements, cash balances were swept regularly from our accounts. Cash transfers to and from Zimmer Biomet’s cash concentration accounts and the resulting balances at the end of each reporting period were reflected in NPI and net transactions with Zimmer Biomet in the consolidated balance sheets and statements of cash flows, respectively.

Prior to the distribution, we borrowed $595.0 million under our Credit Agreement (see Note 10) and subsequently distributed $561.0 million of the proceeds to Zimmer Biomet. After this distribution and the impact of various transactions between the parties related to the separation, we had approximately $100.0 million of cash at distribution to operate as a standalone company. This includes

approximately $10.0 million that will be payable to Zimmer Biomet upon the termination of certain interim operating model agreements as described below.

Manufacturing Services to Zimmer Biomet

We have certain manufacturing facilities that also produce orthopedic products that continue to be sold by Zimmer Biomet after the separation. The consolidated statements of operations reflect the sales of these orthopedic products with Zimmer Biomet (in thousands):


	For the Years Ended December 31,
	2022		2021		2020
Related party net sales	$	4,375	$	5,819	$	15,478
Related party cost of products sold, excluding intangible asset amortization		4,107		4,248		10,159

We will continue to sell these products to Zimmer Biomet in future periods pursuant to a transition manufacturing and supply agreement as described below.

Net Parent Company Investment

As discussed in Note 1, NPI is primarily impacted by contributions from Zimmer Biomet, which are the result of treasury activity and net funding provided by or distributed to Zimmer Biomet. For the years ended December 31, 2022 and 2021, net transactions with Zimmer Biomet reflected in the cash flows pre-distribution were $6.9 million and $1.3 million, respectively. Activities that impacted the net transfers from Zimmer Biomet include corporate overhead, stock based compensation, debt agreements between the parties and other allocations and centralized cash management. For the years ended December 31, 2022 and 2021, the total impact on NPI from these transactions were $70.4 million and $19.7 million, respectively.

For all periods prior to the distribution, transfers between ZimVie and Zimmer Biomet affiliates were recognized in Net transactions with Zimmer Biomet. In connection with the distribution, certain net assets of approximately $79.0 million that were included in our pre-distribution balance sheet were retained by Zimmer Biomet, with the offset of the non-cash transaction reflected as a distribution within NPI. Separation-related adjustments were also recognized in Net transactions with Zimmer Biomet.

On September 30, 2021, we legally entered into a $24.4 million debt agreement with Zimmer Biomet. This debt was subsequently terminated in October 2021 without any cash being exchanged between a ZimVie subsidiary and Zimmer Biomet.

After Distribution

In connection with the distribution, ZimVie entered into various agreements that govern activity between the parties, including, but not limited to, the Separation and Distribution Agreement (the “Separation Agreement”), the Transition Services Agreement, interim operating model ("IOM") agreements, the Tax Matters Agreement, the Employee Matters Agreement and transition manufacturing and supply agreements.

The amount due from and to Zimmer Biomet under the various agreements described below are included in related party receivable or payable, as applicable, in our consolidated balance sheets as follows (in thousands):


	As of December 31,
	2022		2021
Related party receivable	$	8,483	$	—
Related party payable		13,176		—

The Separation Agreement sets forth our agreements with Zimmer Biomet regarding the principal actions taken in connection with the separation and the distribution. It also sets forth other agreements that govern aspects of our relationship with Zimmer Biomet following the separation and the distribution. The Separation Agreement provides for, among other things, (i) the assets transferred, the liabilities assumed and the contracts assigned to each of us and Zimmer Biomet as part of the separation, (ii) cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of the ZimVie businesses with us and financial responsibility for the obligations and liabilities of Zimmer Biomet’s remaining businesses with Zimmer Biomet, (iii) procedures with respect to claims subject to indemnification and related matters and governing our and Zimmer Biomet’s obligations and allocations of liabilities with respect to ongoing litigation matters and (iv) the allocation between us and Zimmer Biomet of rights and obligations under existing insurance policies with respect to occurrences prior to completion of the distribution.

The Separation Agreement also provides that, in order to obtain certain requisite governmental approvals, or for other business reasons, following the distribution date, Zimmer Biomet and certain of its affiliates will continue to operate certain activities relating to the ZimVie businesses in certain jurisdictions until the requisite approvals have been received or the occurrence of all other actions permitting the legal transfer of such activities, and we will receive, to the greatest extent possible, all of the economic benefits and burdens of such activities.

The agreements that we entered into with Zimmer Biomet that govern aspects of ZimVie's relationship with Zimmer Biomet following the distribution include:

Transition Services Agreement

Pursuant to the Transition Services Agreement, we and Zimmer Biomet provide certain services to one another, on an interim, transitional basis following the separation and the distribution. The services provided include certain regulatory services, commercial services, operational services, tax services, clinical affairs services, information technology services, finance and accounting services and human resource and employee benefits services. The agreed-upon charges for such services are generally intended to allow the providing company to recover all costs and expenses of providing such services and are included in Selling, general and administrative expenses in our consolidated statements of operations. The Transition Services Agreement terminates on the expiration of the term of the last service provided thereunder, which will generally be no later than March 31, 2025. Subject to certain exceptions in the case of willful misconduct or fraud, the liability of each of Zimmer Biomet and us under the Transition Services Agreement for the services it provides will be limited to the aggregate service fees paid to it in the immediately preceding one-year period.

Interim Operating Agreements

Zimmer Biomet and ZimVie entered into a series of IOM agreements pursuant to which Zimmer Biomet and certain of its affiliates that held licenses, permits and other rights in connection with marketing, import and/or distribution of ZimVie products in various jurisdictions prior to the distribution continue to market, import and distribute such products until such time as the relevant licenses and permits are transferred to ZimVie or its affiliates, while permitting ZimVie (or Zimmer Biomet, as applicable) to recognize revenue relating to the sale of its respective products, to the extent practicable. Under such IOM agreements and in accordance with the Separation Agreement, the relevant Zimmer Biomet entity will continue operations in the affected market on behalf of ZimVie, with ZimVie receiving all of the economic benefits and burdens of such activities. ZimVie began receiving these economic benefits as of March 1, 2022. Based on the terms of the IOM agreements, ZimVie determined it is the principal under this arrangement when: ZimVie holds all risks and rewards of ownership inclusive of risk of loss, market risk and benefits related to the inventory; ZimVie has latitude in pricing; ZimVie has the ability to direct Zimmer Biomet regarding decisions over inventory; and ZimVie is responsible for all credit and collections risks and losses associated with the related receivables. ZimVie is the principal in the majority of the IOM agreements and recognizes those sales on a gross basis. In limited jurisdictions, ZimVie is not the principal and recognizes revenue on a net basis. Upon exit of certain IOM agreements, we initially expected to pay approximately $10 million for the purchase of accounts receivable and inventory from Zimmer Biomet. Through December 31, 2022, we have paid Zimmer Biomet $7.8 million related to the exit of certain IOM agreements, and there are no additional payments expected.

Tax Matters Agreement

The Tax Matters Agreement governs the respective rights, responsibilities and obligations of us and Zimmer Biomet after the distribution with respect to taxes (including taxes arising in the ordinary course of business and taxes, if any, incurred as a result of any failure of the distribution and certain related transactions to qualify as tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, tax elections, the control of audits and other tax proceedings and assistance and cooperation in respect of tax matters.

The Tax Matters Agreement also imposes certain restrictions on us and our subsidiaries (including, among others, restrictions on share issuances, business combinations, sales of assets and similar transactions) designed to preserve the tax-free status of the distribution and certain related transactions. The Tax Matters Agreement provides special rules that allocate tax liabilities in the event the distribution, together with certain related transactions, does not qualify as tax-free. In general, under the Tax Matters Agreement, each party is expected to be responsible for any taxes imposed on Zimmer Biomet or us, as the case may be, that arise from the failure of the distribution, together with certain related transactions, to qualify as a transaction that is generally tax-free under Sections 355 and 368(a)(1)(D) and certain other relevant provisions of the Internal Revenue Code of 1986, to the extent that the failure to so qualify is attributable to actions, events or transactions relating to such party’s respective stock, assets or business, or a breach of the relevant representations or covenants made by that party in the Tax Matters Agreement. However, if such failure was the result of any acquisition of our shares or assets, or of any of our representations, statements or undertakings being incorrect, incomplete or breached, we generally will be responsible for all taxes imposed as a result of such acquisition or breach.

Employee Matters Agreement

The Employee Matters Agreement allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs and other related matters. The Employee Matters Agreement governs certain compensation and employee benefits obligations with respect to the current and former employees and non-employee directors of each party. The Employee Matters Agreement provides that, except as otherwise specified, Zimmer Biomet is generally responsible for liabilities associated with employees who will remain employed by Zimmer Biomet and former employees whose last employment was with Zimmer Biomet’s businesses, and we are generally responsible for liabilities associated with employees who are or will be employed by us and former employees whose last employment was with the ZimVie businesses. The Employee Matters Agreement provided for the conversion of the outstanding awards granted under Zimmer Biomet’s equity compensation programs into adjusted awards relating to shares of Zimmer Biomet and/or ZimVie common stock in a manner intended to preserve the aggregate intrinsic value of the original awards. The adjusted awards are subject to substantially similar terms, vesting conditions, post-termination exercise rules and other restrictions that applied to the original Zimmer Biomet awards immediately before the separation.

Transition Manufacturing and Supply Agreement and Reverse Transition Manufacturing and Supply Agreement

Pursuant to the Transition Manufacturing and Supply Agreement and the Reverse Transition Manufacturing and Supply Agreement, we or Zimmer Inc., a wholly-owned subsidiary of Zimmer Biomet, as the case may be, will manufacture or cause to be manufactured certain products for the other party, on an interim, transitional basis. Pursuant to such agreements, we or Zimmer, Inc., as the case may be, will be required to purchase certain minimum amounts of products from the other party. The Transition Manufacturing and Supply Agreement and the Reverse Transition Manufacturing and Supply Agreement will terminate on the expiration of the term of the last product manufactured by us or Zimmer, Inc., as the case may be, pursuant to such agreements, which will generally be no later than March 1, 2027.

Other agreements include the Intellectual Property Matters Agreement and the Transitional Trademark License Agreement.

Subsequent Event

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.

Transfers of Financial Assets	12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]
Transfers of Financial Assets	8. Transfers of Financial Assets Zimmer Biomet had receivables purchase arrangements with unrelated third parties to liquidate portions of its trade accounts receivable balance, including receivables related to our spine business. The receivables related to products sold to customers and were short-term in nature. The factorings were treated as sales of the accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees. The programs were executed on a revolving basis with a maximum funding limit for Zimmer Biomet of $450.0 million combined before termination. The Parent acted as the collection agent on behalf of the third-party but had no significant retained interests or servicing liabilities related to the accounts receivable sold. The Parent terminated the programs in the U.S. and Japan in the fourth quarter of 2020. As of December 31, 2020, all factored receivables related to our spine business had been collected and remitted in conjunction with the termination of those programs in 2020. As such, there was no activity related to these programs subsequent to December 31, 2020. In Europe, the Parent sold to a third party and there was no continuing involvement or significant risk with the factored accounts receivable. Funds received from the transfers are recorded as an increase to cash and a reduction of accounts receivable outstanding in the consolidated balance sheets. We report the cash flows attributable to the sale of the receivables to third parties in cash flows from operating activities in our consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in SG&A expense. Net expenses included any resulting gains or losses from the sales of receivables, credit insurance and factoring fees. For the year ended December 31, 2020, receivables related to our spine business were sold having an aggregate face value of $53.8 million to third parties in exchange for cash proceeds of $53.7 million. Expenses recognized on these sales were not significant. For the year ended December 31, 2020 under the U.S. and Japan programs, receivables related to our spine business of $50.1 million were collected from our customers and these amounts were remitted to the third party, and we effectively repurchased $7.0 million of our previously sold accounts receivable due to the programs’ revolving nature. We had no unremitted amounts at December 31, 2022 and 2021 due to the termination of those arrangements in 2020. The initial collection of cash from customers and its remittance to the third party is reflected in net cash (used in) provided by financing activities in our consolidated statements of cash flows.

Transfers of Financial Assets

12 Months Ended

Dec. 31, 2022

Transfers and Servicing [Abstract]

Transfers of Financial Assets

8. Transfers of Financial Assets

Zimmer Biomet had receivables purchase arrangements with unrelated third parties to liquidate portions of its trade accounts receivable balance, including receivables related to our spine business. The receivables related to products sold to customers and were short-term in nature. The factorings were treated as sales of the accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees.

The programs were executed on a revolving basis with a maximum funding limit for Zimmer Biomet of $450.0 million combined before termination. The Parent acted as the collection agent on behalf of the third-party but had no significant retained interests or servicing liabilities related to the accounts receivable sold. The Parent terminated the programs in the U.S. and Japan in the fourth quarter of 2020. As of December 31, 2020, all factored receivables related to our spine business had been collected and remitted in conjunction with the termination of those programs in 2020. As such, there was no activity related to these programs subsequent to December 31, 2020.

In Europe, the Parent sold to a third party and there was no continuing involvement or significant risk with the factored accounts receivable.

Funds received from the transfers are recorded as an increase to cash and a reduction of accounts receivable outstanding in the consolidated balance sheets. We report the cash flows attributable to the sale of the receivables to third parties in cash flows from operating activities in our consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in SG&A expense. Net expenses included any resulting gains or losses from the sales of receivables, credit insurance and factoring fees.

For the year ended December 31, 2020, receivables related to our spine business were sold having an aggregate face value of $53.8 million to third parties in exchange for cash proceeds of $53.7 million. Expenses recognized on these sales were not significant. For the year ended December 31, 2020 under the U.S. and Japan programs, receivables related to our spine business of $50.1 million were collected from our customers and these amounts were remitted to the third party, and we effectively repurchased $7.0 million of our previously sold accounts receivable due to the programs’ revolving nature. We had no unremitted amounts at December 31, 2022 and 2021 due to the termination of those arrangements in 2020. The initial collection of cash from customers and its remittance to the third party is reflected in net cash (used in) provided by financing activities in our consolidated statements of cash flows.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill by historical reportable segment (in thousands):


	Spine			Dental			Total
Balance at December 31, 2020
Goodwill, Gross	$	1,089,400		$	415,666		$	1,505,066
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net		—			273,666			273,666
Currency translation		—			(5,856	)		(5,856	)
Balance at December 31, 2021
Goodwill, Gross		1,089,400			409,810			1,499,210
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net		—			267,810			267,810
Currency translation		—			(7,811	)		(7,811	)
Balance at December 31, 2022
Goodwill, Gross		1,089,400			401,999			1,491,399
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net	$	—		$	259,999		$	259,999

In connection with the annual goodwill impairment test in the fourth quarters of 2022 and 2021, we estimated the fair value of our Dental reporting unit, our only reporting unit with goodwill remaining, using the income and market approaches. In the annual tests for both 2022 and 2021, the Dental reporting unit exceeded its carrying value by more than 20%.

The impairment charge of $142.0 million in our Dental reporting unit in 2020 was primarily driven by the COVID-19 pandemic. Changes in the market caused an increase to the risk-adjusted discount rate utilized to discount our future estimated cash flows to present

value, and we expected that the deferral of elective dental procedures would have an adverse effect on our cash flows. We estimated the cash flows from our Dental reporting unit might recover more slowly because many dental procedures are not covered by insurance. Therefore, we estimated that economic uncertainty would likely result in patients deferring dental procedures for a longer period of time than procedures involving our other products.

