0000950170-23-057456 | 10-Q | XBRL Viewer

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

2. Goodwill and Other Intangible Assets

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


	Dental			Spine			Total
Balance at December 31, 2022
Goodwill, Gross	$	401,999		$	1,089,400		$	1,491,399
Accumulated impairment losses		(142,000	)		(1,089,400	)		(1,231,400	)
Goodwill, Net		259,999			—			259,999
Currency translation		(861	)		—			(861	)
Balance at September 30, 2023
Goodwill, Gross		401,138			1,089,400			1,490,538
Accumulated impairment losses		(142,000	)		(1,089,400	)		(1,231,400	)
Goodwill, Net	$	259,138		$	—		$	259,138

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


	Technology			Trademarks and Trade Names			Customer Relationships			Other			Total
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
As of September 30, 2023:
Intangible assets subject to amortization:
Gross carrying amount	$	841,249		$	137,110		$	361,936		$	53,918		$	1,394,213
Accumulated amortization		(476,465	)		(69,127	)		(206,284	)		(50,873	)		(802,748	)
Total identifiable intangible assets	$	364,784		$	67,983		$	155,652		$	3,045		$	591,465

Estimated annual amortization expense for the years ending December 31, 2023 through 2027 based on exchange rates in effect at December 31, 2022 is as follows (in millions):


For the Years Ending December 31,
2023 (remaining)	$	14.1
2024		72.4
2025		70.6
2026		68.9
2027		63.6
Thereafter		301.9
Total	$	591.5

Debt - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 29, 2023	Dec. 17, 2021	Apr. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Line of Credit Facility [Line Items]
Scheduled principal payments description					On March 31, 2023, we made an optional prepayment on the Term Loan of $10.5 million, which represented the aggregate amount of the mandatory scheduled principal payments due on March 31, 2024 and June 30, 2024. On September 29, 2023, we made an optional prepayment on the Term Loan of $7.0 million, which represented the amount of the mandatory scheduled principal payment due on September 30, 2024.
Debt instrument description					As of September 30, 2023, our interest rate was the secured overnight financing rate plus the applicable margin of 1.75% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.
Corporate insurance premium finance amount			$ 4,800,000
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding					$ 0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding					$ 518,900,000
Debt instrument periodic payment	$ 7,000,000			$ 10,500,000
Maximum [Member]
Line of Credit Facility [Line Items]
Proceeds from revolving loans		$ 175,000,000
Borrowings under term loan credit agreements		$ 595,000,000
Borrowing interest Rate					1.75%
Debt instrument total net leverage ratio					6
Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument total net leverage ratio					1

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 5,473	$ 5,288	$ 16,129	$ 24,982
Tax benefit related to awards	(1,374)	(1,328)	(4,053)	(5,918)
Total expense, net of tax	4,099	3,960	12,076	19,064
Cost of Products Sold, Excluding Intangible Asset Amortization [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	278	118	846	2,204
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	334	448	1,139	2,992
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 4,861	$ 4,722	$ 14,144	$ 19,786

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

4. 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 net (loss) income per common share is as follows (in thousands, except per share data):


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2023			2022		2023			2022
Net (loss) income	$	(5,089	)	$	831	$	(58,430	)	$	(33,537	)

Weighted average shares outstanding for basic net (loss) income per common share		26,530			26,074		26,406			26,074
Effect of dilutive stock options and other equity awards (1)		—			76		—			—
Weighted average shares outstanding for diluted net (loss) income per common share		26,530			26,150		26,406			26,074

Basic net (loss) income per common share	$	(0.19	)	$	0.03	$	(2.21	)	$	(1.29	)
Diluted net (loss) income per common share		(0.19	)		0.03		(2.21	)		(1.29	)

(1) Since we incurred a net loss in each of the three and nine months ended September 30, 2023 and in the nine months ended September 30, 2022, no dilutive stock options or other equity awards were included as diluted shares in those periods.

For the three months ended September 30, 2023 and 2022, a weighted average of 3.2 million and 3.8 million, respectively, and for the nine months ended September 30, 2023 and 2022, a weighted average of 3.3 million and 3.3 million, respectively, options to purchase shares of common stock were not included in the computation of diluted net (loss) income per share as the exercise prices of these options were greater than the average market price of the common stock.

Restructuring and Other Cost Reduction Initiatives - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 2,432	$ 689	$ 15,851	$ 6,486
Restructuring Charges Pre-tax	1,100	700	5,800	2,400	$ 14,800
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			19,000
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			18,000
ZB Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax		$ 100		$ 4,100
Severance And professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax	$ 1,300		9,900
General Restructuring Plan [Member] \| Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			16,000
General Restructuring Plan [Member] \| Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 15,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Background, Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2023

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" or "Parent") entered into a Separation and Distribution Agreement (the "Separation Agreement"), pursuant to which Zimmer Biomet agreed to spin off its dental and spine 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 initially 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 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 12 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 dental and spine patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures and treat a wide range of spine pathologies. 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 broad portfolio also addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis. Our operations are principally managed on a products basis and include two operating segments, 1) the dental products segment, and 2) the spine products segment.

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.

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.

Basis of Presentation

Prior to March 1, 2022, we existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying condensed 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 unaudited financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Condensed Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete consolidated financial statements are not included herein. In our opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"). The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

Prior to the distribution, our equity balance in these condensed 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 loss. NPI was primarily impacted by contributions from Zimmer Biomet that 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.

As of September 30, 2023 and December 31, 2022, we had $1.4 million and $1.5 million, respectively, in restricted cash. The restriction is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China (see Note 13 for further information).

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.

