0000950170-24-022103 | 10-K | XBRL Viewer

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Allowance for Credit Losses - Summary of Activity of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Loss [Abstract]
Beginning balance	$ 4,135	$ 4,277
Additions Charged to Expense	268	298
Deductions	(1,201)	(377)
Effects of Foreign Currency	20	(63)
Ending balance	$ 3,222	$ 4,135

- Definition

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

+ References + Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 27,020	$ 30,289	$ 7,309
Unexercised stock option	$ 10,300
Weighted average remaining vesting period	2 years 6 months
Vesting period	3 years
Expected Volatility	52.29%
Expected term	6 years
Risk-free interest rate	1.94%
Dividend yield	0.00%
Unrecognized share-based compensation cost related to unvested stock options	$ 5,700
Weighted average vesting period of unrecognized share-based compensation costs	1 year 3 months 18 days
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
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
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 15.13	$ 24.64
Number of RSUs, Granted	1,526,343
Unrecognized share-based compensation cost related to unvested stock options	$ 14,500
Weighted average vesting period of unrecognized share-based compensation costs	1 year 3 months 18 days
Total fair value of RSUs granted	$ 15,800	$ 30,200
Total fair value of RSUs vested	$ 19,800	$ 1,200
Restricted Stock Units \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 31.55
Performance Restricted stock units and RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares	300,000
Number of RSUs, Granted	367,928
Vesting period	36 months
Performance Restricted stock units and RSU \| Minimum
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
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage	150.00%
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 14.76
Vesting period	10 years
Employee Stock Option [Member] \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares	2,100,000

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

As discussed in Note 1, on December 15, 2023, we entered into a definitive agreement to sell our spine segment. As such, the historical financial condition and results of operations of our spine segment have been reflected as discontinued operations in our consolidated financial statements. The assets and liabilities associated with this segment are classified as assets and liabilities of discontinued operations in the consolidated balance sheets.

Details of loss from discontinued operations included in our consolidated statement of operations are as follows (in thousands):


	For the Years Ended December 31,
	2023			2022			2021
Net Sales
Third party, net	$	409,181		$	449,806		$	540,348
Related party, net		103			764			1,993
Total Net Sales		409,284			450,570			542,341
Cost of products sold, excluding intangible asset amortization		(113,867	)		(130,719	)		(209,069	)
Related party cost of products sold, excluding intangible asset amortization		(97	)		(721	)		(777	)
Intangible asset amortization		(52,840	)		(53,885	)		(57,923	)
Research and development		(26,559	)		(31,544	)		(34,043	)
Selling, general and administrative		(247,926	)		(270,812	)		(346,801	)
Restructuring and other cost reduction initiatives		(13,068	)		(8,795	)		(3,005	)
Acquisition, integration, divestiture and related		(175	)		(2,850	)		(13,041	)
Other (expense) income, net		(457	)		746			366
Interest (expense) income, net (1)		(16,422	)		(7,409	)		113
Loss from discontinued operations before income taxes		(62,127	)		(55,419	)		(121,839	)
Write-down of spine disposal group to fair value (2)		(289,456	)		—			—
Benefit for income taxes from discontinued operations		14,350			38,442			10,188
Loss from discontinued operations, net of tax	$	(337,233	)	$	(16,977	)	$	(111,651	)

(1)

A portion of the interest on our Term Loan (as defined and described in Note 9) has been allocated to discontinued operations consistent with the amount of proceeds expected to be used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 9).

(2)

We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Details of assets and liabilities of discontinued operations are as follows (in thousands):


	As of December 31,
	2023			2022
Cash and cash equivalents	$	16,257		$	21,326
Accounts receivable, less allowance for credit losses		83,871			101,930
Related party receivable		—			5,329
Inventories		130,430			156,429
Prepaid expenses and other current assets		12,215			8,624
Total Current Assets of Discontinued Operations		242,773			293,638
Property, plant and equipment, net		62,692			89,939
Intangible assets, net		477,110			516,280
Other assets		14,743			23,413
Total Noncurrent Assets of Discontinued Operations		554,545			629,632
Accounts payable	$	24,186		$	17,500
Related party payable		—			10,544
Income taxes payable		410			587
Other current liabilities		51,262			66,900
Total Current Liabilities of Discontinued Operations		75,858			95,531
Deferred income taxes		86,037			95,910
Lease liability		8,032			12,327
Other long-term liabilities		972			4,636
Total Noncurrent Liabilities of Discontinued Operations	$	95,041		$	112,873
Write-down of spine disposal group to fair value (1)		(289,456	)		—

(1) This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.