For each goodwill impairment test, we estimated the fair value of the Dental reporting unit based on income and market approaches. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit. Fair value under the market approach utilized the guideline public company methodology, which uses valuation indicators from publicly-traded companies that are similar to our reporting unit and considers differences between our reporting unit and the comparable companies.

In estimating the future cash flows of the Dental reporting unit, we utilized a combination of market and company-specific inputs that a market participant would use in assessing the fair value of its reporting units. The primary market input was revenue growth rate. These rates were based upon historical trends and estimated future growth drivers such as an aging global population, innovative new product offerings and increased demand for cosmetic dentistry procedures. Under the guideline public company methodology, we took into consideration specific risk differences between our reporting unit and the comparable companies, such as recent financial performance, size risks and product portfolios, among other considerations.

We will continue to monitor the fair value of our reporting unit in our interim and annual reporting periods. If our estimated cash flows decrease, we may have to record further impairment charges in the future.

The components of identifiable intangible assets were as follows (in thousands):


	Technology			Trademarks and Trade Names			Customer Relationships			Other			Total
As of December 31, 2021:
Intangible assets subject to amortization:
Gross carrying amount	$	873,913		$	143,187		$	379,967		$	56,839		$	1,453,906
Accumulated amortization		(409,839	)		(56,233	)		(171,576	)		(50,083	)		(687,731	)
Total identifiable intangible assets	$	464,074		$	86,954		$	208,391		$	6,756		$	766,175
As of December 31, 2022:
Intangible assets subject to amortization:
Gross carrying amount	$	844,730		$	137,785		$	364,917		$	53,955		$	1,401,387
Accumulated amortization		(444,603	)		(63,012	)		(188,913	)		(49,894	)		(746,422	)
Total identifiable intangible assets	$	400,127		$	74,773		$	176,004		$	4,061		$	654,965

Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2022 for the years ending December 31, 2023 through 2027 is (in millions):


For the Years Ending December 31,
2023	$	75.9
2024		72.4
2025		70.6
2026		68.9
2027		63.6

Derivatives - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.6
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets, Current
Current derivative liabilities	$ 0.3
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current
Losses from derivative instruments	$ 1.2
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Derivative notional amount	$ 69.1
Derivative outstanding		$ 0.0
Maximum
Derivatives, Fair Value [Line Items]
Foreign Currency Exchange Forward Contracts Term	3 months
Minimum
Derivatives, Fair Value [Line Items]
Foreign Currency Exchange Forward Contracts Term	1 month

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 11,354	$ 3,344	$ 9,651
Restructuring Charges Pre-Tax	9,000
Inventory Write-down	2,000
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	11,000
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	10,000
ZB Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-Tax	$ 4,400	$ 3,300	$ 9,700

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share

On March 1, 2022, 26.1 million ZimVie common shares were distributed in connection with the distribution. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding throughout all periods presented up to and including March 1, 2022 in the calculation of basic weighted average shares. For periods prior to the distribution, it was assumed that there were no dilutive equity instruments, as there were no equity awards of ZimVie outstanding prior to the distribution.

The calculation of weighted average shares for the basic and diluted earnings per common share is as follows (in thousands, except per share data):


	For the Years Ended December 31,
	2022			2021			2020
Net loss	$	(63,881	)	$	(95,254	)	$	(178,999	)

Weighted average shares outstanding for basic net loss per share		26,083			26,050			26,050
Effect of dilutive stock options and other equity awards (1)		—			—			—
Weighted average shares outstanding for dilutive net loss per share		26,083			26,050			26,050

Basic net loss per common share	$	(2.45	)	$	(3.66	)	$	(6.87	)
Diluted net loss per common share		(2.45	)		(3.66	)		(6.87	)

(1) Since we incurred a net loss in each of the years ended December 31, 2022, 2021 and 2020, no dilutive stock options or other equity awards were included as diluted shares in those periods.

For the year ended December 31, 2022, a weighted average of 3.4 million options to purchase shares of common stock would have been excluded from the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock.

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Amount charged to obsolete inventories	$ 21,300	$ 37,500	$ 30,800
Brand rationalization expense		40,300
Depreciation	41,900	43,500	48,800
Property, plant and equipment, net	148,439	180,243
Accounts Payable [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,300	$ 1,300	$ 2,400

Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

19. Restructuring

In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. The national volume-based procurement ("VBP") program for spine products in China took place in late September of 2022, and we were not successful in our bid. After evaluating our alternatives, in the fourth quarter of 2022, we approved a plan to exit our spine products activities in China. We anticipate total charges related to both of these programs of approximately $10-11 million, including projects in process or under final evaluation. Pre-tax restructuring charges of $9.0 million incurred in 2022 under these plans were primarily related to employee termination benefits, inventory write-downs (non-cash) and accelerated depreciation of fixed assets (non-cash). All charges are included in the Restructuring line item in our consolidated statements of operations, except for inventory write-downs ($2.0 million), which are included in Cost of products sold, excluding intangible asset amortization. We anticipate incurring the remaining charges during 2023.

In December 2019 and December 2021, Zimmer Biomet initiated restructuring plans (the "ZB Restructuring Plans") with an objective of reducing costs to allow further investment in higher priority growth opportunities. We incurred pre-tax restructuring charges related to the ZB Restructuring Plans of $4.4 million, $3.3 million and $9.7 million in 2022, 2021 and 2020, respectively. The restructuring charges incurred under these plans primarily related to employee termination benefits, contract terminations, long-lived asset impairments (non-cash), accelerated depreciation of fixed assets (non-cash) and retention period compensation and benefits. All charges are included in the Restructuring line item in our consolidated statements of operations. We have not incurred material expenses from the ZB Restructuring Plans after June 30, 2022, and do not expect to in the future.

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):


	Employee Termination Benefits			Other			Total
Balance, December 31, 2020	$	1,960		$	—		$	1,960
Additions		149			3,135			3,284
Cash payments		(1,010	)		(1,985	)		(2,995	)
Balance, December 31, 2021		1,099			1,150			2,249
Additions		5,098			3,553			8,651
Non-cash adjustments		—			(320	)		(320	)
Cash payments		(4,304	)		(2,210	)		(6,514	)
Balance, December 31, 2022	$	1,893		$	2,173		$	4,066

We do not include restructuring charges in the operating profit of our reportable segments.

Share - Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Feb. 28, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense, pre-tax	$ 30,289	$ 7,309	$ 5,945
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	$ 11,300
Weighted average vesting period of unrecognized share-based compensation costs	2 years
2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized				3.0
Shares available for future grants	1.6
Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense, pre-tax	$ 21,300
Stock option not yet recognized	$ 11,000
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 24.64				$ 31.55
Unrecognized share-based compensation cost related to unvested stock options	$ 20,600
Weighted average vesting period of unrecognized share-based compensation costs	2 years 1 month 6 days
Total fair value of RSUs vested	$ 1,200
Restricted Stock Units (RSUs) \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 31.55
Performance RSU and RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares	0.3
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 14.76
Vesting period	10 years
Stock Option \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares	2.1

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The tax provisions for the years ended December 31, 2021 and 2020 were prepared on a separate return basis as if we were a separate group of companies under common ownership prior to the distribution. The operations were combined as if we were filing on a combined basis for U.S. federal, U.S. state and non-U.S. income tax purposes, where allowable by law. As discussed in Note 2, certain NOLs, tax credit carryforwards and unrecognized tax benefits were recognized during the tax years ended December 31, 2021 and 2020 in accordance with the separate return method but did not carry over with ZimVie in connection with the distribution.

The components of loss before income taxes consisted of the following (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
U.S. operations	$	(98,803	)	$	(18,963	)	$	(137,552	)
Foreign operations		(11,116	)		(82,294	)		(83,796	)
Total	$	(109,919	)	$	(101,257	)	$	(221,348	)

The benefit for income taxes and the income taxes paid consisted of the following (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Current:
Federal	$	3,986		$	3,515		$	(29,999	)
State		6,696			1,608			2,950
Foreign		7,340			10,807			6,976
Total current taxes		18,022			15,930			(20,073	)
Deferred:
Federal		(27,900	)		(4,222	)		(2,857	)
State		(12,912	)		(1,521	)		(1,205	)
Foreign		(23,248	)		(16,190	)		(18,214	)
Total deferred taxes		(64,060	)		(21,933	)		(22,276	)
Benefit for income taxes	$	(46,038	)	$	(6,003	)	$	(42,349	)
Net income taxes paid	$	25,730		$	12,089		$	4,654

A reconciliation of the income tax benefit at the U.S. statutory income tax rate to our income tax benefit is as follows (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Income tax benefit at the U.S. statutory rate	$	(23,083	)	$	(21,265	)	$	(46,490	)
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits		(13,111	)		2,283			(822	)
Puerto Rico royalty tax receivable and other payable true-up		(5,757	)		—			—
State taxes, net of federal deduction		(2,789	)		180			1,657
R&D tax credit		(1,750	)		(906	)		(586	)
Pre-spin tax expense		(999	)		—			—
Non-deductible expenses		(413	)		1,241			407
Change in valuation allowance		2,402			13,184			7,431
Section 162m excess compensation		1,324			416			444
Goodwill impairment		—			—			29,820
Share-based compensation		714			20			36
Net uncertain tax positions, including interest and penalties		105			1,257			(26,205	)
Tax rate change		33			(2,734	)		(6,539	)
Other		(2,714	)		321			(1,502	)
Income tax benefit	$	(46,038	)	$	(6,003	)	$	(42,349	)

The components of deferred taxes consisted of the following (in thousands):


	As of December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryover	$	37,774		$	38,605
Inventory		23,939			67,607
Section 174 capitalized cost		15,151			—
Section 263A		9,610			1,423
Leases - right of use liability		7,612			—
Share-based compensation		7,025			2,419
Accrued liabilities		4,845			3,110
Accounts receivable		3,295			5,060
Product liability and litigation		1,429			1,327
Tax credit carryover		—			3,072
Other		288			84
Total deferred tax assets		110,968			122,707
Less: Valuation allowances		(37,155	)		(38,339	)
Total deferred tax assets after valuation allowances		73,813			84,368
Deferred tax liabilities:
Intangible assets		149,448			179,414
Fixed assets		9,347			15,559
Leases - right of use asset		6,295			—
Other		3,469			370
Total deferred tax liabilities		168,559			195,343
Total net deferred income taxes	$	(94,746	)	$	(110,975	)

We establish valuation allowances when necessary to reduce the deferred tax assets to amounts we expect to realize. As of December 31, 2022 and 2021, we had a valuation allowance of $37.2 million and $38.3 million, respectively, related to net operating loss carryforwards and other deferred tax assets that are not anticipated to be realized prior to expiration.

During 2022, as part of the distribution, $30.2 million of valuation allowances were released related to NOL and credit carryforwards which did not transfer to the ZimVie group. The subsequent increase to the valuation allowance of $28.8 million during 2022 was primarily driven by the recognition of the NOL carryforward in Puerto Rico. The increase to the valuation allowance of $8.6 million during 2021 was primarily driven by additional losses generated, partially offset by changes in tax rates.

At December 31, 2022, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):


Expiration Period	Net operating loss carryover		Tax credit carryover
2023-2027	$	2.3	$	—
2028-2032	9.1			—
2033-2042	13.2			—
Indefinite		13.2		—
Total	$	37.8	$	—
Valuation allowances	$	33.1	$	—

We intend to repatriate cash when the additional tax related to remitting earnings is deemed immaterial as a portion of these earnings has already been taxed as toll tax or GILTI and is not subject to further U.S. federal tax. Portions of the additional tax would also be offset by allowable foreign tax credits. No deferred tax liability has been recorded on earnings overseas that are expected to be permanently reinvested outside of the U.S. If we decide at a later date to repatriate these earnings to the U.S., we would be required to provide for the net tax effects on these amounts. We expect the majority of these unremitted earnings would be subject to federal tax and state tax, in addition to withholding tax in many jurisdictions. The exact amount of the tax cost to remit these earnings is not determinable.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Balance at January 1	$	46,921		$	46,911		$	69,212
Decreases related to prior periods		(46,921	)		—			—
Increases related to current period		105			97			70
Decrease related to settlements with taxing authorities		—			(87	)		—
Decreases related to lapse of statute of limitations		—			—			(22,371	)
Balance at December 31	$	105		$	46,921		$	46,911
Amounts impacting effective tax rate, if balance at December 31 recognized	$	105		$	46,268		$	46,256
Interest and penalty expense related to unrecognized tax benefits	$	—		$	1,597		$	(5,486	)
Total accrued interest and penalties balance at December 31		—			8,973			7,376

As part of the distribution, uncertain tax reserves related to the Zimmer Biomet consolidated return filing groups in prior periods were removed from the ZimVie books as there would be no financial liability related to those positions.

We operate on a global basis and are subject to numerous and complex tax laws and regulations. Our income tax filings are subject to examinations by taxing authorities throughout the world. Currently, we are not under any material tax audits or have any pending tax litigations. We do not expect a material change in unrecognized tax benefits over the next twelve months based on the current examination status.

The ZimVie U.S. group will file its first U.S. federal tax return in 2023; therefore, there are no open years subject to Internal Revenue Service (“IRS”) audit. However, our entities historically filed consolidated under the Zimmer Biomet U.S. group, which is under continuous audit by the IRS and other taxing authorities. During the course of these audits, Zimmer Biomet receives proposed adjustments from taxing authorities that may be material. ZimVie does not bear any financial liability with regards to these U.S. federal consolidated returns; however, certain states require amended returns as a result of federal audit changes and ZimVie would be responsible for any liabilities arising in ZimVie company separate liability states. We do not anticipate any material adverse outcomes in these audits that would have a material effect on our results of operation or financial condition. The Zimmer Biomet U.S. federal income tax returns have been audited through 2015 and are currently under audit for years 2016-2019.

State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state impact of any federal changes generally remains subject to examination by various states for a period of up to one year after formal notification to the states. We do not currently have any state income tax return positions in the process of examination, administrative appeals or litigation.

In other major jurisdictions, open years are generally 2015 or later.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Net Parent Company Investment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss Attributable to Investor [Member]	Noncontrolling Interest
Beginning Balance at Dec. 31, 2019	$ 1,668,065	$ 0	$ 0	$ 0	$ 1,707,467	$ (40,251)		$ 849
Net loss	(178,999)
Net loss	(179,088)	0	0	0	(179,088)	0		89
Adoption of new accounting standard	(971)	0	0	0	(971)	0		0
Net transactions with Zimmer Biomet Holdings Inc	(41,430)	0	0	0	(41,430)	0		0
Acquisition of Noncontrolling Interest	(938)	0	0	0	0	0		(938)
Other Comprehensive income (loss)	44,828	0	0	0	0	44,828		0
Ending Balance at Dec. 31, 2020	1,490,555	0	0	0	1,485,978	4,577		0
Net loss	(95,254)
Net loss	(95,254)	0	0	0	(95,254)	0		0
Net transactions with Zimmer Biomet Holdings Inc	103,433	0	0	0	103,433	0		0
Other Comprehensive income (loss)	(47,357)	0	0	0	0	(47,357)		0
Ending Balance at Dec. 31, 2021	1,451,377	0	0	0	1,494,157	$ (42,780)		0
Net loss	(63,881)
Net loss	(63,881)	0	0	(47,532)	(16,349)		$ 0	0
Net transactions with Zimmer Biomet Holdings Inc	(70,430)	0	0	0	(70,430)		0	0
Net considerations paid to Zimmer Biomet Holdings, Inc. in connection with distribution	(540,567)	0	0	0	(540,567)		0	0
Reclassification of net parent company investment to additional paid-in capital	0	261	866,550	0	(866,811)		0	0
Stock plan activity	30,479	1	30,478	0	0		0	0
Other Comprehensive income (loss)	(48,374)	0	0	0	0		(48,374)	0
Ending Balance at Dec. 31, 2022	$ 758,604	$ 262	$ 897,028	$ (47,532)	$ 0		$ (91,154)	$ 0

Income Taxes - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Uncertainties [Abstract]
Beginning balance	$ 46,921	$ 46,911	$ 69,212
Decreases related to prior periods	(46,921)	0	0
Increases related to current period	105	97	70
Decrease related to settlements with taxing authorities	0	(87)	0
Decreases related to lapse of statute of limitations	0	0	(22,371)
Ending balance	105	46,921	46,911
Amounts impacting effective tax rate, if balance at December 31 recognized	105	46,268	46,256
Interest and penalty expense related to unrecognized tax benefits	0	1,597	(5,486)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0	$ 8,973	$ 7,376

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance	$ (37,155)	$ (38,339)
Increase decrease in valuation allowance	28,800	$ 8,600
Net operating loss and credit carryforwards, valuation allowance	$ 30,200
Minimum
State income tax returns examination period	3 years
Maximum
State income tax returns examination period	5 years

Segment Data

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Data

16. Segment Data

Our Chief Executive Officer is our chief operating decision maker ("CODM"). He allocates resources to achieve our operating profit goals and reviews business performance through two operating segments, 1) the spine products segment, and 2) the dental products segment. Our two operating segments also constitute our reportable segments.