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Outstanding, Beginning Balance \| shares	1,382,500
Number of RSUs, Granted \| shares	1,526,343
Number of RSUs, Vested \| shares	(227,507)
Number of RSUs, Forfeited \| shares	(146,547)
Number of RSUs, Outstanding, Ending balance \| shares	2,534,789
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 24.64
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.34
Weighted Average Grant Date Fair Value, Vested \| $ / shares	28.25
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	18.89
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 17.01

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Net Parent Company Investment	Accumulated Other Comprehensive (Loss) Income
Beginning Balance at Dec. 31, 2021	$ 1,451,377	$ 0	$ 0	$ 0	$ 1,494,157	$ (42,780)
Net (loss) income	(33,537)	0	0	(17,188)	(16,349)	0
Net transactions with Zimmer Biomet Holdings, Inc., including separation adjustments	(70,430)	0	0	0	(70,430)	0
Net considerations paid to Zimmer Biomet Holdings, Inc. in connection with distribution	(540,567)	0	0	0	(540,567)	0
Reclassification of net parent company investment to additional paid-in capital	0	261	866,550	0	(866,811)	0
Stock activity under stock plans	50	0	50	0	0	0
Share-based compensation expense	24,086	0	24,086	0	0	0
Other comprehensive loss	(97,203)	0	0	0	0	(97,203)
Ending Balance at Sep. 30, 2022	733,776	261	890,686	(17,188)	0	(139,983)
Beginning Balance at Jun. 30, 2022	764,557	261	885,435	(18,019)	0	(103,120)
Net (loss) income	831	0	0	831	0	0
Stock activity under stock plans	54	0	54	0	0	0
Share-based compensation expense	5,197	0	5,197	0	0	0
Other comprehensive loss	(36,863)	0	0	0	0	(36,863)
Ending Balance at Sep. 30, 2022	733,776	261	890,686	(17,188)	0	(139,983)
Beginning Balance at Dec. 31, 2022	758,604	262	897,028	(47,532)	0	(91,154)
Net (loss) income	(58,430)	0	0	(58,430)	0	0
Stock activity under stock plans	(341)	3	(344)	0	0	0
Share-based compensation expense	16,129	0	16,129	0	0	0
Employee stock purchase plan	1,167	0	1,167	0	0	0
Other comprehensive loss	(6,930)	0	0	0	0	(6,930)
Ending Balance at Sep. 30, 2023	710,199	265	913,980	(105,962)	0	(98,084)
Beginning Balance at Jun. 30, 2023	727,842	265	908,507	(100,873)	0	(80,057)
Net (loss) income	(5,089)	0	0	(5,089)	0	0
Share-based compensation expense	5,473	0	5,473	0	0	0
Employee stock purchase plan	0	0	0	0	0	0
Other comprehensive loss	(18,027)	0	0	0	0	(18,027)
Ending Balance at Sep. 30, 2023	$ 710,199	$ 265	$ 913,980	$ (105,962)	$ 0	$ (98,084)

- Definition

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

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Related Party Transactions - Summary of Corporate Allocations Reflected in the Condensed Consolidated Balance sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related party receivable	$ 153,947	$ 168,961
Related party payable	51,313	43,998
Zimmer Biomet [Member]
Related party receivable	0	8,483
Related party payable	$ 0	$ 13,176

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

3. 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.

ZimVie Awards

The ZimVie Inc. 2022 Stock Incentive Plan was originally established effective as of March 1, 2022, and was amended effective May 12, 2023 (as amended, the "2022 Plan"). A total of 6.0 million shares of common stock are authorized for issuance under the 2022 Plan. Shares issued pursuant to converted Zimmer Biomet share-based awards do not count against this limit. At September 30, 2023, 3.4 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.

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	278		$	118		$	846		$	2,204
Research and development		334			448			1,139			2,992
Selling, general and administrative		4,861			4,722			14,144			19,786
		5,473			5,288			16,129			24,982
Tax benefit related to awards		(1,374	)		(1,328	)		(4,053	)		(5,918	)
Total expense, net of tax	$	4,099		$	3,960		$	12,076		$	19,064

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.

Stock option activity was as follows:


	Period Ended September 30, 2023
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at December 31, 2022		2,403,635		$	26.74
Granted		—			—
Exercised		—			—
Forfeited		(90,177	)		24.14
Outstanding at September 30, 2023		2,313,458		$	26.84		6.3	$	—
Exercisable at September 30, 2023		1,598,522		$	26.21		5.6	$	—

We used 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 then available 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.

Aggregate intrinsic value was negligible at September 30, 2023. At September 30, 2023, we had unrecognized share-based compensation cost related to unvested stock options of $7.0 million, which is expected to be amortized over the remaining weighted average vesting period of approximately 1.5 years.

RSU activity was as follows:


	Period Ended September 30, 2023
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at December 31, 2022		1,382,500		$	24.64
Granted		1,526,343			10.34
Vested		(227,507	)		28.25
Forfeited		(146,547	)		18.89
Outstanding at September 30, 2023		2,534,789		$	17.01

RSUs granted in the nine months ended September 30, 2023 included 367,928 RSUs (at target) with performance-based vesting provisions ("PRSUs"). PRSUs may vest from 0-150% of target based on the level of achievement of pre-defined performance metrics. PRSUs are payable in common shares and do not have the right to vote until vested. Compensation expense related to PRSUs is recognized over a 36-month cliff vesting period, and is adjusted as needed for changes in the projected level of achievement of the performance metrics.

At September 30, 2023, we had unrecognized share-based compensation cost related to unvested RSUs of $22.5 million, which is expected to be amortized into net income over the remaining weighted average vesting period of approximately 1.5 years. The total fair value of RSUs granted or vested during the three months ended September 30, 2023 and 2022 was negligible. The total fair value of RSUs granted during the nine months ended September 30, 2023 and 2022 was $15.8 million and $30.1 million, respectively. The total fair value of RSUs vested during the nine months ended September 30, 2023 and 2022 was $6.4 million and $1.1 million, respectively.

Balance Sheet Details

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

5. Balance Sheet Details

Inventories consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Finished goods	$	176,458	$	200,098
Work-in-progress		22,709		21,199
Raw materials		14,571		12,557
Inventories	$	213,738	$	233,854

Amounts related to cost of products sold in the condensed consolidated statements of operations for excess and obsolete ("E&O") inventory, including certain product lines we intend to discontinue, were $6.2 million and $4.0 million in the three months ended September 30, 2023 and 2022, respectively, and were $7.3 million and $21.6 million in the nine months ended September 30, 2023 and 2022, respectively.