Cash flows attributable to our discontinued operations are included on our consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in thousands):


	For the Years Ended December 31,
	2023		2022		2021
Depreciation and amortization	$	87,179	$	85,591	$	90,590
Share-based compensation		3,545		4,467		3,915
Write-down of spine disposal group to fair value		289,456		—		—
Additions to instruments		5,978		10,089		28,244
Additions to other property, plant & equipment		899		1,984		17,433

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill for continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, Gross	$ 401,999	$ 409,810	$ 404,111
Accumulated impairment losses	(142,000)	(142,000)	(142,000)
Goodwill, Net	259,999	267,810	$ 262,111
Currency translation	$ 2,112	$ (7,811)

- 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.

+ References

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+ Details

Related Party Transactions - Summary of Corporate Allocations Reflected in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related party receivable	$ 65,168	$ 67,031
Related party payable	27,785	26,498
Zimmer Biomet
Related party receivable	0	8,483
Related party payable	$ 0	$ 13,176

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 397,132	$ 395,504
Accumulated amortization	(282,778)	(256,819)
Total identifiable intangible assets	114,354	138,685
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	168,841	168,590
Accumulated amortization	(113,354)	(103,350)
Total identifiable intangible assets	55,487	65,240
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	37,056	36,658
Accumulated amortization	(23,393)	(20,294)
Total identifiable intangible assets	13,663	16,364
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	143,565	142,741
Accumulated amortization	(98,361)	(86,879)
Total identifiable intangible assets	45,204	55,862
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	47,670	47,515
Accumulated amortization	(47,670)	(46,296)
Total identifiable intangible assets	$ 0	$ 1,219

Segment Data - Disclosure on Geographic Areas, Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 54,167	$ 58,500
Change in third party net sales	457,197	459,681	$ 468,482
U.S.
Segment Reporting Information [Line Items]
Property, plant and equipment, net	35,444	41,034
Change in third party net sales	269,557	272,726	267,689
Spain
Segment Reporting Information [Line Items]
Property, plant and equipment, net	14,431	12,562
Change in third party net sales	51,025	34,837	37,441
Other countries
Segment Reporting Information [Line Items]
Property, plant and equipment, net	4,292	4,904
Change in third party net sales	$ 136,615	$ 152,118	$ 163,352

- Definition

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

+ References

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+ Details

Quarterly Financial Data (UNAUDITED) - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Disposal group gain loss on write down to fair value

$ 289,500

$ 289,456

^[1],[2]

$ 0

^[1],[2]

$ 0

^[2]

[1]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[2]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease cost	$ 4,517	$ 4,345	$ 5,722
Cash paid for leases recognized in operating cash flows	4,632	4,322	5,797
Right-of-use assets obtained in exchange for new lease liabilities	$ 7,800	$ 2,105	$ 5,482

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. 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 December 31, 2023 and December 31, 2022, respectively, and primarily relates to discontinued operations. 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.

Balance Sheet Details - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 180,791	$ 181,361
Accumulated depreciation	(126,624)	(122,861)
Property, plant and equipment, net	54,167	58,500
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,700	6,693
Building and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	146,287	141,273
Capitalized software costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,626	19,393
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,178	$ 14,002

Derivatives - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.4	$ 0.6
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Current derivative liabilities	$ 0.2	$ 0.3
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Derivative notional amount	$ 25.0	$ 69.1
Derivative outstanding	$ 0.2	$ (1.2)	$ 0.0
Maximum
Derivatives, Fair Value [Line Items]
Foreign Currency Exchange Forward Contracts Term	3 months
Minimum
Derivatives, Fair Value [Line Items]
Foreign Currency Exchange Forward Contracts Term	1 month