Our CODM evaluates performance based upon segment operating profit exclusive of certain expenses or gains that our CODM does not include when evaluating segment performance. These expenses and gains include related party transactions; expenses incurred by us related to Zimmer Biomet's products and operating expenses pertaining to intangible asset amortization: goodwill impairment; restructuring expenses; acquisition, integration, divestiture and related expenses; and other various charges. Other various charges include share-based compensation, third-party costs incurred to establish initial compliance for previously-approved products with the European Union Medical Device Regulation, third-party costs related to compliance with a deferred prosecution agreement between Zimmer Biomet and the Department of Justice, allocation of costs from the 2019 Restructuring Plan, allocation of costs related to

Zimmer Biomet’s integration activities of acquired businesses, and the impact from excess and obsolete inventory on certain product lines we intend to discontinue, as well as other expenses. Intercompany transactions have been eliminated from segment operating profit. The information presented in all of the years below is in accordance with this reportable segment operating profit structure.

Our CODM does not review asset information by operating segment.

Net sales and other information by segment are as follows (in thousands):


	Net Sales						Operating (Loss) Profit									Depreciation and Amortization
	Year Ended December 31,						Year Ended December 31,									Year Ended December 31,
	2022		2021		2020		2022			2021			2020			2022		2021		2020
Spine	$	449,806	$	540,348	$	529,077	$	42,480		$	54,766		$	56,262		$	32,161	$	32,667	$	39,916
Dental		459,681		468,482		367,872		93,643			88,045			39,759			5,723		3,595		4,210
Segment Total		909,487		1,008,830		896,949		136,123			142,811			96,021			37,884		36,262		44,126
Related party transactions		4,375		5,819		15,478		(11,751	)		(63,761	)		(54,641	)		—		—		—
Expenses related to Parent products		—		—		—		(891	)		(1,147	)		(8,240	)		—		—		—
Intangible asset amortization		—		—		—		(80,867	)		(86,219	)		(85,493	)		80,867		86,219		85,493
Goodwill impairment		—		—		—		—			—			(142,000	)		—		—		—
Restructuring		—		—		—		(11,354	)		(3,344	)		(9,651	)		—		—		—
Acquisition, integration, divestiture and related		—		—		—		(29,437	)		(24,064	)		(2,203	)		—		—		—
Other		—		—		—		(97,066	)		(64,776	)		(16,406	)		4,038		7,238		4,712
Total	$	913,862	$	1,014,649	$	912,427	$	(95,243	)	$	(100,500	)	$	(222,613	)	$	122,789	$	129,719	$	134,331

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 December 31,
	2022		2021
U.S.	$	102,681	$	128,394
Other countries		45,758		51,849
Property, plant and equipment, net	$	148,439	$	180,243

U.S. and foreign sales are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
U.S.	$	630,142	$	675,572	$	615,732
Other countries		279,345		333,258		281,217
Third party sales	$	909,487	$	1,008,830	$	896,949

Sales within any other individual country were less than 10% of our combined sales in each of those years. No single customer accounted for 10% or more of our sales in the years ended December 31, 2022, 2021 and 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based upon Intangible Assets Recognized (Details) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 75.9
2024	72.4
2025	70.6
2026	68.9
2027	$ 63.6

Allowance for Credit Losses - Summary of Activity of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Allowance for Credit Loss [Abstract]

Beginning balance

$ 16,545

$ 18,931

$ 19,520

Additions Charged to Expense

4,446

2,645

2,677

Deductions / Other Additions to Reserve

^[1]

(5,743)

(4,683)

(3,552)

Effects of Foreign Currency

(222)

(348)

286

Ending balance

$ 15,026

$ 16,545

$ 18,931

[1]	(1) 2020 includes the $1.0 million cumulative-effect adjustment related to the adoption of ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326)."

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Information Related to Leases

Information on our leases is as follows ($ in thousands):


	For the Years Ended December 31,
	2022		2021		2020
Lease cost	$	11,709	$	14,677	$	14,928
Cash paid for leases recognized in operating cash flows		13,248		15,854		14,332
Right-of-use assets obtained in exchange for new lease liabilities		3,208		7,550		9,227

Schedule of Operating Lease Right of Use Assets and Lease Liabilities


	As of December 31,
	2022			2021
Right-of-use assets recognized in Other assets	$	24,816		$	49,347
Lease liabilities recognized in Other current liabilities		9,617			12,628
Long-term lease liabilities		22,287			45,317
Weighted-average remaining lease term	3.9 years			5.3 years
Weighted-average discount rate		2.7	%		2.8	%

Schedule of Future Minimum Lease Payments

Our future minimum lease payments as of December 31, 2022 were (in millions):


For the Years Ending December 31,
2023	$	10.3
2024		9.1
2025		6.2
2026		4.7
2027		1.6
Thereafter		1.7
Total		33.6
Less imputed interest		(1.7	)
Total	$	31.9

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Corporate Allocations Reflected in the Combined Statements of Operations

Corporate allocations reflected in the consolidated statements of operations are as follows (in thousands):


	For the Years Ended December 31,
	2022			2021		2020
Cost of products sold	$	(78	)	$	1,210	$	3,145
Selling, general & administrative		13,914			76,170		69,865
Acquisition, integration, divestiture and related		—			6,966		—

Summary of Sale Transactions with Related Party

The consolidated statements of operations reflect the sales of these orthopedic products with Zimmer Biomet (in thousands):


	For the Years Ended December 31,
	2022		2021		2020
Related party net sales	$	4,375	$	5,819	$	15,478
Related party cost of products sold, excluding intangible asset amortization		4,107		4,248		10,159

Summary of payments presented in condensed consolidated balance sheet


	As of December 31,
	2022		2021
Related party receivable	$	8,483	$	—
Related party payable		13,176		—

Related Party Transactions - Summary of Corporate Allocations Reflected in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related party receivable	$ 8,483	$ 0
Related party payable	13,176	0
Zimmer Biomet
Related party receivable	8,483	0
Related party payable	$ 13,176	$ 0

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Allowance for Credit Loss [Abstract]

Summary of Activity of Allowance for Credit Losses

The following table presents the activity of our allowance for credit losses for the years ended December 31, 2022, 2021 and 2020: (in thousands):


	As of December 31,
	2022			2021			2020
Balance at Beginning of Period	$	16,545		$	18,931		$	19,520
Additions Charged to Expense		4,446			2,645			2,677
Deductions / Other Additions to Reserve (1)		(5,743	)		(4,683	)		(3,552	)
Effects of Foreign Currency		(222	)		(348	)		286
Balance at End of Period	$	15,026		$	16,545		$	18,931

(1) 2020 includes the $1.0 million cumulative-effect adjustment related to the adoption of ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326)."

Derivatives

12 Months Ended

Dec. 31, 2022

Derivatives [Abstract]

Derivatives

11. 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. The amount of these gains (losses) is recorded in Other income (expense), net. Outstanding contracts are recorded on the consolidated balance sheet at fair value as of the end of the reporting period. The notional amounts of these contracts were $69.1 million as of December 31, 2022.

Current derivative assets of $0.6 million as of December 31, 2022 are included in Prepaid expenses and other current assets on our consolidated balance sheets. Current derivative liabilities of $0.3 million as of December 31, 2022 are included in Other current liabilities in our consolidated balance sheets. Losses from these derivative instruments recognized on our consolidated statements of operations in Other income (expense), net was $1.2 million for the year ended December 31, 2022.

We had no outstanding derivatives as of December 31, 2021 and no activity for the years ended December 31, 2021 or 2020.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

In the fourth quarter of 2020, we acquired all of the issued and outstanding shares of 3DIEMME S.r.l. (“3DIEMME”), a dental treatment planning and dental computer aided-design/computer aided-manufacturing design software provider based in Italy. The 3DIEMME acquisition was completed primarily to expand treatment planning and design software offerings in our digital dentistry portfolio.

The total cash consideration paid for this acquisition was $9.2 million. Additionally, we assigned a fair value of $8.3 million at the acquisition date for potential payments that are contingent on future product sales. The estimated fair value of the aggregate contingent payment liabilities was calculated based on the probability of achieving the specified sales growth and discounting to present value the estimated payments. Due to actual product sales, we have increased the estimated fair value of these contingent payment liabilities to $11.0 million as of December 31, 2022.

We recognized goodwill of $12.7 million for this acquisition. The goodwill related to the acquisition represents the excess of the consideration transferred over the fair value of the net assets acquired. The goodwill related to the acquisition is generated from the operational synergies and cross-selling opportunities we expect to achieve from the technologies acquired. None of the goodwill related to this acquisition is deductible for tax purposes.

We have not included pro forma information and certain other information under GAAP for this acquisition because it did not have a material impact on our financial position or results of operations.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

10. Debt

Our debt consisted of the following (in thousands):


	As of December 31,
	2022			2021
Term loan	$	536,456		$	—
Debt issuance costs		(4,223	)		—
Total debt		532,233			—
Less: current portion		—			—
Total debt due after one year	$	532,233		$	—

Below is the aggregate principal amount of maturities of our long-term debt payment requirements as of December 31, 2022 for the years ending December 31, 2023 through 2027 (excluding unamortized debt issuance costs), and reflecting the payment on December 30, 2022 to cover all scheduled principal payments in 2023 (in millions):


For the Years Ending December 31,
2023	$	—
2024		24.5
2025		49.1
2026		56.1
2027		406.8

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.

On February 28, 2022 we borrowed the entire $595.0 million of available term loan borrowings (the “Original Term Loan Borrowing”) and on March 1, 2022, we prepaid $34.0 million of the Original Term Loan Borrowing (the $561.0 million of term borrowings following such prepayment being referred to as the “Term Loan” and, together with the Revolver, the “Credit Facility”). The Credit Facility has an initial term of five years. On each of June 30, 2022, September 30, 2022 and December 30, 2022, we made a $3.5 million scheduled principal payment on the Term Loan. In addition on December 30, 2022, we made a principal payment of $14.0 million to cover all of the 2023 mandatory scheduled principal payments on the Term Loan. As of December 31, 2022, $536.5 million was outstanding on the Term Loan following such payments, and there were no outstanding borrowings under the Revolver.

Following the reduction as a result of the $34.0 million prepayment of the Original Term Loan Borrowing on March 1, 2022, the Term Loan amortizes in equal quarterly installments in an aggregate amount equal to (i) 2.5% per annum of the original principal amount of the Original Term Loan Borrowing for the first two years of the facility, commencing at the end of the fiscal quarter ended June 30, 2022, (ii) 5.0% per annum of the original principal amount of the Original Term Loan Borrowing for the following year of the facility and (iii) 10.0% per annum of the original principal amount of the Original Term Loan Borrowing for the last two years of the facility,

with the unpaid balance due in full on the maturity date. We are permitted to voluntarily prepay the loans under the Credit Facility at any time without premium or penalty, other than breakage fees. We may request, subject to obtaining commitments from any participating lenders and certain other conditions, incremental commitments to increase the amount of the Revolver or the Term Loan available under the Credit Facility in an aggregate principal amount equal to $70.0 million, plus additional amounts, subject to the terms and conditions of the Credit Facility.

Borrowings under the Revolver and the Term Loan bear interest, in the case of each term benchmark borrowing, at the adjusted term secured overnight financing rate (“SOFR”) for the interest period in effect for such borrowing, plus an applicable margin, which will range from 1.50% to 1.75%, based on ZimVie's consolidated total net leverage ratio. Borrowings under the Credit Facility that are not term benchmark borrowings bear interest at a per annum rate equal to (a) the greatest of (i) the prime rate in effect on such day, (ii) the Federal Reserve Bank of New York rate in effect on such day plus 1⁄2 of 1% and (iii) the adjusted term SOFR for a one month interest period as published two U.S. government securities business days prior to such day (or if such day is not a business day, the immediately preceding business day) plus 1%, plus (b) an applicable margin, which may range from 0.50% to 0.75%, based on ZimVie's consolidated total net leverage ratio. As of December 31, 2022, the applicable margin was 1.75% for term benchmark borrowings and 0.75% for 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 at the end of any of our fiscal quarters commencing with the fiscal quarter ending June 30, 2022, a maximum consolidated total net leverage ratio of 6.00 to 1.00. We were in compliance with all covenants as of December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

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] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 10,181	$ 10,033
Change in estimate	2,750	1,500
Settlements		(750)
Foreign currency impact	319	(602)
Fair Value, Ending Balance	$ 13,250	$ 10,181

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consisted of the following (in thousands):


	As of December 31,
	2022			2021
Term loan	$	536,456		$	—
Debt issuance costs		(4,223	)		—
Total debt		532,233			—
Less: current portion		—			—
Total debt due after one year	$	532,233		$	—

Schedule of Long Term Maturities


For the Years Ending December 31,
2023	$	—
2024		24.5
2025		49.1
2026		56.1
2027		406.8

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Amount of accrued loss contingency	$ 9.5	$ 5.9

Related Party Transactions - Summary of Sale Transactions with Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party net sales	$ 4,375	$ 5,819	$ 15,478
Zimmer Biomet [Member]
Related Party Transaction [Line Items]
Related party net sales	4,375	5,819	15,478
Related party cost of products sold, excluding intangible asset amortization	$ 4,107	$ 4,248	$ 10,159

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 30, 2021	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 01, 2023
Share-based compensation expense			$ 30,289	$ 7,309	$ 5,945
Borrowings under term loan credit agreements		$ 595,000	595,000
Payment to operate a standalone company			100,000
Net transactions with Zimmer Biomet Holdings Inc			(70,430)	103,433	(41,430)
Payments of dividends			540,567	0	0
Zimmer Biomet
Payment to related party debt			561,000
Due to related parties			10,000
Net transactions with Zimmer Biomet reflected in the cash flows pre-distribution			6,900	1,300
Net transactions with Zimmer Biomet Holdings Inc			70,400	19,700
Due from Related Parties			79,000
Debt Agreement Amount	$ 24,400
Related party transaction debt termination description	This debt was subsequently terminated in October 2021 without any cash being exchanged between a ZimVie subsidiary and Zimmer Biomet.
Accounts Receivable and Inventory, Related Parties			10,000
Payments related to exit of certain agreements			7,800
Zim Vie Inc \| Subsequent Event
Percentage of ownership sold						19.70%
Restatement Adjustment [Member] \| Zimmer Biomet
Share-based compensation expense			$ 1,000	$ 7,300	$ 5,900