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


	September 30, 2023		December 31, 2022
Other current liabilities:
Salaries, wages and benefits	$	27,664	$	47,812
License and service agreements		17,464		25,337
Lease liabilities		10,190		9,617
Other liabilities		62,817		63,013
Total other current liabilities	$	118,135	$	145,779

Condensed Consolidated Statements Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (5,089)	$ 831	$ (58,430)	$ (33,537)
Foreign currency cumulative translation adjustments, net of tax	(18,027)	(36,863)	(6,930)	(97,203)
Total Other Comprehensive Loss	(18,027)	(36,863)	(6,930)	(97,203)
Comprehensive Loss	$ (23,116)	$ (36,032)	$ (65,360)	$ (130,740)

- 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

+ Details

- Definition

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

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+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Corporate Allocations Reflected in the Combined Statements of Operations

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of products sold	$	—	$	—	$	—	$	(78	)
Selling, general & administrative		—		—		—		13,914

Summary of Sale Transactions with Related Party

The condensed consolidated statements of operations reflect the sales of these orthopedic products to Zimmer Biomet as related party transactions in periods in which Zimmer Biomet was a related party as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Related party net sales	$	—	$	1,303	$	339	$	3,419
Related party cost of products sold, excluding intangible asset amortization		—		1,319		328		3,177

Summary of payments presented in condensed consolidated balance sheet

The amounts due from and to Zimmer Biomet under the various agreements that were included in related party receivable or payable, as applicable, in our condensed consolidated balance sheets were as follows (in thousands):


	September 30, 2023		December 31, 2022
Related party receivable	$	—	$	8,483
Related party payable		—		13,176

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, 2022	Sep. 30, 2023
Goodwill [Line Items]
Goodwill, Gross	$ 1,491,399	$ 1,490,538
Accumulated impairment losses	(1,231,400)	(1,231,400)
Goodwill, Net	259,999	259,138
Currency translation	(861)
Spine [Member]
Goodwill [Line Items]
Goodwill, Gross	1,089,400	1,089,400
Accumulated impairment losses	(1,089,400)	(1,089,400)
Goodwill, Net	0	0
Currency translation	0
Dental [Member]
Goodwill [Line Items]
Goodwill, Gross	401,999	401,138
Accumulated impairment losses	(142,000)	(142,000)
Goodwill, Net	259,999	$ 259,138
Currency translation	$ (861)

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows provided by operating activities:
Net loss	$ (58,430)	$ (33,537)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	95,088	92,469
Share-based compensation	16,129	24,982
Deferred income tax provision	(11,967)	(51,775)
Loss on disposal of fixed assets	2,411	2,817
Other non-cash items	2,762	900
Changes in operating assets and liabilities
Income taxes	(34,061)	(113)
Accounts receivable	13,019	(18,408)
Related party receivable	8,483	(14,418)
Inventories	18,246	13,400
Prepaid expenses and other current assets	4,187	(18,534)
Accounts payable and accrued liabilities	(18,216)	12,562
Related party payable	(13,177)	24,172
Other assets and liabilities	(8,780)	(989)
Net cash used in operating activities	15,694	33,528
Cash flows used in investing activities:
Additions to instruments	(4,341)	(9,671)
Additions to other property, plant and equipment	(5,340)	(11,483)
Other investing activities	(2,762)	(1,950)
Net cash used in investing activities	(12,443)	(23,104)
Cash flows (used in) provided by financing activities:
Net transactions with Zimmer Biomet	0	6,920
Dividend paid to Zimmer Biomet	0	(540,567)
Proceeds from debt	4,760	595,000
Payments on debt	(22,291)	(41,012)
Debt issuance costs	0	(5,170)
Payments related to tax withholding for share-based compensation	(419)	0
Proceeds from stock option activity	1,167	0
Other financing activities	0	37
Net cash (used in) provided by financing activities	(16,783)	15,208
Effect of exchange rates on cash and cash equivalents	(620)	(10,023)
(Decrease) increase in cash and cash equivalents	(14,152)	15,609
Cash and cash equivalents, beginning of year	89,601	100,399
Cash and cash equivalents, end of period	75,449	116,008
Supplemental cash flow information:
Income taxes paid, net	19,090	9,189
Interest paid	26,198	9,467
Derecognition of right-of-use assets	0	(14,174)
Derecognition of lease liabilities	$ 0	$ 15,303

Derivatives

9 Months Ended

Sep. 30, 2023

Derivatives [Abstract]

Derivatives

8. 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 (losses) gains is recorded in Other (expense) income, net. Outstanding contracts are recorded in our condensed consolidated balance sheet at fair value as of the end of the reporting period. The aggregate notional amounts of these contracts were $38.5 million as of September 30, 2023 and $69.1 million as of December 31, 2022.

Current derivative assets of $0.1 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively, were included in Prepaid expenses and other current assets on our condensed consolidated balance sheets. Current derivative liabilities of $0.4 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively, were included in Other current liabilities in our condensed consolidated balance sheets. Gains (losses) from these derivative instruments recognized in our condensed consolidated statements of operations in Other (expense) income, net were $0.6 million and $0.2 million for the three and nine months ended September 30, 2023, respectively, and $(1.9) million and $(3.3) million for the three and nine months ended September 30, 2022, respectively.

Restructuring and Other Cost Reduction Initiatives (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liabilities

The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands):


	Nine Months Ended September 30,
	Employee Termination Benefits			Other			Total
Balance, December 31, 2022	$	1,893		$	2,173		$	4,066
Additions		8,787			2,593			11,380
Cash payments		(5,445	)		(3,793	)		(9,238	)
Balance, September 30, 2023	$	5,235		$	973		$	6,208

Balance, December 31, 2021	$	1,099		$	1,150		$	2,249
Additions		1,777			2,923			4,700
Non-cash adjustments		—			(320	)		(320	)
Cash payments		(1,797	)		(1,724	)		(3,521	)
Balance, September 30, 2022	$	1,079		$	2,029		$	3,108

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,394,213	$ 1,401,387
Accumulated amortization	(802,748)	(746,422)
Intangible assets, net	591,465	654,965
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	841,249	844,730
Accumulated amortization	(476,465)	(444,603)
Intangible assets, net	364,784	400,127
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	137,110	137,785
Accumulated amortization	(69,127)	(63,012)
Intangible assets, net	67,983	74,773
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	361,936	364,917
Accumulated amortization	(206,284)	(188,913)
Intangible assets, net	155,652	176,004
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	53,918	53,955
Accumulated amortization	(50,873)	(49,894)
Intangible assets, net	$ 3,045	$ 4,061