Quarterly Financial Data (UNAUDITED) - Schedule of Schedule of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Third party sales, net	$ 113,100	$ 105,300	$ 118,600	$ 120,200	$ 115,700	$ 105,200	$ 118,200	$ 120,600
Operating loss	(15,200)	(2,100)	(9,000)	(4,600)	(12,600)	(19,400)	(4,600)	(9,900)	$ (30,939)	$ (46,487)	$ 21,818
Net Loss from Continuing Operations of ZimVie Inc.	(22,100)	(8,000)	(11,400)	(14,500)	(15,300)	(16,600)	(4,900)	(10,100)	(56,049)	(46,904)	16,397
(Loss) income from discontinued operations, net of tax	(312,700)	2,900	(12,000)	(15,500)	(15,000)	17,400	(3,800)	(15,600)	(337,233)	(16,977)	(111,651)
Net Loss of ZimVie Inc.	$ (334,800)	$ (5,100)	$ (23,400)	$ (30,000)	$ (30,300)	$ 800	$ (8,700)	$ (25,700)	$ (393,282)	$ (63,881)	$ (95,254)
Earnings Per Share, Basic [Abstract]
Continuing operations	$ (0.83)	$ (0.3)	$ (0.43)	$ (0.55)	$ (0.59)	$ (0.64)	$ (0.19)	$ (0.39)	$ (2.12)	$ (1.8)	$ 0.63
Discontinued operations	(11.76)	0.11	(0.46)	(0.59)	(0.57)	0.67	(0.14)	(0.59)	(12.75)	(0.65)	(4.29)
Net Loss	(12.59)	(0.19)	(0.89)	(1.14)	(1.16)	0.03	(0.33)	(0.98)	(14.87)	(2.45)	(3.66)
Earnings Per Share, Diluted [Abstract]
Continuing operations	(0.83)	(0.3)	(0.43)	(0.55)	(0.59)	(0.63)	(0.19)	(0.39)	(2.12)	(1.8)	0.63
Discontinued operations	(11.76)	0.11	(0.46)	(0.59)	(0.57)	0.66	(0.14)	(0.59)	(12.75)	(0.65)	(4.29)
Net Loss	$ (12.59)	$ (0.19)	$ (0.89)	$ (1.14)	$ (1.16)	$ 0.03	$ (0.33)	$ (0.98)	$ (14.87)	$ (2.45)	$ (3.66)

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance \| shares	2,403,635
Number of Stock Options, Forfeited \| shares	(100,492)
Number of Stock Options, Outstanding, Ending Balance \| shares	2,303,143
Number of Stock Options, Exercisable \| shares	1,607,470
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 26.74
Weighted Average Exercise Price, Forfeited \| $ / shares	24.54
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	26.83
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 26.23
Weighted Average Remaining Contractual Life, Outstanding	6 years 1 month 6 days
Weighted Average Remaining Contractual Life, Exercisable	5 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0
Aggregate Intrinsic Value, Exercisable \| $	$ 0

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Sales
Total Net Sales	$ 457,433	$ 463,292	$ 472,308
Cost of products sold, excluding intangible asset amortization	(166,819)	(165,960)	(172,500)
Related party cost of products sold, excluding intangible asset amortization	(231)	(3,386)	(3,471)
Intangible asset amortization	(26,512)	(26,982)	(28,296)
Research and development	(26,162)	(31,147)	(27,285)
Selling, general and administrative	(248,964)	(253,158)	(207,576)
Restructuring and other cost reduction initiatives	(4,489)	(2,559)	(339)
Acquisition, integration, divestiture and related	(15,195)	(26,587)	(11,023)
Operating expenses	(488,372)	(509,779)	(450,490)
Operating (Loss) Profit	(30,939)	(46,487)	21,818
Other income (expense), net	326	2,857	(831)
Interest expense, net	(20,234)	(10,870)	(405)
(Loss) earnings from continuing operations before income taxes	(50,847)	(54,500)	20,582
(Provision) benefit for income taxes from continuing operations	(5,202)	7,596	(4,185)
Net (Loss) Earnings from Continuing Operations of ZimVie Inc.	(56,049)	(46,904)	16,397
Loss from discontinued operations, net of tax	(337,233)	(16,977)	(111,651)
Net Loss of ZimVie Inc.	$ (393,282)	$ (63,881)	$ (95,254)
Basic (Loss) Earnings Per Common Share:
Continuing operations	$ (2.12)	$ (1.8)	$ 0.63
Discontinued operations	(12.75)	(0.65)	(4.29)
Net Loss	(14.87)	(2.45)	(3.66)
Diluted (Loss) Earnings Per Common Share
Continuing operations	(2.12)	(1.8)	0.63
Discontinued operations	(12.75)	(0.65)	(4.29)
Net Loss	$ (14.87)	$ (2.45)	$ (3.66)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 457,197	$ 459,681	$ 468,482
Related Party Net [Member]
Net Sales
Total Net Sales	$ 236	$ 3,611	$ 3,826

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Expense (Benefit) charged to obsolete inventories	$ 700	$ 3,100	$ 2,900
Depreciation	7,700	9,500	7,400
Property, plant and equipment, net	54,167	58,500
Accounts Payable [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 700	$ 1,300	$ 100

Restructuring (Tables)

12 Months Ended

Dec. 31, 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):


	Employee Termination Benefits			Other			Total
Balance, December 31, 2021	$	—		$	—		$	—
Additions		2,558			—			2,558
Cash payments		(1,101	)		—			(1,101	)
Balance, December 31, 2022		1,457			—			1,457
Additions		2,811			1,679			4,490
Cash payments		(3,321	)		(1,679	)		(5,000	)
Balance, December 31, 2023	$	947		$	—		$	947

Retirement Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement Benefit Plans expense	$ 4.7	$ 5.5	$ 4.8