Segment Data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Net Sales and Other Information by Segment

Net sales and other information by segment are as follows (in thousands):


	Net Sales						Operating (Loss) Profit									Depreciation and Amortization
	Year Ended December 31,						Year Ended December 31,									Year Ended December 31,
	2022		2021		2020		2022			2021			2020			2022		2021		2020
Spine	$	449,806	$	540,348	$	529,077	$	42,480		$	54,766		$	56,262		$	32,161	$	32,667	$	39,916
Dental		459,681		468,482		367,872		93,643			88,045			39,759			5,723		3,595		4,210
Segment Total		909,487		1,008,830		896,949		136,123			142,811			96,021			37,884		36,262		44,126
Related party transactions		4,375		5,819		15,478		(11,751	)		(63,761	)		(54,641	)		—		—		—
Expenses related to Parent products		—		—		—		(891	)		(1,147	)		(8,240	)		—		—		—
Intangible asset amortization		—		—		—		(80,867	)		(86,219	)		(85,493	)		80,867		86,219		85,493
Goodwill impairment		—		—		—		—			—			(142,000	)		—		—		—
Restructuring		—		—		—		(11,354	)		(3,344	)		(9,651	)		—		—		—
Acquisition, integration, divestiture and related		—		—		—		(29,437	)		(24,064	)		(2,203	)		—		—		—
Other		—		—		—		(97,066	)		(64,776	)		(16,406	)		4,038		7,238		4,712
Total	$	913,862	$	1,014,649	$	912,427	$	(95,243	)	$	(100,500	)	$	(222,613	)	$	122,789	$	129,719	$	134,331

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 December 31,
	2022		2021
U.S.	$	102,681	$	128,394
Other countries		45,758		51,849
Property, plant and equipment, net	$	148,439	$	180,243

U.S. and foreign sales are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
U.S.	$	630,142	$	675,572	$	615,732
Other countries		279,345		333,258		281,217
Third party sales	$	909,487	$	1,008,830	$	896,949

Income Taxes - Schedule of Reconciliation of the Income Tax Benefit at the U.S Statutory Income tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit at the U.S. statutory rate	$ (23,083)	$ (21,265)	$ (46,490)
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits	(13,111)	2,283	(822)
Puerto Rico royalty tax receivable and other payable true-up	(5,757)	0	0
State taxes, net of federal deduction	(2,789)	180	1,657
R&D tax credit	(1,750)	(906)	(586)
Pre-spin tax expense	(999)	0	0
Non-deductible expenses	(413)	1,241	407
Change in valuation allowance	2,402	13,184	7,431
Section 162m excess compensation	1,324	416	444
Goodwill impairment	0	0	29,820
Share-based compensation	714	20	36
Net uncertain tax positions, including interest and penalties	105	1,257	(26,205)
Tax rate change	33	(2,734)	(6,539)
Other	(2,714)	321	(1,502)
Benefit for income taxes	$ (46,038)	$ (6,003)	$ (42,349)

Income Taxes - Summary of Net Operating Loss and Tax Credit Carryovers (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 37.8
Valuation allowances	33.1
Tax credit carryforward amount	0.0
Valuation allowances	0.0
2023-2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2.3
Tax credit carryforward amount	0.0
2028-2032
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	9.1
Tax credit carryforward amount	0.0
2033-2042
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	13.2
Tax credit carryforward amount	0.0
Indefinite
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	13.2
Tax credit carryforward amount	$ 0.0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Weighted Average Shares for Basic and Diluted Earnings Per Common Shares

The calculation of weighted average shares for the basic and diluted earnings per common share is as follows (in thousands, except per share data):


	For the Years Ended December 31,
	2022			2021			2020
Net loss	$	(63,881	)	$	(95,254	)	$	(178,999	)

Weighted average shares outstanding for basic net loss per share		26,083			26,050			26,050
Effect of dilutive stock options and other equity awards (1)		—			—			—
Weighted average shares outstanding for dilutive net loss per share		26,083			26,050			26,050

Basic net loss per common share	$	(2.45	)	$	(3.66	)	$	(6.87	)
Diluted net loss per common share		(2.45	)		(3.66	)		(6.87	)

(1) Since we incurred a net loss in each of the years ended December 31, 2022, 2021 and 2020, no dilutive stock options or other equity awards were included as diluted shares in those periods.

Segment Data - Additional Information (Details)	12 Months Ended
Segment Data - Additional Information (Details)	Dec. 31, 2022 Segment Customer	Dec. 31, 2021 Customer	Dec. 31, 2020 Customer
Disaggregation of Revenue [Line Items]
Number of operating segments \| Segment	2
Revenue
Disaggregation of Revenue [Line Items]
Number of customers accounted for 10% or more \| Customer	0	0	0
Revenue \| Geographic Concentration Risk [Member] \| Spine and Dental
Disaggregation of Revenue [Line Items]
Revenue segment less than 10%	10.00%

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 200,098	$ 199,553
Work in progress	21,199	26,700
Raw materials	12,557	20,579
Inventories	$ 233,854	$ 246,832

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

5. Share-Based Compensation

Conversion Awards

Zimmer Biomet has 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.

New Awards

Effective March 1, 2022, ZimVie established the ZimVie Inc. 2022 Stock Incentive Plan (the "2022 Plan"). A total of 3.0 million shares of common stock are authorized for future grants and awards under the 2022 Plan. Shares issued pursuant to converted Zimmer Biomet share-based awards do not count against this limit. At December 31, 2022, 1.6 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. 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.

For periods prior to the distribution, we specifically identified employees who were associated with our historical operations and calculated expense based upon the awards received under the Zimmer Biomet plans, as well as expense related to corporate or shared employees allocated to us on a proportional cost allocation method, primarily based on revenue.

Share-based compensation expense was as follows (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	2,437		$	539		$	506
Research and development		3,441			812			1,194
Selling, general and administrative		24,411			5,958			4,245
		30,289			7,309			5,945
Tax benefit related to awards		(7,254	)		(1,550	)		(1,346	)
Total expense, net of tax	$	23,035		$	5,759		$	4,599

We use a Black-Scholes option-pricing model to determine the fair value of our stock options. For new awards granted 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 does 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 available as of the grant date for zero-coupon 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.

Stock option activity was as follows:


	Period Ended December 31, 2022
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at March 1, 2022		2,125,548		$	27.32
Granted		484,650			23.87
Exercised		(12,949	)		17.28
Forfeited		(193,614	)		26.56
Outstanding at December 31, 2022		2,403,635		$	26.74		7.0	$	-
Exercisable at December 31, 2022		1,206,487		$	25.37		5.6	$	-

Aggregate intrinsic value was negligible at December 31, 2022. At December 31, 2022, we had unrecognized share-based compensation cost related to unvested stock options of $11.3 million, which is expected to be amortized over the remaining weighted average vesting period of approximately 2.0 years.

RSU activity was as follows:


	Period Ended December 31, 2022
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at March 1, 2022		264,420		$	31.55
Granted		1,288,465			23.44
Vested		(39,446	)		31.55
Forfeited		(130,939	)		24.75
Outstanding at December 31, 2022		1,382,500		$	24.64

At December 31, 2022, we had unrecognized share-based compensation cost related to unvested RSUs of $20.6 million, which is expected to be amortized into net income over the remaining weighted average vesting period of approximately 2.1 years. The total fair value of RSUs that vested during the period ended December 31, 2022 was $1.2 million.

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows provided by (used in) operating activities:
Net loss	$ (63,881)	$ (95,254)	$ (178,999)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	122,789	129,719	134,331
Goodwill impairment	0	0	142,000
Share-based compensation	30,289	7,309	5,945
Deferred income tax provision	(70,422)	(22,089)	(22,806)
Loss on disposal of fixed assets	3,358	0	0
Other non-cash items	1,172	0	0
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes	5,485	(3,201)	904
Accounts receivable	(26,156)	27,172	(1,072)
Related party receivables	(8,483)	0	0
Inventories	10,210	33,062	(6,141)
Accounts payable and accrued liabilities	21,842	(6,591)	(3,030)
Related party payables	13,176	0	0
Other assets and liabilities	(14,751)	(5,842)	14,848
Net cash provided by operating activities	24,628	64,285	85,980
Cash flows used in investing activities:
Additions to instruments	(10,089)	(28,244)	(32,699)
Additions to other property, plant and equipment	(16,457)	(28,405)	(5,568)
Business combination investments, net of acquired cash	0	0	(8,415)
Other investing activities	(2,117)	(3,700)	(2,832)
Net cash used in investing activities	(28,663)	(60,349)	(49,514)
Cash flows provided by (used in) financing activities:
Net transactions with Zimmer Biomet Holdings, Inc	6,920	90,006	(43,830)
Dividend paid to Zimmer Biomet Holdings, Inc	(540,567)	0	0
Proceeds from term loans	595,000	0	0
Payments on term loans	(58,544)	0
Debt issuance costs	(5,170)	0	0
Net cash flows from unremitted collections from factoring programs	0	0	(1,626)
Repayments of debt due to Zimmer Biomet Holdings, Inc	0	(16,905)	(668)
Net activity under employee stock compensation plans	1,059	0	0
Other financing activities	(5)	(752)	(359)
Net cash (used in) provided by financing activities	(1,307)	72,349	(46,483)
Effect of exchange rates on cash and cash equivalents	(5,456)	(3,305)	435
(Decrease) increase in cash and cash equivalents	(10,798)	72,980	(9,582)
Cash and cash equivalents, beginning of year	100,399	27,419	37,001
Cash and cash equivalents, end of period	89,601	100,399	27,419
Supplemental Cash Flow Information [Abstract]
Income taxes paid, net	25,730	12,089	4,654
Interest Paid	17,283	0	0
Non-cash settlement of debt due to parent	0	0	4,939
Supplemental cash flow information:
Derecognition of right-of-use assets	(14,174)	0	0
Derecognition of lease liabilities	$ 15,303	$ 0	$ 0

Restructuring (Tables)

12 Months Ended

Dec. 31, 2022

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):


	Employee Termination Benefits			Other			Total
Balance, December 31, 2020	$	1,960		$	—		$	1,960
Additions		149			3,135			3,284
Cash payments		(1,010	)		(1,985	)		(2,995	)
Balance, December 31, 2021		1,099			1,150			2,249
Additions		5,098			3,553			8,651
Non-cash adjustments		—			(320	)		(320	)
Cash payments		(4,304	)		(2,210	)		(6,514	)
Balance, December 31, 2022	$	1,893		$	2,173		$	4,066

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Loss	$ (63,881)	$ (95,254)	$ (178,999)
Foreign currency cumulative translation adjustments, net of tax	(48,374)	(47,357)	44,828
Total Other Comprehensive (Loss) Income	(48,374)	(47,357)	44,828
Comprehensive Loss	(112,255)	(142,611)	(134,171)
Comprehensive Income Attributable to Noncontrolling Interest	0	0	89
Comprehensive Loss	$ (112,255)	$ (142,611)	$ (134,260)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Retirement Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Retirement Benefit Plans

15. Retirement Benefit Plans

We sponsor defined contribution plans for substantially all of the employees in the U.S. and Puerto Rico, and certain employees in other countries. The benefits offered under these plans are reflective of local customs and practices in the countries concerned. We expensed $7.0 million, $6.1 million and $6.1 million related to these plans for the years ended December 31, 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Acquisitions - Additional Information (Details) - 3DIEMME [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Business Acquisition [Line Items]
Total cash consideration paid for acquisitions		$ 9.2
Fair value of contingent consideration	$ 11.0	8.3
Goodwill recognized from the acquisitions		$ 12.7

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Use of Estimates - The consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), which requires 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, including allocations from Zimmer Biomet. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. These estimates have considered the impact the COVID-19 pandemic may have on our financial position, results of operations and cash flows. Such estimates included, but were not limited to, determining the allocations of costs and expenses from Zimmer Biomet, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill and the recoverability of other long-lived assets, the realizability of deferred tax assets, and reserves for unrecognized tax benefits. The estimates and associated assumptions are based on historical experience, complex judgements and various other factors that are believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.

Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive income (loss) ("AOCI") in equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings. Foreign currency remeasurement gains recognized in our consolidated statements of operations in other income (expense), net were $4.0 million, $0.5 million and $1.6 million in the years ended December 31, 2022, 2021 and 2020, respectively.

Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $43.9 million, $42.0 million and $37.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Research and Development - We expense all R&D costs as incurred except when there is an alternative future use for the R&D. R&D costs include salaries, prototypes, depreciation of equipment used in R&D, consultant fees and service fees paid to collaborative partners.

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.

Restructuring - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. See Note 19 for further discussion on restructuring programs.

Acquisition, integration, divestiture and related - We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize expenses resulting from the consummation of business mergers and acquisitions and the related integration of those businesses, and expenses related to divestitures and related expenses including becoming a standalone entity. The expenses recognized in 2020 primarily related to integration-related consulting, distributor terminations, severance and retention period compensation and benefits to employees that were terminated. The 2021 expenses were primarily related to the distribution that was completed on March 1, 2022. The expenses in 2022 primarily related to costs related to the March 1, 2022 distribution and costs incurred in connection with building out capabilities necessary to becoming a standalone, public company. In addition, changes in estimates of contingent payments are also included in acquisition, integration, divestiture and related expenses. 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. See Note 3 for additional information regarding a change to expected contingent payments in 2022.

We have also incurred other various, less significant costs on projects that are similar to integration focusing on reducing costs that have been recognized in this financial statement line item.

Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value. The cash presented on the consolidated balance sheet as of December 31, 2021 represents cash that was not subject to the Zimmer Biomet centralized cash management process. During the fourth quarter of 2021, Zimmer Biomet transitioned the ownership structure of all notional accounts to us resulting in additional cash balances. As of December 31, 2022 and 2021, we had $1.5 million and $0, respectively, in restricted cash. The restriction as of December 31, 2022 is on cash held in China and is a result of ongoing litigation with a spine products distributor in China because of our decision to exit our spine products business in China (see Note 19 for further information).

Accounts Receivable - Accounts receivable consists of trade and other miscellaneous receivables. We grant credit to customers in the normal course of business and maintain an allowance for expected credit losses. We determine the allowance for credit losses by geographic market and take into consideration historical credit experience, creditworthiness of the customer and other pertinent information. We make concerted efforts to collect all accounts receivable, but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible.

Zimmer Biomet had receivables purchase arrangements with unrelated third parties to transfer portions of our trade accounts receivable balance. Our spine business historically participated in these arrangements. The purchase arrangements in the U.S. and Japan were terminated during the year ended December 31, 2020, and the arrangements in Europe applicable to our trade accounts receivable ended as a result of the distribution. Funds received from the transfers were recorded as an increase to cash and a reduction to accounts receivable outstanding in our consolidated balance sheets. The cash flows attributable to the sale of receivables to third parties were reported in cash flows from operating activities in our consolidated statements of cash flows. Net expenses resulting from the sales of receivables were recognized in SG&A expense. Net expenses included any resulting gains or losses from the sales of receivables, credit insurance and factoring fees. Under the previous arrangements in the U.S. and Japan, any collections that we made that were unremitted to the third parties were recognized on our consolidated balance sheets under other current liabilities and in our consolidated statements of cash flows in financing activities.

Inventories - Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in first-out basis or on an average cost basis, depending on the jurisdiction.

Property, Plant and Equipment - Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment. Maintenance and repairs are expensed as incurred. We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset group are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.

Instruments - Instruments are hand-held devices used by surgeons during surgical procedures. Instruments are recognized as long-lived assets and are included in property, plant and equipment. Instruments are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives, determined principally in reference to associated product life cycles, primarily five years. We review instruments for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Depreciation of instruments is recognized in SG&A expense.