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001876588
Entity File Number	001-41242
Entity Registrant Name	ZIMVIE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2007795
Entity Address, Address Line One	10225 Westmoor Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,536,071

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

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):


	Dental			Spine			Total
Balance at December 31, 2022
Goodwill, Gross	$	401,999		$	1,089,400		$	1,491,399
Accumulated impairment losses		(142,000	)		(1,089,400	)		(1,231,400	)
Goodwill, Net		259,999			—			259,999
Currency translation		(861	)		—			(861	)
Balance at September 30, 2023
Goodwill, Gross		401,138			1,089,400			1,490,538
Accumulated impairment losses		(142,000	)		(1,089,400	)		(1,231,400	)
Goodwill, Net	$	259,138		$	—		$	259,138

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, 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
As of September 30, 2023:
Intangible assets subject to amortization:
Gross carrying amount	$	841,249		$	137,110		$	361,936		$	53,918		$	1,394,213
Accumulated amortization		(476,465	)		(69,127	)		(206,284	)		(50,873	)		(802,748	)
Total identifiable intangible assets	$	364,784		$	67,983		$	155,652		$	3,045		$	591,465

Summary of Estimated Annual Amortization Expense Based on Exchange Rates

Estimated annual amortization expense for the years ending December 31, 2023 through 2027 based on exchange rates in effect at December 31, 2022 is as follows (in millions):


For the Years Ending December 31,
2023 (remaining)	$	14.1
2024		72.4
2025		70.6
2026		68.9
2027		63.6
Thereafter		301.9
Total	$	591.5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance \| shares	2,403,635
Number of Stock Options, Granted \| shares	0
Number of Stock Options, Exercised \| shares	0
Number of Stock Options, Forfeited \| shares	(90,177)
Number of Stock Options, Outstanding, Ending Balance \| shares	2,313,458
Number of Stock Options, Exercisable \| shares	1,598,522
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 26.74
Weighted Average Exercise Price, Granted \| $ / shares	0
Weighted Average Exercise Price, Exercised \| $ / shares	0
Weighted Average Exercise Price, Forfeited \| $ / shares	24.14
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	26.84
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 26.21
Weighted Average Remaining Contractual Life, Outstanding	6 years 3 months 18 days
Weighted Average Remaining Contractual Life, Exercisable	5 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0
Aggregate Intrinsic Value, Exercisable \| $	$ 0

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

Our effective tax rate (“ETR”) on loss before income taxes was 80.0% and 103.7% for the three months ended September 30, 2023 and 2022, respectively, and 28.5% and 59.0% for the nine months ended September 30, 2023 and 2022, respectively. In the three and nine months ended September 30, 2023, the income tax benefit was higher than the 21% U.S. federal statutory rate due to profit in inventory recorded prior to the distribution that is non-taxable as the inventory is sold post-separation to third parties, resulting in a significant benefit to the foreign rate differential, partially offset by additional expense for increasing valuation allowances. In the three and nine months ended September 30, 2022, the additional income tax benefit compared to the statutory rate was driven by the impact of losses recorded prior to the distribution that were calculated on a “carve-out” basis, which applied the accounting guidance as if we filed income tax returns on a standalone, separate return basis and are not reflective of the tax results we expect to generate in the future. The benefit was further driven by the profit in inventory recorded prior to the distribution, as well as recognition of a Puerto Rico withholding tax receivable available to offset income taxes of $5.7 million.

During the nine months ended September 30, 2022, income tax balances were adjusted to reflect the income tax positions after distribution, including those related to tax loss and credit carryforwards, other deferred tax assets and liabilities and valuation allowances. These separation-related adjustments resulted in a $3.9 million increase to the net deferred tax liability, primarily due to inventory and intangible assets transferred in the separation, tax rate changes and changes to the permanent reinvestment assertion in the post-separation environment. The increase in the net deferred tax liability was offset by a corresponding decrease in NPI.

- 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
-Topic 946
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

We are subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. We record liabilities for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Legal defense costs expected to be incurred in connection with a loss contingency are accrued when probable and reasonably estimable. The recorded accrual balance for loss contingencies was $2.6 million and $9.5 million as of September 30, 2023 and December 31, 2022, 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 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.

Background, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Millions		9 Months Ended
	Mar. 01, 2022	Sep. 30, 2023 USD ($) Segment	Feb. 01, 2023	Dec. 31, 2022 USD ($)
Percentage of Common Stock Shares Outstanding		80.30%
Number of Operating Segments \| Segment		2
Restricted Cash \| $		$ 1.4		$ 1.5
Zimmer Biomet
Percentage of Common Stock Shares Outstanding	80.30%
Zim Vie Inc
Percentage of Common Stock Shares Outstanding		19.70%
Percentage of ownership sold			19.70%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Weighted Average Shares for Basic and Diluted Net (Loss) Income per Common Share

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


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2023			2022		2023			2022
Net (loss) income	$	(5,089	)	$	831	$	(58,430	)	$	(33,537	)

Weighted average shares outstanding for basic net (loss) income per common share		26,530			26,074		26,406			26,074
Effect of dilutive stock options and other equity awards (1)		—			76		—			—
Weighted average shares outstanding for diluted net (loss) income per common share		26,530			26,150		26,406			26,074

Basic net (loss) income per common share	$	(0.19	)	$	0.03	$	(2.21	)	$	(1.29	)
Diluted net (loss) income per common share		(0.19	)		0.03		(2.21	)		(1.29	)

Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Inventories

Inventories consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Finished goods	$	176,458	$	200,098
Work-in-progress		22,709		21,199
Raw materials		14,571		12,557
Inventories	$	213,738	$	233,854

Schedule of Other Current Liabilities

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


	September 30, 2023		December 31, 2022
Other current liabilities:
Salaries, wages and benefits	$	27,664	$	47,812
License and service agreements		17,464		25,337
Lease liabilities		10,190		9,617
Other liabilities		62,817		63,013
Total other current liabilities	$	118,135	$	145,779

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

Our debt consisted of the following (in thousands):


	September 30, 2023			December 31, 2022
Term loan	$	518,925		$	536,456
Debt issuance costs		(3,392	)		(4,223	)
Total debt		515,533			532,233
Less: current portion		—			—
Total debt due after one year	$	515,533		$	532,233

We entered into a Credit Agreement, dated as of December 17, 2021 (the “Credit Agreement”), with JP Morgan Chase Bank, N.A., as administrative agent and syndication agent, and the lenders and issuing banks named therein. The Credit Agreement provides for revolving loans of up to $175.0 million (the “Revolver”) and term loan borrowings of up to $595.0 million (the “Term Loan” and, together with the Revolver, the “Credit Facility”).