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 01, 2022
Earnings Per Share [Abstract]
Number of shares distributed			26.1
Weighted average number of shares excluded from computation of diluted net loss per share	2.8	3.4

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consisted of the following (in thousands):


	As of December 31,
	2023			2022
Term loan	$	511,912		$	536,456
Debt issuance costs		(3,115	)		(4,223	)
Total debt		508,797			532,233
Less: current portion		—			—
Total debt due after one year	$	508,797		$	532,233

Schedule of Long Term Maturities

Below is the aggregate principal amount of maturities of our long-term debt payment requirements as of December 31, 2023 for the years ending December 31, 2024 through 2027 (excluding unamortized debt issuance costs), and reflecting the payment on December 29, 2023 to cover all scheduled principal payments in 2024 (in millions):


For the Years Ending December 31,
2024	$	—
2025		49.1
2026		56.1
2027		406.7
Total	$	511.9

Goodwill and Other Intangible Assets - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%	20.00%

- 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

Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows provided by (used in) operating activities:

Net loss of ZimVie Inc.

$ (393,282)

$ (63,881)

$ (95,254)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

121,686

122,789

129,719

Share-based compensation

27,020

30,289

7,309

Deferred income tax provision

(17,088)

(70,422)

(22,089)

Loss on disposal of fixed assets

2,996

3,358

Other non-cash items

3,245

1,172

Write-down of spine disposal group to fair value

^[2]

289,456

^[1]

Changes in operating assets and liabilities, net of acquired assets and liabilities

Income taxes

(15,054)

5,485

(3,201)

Accounts receivable

21,083

(26,156)

27,172

Related party receivables

8,483

(8,483)

Inventories

25,446

10,210

33,062

Prepaid expenses and other current assets

5,340

(19,951)

(673)

Accounts payable and accrued liabilities

(24,759)

21,842

(6,591)

Related party payables

(13,176)

13,176

Other assets and liabilities

(4,248)

5,200

(5,169)

Net cash provided by operating activities

37,148

24,628

64,285

Cash flows used in investing activities:

Additions to instruments

(5,978)

(10,089)

(28,244)

Additions to other property, plant and equipment

(6,509)

(16,457)

(28,405)

Other investing activities

(2,687)

(2,117)

(3,700)

Net cash used in investing activities

(15,174)

(28,663)

(60,349)

Cash flows provided by (used in) financing activities:

Net transactions with Zimmer Biomet

6,920

90,006

Dividend paid to Zimmer Biomet

(540,567)

Proceeds from debt

4,760

595,000

Payments on debt

(29,304)

(58,544)

Debt issuance costs

(5,170)

Repayments of debt due to Zimmer Biomet

(16,905)

(3,402)

Proceeds from stock option activity

2,280

1,059

Other financing activities

(5)

(752)

Net cash (used in) provided by financing activities

(25,666)

(1,307)

72,349

Effect of exchange rates on cash and cash equivalents

1,859

(5,456)

(3,305)

(Decrease) increase in cash and cash equivalents

(1,833)

(10,798)

72,980

Cash and cash equivalents, beginning of year

89,601

100,399

27,419

Cash and cash equivalents, end of period

87,768

89,601

100,399

Supplemental Cash Flow Information [Abstract]

Income taxes paid, net

20,152

25,730

12,089

Interest Paid

37,709

17,283

Non-cash settlement of debt due to parent

4,939

Derecognition of right-of-use assets

(1,222)

(14,174)

Derecognition of lease liabilities

$ 1,225

$ 15,303

$ 0

[1]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[2]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

^[2]

Discontinued Operations and Disposal Groups [Abstract]

Cash and cash equivalents

$ 16,257

$ 21,326

Accounts receivable, less allowance for credit losses

83,871

101,930

Related party receivable

5,329

Inventories

130,430

156,429

Prepaid expenses and other current assets

12,215

8,624

Total Current Assets of Discontinued Operations

242,773

293,638

Property, plant and equipment, net

62,692

89,939

Intangible assets, net

477,110

516,280

Other assets

14,743

23,413

Total Noncurrent Assets of Discontinued Operations

554,545

629,632

Accounts payable

24,186

17,500

Related party payable

10,544

Income taxes payable

410

587

Other current liabilities

51,262

66,900

Total Current Liabilities of Discontinued Operations

75,858

95,531

Deferred income taxes

86,037

95,910

Lease liability

8,032

12,327

Other long-term liabilities

972

4,636

Total Noncurrent Liabilities of Discontinued Operations

95,041

112,873

Write-down of spine disposal group to fair value

$ (289,500)

$ (289,456)

^[1],[2]

$ 0

^[1],[2]

$ 0

[1]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[2]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

18. Restructuring

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 year ended December 31, 2023, we recorded pre-tax charges of $4.2 million related to these actions. The restructuring charges incurred in the year ended December 31, 2023 under this plan were primarily related to employee termination benefits and professional fees. Future charges under this plan are expected to be negligible.