Software Costs - We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our consolidated balance sheet and amortized on a straight-line or weighted average estimated user basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to fifteen years.

For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal use software requirements. However, on our consolidated balance sheet these implementation costs are recognized in other non-current assets. On our consolidated statements of cash flows, these implementation costs are recognized in operating cash flows. The implementation costs are recognized on a straight-line basis over the expected term of the related service contract.

Goodwill - Goodwill is not amortized but is subject to annual impairment tests. Goodwill has been assigned to reporting units. Potential impairment of a reporting unit is identified by either comparing a reporting unit’s estimated fair value to its carrying amount or doing a qualitative assessment of a reporting unit’s fair value from the last quantitative assessment to determine if there is potential impairment. We may do a qualitative assessment when the results of the previous quantitative test indicated the reporting unit’s estimated fair value was significantly in excess of the carrying value of its net assets, and we do not believe there have been significant changes in the reporting unit’s operations that would significantly decrease its estimated fair value or significantly increase its net assets. If a quantitative assessment is performed, the fair value of the reporting unit and the fair value of goodwill are determined based upon a discounted cash flow analysis and/or use of a market approach by looking at market values of comparable companies. Significant assumptions are incorporated into our discounted cash flow analysis such as estimated revenue growth rates, forecasted gross margins, forecasted operating expenses and a risk-adjusted discount rate. Factors that could result in cash flows being lower than our current estimates include: 1) additional recurrence of the COVID-19 virus, including variants, causing deferrals of elective surgical procedures, 2) decreased revenues caused by unforeseen changes in the healthcare market, or our inability to generate new product revenue from our research and development activities, and 3) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives, and other unforeseen factors. Additionally, changes in the broader economic environment could cause changes to our estimated discount rate and comparable company valuation indicators, which may impact our estimated fair value. We perform this test in the fourth quarter of the year or whenever events or changes in circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded in the amount that the carrying value of the business unit exceeds the fair value. See Note 4 for more information regarding goodwill.

Intangible Assets - Intangible assets are initially measured at their fair value. We have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset or the estimated after-tax discounted cash flows expected to be generated from the intangible asset. Intangible assets with a finite life, including technology, certain trademarks and trade names, customer-related intangibles, intellectual property rights and patents and licenses, are amortized on a straight-line basis over their estimated useful life or contractual life, which may range from less than one year to twenty years. Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable.

In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Trademarks and trade names that are related to products expected to be phased out are assigned lives consistent with the period in which the products bearing each brand are expected to be sold. For customer relationship intangible assets, we assign useful lives based upon historical levels of customer attrition. Intellectual property rights are assigned useful lives that approximate the contractual life of any related patent or the period for which we maintain exclusivity over the intellectual property.

Revenue Recognition - We recognize revenue when our performance obligations under the terms of a contract with our customer are satisfied. This happens when we transfer control of our products to the customer, which generally occurs upon implantation or when title passes upon shipment. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our product. Taxes collected from customers and remitted to governmental authorities are excluded from revenues.

We sell products through three principal channels: 1) direct to healthcare institutions, referred to as direct channel accounts; 2) through stocking distributors and healthcare dealers; and 3) directly to dental practices and dental laboratories. In direct channel accounts and with some healthcare dealers, inventory is generally consigned to sales agents or customers so that products are available when needed for surgical procedures. No revenue is recognized upon the placement of inventory into consignment, as we retain the ability to control the inventory. Upon implantation, we issue an invoice and revenue is recognized. Our spine sales are predominantly recognized under the consignment revenue model. Pricing for products is generally predetermined by contracts with customers, agents acting on behalf of customer groups or by government regulatory bodies, depending on the market. Price discounts under group purchasing contracts are generally linked to volume of implant purchases by customer healthcare institutions within a specified group. At negotiated thresholds within a contract buying period, price discounts may increase. Payment terms vary by customer but are typically less than 90 days.

With sales to stocking distributors, some healthcare dealers and hospitals, dental practices and dental laboratories, revenue is generally recognized when control of our product passes to the customer, which is typically upon shipment of the product. Our dental business predominantly recognizes revenue related to product sales at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment, or delivery depending on the terms of the underlying contracts. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer but are typically less than 90 days.

We offer standard warranties to our customers that our products are not defective. These standard warranties are not considered separate performance obligations. In limited circumstances, we offer extended warranties that are separate performance obligations. We have very few contracts that have multiple performance obligations. Since we do not have significant multiple element arrangements and essentially all of our sales are recognized upon implantation of a product or when title passes, very little judgment is required to allocate the transaction price of a contract or determine when control has passed to a customer. Our costs to obtain contracts consist primarily of sales commissions to employees or third-party agents that are earned when control of our product passes to the customer. Therefore, sales commissions are expensed as part of SG&A expenses at the same time revenue is recognized. Accordingly, we do not have significant contract assets, liabilities or future performance obligations.

We offer volume-based discounts, rebates, prompt pay discounts, right of return and other various incentives that we account for under the variable consideration model. If sales incentives may be earned by a customer for purchasing a specified amount of our product, we estimate whether such incentives will be achieved and recognize these incentives as a reduction in revenue in the same period the underlying revenue transaction is recognized. We primarily use the expected value method to estimate incentives. Under the expected value method, we consider the historical experience of similar programs, as well as review sales trends on a customer-by-customer basis, to estimate what levels of incentives will be earned. Occasionally, products are returned and, accordingly, we maintain an estimated refund liability based upon the expected value method that is recorded as a reduction in revenue.

Leases - We lease most of our manufacturing facilities, various office space, vehicles and other less significant assets throughout the world. Our contracts contain a lease if they convey a right to control the use of an identified asset, either explicitly or implicitly, in exchange for consideration. As allowed by GAAP, we have elected not to recognize a right-of-use asset nor a lease liability for leases with an initial term of twelve months or less. Additionally, we have elected not to separate non-lease components from the leased components in the valuation of our right-of-use asset and lease liability for all asset classes. Our lease contracts are a necessary part of our business, but we do not believe they are significant to our overall operations. We do not have any significant finance leases. Additionally, we do not have significant leases: where we are considered a lessor; where we sublease our assets; with an initial term of twelve months or less; with related parties; with residual value guarantees; that impose restrictions or covenants on us; or that have not yet commenced, but create significant rights and obligations against us.

Our real estate leases generally have terms of between five to ten years and contain lease extension options that can vary from month-to-month extensions to up to five-year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option. In determining whether an extension is reasonably certain, we consider the uniqueness of the property for our needs, the availability of similar properties, whether the extension period payments remain the same or may change due to market rates or fixed price increases in the contract, and other economic factors. Our vehicle leases generally have terms of between three to five years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended.

Under GAAP, we are required to discount our lease liabilities to present value using the rate implicit in the lease, or our incremental borrowing rate for a similar term as the lease term if the implicit rate is not readily available. We generally do not have adequate information to know the implicit rate in a lease and therefore use our incremental borrowing rate. Under GAAP, the incremental borrowing rate must be on a collateralized basis. As our current term loan is secured we are able to use our debt interest rate for the implicit rate on our leases.

Income Taxes - Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the new tax rate is enacted.

We reduce our deferred tax assets by a valuation allowance if it is more likely than not that we will not realize some portion or all of the deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the

event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance that would reduce the provision for income taxes.

We operate on a global basis and are subject to numerous and complex tax laws and regulations. Income tax audits may require an extended period of time to reach resolution and may result in significant income tax adjustments when interpretation of tax laws or allocation of company profits is disputed. Because income tax adjustments in certain jurisdictions can be significant, we record accruals representing management’s best estimate of the probable resolution of these matters. To the extent additional information becomes available, such accruals are adjusted to reflect the revised estimated probable outcome. We record Global Intangible Low-Taxed Income (“GILTI”) tax as a period cost. We report tax-related interest and penalties as a component of income tax expense.

Prior to the distribution, we were included in the consolidated U.S. federal, foreign, and certain state income tax returns of Zimmer Biomet, where applicable. Accordingly, the tax provision and current and deferred tax balances for the years ended December 31, 2021 and 2020 have been prepared on a separate-return basis as if we were a separate filer.

As a result of applying the separate filer approach for the periods prior to the distribution, actual tax transactions included in the consolidated financial statements of Zimmer Biomet may not be included in our consolidated financial statements. Similarly, the tax treatment of certain items reflected in the consolidated financial statements may not be reflected in the consolidated financial statements and tax returns of Zimmer Biomet. Therefore, portions of items such as net operating losses (“NOLs”), credit carryforwards, other deferred taxes and valuation allowances may exist in the consolidated financial statements that may or may not exist in Zimmer Biomet’s consolidated financial statements and vice versa. In addition, although deferred tax assets have been recognized for NOLs and tax credits in accordance with the separate return method, certain NOLs and credits did not carry over with ZimVie in connection with the distribution. The income taxes as presented in the consolidated financial statements may not be indicative of the income taxes that we will incur in the future. Any differences between actual amounts paid or received by ZimVie have been reflected in net parent company investment.

Derivative Financial Instruments - Our foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. Our transactions in our foreign operations are denominated primarily in the following currencies: Euros, Chinese Renminbi, British Pound, Japanese Yen and Canadian Dollar. We enter into foreign exchange forward or swap contracts (collectively, the “foreign exchange contracts”) to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and mitigate the impact of changes in foreign currency exchange rates related to these transactions. Foreign exchange contracts generally have terms of no more than six months. We do not enter into foreign exchange contracts for speculative trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which we attempt to minimize by limiting our counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using foreign currency spot rates and forward rates quotes by third party financial institutions. The notional amount of the foreign exchange contracts at December 31, 2022 and 2021 was $69.1 million and $0, respectively.

Gains and losses related to foreign currency exchange contracts are recorded in “Other Income” in our consolidated statements of operations.

Accumulated Other Comprehensive Income (Loss) - AOCI refers to gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to equity. Our AOCI is comprised of foreign currency translation adjustments. There are no reclassifications from AOCI to net earnings for the periods presented herein. Further, there are no tax effects related to AOCI for the periods presented.

Noncontrolling Interest - We had an investment in a company in which we had a controlling financial interest, but not 100% of the equity. In the year ended December 31, 2020, we acquired the remaining equity from the minority shareholder. The acquisition of the remaining equity interest was recognized as an equity transaction. Further information related to the noncontrolling interest of this investment has not been provided as it is not significant to our consolidated financial statements.

Net Parent Company Investment - NPI in the consolidated balance sheets represents Zimmer Biomet’s historical investment in ZimVie, the accumulated net earnings after taxes and the net effect of the transactions with and allocations from Zimmer Biomet.

Accounting Pronouncements Recently Adopted

In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2021-05 Lessors – Certain Leases with Variable Lease Payments which is an amendment to Accounting Standards Codification Topic 842 – Leases (“ASC 842”). Under the prior ASC 842 guidance, variable payments are excluded from the measurement of the initial net investment in the

lease if the payments do not depend on an index or a rate. For sales-type or direct financing leases, this could result in the recognition of a day-one loss for leases with entire or partial variable payments. ASU 2021-05 requires lessors to classify leases with entire or partial variable payments as operating leases if otherwise a day-one loss would be recognized. We adopted this standard on a prospective basis as of January 1, 2022. We have not entered into leases that are comprised entirely of variable lease payments and therefore the adoption of this ASU did not have an impact on our financial statements.

Accounting Pronouncements Recently Issued

There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Earnings Per Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (63,881)	$ (95,254)	$ (178,999)
Weighted average shares outstanding for basic net loss per share	26,083	26,050	26,050
Effect of dilutive stock options and other equity awards	0	0	0
Weighted average shares outstanding for dilutive net loss per share	26,083	26,050	26,050
Basic net loss per common share	$ (2.45)	$ (3.66)	$ (6.87)
Diluted net loss per common share	$ (2.45)	$ (3.66)	$ (6.87)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Document and Entity Information - USD ($)

12 Months Ended

Dec. 31, 2022

Feb. 24, 2023

Jun. 30, 2022

Cover [Abstract]

Document Type

10-K

Amendment Flag

false

Document Annual Report

true

Document Fiscal Year Focus

2022

Document Fiscal Period Focus

Document Period End Date

Dec. 31, 2022

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

Entity Tax Identification Number

87-2007795

Entity Address, Address Line One

10225 Westmoor Drive

Entity Address, City or Town

Westminster

Entity Address, State or Province

Entity Address, Postal Zip Code

80021

City Area Code

303

Local Phone Number

443-7500

Title of 12(b) Security

Common Stock, par value $0.01 per share

Trading Symbol

ZIMV

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Non-accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

false

Entity Shell Company

false

Entity Public Float

$ 334,918,922

Entity Common Stock, Shares Outstanding

26,236,053

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE


Document		Form 10-K
Portions of the Proxy Statement with respect to the 2023 Annual Meeting of Stockholders		Part III

Auditor Name

PricewaterhouseCoopers LLP

Auditor Location

Denver, Colorado

Auditor Firm ID

238

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other current liabilities:
License and service agreements	$ 25,337	$ 31,154
Salaries, wages and benefits	47,812	40,986
Lease liabilities	9,617	12,628
Accrued liabilities	63,013	48,512
Total other current liabilities	$ 145,779	$ 133,280

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	150,000,000
Common Stock, Shares, Issued	26,222,000	0
Common Stock, Shares, Outstanding	26,222,000	0
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Preferred Stock, Shares Authorized	15,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,401,387	$ 1,453,906
Accumulated amortization	(746,422)	(687,731)
Total identifiable intangible assets	654,965	766,175
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	844,730	873,913
Accumulated amortization	(444,603)	(409,839)
Total identifiable intangible assets	400,127	464,074
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	137,785	143,187
Accumulated amortization	(63,012)	(56,233)
Total identifiable intangible assets	74,773	86,954
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	364,917	379,967
Accumulated amortization	(188,913)	(171,576)
Total identifiable intangible assets	176,004	208,391
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	53,955	56,839
Accumulated amortization	(49,894)	(50,083)
Total identifiable intangible assets	$ 4,061	$ 6,756

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. 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. The recorded accrual balance for net loss

contingencies was $9.5 million and $5.9 million as of December 31, 2022 and December 31, 2021, respectively. 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 and Distribution Agreement (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.