On March 31, 2023, we made an optional prepayment on the Term Loan of $10.5 million, which represented the aggregate amount of the mandatory scheduled principal payments due on March 31, 2024 and June 30, 2024. On September 29, 2023, we made an optional prepayment on the Term Loan of $7.0 million, which represented the amount of the mandatory scheduled principal payment due on September 30, 2024. As of September 30, 2023, $518.9 million was outstanding on the Term Loan following such payments, and there were no outstanding borrowings under the Revolver.

As of September 30, 2023, our interest rate was the secured overnight financing rate plus the applicable margin of 1.75% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.

Borrowings under the Credit Facility are collateralized by substantially all of our personal property, including intellectual property and certain real property, and we, along with our subsidiaries party to the Credit Facility, pledged our equity interests in our subsidiaries, subject to materiality thresholds and certain limitations with respect to foreign subsidiaries. The Credit Facility contains various covenants that restrict our ability to take certain actions, including incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, making certain investments, prepayments or redemptions of subordinated debt, or making certain restricted payments. In addition, the Credit Facility contains financial covenants that require us to maintain a maximum consolidated total net leverage ratio of 6.00 to 1.00. We were in compliance with all covenants as of September 30, 2023.

See Note 10 to our consolidated financial statements included in our Annual Report for additional information on our Credit Agreement.

In April 2023, we financed $4.8 million of our corporate insurance premium, all of which was repaid by June 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Amount of accrued loss contingency	$ 2.6	$ 9.5

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 176,458	$ 200,098
Work in progress	22,709	21,199
Raw materials	14,571	12,557
Inventories	$ 213,738	$ 233,854

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 01, 2022
Earnings Per Share [Abstract]
Number of shares distributed					26.1
Weighted average number of shares excluded from computation of diluted net (loss) income per share	3.2	3.8	3.3	3.3

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.1		$ 0.1		$ 0.6
Derivative Asset, Current, Statement of Financial Position	Assets, Current		Assets, Current		Assets, Current
Current derivative liabilities	$ 0.4		$ 0.4		$ 0.3
Derivative Liability, Current, Statement of Financial Position	Liabilities, Current		Liabilities, Current		Liabilities, Current
Derivative gain (loss) on derivative instrument	$ 0.6	$ (1.9)	$ 0.2	$ (3.3)
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net	Other (expense) income, net	Other (expense) income, net	Other (expense) income, net
Derivative notional amount	$ 38.5		$ 38.5		$ 69.1
Maximum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			3 months
Minimum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			1 month

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate on loss before income taxes	80.00%	103.70%	28.50%	59.00%
Statutory tax rate	21.00%
Deferred tax liability increase in amount related to distribution				$ 3.9
Withholding tax receivable available to offset income taxes			$ 5.7

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Sales
Total Net Sales	$ 202,872	$ 214,577	$ 653,195	$ 684,742
Cost of products sold, excluding intangible asset amortization	(65,248)	(58,311)	(210,466)	(223,332)
Related party cost of products sold, excluding intangible asset amortization	0	(1,319)	(328)	(3,177)
Intangible asset amortization	(20,615)	(19,357)	(61,787)	(60,178)
Research and development	(11,457)	(14,502)	(40,062)	(47,437)
Selling, general and administrative	(117,354)	(129,345)	(373,801)	(389,509)
Restructuring and other cost reduction initiatives	(2,432)	(689)	(15,851)	(6,486)
Acquisition, integration, divestiture and related	(1,945)	(7,727)	(5,024)	(25,455)
Operating Expenses	(219,051)	(231,250)	(707,319)	(755,574)
Operating Loss	(16,179)	(16,673)	(54,124)	(70,832)
Other (expense) income, net	(65)	615	(372)	977
Interest expense, net	(9,208)	(6,242)	(27,180)	(11,847)
Loss Before Income taxes	(25,452)	(22,300)	(81,676)	(81,702)
Income tax benefit	20,363	23,131	23,246	48,165
Net (Loss) Income	$ (5,089)	$ 831	$ (58,430)	$ (33,537)
Net (Loss) Income Per Common Share - Basic	$ (0.19)	$ 0.03	$ (2.21)	$ (1.29)
Net (Loss) Income Per Common Share - Diluted	$ (0.19)	$ 0.03	$ (2.21)	$ (1.29)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 202,872	$ 213,274	$ 652,856	$ 681,323
Related Party Net [Member]
Net Sales
Total Net Sales	$ 0	$ 1,303	$ 339	$ 3,419

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Expense (Benefit) charged to obsolete inventories	$ 6.2	$ 4.0	$ 7.3	$ 21.6

Restructuring and Other Cost Reduction Initiatives

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Cost Reduction Initiatives

13. Restructuring and Other Cost Reduction Initiatives

In April 2023, we initiated restructuring activities to better position our organization for future success based on the current business environment. In July 2023, we continued these activities and took additional actions. These activities have the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions and levels. During the three and nine months ended September 30, 2023, we recorded pre-tax charges of $1.3 million and $9.9 million, respectively, related to these actions. The restructuring charges incurred in the three and nine months ended September 30, 2023 under this plan were primarily related to severance and professional fees. We anticipate total charges related to this plan of approximately $15-16 million will be incurred in 2023 and 2024, including projects in process or under final evaluation as of September 30, 2023.

In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. In addition, the national volume-based procurement program for spine products in China took place in late September 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. During the three and nine months ended September 30, 2022, actions under the June 2022 plan resulted in pre-tax charges of $0.7 million and $2.4 million, respectively. During the three and nine months ended September 30, 2023, we recorded pre-tax charges of $1.1 million and $5.8 million, respectively, related to the actions under these plans. The restructuring charges incurred in the three and nine months ended September 30, 2023 under these plans were primarily related to accelerated depreciation, severance and impairment of assets. We have incurred pre-tax charges of $14.8 million from inception through September 30, 2023, and we anticipate total charges of approximately $18-19 million related to these plans. We anticipate incurring the remaining charges through the first half of 2024.