In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. During the years ended December 31, 2023 and 2022, actions under this plan resulted in pre-tax charges of $0.3 million and $2.5 million, respectively. The restructuring charges incurred in the year ended December 31, 2023 under this plan were primarily related to employee termination benefits. We have incurred pre-tax charges of $2.8 million from inception through December 31, 2023, and we anticipate total charges of approximately $3.8 million related to this plan. We anticipate incurring the remaining charges throughout 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 restructuring charges related to the ZB Restructuring Plans of $0, $0.1 million and $0.3 million in 2023, 2022 and 2021, respectively. The restructuring charges incurred under these plans primarily related to impairment of assets. 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):


	Employee Termination Benefits			Other			Total
Balance, December 31, 2021	$	—		$	—		$	—
Additions		2,558			—			2,558
Cash payments		(1,101	)		—			(1,101	)
Balance, December 31, 2022		1,457			—			1,457
Additions		2,811			1,679			4,490
Cash payments		(3,321	)		(1,679	)		(5,000	)
Balance, December 31, 2023	$	947		$	—		$	947

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 71,511	$ 68,275
Accounts receivable, less allowance for credit losses	65,168	67,031
Related party receivable	0	3,154
Inventories	79,600	77,425
Prepaid expenses and other current assets	23,825	28,340
Current assets of discontinued operations	242,773	293,638
Total Current Assets	482,877	537,863
Property, plant and equipment, net	54,167	58,500
Goodwill	262,111	259,999
Intangible assets, net	114,354	138,685
Other assets	26,747	17,377
Noncurrent assets of discontinued operations	265,089	629,632
Total Assets	1,205,345	1,642,056
Current Liabilities:
Accounts payable	27,785	26,498
Related party payable	0	2,632
Income taxes payable	2,863	13,769
Other current liabilities	67,108	78,879
Current liabilities of discontinued operations	75,858	95,531
Total Current Liabilities	173,614	217,309
Deferred income taxes	265	2,152
Lease liability	9,080	9,960
Other long-term liabilities	9,055	8,925
Non-current portion of debt	508,797	532,233
Noncurrent liabilities of discontinued operations	95,041	112,873
Total Liabilities	795,852	883,452
Commitments and Contingencies (Note 16)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 27,076 and 26,222, respectively	271	262
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid in capital	922,996	897,028
Accumulated deficit	(440,814)	(47,532)
Accumulated other comprehensive loss	(72,960)	(91,154)
Total Stockholders' Equity	409,493	758,604
Total Liabilities and Stockholders' Equity	$ 1,205,345	$ 1,642,056

Income Taxes - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Uncertainties [Abstract]
Beginning balance	$ 105	$ 0	$ 0
Increases related to current period	168	105	0
Increases related to prior periods	31	0	0
Ending balance	304	105	0
Amounts impacting effective tax rate, if balance at December 31 recognized	304	105	0
Interest and penalty expense related to unrecognized tax benefits	3	0	0
Total accrued interest and penalties balance at December 31	$ 3	$ 0	$ 0