Balance Sheet Details - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 541,327	$ 598,434
Accumulated depreciation	(392,888)	(418,191)
Property, plant and equipment, net	148,439	180,243
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,235	7,248
Building and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	210,305	226,447
Capitalized software costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	36,881	41,876
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	270,041	315,136
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,865	$ 7,727

Allowance for Credit Losses - Summary of Activity of Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for credit losses	$ 15,026	$ 16,545	$ 18,931	$ 19,520
Cumulative Effect Period Of Adoption Adjustment [Member]
Allowance for credit losses	$ 1,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Fair Value Measurements of Assets and Liabilities - Schedule of Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	$ 13,250	$ 10,181
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	0	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	13,250	10,181
Contingent Consideration to Acquisitions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	13,250	10,181
Contingent Consideration to Acquisitions [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	0	0
Contingent Consideration to Acquisitions [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	0	0
Contingent Consideration to Acquisitions [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	$ 13,250	$ 10,181

Segment Data - Disclosure on Geographic Areas, Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 148,439	$ 180,243
Change in third party net sales	909,487	1,008,830	$ 896,949
U.S.
Segment Reporting Information [Line Items]
Property, plant and equipment, net	102,681	128,394
Change in third party net sales	630,142	675,572	615,732
Other countries
Segment Reporting Information [Line Items]
Property, plant and equipment, net	45,758	51,849
Change in third party net sales	$ 279,345	$ 333,258	$ 281,217

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Debt - Schedule of Long Term Maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0.0
2024	24.5
2025	49.1
2026	56.1
2027	$ 406.8

Transfers of Financial Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effect of exchange rates on cash and cash equivalents	$ (5,456)	$ (3,305)	$ 435
Expenses related to Parent products	891	1,147	8,240
Zimmer Biomet \| Spine Less Asia Pacific [Member]
Receivables aggregate face value			53,800
Effect of exchange rates on cash and cash equivalents			53,700
Expenses related to Parent products	0
Accounts receivable due	7,000
Clearance Fees	0	$ 0
Zimmer Biomet \| Spine Less Asia Pacific [Member] \| U.S. and Japan Programs
Receivables related to spine business			$ 50,100
Zimmer Biomet \| Maximum
Maximum revolving funding limit	$ 450,000

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0	$ 142,000
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%	20.00%
Dental [Member]
Goodwill [Line Items]
Goodwill impairment			$ 142,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes consisted of the following (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
U.S. operations	$	(98,803	)	$	(18,963	)	$	(137,552	)
Foreign operations		(11,116	)		(82,294	)		(83,796	)
Total	$	(109,919	)	$	(101,257	)	$	(221,348	)

Schedule of Benefit for Income Taxes and the Income Taxes Paid

The benefit for income taxes and the income taxes paid consisted of the following (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Current:
Federal	$	3,986		$	3,515		$	(29,999	)
State		6,696			1,608			2,950
Foreign		7,340			10,807			6,976
Total current taxes		18,022			15,930			(20,073	)
Deferred:
Federal		(27,900	)		(4,222	)		(2,857	)
State		(12,912	)		(1,521	)		(1,205	)
Foreign		(23,248	)		(16,190	)		(18,214	)
Total deferred taxes		(64,060	)		(21,933	)		(22,276	)
Benefit for income taxes	$	(46,038	)	$	(6,003	)	$	(42,349	)
Net income taxes paid	$	25,730		$	12,089		$	4,654

Schedule of Reconciliation of the Income Tax Benefit at the U.S Statutory Income tax rate

A reconciliation of the income tax benefit at the U.S. statutory income tax rate to our income tax benefit is as follows (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Income tax benefit at the U.S. statutory rate	$	(23,083	)	$	(21,265	)	$	(46,490	)
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits		(13,111	)		2,283			(822	)
Puerto Rico royalty tax receivable and other payable true-up		(5,757	)		—			—
State taxes, net of federal deduction		(2,789	)		180			1,657
R&D tax credit		(1,750	)		(906	)		(586	)
Pre-spin tax expense		(999	)		—			—
Non-deductible expenses		(413	)		1,241			407
Change in valuation allowance		2,402			13,184			7,431
Section 162m excess compensation		1,324			416			444
Goodwill impairment		—			—			29,820
Share-based compensation		714			20			36
Net uncertain tax positions, including interest and penalties		105			1,257			(26,205	)
Tax rate change		33			(2,734	)		(6,539	)
Other		(2,714	)		321			(1,502	)
Income tax benefit	$	(46,038	)	$	(6,003	)	$	(42,349	)

Components of Deferred Taxes

The components of deferred taxes consisted of the following (in thousands):


	As of December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryover	$	37,774		$	38,605
Inventory		23,939			67,607
Section 174 capitalized cost		15,151			—
Section 263A		9,610			1,423
Leases - right of use liability		7,612			—
Share-based compensation		7,025			2,419
Accrued liabilities		4,845			3,110
Accounts receivable		3,295			5,060
Product liability and litigation		1,429			1,327
Tax credit carryover		—			3,072
Other		288			84
Total deferred tax assets		110,968			122,707
Less: Valuation allowances		(37,155	)		(38,339	)
Total deferred tax assets after valuation allowances		73,813			84,368
Deferred tax liabilities:
Intangible assets		149,448			179,414
Fixed assets		9,347			15,559
Leases - right of use asset		6,295			—
Other		3,469			370
Total deferred tax liabilities		168,559			195,343
Total net deferred income taxes	$	(94,746	)	$	(110,975	)

Summary of Net Operating Loss and Tax Credit Carryovers

At December 31, 2022, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):


Expiration Period	Net operating loss carryover		Tax credit carryover
2023-2027	$	2.3	$	—
2028-2032	9.1			—
2033-2042	13.2			—
Indefinite		13.2		—
Total	$	37.8	$	—
Valuation allowances	$	33.1	$	—

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Balance at January 1	$	46,921		$	46,911		$	69,212
Decreases related to prior periods		(46,921	)		—			—
Increases related to current period		105			97			70
Decrease related to settlements with taxing authorities		—			(87	)		—
Decreases related to lapse of statute of limitations		—			—			(22,371	)
Balance at December 31	$	105		$	46,921		$	46,911
Amounts impacting effective tax rate, if balance at December 31 recognized	$	105		$	46,268		$	46,256
Interest and penalty expense related to unrecognized tax benefits	$	—		$	1,597		$	(5,486	)
Total accrued interest and penalties balance at December 31		—			8,973			7,376

Balance Sheet Details

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

7. Balance Sheet Details

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of December 31,
	2022		2021
Prepaid expenses and other current assets:
Prepaid expenses	$	28,359	$	9,252
Income tax receivable		7,311		13,675
Other assets		1,294		2,453
Total prepaid expenses and other current assets	$	36,964	$	25,380

Inventories consisted of the following (in thousands):


	As of December 31,
	2022		2021
Finished goods	$	200,098	$	199,553
Work in progress		21,199		26,700
Raw materials		12,557		20,579
Inventories	$	233,854	$	246,832

Amounts charged to the consolidated statements of operations for excess and obsolete inventory, including certain product lines we intend to discontinue, in the years ended December 31, 2022, 2021 and 2020 were $21.3 million, $37.5 million and $30.8 million, respectively. Additionally, during 2021, we completed a brand rationalization resulting in expense of $40.3 million.

Property, plant and equipment consisted of the following (in thousands):


	As of December 31,
	2022			2021
Land	$	7,235		$	7,248
Building and equipment		210,305			226,447
Capitalized software costs		36,881			41,876
Instruments		270,041			315,136
Construction in progress		16,865			7,727
Property, plant and equipment, gross		541,327			598,434
Accumulated depreciation		(392,888	)		(418,191	)
Property, plant and equipment, net	$	148,439		$	180,243

Depreciation expense was $41.9 million, $43.5 million and $48.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.

We had $1.3 million, $1.3 million and $2.4 million of property, plant and equipment included in accounts payable as of December 31, 2022, 2021 and 2020, respectively.

Other current liabilities consisted of the following (in thousands):


	As of December 31,
	2022		2021
Other current liabilities:
License and service agreements	$	25,337	$	31,154
Salaries, wages and benefits		47,812		40,986
Lease liabilities		9,617		12,628
Accrued liabilities		63,013		48,512
Total other current liabilities	$	145,779	$	133,280

Debt - Schedule of Debt Due to Parent (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Term loan	$ 536,456	$ 0
Debt issuance costs	(4,223)	0
Total debt	532,233	0
Less: current portion	0	0
Total debt due after one year	$ 532,233	$ 0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Party Transactions - Summary of Corporate Allocations Reflected in the Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Selling, general & administrative	$ 523,970	$ 554,377	$ 533,536
Zimmer Biomet [Member]
Cost of products sold	(78)	1,210	3,145
Selling, general & administrative	13,914	76,170	69,865
Acquisition, integration, divestiture and related	$ 0	$ 6,966	$ 0

Income Taxes - Schedule of Benefit for Income Taxes and the Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 3,986	$ 3,515	$ (29,999)
State	6,696	1,608	2,950
Foreign	7,340	10,807	6,976
Total current taxes	18,022	15,930	(20,073)
Deferred
Federal	(27,900)	(4,222)	(2,857)
State	(12,912)	(1,521)	(1,205)
Foreign	(23,248)	(16,190)	(18,214)
Total deferred taxes	(64,060)	(21,933)	(22,276)
Benefit for income taxes	(46,038)	(6,003)	(42,349)
Net income taxes paid	$ 25,730	$ 12,089	$ 4,654

Restructuring - Schedule of Restructuring Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
2019 And 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance		$ 1,960
Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 2,249
Additions	8,651	3,284
Non Cash Adjustment	(320)
Cash payments	(6,514)	(2,995)
Restructuring Reserve, Ending Balance	4,066	2,249
Employee Severance [Member] \| 2019 And 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance		1,960
Employee Severance [Member] \| Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	1,099
Additions	5,098	149
Non Cash Adjustment	0
Cash payments	(4,304)	(1,010)
Restructuring Reserve, Ending Balance	1,893	1,099
Other Restructuring [Member] \| 2019 And 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance		0
Other Restructuring [Member] \| Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	1,150
Additions	3,553	3,135
Non Cash Adjustment	(320)
Cash payments	(2,210)	(1,985)
Restructuring Reserve, Ending Balance	$ 2,173	$ 1,150

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

Share-based compensation expense was as follows (in thousands):


	For the Years Ended December 31,
	2022			2021			2020
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	2,437		$	539		$	506
Research and development		3,441			812			1,194
Selling, general and administrative		24,411			5,958			4,245
		30,289			7,309			5,945
Tax benefit related to awards		(7,254	)		(1,550	)		(1,346	)
Total expense, net of tax	$	23,035		$	5,759		$	4,599

Summary of Stock Option Activity

Stock option activity was as follows:


	Period Ended December 31, 2022
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at March 1, 2022		2,125,548		$	27.32
Granted		484,650			23.87
Exercised		(12,949	)		17.28
Forfeited		(193,614	)		26.56
Outstanding at December 31, 2022		2,403,635		$	26.74		7.0	$	-
Exercisable at December 31, 2022		1,206,487		$	25.37		5.6	$	-

Summary of Restricted Stock Unit Activity

RSU activity was as follows:


	Period Ended December 31, 2022
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at March 1, 2022		264,420		$	31.55
Granted		1,288,465			23.44
Vested		(39,446	)		31.55
Forfeited		(130,939	)		24.75
Outstanding at December 31, 2022		1,382,500		$	24.64

Background, Nature of Business and Basis of Presentation - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2022	Feb. 01, 2023
Percentage of Common Stock Shares Outstanding	80.30%
Number of Operating Segments	2
Zimmer Biomet
Percentage of Common Stock Shares Outstanding	80.30%
Zim Vie Inc
Percentage of Common Stock Shares Outstanding	19.70%
Zim Vie Inc \| Subsequent Event
Percentage of ownership sold		19.70%

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets:
Prepaid expenses	$ 28,359	$ 9,252
Income tax receivable	7,311	13,675
Other assets	1,294	2,453
Total prepaid expenses and other current assets	$ 36,964	$ 25,380

Background, Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2022

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, pursuant to which Zimmer Biomet agreed to spin off its spine and dental businesses into ZimVie, a new, publicly traded company. Zimmer Biomet effected the separation through a pro rata distribution of 80.3% of the outstanding shares of common stock of ZimVie. Following the distribution on March 1, 2022, Zimmer Biomet stockholders as of the record date for the distribution owned 80.3% of the outstanding shares of ZimVie common stock; Zimmer Biomet retained 19.7% of the outstanding shares of ZimVie common stock. The distribution is intended to qualify as generally tax-free to Zimmer Biomet stockholders for United States ("U.S.") federal income tax purposes, except for any cash received by stockholders in lieu of fractional shares. The distribution on March 1, 2022 resulted in ZimVie becoming a standalone, publicly traded company, and it was completed pursuant to the Separation and Distribution Agreement and other agreements with Zimmer Biomet related to the distribution, including, but not limited to a tax matters agreement, an employee matters agreement, a transition services agreement and transition manufacturing agreements. See Note 18 for further description of the impact of the distribution and post-spin activities with Zimmer Biomet. 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.

Nature of Business

ZimVie is a leading medical technology company dedicated to enhancing the quality of life for spine and dental patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. Our broad portfolio addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis, and 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. Our operations are principally managed on a products basis and include two operating segments, 1) the spine products segment, and 2) the dental products segment.

In the spine products market, our core services include 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 provide devices that promote bone healing. Other differentiated products in our spine portfolio include 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.

In the dental products market, our core services include designing, manufacturing and distributing dental implant solutions. 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.

Basis of Presentation

We have historically existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022.

On March 1, 2022, ZimVie became a standalone publicly traded company, and our financial statements are now presented on a consolidated basis. The consolidated financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-K.

Prior to the distribution, our equity balance in these consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between us and Zimmer Biomet (referred to as "net parent investment" or "NPI") and accumulated other comprehensive income (loss). NPI was primarily impacted by contributions from Zimmer Biomet which were the result of treasury activities and net funding provided by or distributed to Zimmer Biomet.

Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred, and expect to continue to incur, certain costs to establish ourselves as a standalone public company, as well as ongoing additional costs associated with operating as an independent, publicly traded company.

Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. operations	$ (98,803)	$ (18,963)	$ (137,552)
Foreign operations	(11,116)	(82,294)	(83,796)
Loss before income taxes	$ (109,919)	$ (101,257)	$ (221,348)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

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 by historical reportable segment (in thousands):


	Spine			Dental			Total
Balance at December 31, 2020
Goodwill, Gross	$	1,089,400		$	415,666		$	1,505,066
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net		—			273,666			273,666
Currency translation		—			(5,856	)		(5,856	)
Balance at December 31, 2021
Goodwill, Gross		1,089,400			409,810			1,499,210
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net		—			267,810			267,810
Currency translation		—			(7,811	)		(7,811	)
Balance at December 31, 2022
Goodwill, Gross		1,089,400			401,999			1,491,399
Accumulated impairment losses		(1,089,400	)		(142,000	)		(1,231,400	)
Goodwill, Net	$	—		$	259,999		$	259,999

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
As of December 31, 2021:
Intangible assets subject to amortization:
Gross carrying amount	$	873,913		$	143,187		$	379,967		$	56,839		$	1,453,906
Accumulated amortization		(409,839	)		(56,233	)		(171,576	)		(50,083	)		(687,731	)
Total identifiable intangible assets	$	464,074		$	86,954		$	208,391		$	6,756		$	766,175
As of December 31, 2022:
Intangible assets subject to amortization:
Gross carrying amount	$	844,730		$	137,785		$	364,917		$	53,955		$	1,401,387
Accumulated amortization		(444,603	)		(63,012	)		(188,913	)		(49,894	)		(746,422	)
Total identifiable intangible assets	$	400,127		$	74,773		$	176,004		$	4,061		$	654,965

Summary of Estimated Annual Amortization Expense Based upon Intangible Assets Recognized

Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2022 for the years ending December 31, 2023 through 2027 is (in millions):


For the Years Ending December 31,
2023	$	75.9
2024		72.4
2025		70.6
2026		68.9
2027		63.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Retirement Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefit Plans expense	$ 7.0	$ 6.1	$ 6.1

Share - Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	10 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance \| shares	2,125,548
Number of Stock Options, Granted \| shares	484,650
Number of Shares, Exercised \| shares	12,949
Number of Stock Options, Forfeited \| shares	(193,614)
Number of Stock Options, Outstanding, Ending Balance \| shares	2,403,635	2,403,635
Number of Stock Options, Exercisable \| shares	1,206,487	1,206,487
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 27.32
Weighted Average Exercise Price, Granted \| $ / shares	23.87
Weighted Average Exercise Price, Exercised \| $ / shares	17.28
Weighted Average Exercise Price, Forfeited \| $ / shares	26.56
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	26.74	$ 26.74
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 25.37	$ 25.37
Weighted Average Remaining Contractual Life, Outstanding		7 years
Weighted Average Remaining Contractual Life, Exercisable		5 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0	$ 0
Aggregate Intrinsic Value, Exercisable \| $	$ 0	$ 0

Fair Value Measurements of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis

The following financial assets and liabilities are recorded at fair value on a recurring basis (in thousands):


	As of December 31, 2022
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Contingent payments related to acquisitions	$	13,250	$	—	$	—	$	13,250
Total Liabilities	$	13,250	$	—	$	—	$	13,250


	As of December 31, 2021
			Fair Value Measurements at Reporting Date Using:
Description	Recorded Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Contingent payments related to acquisitions	$	10,181	$	—	$	—	$	10,181
Total Liabilities	$	10,181	$	—	$	—	$	10,181

Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3)


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2020	$	10,033
Change in estimate		1,500
Settlements		(750	)
Foreign currency impact		(602	)
Balance December 31, 2021	$	10,181
Change in estimate		2,750
Foreign currency impact		319
Balance December 31, 2022	$	13,250

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 10.3
2024	9.1
2025	6.2
2026	4.7
2027	1.6
Thereafter	1.7
Total	33.6
Less imputed interest	(1.7)
Total	$ 31.9

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

12. Leases

In our consolidated financial statements, we have recognized the right-of-use assets and lease liabilities and related expense of leases that were transferred to ZimVie at the closing of the distribution. For leases that we shared with Zimmer Biomet prior to the distribution and remained the responsibility of Zimmer Biomet following the distribution, no assets nor liabilities have been recognized on our consolidated balance sheets and any lease expense has been included in allocated costs from Zimmer Biomet.