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 charges related to the ZB Restructuring Plans of less than $0.1 million and $4.1 million in the three and nine months ended September 30, 2022, respectively. The restructuring charges incurred under these plans primarily related to employee termination benefits, contract terminations and retention period compensation and benefits. We have not incurred and do not expect to incur material expenses from the ZB Restructuring Plans after June 30, 2022.

The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands):


	Nine Months Ended September 30,
	Employee Termination Benefits			Other			Total
Balance, December 31, 2022	$	1,893		$	2,173		$	4,066
Additions		8,787			2,593			11,380
Cash payments		(5,445	)		(3,793	)		(9,238	)
Balance, September 30, 2023	$	5,235		$	973		$	6,208

Balance, December 31, 2021	$	1,099		$	1,150		$	2,249
Additions		1,777			2,923			4,700
Non-cash adjustments		—			(320	)		(320	)
Cash payments		(1,797	)		(1,724	)		(3,521	)
Balance, September 30, 2022	$	1,079		$	2,029		$	3,108

We do not include charges for restructuring and other cost reduction initiatives in the operating profit of our reportable segments.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Equity, Attributable to Parent [Abstract]
Accounts receivable, net of allowance for credit loss, current	$ 15,012	$ 15,026
Property, plant and equipment, net of accumulated depreciation	$ 395,857	$ 392,888
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	26,534,000	26,222,000
Common stock, shares outstanding	26,534,000	26,222,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

12. 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 activities between us and Zimmer Biomet that are included in our condensed 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 condensed consolidated statements of operations are as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of products sold	$	—	$	—	$	—	$	(78	)
Selling, general & administrative		—		—		—		13,914

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 condensed 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 3, our employees participated in Zimmer Biomet’s share-based compensation plans, the costs of which were allocated and recorded in cost of products sold, R&D, and selling, general and administrative expenses in the condensed consolidated statements of operations. Share-based compensation benefit related to our employees prior to the distribution was $1.0 million for the nine months ended September 30, 2022. There were no share-based compensation costs allocated during the three months ended September 30, 2022.

In connection with the distribution, the awards held by employees were modified and resulted in incremental compensation expense as discussed in Note 3.

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 condensed consolidated balance sheets and statements of cash flows, respectively.

Prior to the distribution, we borrowed $595.0 million under our Credit Agreement 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 million of cash at distribution to operate as a standalone company.

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 condensed consolidated statements of operations reflect the sales of these orthopedic products to Zimmer Biomet as related party transactions in periods in which Zimmer Biomet was a related party as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Related party net sales	$	—	$	1,303	$	339	$	3,419
Related party cost of products sold, excluding intangible asset amortization		—		1,319		328		3,177

We will continue to sell these products to Zimmer Biomet in future periods pursuant to a transition manufacturing and supply agreement. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7% ownership in ZimVie and is no longer considered a related party. As such, transactions with Zimmer Biomet subsequent to February 1, 2023 are reported as third party transactions.

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 nine months ended September 30, 2023 and 2022, net transactions with Zimmer Biomet reflected in the cash flows pre-distribution were nil and $6.9 million, respectively. There were no net transactions with Zimmer Biomet reflected in the cash flows pre-distribution during the three months ended September 30, 2023 and 2022. Activities that impacted the net transfers from Zimmer Biomet include corporate overhead, share-based compensation, debt agreements between the parties and other allocations and centralized cash management. For the nine months ended September 30, 2023 and 2022, the total impact on NPI from these transactions was nil and $70.4 million, respectively. There were no activities that impacted the net transfers from Zimmer Biomet including corporate overhead, share-based compensation, debt agreements between the parties and other allocations and centralized cash management during the three months ended September 30, 2023 and 2022.

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.

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 Agreement, the Transition Services Agreement, interim operating model agreements, the Tax Matters Agreement, the Employee Matters Agreement and transition manufacturing and supply agreements. 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.


	September 30, 2023		December 31, 2022
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 are described in Note 18 to our consolidated financial statements included in our Annual Report.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-URI https://asc.fasb.org//850/tableOfContent

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Data - Summary of Net Sales and Operating Profit (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Major Customer [Line Items]
Total Net Sales	$ 202,872	$ 214,577	$ 653,195	$ 684,742
Operating Profit (Loss)	(16,179)	(16,673)	(54,124)	(70,832)
Expenses related to Parent products		(275)		(891)
Profit or loss from related party transactions	0	(16)	11	(11,777)
Intangible asset amortization	(20,615)	(19,357)	(61,787)	(60,178)
Restructuring and other cost reduction initiatives	(2,432)	(689)	(15,851)	(6,486)
Acquisition, integration, divestiture and related	(1,945)	(7,727)	(5,024)	(25,455)
Other	(20,642)	(23,332)	(65,965)	(63,761)
Related Party
Revenue, Major Customer [Line Items]
Total Net Sales	0	1,303	339	3,419
Spine
Revenue, Major Customer [Line Items]
Operating Profit (Loss)	6,647	17,258	25,418	29,619
Spine \| Sales [Member]
Revenue, Major Customer [Line Items]
Total Net Sales	97,561	108,153	308,726	337,484
Dental
Revenue, Major Customer [Line Items]
Operating Profit (Loss)	22,808	17,465	69,074	68,097
Dental \| Sales [Member]
Revenue, Major Customer [Line Items]
Total Net Sales	105,311	105,121	344,130	343,839
Segment Total
Revenue, Major Customer [Line Items]
Operating Profit (Loss)	29,455	34,723	94,492	97,716
Segment Total \| Sales [Member]
Revenue, Major Customer [Line Items]
Total Net Sales	$ 202,872	$ 213,274	$ 652,856	$ 681,323

Background, Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Nature of Business	Nature of Business ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental and spine patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures and treat a wide range of spine pathologies. 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 broad portfolio also addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis. Our operations are principally managed on a products basis and include two operating segments, 1) the dental products segment, and 2) the spine products segment. 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. 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.
Basis of Presentation	Basis of Presentation Prior to March 1, 2022, we existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying condensed 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 unaudited financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Condensed Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete consolidated financial statements are not included herein. In our opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"). The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. Prior to the distribution, our equity balance in these condensed 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 loss. NPI was primarily impacted by contributions from Zimmer Biomet that 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. As of September 30, 2023 and December 31, 2022, we had $1.4 million and $1.5 million, respectively, in restricted cash. The restriction is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China (see Note 13 for further information).
Accounting Pronouncements Recently Issued	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.