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 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 have historically included two operating segments, 1) the dental products segment, and 2) the spine products segment. In the dental segment, our core services include designing, manufacturing and distributing dental implant systems. 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 segment, 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 consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022. On March 1, 2022, ZimVie became a standalone publicly traded company, and our financial statements are now presented on a consolidated basis. The consolidated financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-K. Prior to the distribution, our equity balance in these consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between Zimmer Biomet and us (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 are being performed using our own resources or third-party service providers following the completion of transition services agreements in 2023. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred 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. Sale of Spine Business - On December 15, 2023, we entered into a definitive agreement to sell our spine segment to an affiliate of H.I.G. Capital for $375 million in total consideration, comprised of $315 million in cash, subject to certain customary adjustments as set forth in the agreement, and $60 million in the form of a promissory note that will accrue interest at a rate of 10% per annum, compounded semi-annually, payable in kind. The transaction has been approved by our Board of Directors and is expected to close in the first half of 2024, subject to the satisfaction or waiver of certain closing conditions, including receipt of required regulatory approvals. The historical results of our spine segment have been reflected as discontinued operations in our consolidated financial statements as the sale represents a strategic shift in our business that has a major effect on operations and financial results. The assets and liabilities associated with this business are classified as assets and liabilities of discontinued operations in the consolidated balance sheets. The disclosures presented in the notes to the consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.
Use of Estimates	Use of Estimates - The consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from Zimmer Biomet. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. Such estimates included, but were not limited to, determining the allocations of costs and expenses from Zimmer Biomet, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill and the recoverability of other long-lived assets, the realizability of deferred tax assets and reserves for unrecognized tax benefits. The estimates and associated assumptions are based on historical experience, complex judgments and various other factors that are believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Foreign Currency Translation	Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive income (loss) ("AOCI") in equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings. Foreign currency remeasurement gains (losses) recognized in our consolidated statements of operations in other income (expense), net were $0.7 million, $3.3 million and $(0.8) million in the years ended December 31, 2023, 2022 and 2021, respectively.
Discontinued Operations	Discontinued Operations - Our spine segment met the criteria to be classified as held-for-sale in December 2023. We performed an impairment analysis of the spine business in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment net assets by $289.5 million, which was recognized as a loss within Discontinued operations, net of tax in our consolidated statement of operations for the year ended December 31, 2023. The pending sale of our spine segment represents a strategic shift that will have a major effect on our operations, which requires our spine segment to be reported in the financial statements as discontinued operations. We have classified the results of the spine segment as discontinued operations in our consolidated statements of operations for all periods and the assets and liabilities associated with the spine segment as discontinued operations in our consolidated balance sheets for all periods presented. The results of operations, assets, liabilities and certain cash flow items of the spine segment are detailed in Note 3. All amounts included in the notes to the consolidated financial statements relate to continuing operations, unless otherwise noted.
Shipping and Handling	Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $16.3 million, $17.0 million and $16.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Research and Development	Research and Development - We expense all R&D costs as incurred except when there is an alternative future use for the R&D. R&D costs include salaries, prototypes, depreciation of equipment used in R&D, consultant fees and service fees paid to collaborative partners.
Commitments and Contingencies	Commitments and Contingencies - We are subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. We record liabilities for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Legal defense costs expected to be incurred in connection with a loss contingency are accrued when probable and reasonably estimable.
Restructuring	Restructuring - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. See Note 18 for further discussion on restructuring programs.
Acquisition, Integration, Divestiture and Related	Acquisition, integration, divestiture and related - We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize costs incurred to prepare for and complete the separation from our former parent (such as professional fees, transition services agreements, costs to stand up our corporate organization and infrastructure), changes in the fair value of contingent consideration for acquisitions closed prior to the separation date and transaction costs. Contingent payments related to acquisitions consist of sales-based payments and are valued using discounted cash flow techniques (see Note 8 for additional information).
Cash and Cash Equivalents	Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value. As of both December 31, 2023 and 2022, we had $1.5 million, in restricted cash. The restriction as of December 31, 2023 and 2022 is on cash held in China and 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.
Accounts Receivable	Accounts Receivable - Accounts receivable consists of trade and other miscellaneous receivables. We grant credit to customers in the normal course of business and maintain an allowance for expected credit losses. We determine the allowance for credit losses by geographic market and take into consideration historical credit experience, creditworthiness of the customer and other pertinent information. We make concerted efforts to collect all accounts receivable, but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible.
Inventories	Inventories - Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in first-out basis or on an average cost basis, depending on the jurisdiction.
Property, Plant and Equipment	Property, Plant and Equipment - Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment. Maintenance and repairs are expensed as incurred. We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset group are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.