Information on our leases is as follows ($ in thousands):


	For the Years Ended December 31,
	2022		2021		2020
Lease cost	$	11,709	$	14,677	$	14,928
Cash paid for leases recognized in operating cash flows		13,248		15,854		14,332
Right-of-use assets obtained in exchange for new lease liabilities		3,208		7,550		9,227


	As of December 31,
	2022			2021
Right-of-use assets recognized in Other assets	$	24,816		$	49,347
Lease liabilities recognized in Other current liabilities		9,617			12,628
Long-term lease liabilities		22,287			45,317
Weighted-average remaining lease term	3.9 years			5.3 years
Weighted-average discount rate		2.7	%		2.8	%

Our future minimum lease payments as of December 31, 2022 were (in millions):


For the Years Ending December 31,
2023	$	10.3
2024		9.1
2025		6.2
2026		4.7
2027		1.6
Thereafter		1.7
Total		33.6
Less imputed interest		(1.7	)
Total	$	31.9

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Sales
Total Net Sales	$ 913,862	$ 1,014,649	$ 912,427
Cost of products sold, excluding intangible asset amortization	(296,679)	(381,569)	(302,749)
Related party cost of products sold, excluding intangible asset amortization	(4,107)	(4,248)	(10,159)
Intangible asset amortization	(80,867)	(86,219)	(85,493)
Research and development	(62,691)	(61,328)	(49,249)
Selling, general and administrative	(523,970)	(554,377)	(533,536)
Goodwill impairment	0	0	(142,000)
Restructuring	(11,354)	(3,344)	(9,651)
Acquisition, integration, divestiture and related	(29,437)	(24,064)	(2,203)
Operating expenses	(1,009,105)	(1,115,149)	(1,135,040)
Operating Loss	(95,243)	(100,500)	(222,613)
Other income (expense), net	3,603	(465)	1,567
Interest expense, net	(18,279)	(292)	(302)
Loss before income taxes	(109,919)	(101,257)	(221,348)
Benefit for income taxes	46,038	6,003	42,349
Net Loss	(63,881)	(95,254)	(178,999)
Less: Net loss attributable to noncontrolling interest	0	0	(89)
Net Loss	$ (63,881)	$ (95,254)	$ (179,088)
Loss Per Common Share - Basic	$ (2.45)	$ (3.66)	$ (6.87)
Loss Per Common Share - Diluted	$ (2.45)	$ (3.66)	$ (6.87)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 909,487	$ 1,008,830	$ 896,949
Related Party Net [Member]
Net Sales
Total Net Sales	$ 4,375	$ 5,819	$ 15,478

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease cost	$ 11,709	$ 14,677	$ 14,928
Cash paid for leases recognized in operating cash flows	13,248	15,854	14,332
Right-of-use assets obtained in exchange for new lease liabilities	$ 3,208	$ 7,550	$ 9,227

Income Taxes - Income Taxes -Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Components of Deferred Tax Assets and Liabilities [Abstract]
Net operating loss carryover	$ 37,774	$ 38,605
Inventory	23,939	67,607
Section 174 capitalized cost	15,151	0
Section 263A	9,610	1,423
Leases - right of use liability	7,612	0
Share-based compensation	7,025	2,419
Accrued liabilities	4,845	3,110
Accounts receivable	3,295	5,060
Product liability and litigation	1,429	1,327
Tax credit carryover	0	3,072
Other	288	84
Total deferred tax assets	110,968	122,707
Less: Valuation allowances	(37,155)	(38,339)
Total deferred tax assets after valuation allowances	73,813	84,368
Intangible assets	149,448	179,414
Fixed assets	9,347	15,559
Leases - right of use asset	6,295	0
Other	3,469	370
Total deferred tax liabilities	168,559	195,343
Total net deferred income taxes	$ (94,746)	$ (110,975)

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of December 31,
	2022		2021
Prepaid expenses and other current assets:
Prepaid expenses	$	28,359	$	9,252
Income tax receivable		7,311		13,675
Other assets		1,294		2,453
Total prepaid expenses and other current assets	$	36,964	$	25,380

Summary of Inventories

Inventories consisted of the following (in thousands):


	As of December 31,
	2022		2021
Finished goods	$	200,098	$	199,553
Work in progress		21,199		26,700
Raw materials		12,557		20,579
Inventories	$	233,854	$	246,832

Schedule of Property Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	As of December 31,
	2022			2021
Land	$	7,235		$	7,248
Building and equipment		210,305			226,447
Capitalized software costs		36,881			41,876
Instruments		270,041			315,136
Construction in progress		16,865			7,727
Property, plant and equipment, gross		541,327			598,434
Accumulated depreciation		(392,888	)		(418,191	)
Property, plant and equipment, net	$	148,439		$	180,243

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	As of December 31,
	2022		2021
Other current liabilities:
License and service agreements	$	25,337	$	31,154
Salaries, wages and benefits		47,812		40,986
Lease liabilities		9,617		12,628
Accrued liabilities		63,013		48,512
Total other current liabilities	$	145,779	$	133,280

Debt - Additional Information (Details) $ in Millions			1 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Debt - Additional Information (Details) $ in Millions	Mar. 01, 2022 USD ($)	Dec. 17, 2021 USD ($)	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Borrowings under term loan credit agreements			$ 595.0			$ 595.0
Repayment of term loan credit agreements	$ 34.0
Credit facility outstanding	$ 561.0
Debt instrument term			5 years
Principal payment on term loan				$ 3.5	$ 3.5	$ 3.5
Debt Instrument, Description						Borrowings under the Credit Facility that are not term benchmark borrowings bear interest at a per annum rate equal to (a) the greatest of (i) the prime rate in effect on such day, (ii) the Federal Reserve Bank of New York rate in effect on such day plus 1⁄2 of 1% and (iii) the adjusted term SOFR for a one month interest period as published two U.S. government securities business days prior to such day (or if such day is not a business day, the immediately preceding business day) plus 1%, plus (b) an applicable margin, which may range from 0.50% to 0.75%, based on ZimVie's consolidated total net leverage ratio. As of December 31, 2022, the applicable margin was 1.75% for term benchmark borrowings and 0.75% for benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.
Aggregate availability				$ 70.0
Year One and Two
Line of Credit Facility [Line Items]
Repayment percentage	2.50%
Year Three
Line of Credit Facility [Line Items]
Repayment percentage	5.00%
Year Four
Line of Credit Facility [Line Items]
Repayment percentage	10.00%
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding						$ 0.0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding						536.5
Debt instrument periodic payment						$ 14.0
Maximum
Line of Credit Facility [Line Items]
Proceeds from revolving loans		$ 175.0
Borrowings under term loan credit agreements		$ 595.0
Borrowing interest Rate						1.75%
Debt instrument total net leverage ratio				6.00
Minimum
Line of Credit Facility [Line Items]
Borrowing interest Rate						1.50%
Debt instrument total net leverage ratio				1.00

Share - Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 30,289	$ 7,309	$ 5,945
Tax benefit related to awards	(7,254)	(1,550)	(1,346)
Total expense, net of tax	23,035	5,759	4,599
Cost of Products Sold, Excluding Intangible Asset Amortization
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	2,437	539	506
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	3,441	812	1,194
Selling, General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 24,411	$ 5,958	$ 4,245

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2022

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

13. Allowance for Credit Losses

The following table presents the activity of our allowance for credit losses for the years ended December 31, 2022, 2021 and 2020: (in thousands):


	As of December 31,
	2022			2021			2020
Balance at Beginning of Period	$	16,545		$	18,931		$	19,520
Additions Charged to Expense		4,446			2,645			2,677
Deductions / Other Additions to Reserve (1)		(5,743	)		(4,683	)		(3,552	)
Effects of Foreign Currency		(222	)		(348	)		286
Balance at End of Period	$	15,026		$	16,545		$	18,931

(1) 2020 includes the $1.0 million cumulative-effect adjustment related to the adoption of ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326)."

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, 2021	Dec. 31, 2020	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, Gross	$ 1,499,210	$ 1,505,066	$ 1,491,399
Accumulated impairment losses	(1,231,400)	(1,231,400)	(1,231,400)
Goodwill, Net	267,810	273,666	259,999
Currency translation	(7,811)	(5,856)
Spine [Member]
Goodwill [Line Items]
Goodwill, Gross	1,089,400	1,089,400	1,089,400
Accumulated impairment losses	(1,089,400)	(1,089,400)	(1,089,400)
Goodwill, Net	0	0	0
Currency translation	0	0
Dental [Member]
Goodwill [Line Items]
Goodwill, Gross	409,810	415,666	401,999
Accumulated impairment losses	(142,000)	(142,000)	(142,000)
Goodwill, Net	267,810	273,666	$ 259,999
Currency translation	$ (7,811)	$ (5,856)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Segment Data - Summary of Net Sales and Other Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue, Major Customer [Line Items]
Net Sales	$ 913,862	$ 1,014,649	$ 912,427
Operating income (loss)	(95,243)	(100,500)	(222,613)
Depreciation and amortization	122,789	129,719	134,331
Related party Transactions, net sales	4,375	5,819	15,478
Profit or loss from related party transactions	(11,751)	(63,761)	(54,641)
Expenses related to Parent products	(891)	(1,147)	(8,240)
Intangible asset amortization	(80,867)	(86,219)	(85,493)
Depreciation and amortization of intangible assets	80,867	86,219	85,493
Goodwill impairment	0	0	(142,000)
Profit or loss from restructuring	(11,354)	(3,344)	(9,651)
Income or loss from acquisition, integration, divestiture and related	(29,437)	(24,064)	(2,203)
Operating Income Loss, Other	(97,066)	(64,776)	(16,406)
Depreciation and amortization other	4,038	7,238	4,712
Spine [Member]
Revenue, Major Customer [Line Items]
Net Sales	449,806	540,348	529,077
Operating income (loss)	42,480	54,766	56,262
Depreciation and amortization	32,161	32,667	39,916
Dental [Member]
Revenue, Major Customer [Line Items]
Net Sales	459,681	468,482	367,872
Operating income (loss)	93,643	88,045	39,759
Depreciation and amortization	5,723	3,595	4,210
Goodwill impairment			(142,000)
Segment Total
Revenue, Major Customer [Line Items]
Net Sales	909,487	1,008,830	896,949
Operating income (loss)	136,123	142,811	96,021
Depreciation and amortization	$ 37,884	$ 36,262	$ 44,126