Segment Data (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Net Sales and Operating Profit (Loss) by Segment

Net sales and operating profit (loss) by segment are as follows (in thousands):


	Net Sales				Operating Profit (Loss)
	Three Months Ended September 30,				Three Months Ended September 30,
	2023		2022		2023			2022
Dental	$	105,311	$	105,121	$	22,808		$	17,465
Spine		97,561		108,153		6,647			17,258
Segment Total		202,872		213,274		29,455			34,723
Related party transactions		—		1,303		—			(16	)
Expenses related to Parent products		—		—		—			(275	)
Intangible asset amortization		—		—		(20,615	)		(19,357	)
Restructuring and other cost reduction initiatives		—		—		(2,432	)		(689	)
Acquisition, integration, divestiture and related		—		—		(1,945	)		(7,727	)
Other		—		—		(20,642	)		(23,332	)
Total	$	202,872	$	214,577	$	(16,179	)	$	(16,673	)


	Net Sales				Operating Profit (Loss)
	Nine Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023			2022
Dental	$	344,130	$	343,839	$	69,074		$	68,097
Spine		308,726		337,484		25,418			29,619
Segment Total		652,856		681,323		94,492			97,716
Related party transactions		339		3,419		11			(11,777	)
Expenses related to Parent products		—		—		—			(891	)
Intangible asset amortization		—		—		(61,787	)		(60,178	)
Restructuring and other cost reduction initiatives		—		—		(15,851	)		(6,486	)
Acquisition, integration, divestiture and related		—		—		(5,024	)		(25,455	)
Other		—		—		(65,965	)		(63,761	)
Total	$	653,195	$	684,742	$	(54,124	)	$	(70,832	)

Restructuring and Other Cost Reduction Initiatives - Schedule of Restructuring Liabilities (Details) - Restructuring Plans Member - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 4,066	$ 2,249
Additions	11,380	4,700
Non Cash Adjustment		(320)
Cash payments	(9,238)	(3,521)
Restructuring Reserve, Ending Balance	6,208	3,108
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	1,893	1,099
Additions	8,787	1,777
Non Cash Adjustment		0
Cash payments	(5,445)	(1,797)
Restructuring Reserve, Ending Balance	5,235	1,079
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	2,173	1,150
Additions	2,593	2,923
Non Cash Adjustment		(320)
Cash payments	(3,793)	(1,724)
Restructuring Reserve, Ending Balance	$ 973	$ 2,029

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Data

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Data

10. Segment Data

Net sales and operating profit (loss) by segment are as follows (in thousands):


	Net Sales				Operating Profit (Loss)
	Three Months Ended September 30,				Three Months Ended September 30,
	2023		2022		2023			2022
Dental	$	105,311	$	105,121	$	22,808		$	17,465
Spine		97,561		108,153		6,647			17,258
Segment Total		202,872		213,274		29,455			34,723
Related party transactions		—		1,303		—			(16	)
Expenses related to Parent products		—		—		—			(275	)
Intangible asset amortization		—		—		(20,615	)		(19,357	)
Restructuring and other cost reduction initiatives		—		—		(2,432	)		(689	)
Acquisition, integration, divestiture and related		—		—		(1,945	)		(7,727	)
Other		—		—		(20,642	)		(23,332	)
Total	$	202,872	$	214,577	$	(16,179	)	$	(16,673	)


	Net Sales				Operating Profit (Loss)
	Nine Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023			2022
Dental	$	344,130	$	343,839	$	69,074		$	68,097
Spine		308,726		337,484		25,418			29,619
Segment Total		652,856		681,323		94,492			97,716
Related party transactions		339		3,419		11			(11,777	)
Expenses related to Parent products		—		—		—			(891	)
Intangible asset amortization		—		—		(61,787	)		(60,178	)
Restructuring and other cost reduction initiatives		—		—		(15,851	)		(6,486	)
Acquisition, integration, divestiture and related		—		—		(5,024	)		(25,455	)
Other		—		—		(65,965	)		(63,761	)
Total	$	653,195	$	684,742	$	(54,124	)	$	(70,832	)

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair Value Measurements of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

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


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2022	$	13,250
Settlements		(3,451	)
Balance September 30, 2023	$	9,799

Fair Value Measurements of Assets and Liabilities - Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3) (Details) - Contingent Consideration to Acquisitions [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 13,250
Settlements	(3,451)
Fair Value, Ending Balance	$ 9,799

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consisted of the following (in thousands):


	September 30, 2023			December 31, 2022
Term loan	$	518,925		$	536,456
Debt issuance costs		(3,392	)		(4,223	)
Total debt		515,533			532,233
Less: current portion		—			—
Total debt due after one year	$	515,533		$	532,233

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 01, 2023
Share-based compensation benefit			$ 16,129	$ 24,982
Related party cash after distribution			100,000
Net transactions with Zimmer Biomet Holdings Inc.				(70,430)
Dividend paid to Zimmer Biomet			0	540,567
Zim Vie Inc
Percentage of ownership sold					19.70%
Zimmer Biomet [Member]
Borrowings under term loan credit agreements			595,000
Proceeds from Related Party Debt			561,000
Net transactions with Zimmer Biomet reflected in the cash flows pre-distribution	$ 0	$ 0	0	6,900
Net transactions with Zimmer Biomet Holdings Inc.	0	0	0	70,400
Due from Related Parties	$ 79,000		$ 79,000
Zimmer Biomet [Member] \| Revision of Prior Period, Adjustment [Member]
Share-based compensation benefit		$ 0		$ 1,000