Instruments	Instruments (applicable only to spine segment) - Instruments are hand-held devices used by surgeons during surgical procedures. Instruments are recognized as long-lived assets and are included in property, plant and equipment. Instruments are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives, determined principally in reference to associated product life cycles, primarily five years. We review instruments for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Depreciation of instruments is recognized in SG&A expense.
Software Costs	Software Costs - We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our consolidated balance sheets and amortized on a straight-line or weighted average estimated user basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to fifteen years. For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal use software requirements. However, on our consolidated balance sheets these implementation costs are recognized in other non-current assets. On our consolidated statements of cash flows, these implementation costs are recognized in operating cash flows. The implementation costs are recognized on a straight-line basis over the expected term of the related service contract.
Goodwill	Goodwill - Goodwill is not amortized but is subject to annual impairment tests. Goodwill has been assigned to reporting units. Potential impairment of a reporting unit is identified by either comparing a reporting unit’s estimated fair value to its carrying amount or doing a qualitative assessment of a reporting unit’s fair value from the last quantitative assessment to determine if there is potential impairment. We may do a qualitative assessment when the results of the previous quantitative test indicated the reporting unit’s estimated fair value was significantly in excess of the carrying value of its net assets, and we do not believe there have been significant changes in the reporting unit’s operations that would significantly decrease its estimated fair value or significantly increase its net assets. If a quantitative assessment is performed, the fair value of the reporting unit and the fair value of goodwill are determined based upon a discounted cash flow analysis and/or use of a market approach by looking at market values of comparable companies. Significant assumptions are incorporated into our discounted cash flow analysis such as estimated revenue growth rates, forecasted gross margins, forecasted operating expenses and a risk-adjusted discount rate. Factors that could result in cash flows being lower than our current estimates include: 1) additional recurrence of the COVID-19 virus, including variants, causing deferrals of elective surgical procedures, 2) decreased revenues caused by unforeseen changes in the healthcare market, or our inability to generate new product revenue from our research and development activities, and 3) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives and other unforeseen factors. Additionally, changes in the broader economic environment could cause changes to our estimated discount rate and comparable company valuation indicators, which may impact our estimated fair value. We perform this test in the fourth quarter of the year or whenever events or changes in circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded in the amount that the carrying value of the business unit exceeds the fair value. We estimated the fair value of the dental reporting unit based on income and market approaches. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit. Fair value under the market approach utilized the guideline public company methodology, which uses valuation indicators from publicly-traded companies that are similar to our reporting unit and considers differences between our reporting unit and the comparable companies. See Note 4 for more information regarding goodwill.
Intangible Assets	Intangible Assets - Intangible assets are initially measured at their fair value. We have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset or the estimated after-tax discounted cash flows expected to be generated from the intangible asset. Intangible assets with a finite life, including technology, certain trademarks and trade names, customer-related intangibles, intellectual property rights and patents and licenses, are amortized on a straight-line basis over their estimated useful life or contractual life, which may range from less than one year to twenty years. Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Trademarks and trade names that are related to products expected to be phased out are assigned lives consistent with the period in which the products bearing each brand are expected to be sold. For customer relationship intangible assets, we assign useful lives based upon historical levels of customer attrition. Intellectual property rights are assigned useful lives that approximate the contractual life of any related patent or the period for which we maintain exclusivity over the intellectual property.
Revenue Recognition	Revenue Recognition - We recognize revenue when our performance obligations under the terms of a contract with our customer are satisfied. This happens when we transfer control of our products to the customer, where title generally passes upon shipment or occurs upon implantation. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our product. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. We sell products through three principal channels: 1) through stocking distributors and healthcare dealers; 2) directly to dental practices and dental laboratories; and 3) direct to healthcare institutions, referred to as direct channel accounts. With sales to stocking distributors, some healthcare dealers and hospitals, dental practices and dental laboratories, revenue is generally recognized when control of our product passes to the customer, which is typically upon shipment of the product. Our dental business predominantly recognizes revenue related to product sales at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment, or delivery depending on the terms of the underlying contracts. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer but are typically less than 90 days. In direct channel accounts and with some healthcare dealers, inventory is generally consigned to sales agents or customers so that products are available when needed for surgical procedures. No revenue is recognized upon the placement of inventory into consignment, as we retain the ability to control the inventory. Upon implantation, we issue an invoice and revenue is recognized. Our spine sales are predominantly recognized under the consignment revenue model. Pricing for products is generally predetermined by contracts with customers, agents acting on behalf of customer groups or by government regulatory bodies, depending on the market. Price discounts under group purchasing contracts are generally linked to volume of implant purchases by customer healthcare institutions within a specified group. At negotiated thresholds within a contract buying period, price discounts may increase. Payment terms vary by customer but are typically less than 90 days. We offer standard warranties to our customers that our products are not defective. These standard warranties are not considered separate performance obligations. In limited circumstances, we offer extended warranties that are separate performance obligations. We have very few contracts with multiple performance obligations. Since we do not have significant multiple element arrangements and essentially all of our sales are recognized when title passes or upon implantation of a product, very little judgment is required to allocate the transaction price of a contract or determine when control has passed to a customer. Our costs to obtain contracts consist primarily of sales commissions to employees or third-party agents that are earned when control of our product passes to the customer. Therefore, sales commissions are expensed as part of SG&A expenses at the same time revenue is recognized. Accordingly, we do not have significant contract assets, liabilities or future performance obligations. We offer volume-based discounts, rebates, prompt pay discounts, right of return and other various incentives that we account for under the variable consideration model. If sales incentives may be earned by a customer for purchasing a specified amount of our product, we estimate whether such incentives will be achieved and recognize these incentives as a reduction in revenue in the same period the underlying revenue transaction is recognized. We primarily use the expected value method to estimate incentives. Under the expected value method, we consider the historical experience of similar programs, as well as review sales trends on a customer-by-customer basis, to estimate what levels of incentives will be earned. Occasionally, products are returned and, accordingly, we maintain an estimated refund liability based upon the expected value method that is recorded as a reduction in revenue.