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Nature of Business	Nature of Business ZimVie is a leading medical technology company dedicated to enhancing the quality of life for spine and dental patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. Our broad portfolio addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis, and 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. Our operations are principally managed on a products basis and include two operating segments, 1) the spine products segment, and 2) the dental products segment. In the spine products market, our core services include 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 provide devices that promote bone healing. Other differentiated products in our spine portfolio include 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. In the dental products market, our core services include designing, manufacturing and distributing dental implant solutions. 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.
Basis of Presentation	Basis of Presentation We have historically existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022. On March 1, 2022, ZimVie became a standalone publicly traded company, and our financial statements are now presented on a consolidated basis. The consolidated financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-K. Prior to the distribution, our equity balance in these consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between us and Zimmer Biomet (referred to as "net parent investment" or "NPI") and accumulated other comprehensive income (loss). NPI was primarily impacted by contributions from Zimmer Biomet which were the result of treasury activities and net funding provided by or distributed to Zimmer Biomet. Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred, and expect to continue to incur, certain costs to establish ourselves as a standalone public company, as well as ongoing additional costs associated with operating as an independent, publicly traded company.
Use of Estimates	Use of Estimates - The consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), which requires 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, including allocations from Zimmer Biomet. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. These estimates have considered the impact the COVID-19 pandemic may have on our financial position, results of operations and cash flows. Such estimates included, but were not limited to, determining the allocations of costs and expenses from Zimmer Biomet, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill and the recoverability of other long-lived assets, the realizability of deferred tax assets, and reserves for unrecognized tax benefits. The estimates and associated assumptions are based on historical experience, complex judgements and various other factors that are believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Foreign Currency Translation	Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive income (loss) ("AOCI") in equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings. Foreign currency remeasurement gains recognized in our consolidated statements of operations in other income (expense), net were $4.0 million, $0.5 million and $1.6 million in the years ended December 31, 2022, 2021 and 2020, respectively.
Shipping and Handling	Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $43.9 million, $42.0 million and $37.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Research and Development	Research and Development - We expense all R&D costs as incurred except when there is an alternative future use for the R&D. R&D costs include salaries, prototypes, depreciation of equipment used in R&D, consultant fees and service fees paid to collaborative partners.
Commitments and Contingencies	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.
Restructuring	Restructuring - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. See Note 19 for further discussion on restructuring programs.
Acquisition, Integration, Divestiture and Related	Acquisition, integration, divestiture and related - We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize expenses resulting from the consummation of business mergers and acquisitions and the related integration of those businesses, and expenses related to divestitures and related expenses including becoming a standalone entity. The expenses recognized in 2020 primarily related to integration-related consulting, distributor terminations, severance and retention period compensation and benefits to employees that were terminated. The 2021 expenses were primarily related to the distribution that was completed on March 1, 2022. The expenses in 2022 primarily related to costs related to the March 1, 2022 distribution and costs incurred in connection with building out capabilities necessary to becoming a standalone, public company. In addition, changes in estimates of contingent payments are also included in acquisition, integration, divestiture and related expenses. 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. See Note 3 for additional information regarding a change to expected contingent payments in 2022. We have also incurred other various, less significant costs on projects that are similar to integration focusing on reducing costs that have been recognized in this financial statement line item.
Cash and Cash Equivalents	Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value. The cash presented on the consolidated balance sheet as of December 31, 2021 represents cash that was not subject to the Zimmer Biomet centralized cash management process. During the fourth quarter of 2021, Zimmer Biomet transitioned the ownership structure of all notional accounts to us resulting in additional cash balances. As of December 31, 2022 and 2021, we had $1.5 million and $0, respectively, in restricted cash. The restriction as of December 31, 2022 is on cash held in China and is a result of ongoing litigation with a spine products distributor in China because of our decision to exit our spine products business in China (see Note 19 for further information).
Accounts Receivable	Accounts Receivable - Accounts receivable consists of trade and other miscellaneous receivables. We grant credit to customers in the normal course of business and maintain an allowance for expected credit losses. We determine the allowance for credit losses by geographic market and take into consideration historical credit experience, creditworthiness of the customer and other pertinent information. We make concerted efforts to collect all accounts receivable, but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible. Zimmer Biomet had receivables purchase arrangements with unrelated third parties to transfer portions of our trade accounts receivable balance. Our spine business historically participated in these arrangements. The purchase arrangements in the U.S. and Japan were terminated during the year ended December 31, 2020, and the arrangements in Europe applicable to our trade accounts receivable ended as a result of the distribution. Funds received from the transfers were recorded as an increase to cash and a reduction to accounts receivable outstanding in our consolidated balance sheets. The cash flows attributable to the sale of receivables to third parties were reported in cash flows from operating activities in our consolidated statements of cash flows. Net expenses resulting from the sales of receivables were recognized in SG&A expense. Net expenses included any resulting gains or losses from the sales of receivables, credit insurance and factoring fees. Under the previous arrangements in the U.S. and Japan, any collections that we made that were unremitted to the third parties were recognized on our consolidated balance sheets under other current liabilities and in our consolidated statements of cash flows in financing activities.
Inventories	Inventories - Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in first-out basis or on an average cost basis, depending on the jurisdiction.
Property, Plant and Equipment	Property, Plant and Equipment - Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment. Maintenance and repairs are expensed as incurred. We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset group are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.
Instruments	Instruments - Instruments are hand-held devices used by surgeons during surgical procedures. Instruments are recognized as long-lived assets and are included in property, plant and equipment. Instruments are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives, determined principally in reference to associated product life cycles, primarily five years. We review instruments for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Depreciation of instruments is recognized in SG&A expense.
Software Costs	Software Costs - We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our consolidated balance sheet and amortized on a straight-line or weighted average estimated user basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to fifteen years. For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal use software requirements. However, on our consolidated balance sheet these implementation costs are recognized in other non-current assets. On our consolidated statements of cash flows, these implementation costs are recognized in operating cash flows. The implementation costs are recognized on a straight-line basis over the expected term of the related service contract.
Goodwill	Goodwill - Goodwill is not amortized but is subject to annual impairment tests. Goodwill has been assigned to reporting units. Potential impairment of a reporting unit is identified by either comparing a reporting unit’s estimated fair value to its carrying amount or doing a qualitative assessment of a reporting unit’s fair value from the last quantitative assessment to determine if there is potential impairment. We may do a qualitative assessment when the results of the previous quantitative test indicated the reporting unit’s estimated fair value was significantly in excess of the carrying value of its net assets, and we do not believe there have been significant changes in the reporting unit’s operations that would significantly decrease its estimated fair value or significantly increase its net assets. If a quantitative assessment is performed, the fair value of the reporting unit and the fair value of goodwill are determined based upon a discounted cash flow analysis and/or use of a market approach by looking at market values of comparable companies. Significant assumptions are incorporated into our discounted cash flow analysis such as estimated revenue growth rates, forecasted gross margins, forecasted operating expenses and a risk-adjusted discount rate. Factors that could result in cash flows being lower than our current estimates include: 1) additional recurrence of the COVID-19 virus, including variants, causing deferrals of elective surgical procedures, 2) decreased revenues caused by unforeseen changes in the healthcare market, or our inability to generate new product revenue from our research and development activities, and 3) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives, and other unforeseen factors. Additionally, changes in the broader economic environment could cause changes to our estimated discount rate and comparable company valuation indicators, which may impact our estimated fair value. We perform this test in the fourth quarter of the year or whenever events or changes in circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded in the amount that the carrying value of the business unit exceeds the fair value. See Note 4 for more information regarding goodwill.
Intangible Assets	Intangible Assets - Intangible assets are initially measured at their fair value. We have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset or the estimated after-tax discounted cash flows expected to be generated from the intangible asset. Intangible assets with a finite life, including technology, certain trademarks and trade names, customer-related intangibles, intellectual property rights and patents and licenses, are amortized on a straight-line basis over their estimated useful life or contractual life, which may range from less than one year to twenty years. Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Trademarks and trade names that are related to products expected to be phased out are assigned lives consistent with the period in which the products bearing each brand are expected to be sold. For customer relationship intangible assets, we assign useful lives based upon historical levels of customer attrition. Intellectual property rights are assigned useful lives that approximate the contractual life of any related patent or the period for which we maintain exclusivity over the intellectual property.
Revenue Recognition	Revenue Recognition - We recognize revenue when our performance obligations under the terms of a contract with our customer are satisfied. This happens when we transfer control of our products to the customer, which generally occurs upon implantation or when title passes upon shipment. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our product. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. We sell products through three principal channels: 1) direct to healthcare institutions, referred to as direct channel accounts; 2) through stocking distributors and healthcare dealers; and 3) directly to dental practices and dental laboratories. In direct channel accounts and with some healthcare dealers, inventory is generally consigned to sales agents or customers so that products are available when needed for surgical procedures. No revenue is recognized upon the placement of inventory into consignment, as we retain the ability to control the inventory. Upon implantation, we issue an invoice and revenue is recognized. Our spine sales are predominantly recognized under the consignment revenue model. Pricing for products is generally predetermined by contracts with customers, agents acting on behalf of customer groups or by government regulatory bodies, depending on the market. Price discounts under group purchasing contracts are generally linked to volume of implant purchases by customer healthcare institutions within a specified group. At negotiated thresholds within a contract buying period, price discounts may increase. Payment terms vary by customer but are typically less than 90 days. With sales to stocking distributors, some healthcare dealers and hospitals, dental practices and dental laboratories, revenue is generally recognized when control of our product passes to the customer, which is typically upon shipment of the product. Our dental business predominantly recognizes revenue related to product sales at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment, or delivery depending on the terms of the underlying contracts. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer but are typically less than 90 days. We offer standard warranties to our customers that our products are not defective. These standard warranties are not considered separate performance obligations. In limited circumstances, we offer extended warranties that are separate performance obligations. We have very few contracts that have multiple performance obligations. Since we do not have significant multiple element arrangements and essentially all of our sales are recognized upon implantation of a product or when title passes, very little judgment is required to allocate the transaction price of a contract or determine when control has passed to a customer. Our costs to obtain contracts consist primarily of sales commissions to employees or third-party agents that are earned when control of our product passes to the customer. Therefore, sales commissions are expensed as part of SG&A expenses at the same time revenue is recognized. Accordingly, we do not have significant contract assets, liabilities or future performance obligations. We offer volume-based discounts, rebates, prompt pay discounts, right of return and other various incentives that we account for under the variable consideration model. If sales incentives may be earned by a customer for purchasing a specified amount of our product, we estimate whether such incentives will be achieved and recognize these incentives as a reduction in revenue in the same period the underlying revenue transaction is recognized. We primarily use the expected value method to estimate incentives. Under the expected value method, we consider the historical experience of similar programs, as well as review sales trends on a customer-by-customer basis, to estimate what levels of incentives will be earned. Occasionally, products are returned and, accordingly, we maintain an estimated refund liability based upon the expected value method that is recorded as a reduction in revenue.
Leases	Leases - We lease most of our manufacturing facilities, various office space, vehicles and other less significant assets throughout the world. Our contracts contain a lease if they convey a right to control the use of an identified asset, either explicitly or implicitly, in exchange for consideration. As allowed by GAAP, we have elected not to recognize a right-of-use asset nor a lease liability for leases with an initial term of twelve months or less. Additionally, we have elected not to separate non-lease components from the leased components in the valuation of our right-of-use asset and lease liability for all asset classes. Our lease contracts are a necessary part of our business, but we do not believe they are significant to our overall operations. We do not have any significant finance leases. Additionally, we do not have significant leases: where we are considered a lessor; where we sublease our assets; with an initial term of twelve months or less; with related parties; with residual value guarantees; that impose restrictions or covenants on us; or that have not yet commenced, but create significant rights and obligations against us. Our real estate leases generally have terms of between five to ten years and contain lease extension options that can vary from month-to-month extensions to up to five-year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option. In determining whether an extension is reasonably certain, we consider the uniqueness of the property for our needs, the availability of similar properties, whether the extension period payments remain the same or may change due to market rates or fixed price increases in the contract, and other economic factors. Our vehicle leases generally have terms of between three to five years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended. Under GAAP, we are required to discount our lease liabilities to present value using the rate implicit in the lease, or our incremental borrowing rate for a similar term as the lease term if the implicit rate is not readily available. We generally do not have adequate information to know the implicit rate in a lease and therefore use our incremental borrowing rate. Under GAAP, the incremental borrowing rate must be on a collateralized basis. As our current term loan is secured we are able to use our debt interest rate for the implicit rate on our leases.
Income Taxes	Income Taxes - Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the new tax rate is enacted. We reduce our deferred tax assets by a valuation allowance if it is more likely than not that we will not realize some portion or all of the deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance that would reduce the provision for income taxes. We operate on a global basis and are subject to numerous and complex tax laws and regulations. Income tax audits may require an extended period of time to reach resolution and may result in significant income tax adjustments when interpretation of tax laws or allocation of company profits is disputed. Because income tax adjustments in certain jurisdictions can be significant, we record accruals representing management’s best estimate of the probable resolution of these matters. To the extent additional information becomes available, such accruals are adjusted to reflect the revised estimated probable outcome. We record Global Intangible Low-Taxed Income (“GILTI”) tax as a period cost. We report tax-related interest and penalties as a component of income tax expense. Prior to the distribution, we were included in the consolidated U.S. federal, foreign, and certain state income tax returns of Zimmer Biomet, where applicable. Accordingly, the tax provision and current and deferred tax balances for the years ended December 31, 2021 and 2020 have been prepared on a separate-return basis as if we were a separate filer. As a result of applying the separate filer approach for the periods prior to the distribution, actual tax transactions included in the consolidated financial statements of Zimmer Biomet may not be included in our consolidated financial statements. Similarly, the tax treatment of certain items reflected in the consolidated financial statements may not be reflected in the consolidated financial statements and tax returns of Zimmer Biomet. Therefore, portions of items such as net operating losses (“NOLs”), credit carryforwards, other deferred taxes and valuation allowances may exist in the consolidated financial statements that may or may not exist in Zimmer Biomet’s consolidated financial statements and vice versa. In addition, although deferred tax assets have been recognized for NOLs and tax credits in accordance with the separate return method, certain NOLs and credits did not carry over with ZimVie in connection with the distribution. The income taxes as presented in the consolidated financial statements may not be indicative of the income taxes that we will incur in the future. Any differences between actual amounts paid or received by ZimVie have been reflected in net parent company investment.
Derivative Financial Instruments	Derivative Financial Instruments - Our foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. Our transactions in our foreign operations are denominated primarily in the following currencies: Euros, Chinese Renminbi, British Pound, Japanese Yen and Canadian Dollar. We enter into foreign exchange forward or swap contracts (collectively, the “foreign exchange contracts”) to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and mitigate the impact of changes in foreign currency exchange rates related to these transactions. Foreign exchange contracts generally have terms of no more than six months. We do not enter into foreign exchange contracts for speculative trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which we attempt to minimize by limiting our counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using foreign currency spot rates and forward rates quotes by third party financial institutions. The notional amount of the foreign exchange contracts at December 31, 2022 and 2021 was $69.1 million and $0, respectively. Gains and losses related to foreign currency exchange contracts are recorded in “Other Income” in our consolidated statements of operations.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) - AOCI refers to gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to equity. Our AOCI is comprised of foreign currency translation adjustments. There are no reclassifications from AOCI to net earnings for the periods presented herein. Further, there are no tax effects related to AOCI for the periods presented.
Noncontrolling Interest	Noncontrolling Interest - We had an investment in a company in which we had a controlling financial interest, but not 100% of the equity. In the year ended December 31, 2020, we acquired the remaining equity from the minority shareholder. The acquisition of the remaining equity interest was recognized as an equity transaction. Further information related to the noncontrolling interest of this investment has not been provided as it is not significant to our consolidated financial statements.
Net Parent Company Investment	Net Parent Company Investment - NPI in the consolidated balance sheets represents Zimmer Biomet’s historical investment in ZimVie, the accumulated net earnings after taxes and the net effect of the transactions with and allocations from Zimmer Biomet.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2021-05 Lessors – Certain Leases with Variable Lease Payments which is an amendment to Accounting Standards Codification Topic 842 – Leases (“ASC 842”). Under the prior ASC 842 guidance, variable payments are excluded from the measurement of the initial net investment in the lease if the payments do not depend on an index or a rate. For sales-type or direct financing leases, this could result in the recognition of a day-one loss for leases with entire or partial variable payments. ASU 2021-05 requires lessors to classify leases with entire or partial variable payments as operating leases if otherwise a day-one loss would be recognized. We adopted this standard on a prospective basis as of January 1, 2022. We have not entered into leases that are comprised entirely of variable lease payments and therefore the adoption of this ASU did not have an impact on our financial statements. Accounting Pronouncements Recently Issued There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 89,601	$ 100,399
Accounts receivable, less allowance for credit losses	168,961	164,241
Related party receivable	8,483	0
Inventories	233,854	246,832
Prepaid expenses and other current assets	36,964	25,380
Total Current Assets	537,863	536,852
Property, plant and equipment, net	148,439	180,243
Goodwill	259,999	267,810
Intangible assets, net	654,965	766,175
Other assets	40,790	75,656
Total Assets	1,642,056	1,826,736
Current Liabilities:
Accounts payable	43,998	45,026
Related party payable	13,176	0
Income taxes payable	14,356	6,278
Other current liabilities	145,779	133,280
Total Current Liabilities	217,309	184,584
Deferred income taxes	98,062	129,475
Lease liability	22,287	45,317
Other long-term liabilities	13,561	15,983
Non-current portion of debt	532,233	0
Total Liabilities	883,452	375,359
Commitments and Contingencies (Note 17)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 26,222 and 0, respectively	262	0
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid in capital	897,028	0
Accumulated deficit	(47,532)	0
Net parent company investment	0	1,494,157
Accumulated other comprehensive loss	(91,154)	(42,780)
Total Stockholders' Equity	758,604	1,451,377
Total Liabilities and Stockholders' Equity	$ 1,642,056	$ 1,826,736

Leases - Schedule of Operating Lease Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets recognized in Other assets	$ 24,816	$ 49,347
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Lease liabilities recognized in Other current liabilities	$ 9,617	$ 12,628
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 22,287	$ 45,317
Weighted-average remaining lease term	3 years 10 months 24 days	5 years 3 months 18 days
Weighted-average discount rate	2.70%	2.80%

Share - Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	10 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Outstanding, Beginning Balance \| shares	264,420
Number of RSUs, Granted \| shares	1,288,465
Number of RSUs, Vested \| shares	(39,446)
Number of RSUs, Forfeited \| shares	130,939
Number of RSUs, Outstanding, Ending balance \| shares	1,382,500
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 31.55
Weighted Average Grant Date Fair Value, Granted \| $ / shares	23.44
Weighted Average Grant Date Fair Value, Vested \| $ / shares	31.55
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	24.75
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 24.64

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recognized foreign currency re-measurement gains	$ 4.0	$ 0.5	$ 1.6
Derivative notional amount	69.1
Restricted Cash	1.5	0.0
Foreign Exchange Contract [Member]
Derivative notional amount	69.1	0.0
Selling, General and Administrative Expenses [Member]
Shipping and handling expense	$ 43.9	$ 42.0	$ 37.0

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2022
Earnings Per Share [Abstract]
Number of shares distributed		26.1
Weighted average number of shares excluded from computation of diluted earnings per share	3.4