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 5,473	$ 5,288		$ 16,129	$ 24,982
Unexercised stock option,Vested				$ 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	$ 7,000			$ 7,000
Weighted average vesting period of unrecognized share-based compensation costs				1 year 6 months
2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized			6,000,000
Shares available for future grants	3,400,000			3,400,000
Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense				$ 21,300
Stock option not yet recognized	$ 11,000			$ 11,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 17.01			$ 17.01		$ 24.64
Number of RSUs, Granted				1,526,343
Unrecognized share-based compensation cost related to unvested stock options	$ 22,500			$ 22,500
Weighted average vesting period of unrecognized share-based compensation costs				1 year 6 months
Total fair value of RSUs granted				$ 15,800	30,100
Total fair value of RSUs vested				$ 6,400	$ 1,100
Restricted Stock Units \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 31.55			$ 31.55
Performance Restricted stock units and RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares				300,000
Vesting period				36 months
Number of RSUs, Granted				367,928
Performance Restricted stock units and RSU \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage				0.00%
Performance Restricted stock units and RSU \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage				150.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value			$ 14.76
Vesting period				10 years
Employee Stock Option \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares				2,100,000

Related Party Transactions - Summary of Sale Transactions with Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Related party net sales	$ 202,872	$ 214,577	$ 653,195	$ 684,742
Zimmer Biomet [Member]
Related Party Transaction [Line Items]
Related party net sales	0	1,303	339	3,419
Related party cost of products sold, excluding intangible asset amortization	$ 0	$ 1,319	$ 328	$ 3,177

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other current liabilities:
Salaries, wages and benefits	$ 27,664	$ 47,812
License and service agreements	17,464	25,337
Lease liabilities	10,190	9,617
Other liabilities	62,817	63,013
Total other current liabilities	$ 118,135	$ 145,779

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	278		$	118		$	846		$	2,204
Research and development		334			448			1,139			2,992
Selling, general and administrative		4,861			4,722			14,144			19,786
		5,473			5,288			16,129			24,982
Tax benefit related to awards		(1,374	)		(1,328	)		(4,053	)		(5,918	)
Total expense, net of tax	$	4,099		$	3,960		$	12,076		$	19,064

Summary of Stock Option Activity

Stock option activity was as follows:


	Period Ended September 30, 2023
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at December 31, 2022		2,403,635		$	26.74
Granted		—			—
Exercised		—			—
Forfeited		(90,177	)		24.14
Outstanding at September 30, 2023		2,313,458		$	26.84		6.3	$	—
Exercisable at September 30, 2023		1,598,522		$	26.21		5.6	$	—

Summary of Restricted Stock Unit Activity

RSU activity was as follows:


	Period Ended September 30, 2023
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at December 31, 2022		1,382,500		$	24.64
Granted		1,526,343			10.34
Vested		(227,507	)		28.25
Forfeited		(146,547	)		18.89
Outstanding at September 30, 2023		2,534,789		$	17.01

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term loan	$ 518,925	$ 536,456
Debt issuance costs	(3,392)	(4,223)
Total debt	515,533	532,233
Less: current portion	0	0
Total debt due after one year	$ 515,533	$ 532,233

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 75,449	$ 89,601
Accounts receivable, net of allowance for credit losses of $15,012 and $15,026, respectively	153,947	168,961
Related Party Receivable	0	8,483
Inventories	213,738	233,854
Prepaid expenses and other current assets	54,481	36,964
Total Current Assets	497,615	537,863
Property, plant and equipment, net of accumulated depreciation of $395,857 and $392,888, respectively	121,431	148,439
Goodwill	259,138	259,999
Intangible assets, net	591,465	654,965
Other assets	38,272	40,790
Total Assets	1,507,921	1,642,056
Current Liabilities:
Accounts payable	51,313	43,998
Related Party Payable	0	13,176
Income taxes payable	1,769	14,356
Other current liabilities	118,135	145,779
Total Current Liabilities	171,217	217,309
Deferred income taxes	85,909	98,062
Lease liability	17,301	22,287
Other long-term liabilities	7,762	13,561
Non-current portion of debt	515,533	532,233
Total Liabilities	797,722	883,452
Commitments and Contingencies (Note 11)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 26,534 and 26,222, respectively	265	262
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid in capital	913,980	897,028
Accumulated deficit	(105,962)	(47,532)
Accumulated other comprehensive loss	(98,084)	(91,154)
Total Stockholders' Equity	710,199	758,604
Total Liabilities and Stockholders' Equity	$ 1,507,921	$ 1,642,056

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Net (Loss) Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (5,089)	$ 831	$ (58,430)	$ (33,537)
Weighted average shares outstanding for basic net (loss) income per common share	26,530	26,074	26,406	26,074
Effect of dilutive stock options and other equity awards	0	76	0	0
Weighted average shares outstanding for diluted net (loss) income per common share	26,530	26,150	26,406	26,074
Net (Loss) Income Per Common Share - Basic	$ (0.19)	$ 0.03	$ (2.21)	$ (1.29)
Net (Loss) Income Per Common Share - Diluted	$ (0.19)	$ 0.03	$ (2.21)	$ (1.29)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Fair Value Measurements of Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

6. Fair Value Measurements of Assets and Liabilities

The fair value of foreign currency exchange forward contracts (see Note 8) are determined using Level 2 inputs. The carrying value of our debt (see Note 7) approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, restricted cash, bank time deposits, accounts receivable, net, and accounts payable) approximated their fair values at September 30, 2023 and December 31, 2022 due to their short-term nature.

The fair values of acquisition-related contingent payments are estimated using Level 3 inputs. Contingent payments related to acquisitions consist of sales-based payments and are valued using discounted cash flow techniques. The fair value of sales-based payments is based upon probability-weighted future revenue estimates and increases as revenue estimates increase. See Note 3 to our consolidated financial statements included in our Annual Report for additional information regarding contingent payments related to acquisitions.


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2022	$	13,250
Settlements		(3,451	)
Balance September 30, 2023	$	9,799

- 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

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based on Exchange Rates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining)	$ 14,100
2024	72,400
2025	70,600
2026	68,900
2027	63,600
Thereafter	301,900
Total	$ 591,465	$ 654,965

Related Party Transactions - Summary of Corporate Allocations Reflected in the Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Selling, general & administrative	$ 117,354	$ 129,345	$ 373,801	$ 389,509
Zimmer Biomet [Member]
Cost of products sold	0	0	0	(78)
Selling, general & administrative	$ 0	$ 0	$ 0	$ 13,914