Leases	Leases - We lease most of our manufacturing facilities, various office space, vehicles and other less significant assets throughout the world. Our contracts contain a lease if they convey a right to control the use of an identified asset, either explicitly or implicitly, in exchange for consideration. As allowed by GAAP, we have elected not to recognize a right-of-use asset nor a lease liability for leases with an initial term of twelve months or less. Additionally, we have elected not to separate non-lease components from the leased components in the valuation of our right-of-use asset and lease liability for all asset classes. Our lease contracts are a necessary part of our business, but we do not believe they are significant to our overall operations. We do not have any significant finance leases. Additionally, we do not have significant leases: where we are considered a lessor; where we sublease our assets; with an initial term of twelve months or less; with related parties; with residual value guarantees; that impose restrictions or covenants on us; or that have not yet commenced, but create significant rights and obligations against us. Our real estate leases generally have terms of between five to ten years and contain lease extension options that can vary from month-to-month extensions to up to five-year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option. In determining whether an extension is reasonably certain, we consider the uniqueness of the property for our needs, the availability of similar properties, whether the extension period payments remain the same or may change due to market rates or fixed price increases in the contract, and other economic factors. Our vehicle leases generally have terms of between three to five years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended. Under GAAP, we are required to discount our lease liabilities to present value using the rate implicit in the lease, or our incremental borrowing rate for a similar term as the lease term if the implicit rate is not readily available. We generally do not have adequate information to know the implicit rate in a lease and therefore use our incremental borrowing rate. Under GAAP, the incremental borrowing rate must be on a collateralized basis. As our current term loan is secured we are able to use our debt interest rate for the implicit rate on our leases.
Income Taxes	Income Taxes - Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the new tax rate is enacted. We reduce our deferred tax assets by a valuation allowance if it is more likely than not that we will not realize some portion or all of the deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance that would reduce the provision for income taxes. We operate on a global basis and are subject to numerous and complex tax laws and regulations. Income tax audits may require an extended period of time to reach resolution and may result in significant income tax adjustments when interpretation of tax laws or allocation of company profits is disputed. Because income tax adjustments in certain jurisdictions can be significant, we record accruals representing management’s best estimate of the probable resolution of these matters. To the extent additional information becomes available, such accruals are adjusted to reflect the revised estimated probable outcome. We record Global Intangible Low-Taxed Income (“GILTI”) tax as a period cost. We report tax-related interest and penalties as a component of income tax expense. Prior to the distribution, we were included in the consolidated U.S. federal, foreign, and certain state income tax returns of Zimmer Biomet, where applicable. Accordingly, the tax provision and current and deferred tax balances for the year ended December 31, 2021 have been prepared on a separate-return basis as if we were a separate filer. As a result of applying the separate filer approach for the periods prior to the distribution, actual tax transactions included in the consolidated financial statements of Zimmer Biomet may not be included in our consolidated financial statements. Similarly, the tax treatment of certain items reflected in the consolidated financial statements may not be reflected in the consolidated financial statements and tax returns of Zimmer Biomet. Therefore, portions of items such as net operating losses (“NOLs”), credit carryforwards, other deferred taxes and valuation allowances may exist in the consolidated financial statements that may or may not exist in Zimmer Biomet’s consolidated financial statements and vice versa. In addition, although deferred tax assets have been recognized for NOLs and tax credits in accordance with the separate return method, certain NOLs and credits did not carry over with ZimVie in connection with the distribution. The income taxes as presented in the consolidated financial statements may not be indicative of the income taxes that we will incur in the future. Any differences between actual amounts paid or received by ZimVie have been reflected in net parent company investment.
Derivative Financial Instruments	Derivative Financial Instruments - Our foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. Transactions in our foreign operations are denominated primarily in the following currencies: Euros, Japanese Yen, British Pounds, Australian Dollars and Canadian Dollars. We enter into foreign exchange forward or swap contracts (collectively, the “foreign exchange contracts”) to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and mitigate the impact of changes in foreign currency exchange rates related to these transactions. Foreign exchange contracts generally have terms of no more than six months. We do not enter into foreign exchange contracts for speculative trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which we attempt to minimize by limiting our counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using foreign currency spot rates and forward rates quotes by third party financial institutions. Gains and losses related to foreign currency exchange contracts are recorded in Other income (expense), net in our consolidated statements of operations.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) - AOCI refers to gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to equity. Our AOCI is comprised of foreign currency translation adjustments. There are no reclassifications from AOCI to net earnings for the periods presented herein. Further, there are no tax effects related to AOCI for the periods presented.
Net Parent Company Investment	Net Parent Company Investment - NPI in the consolidated balance sheets represents Zimmer Biomet’s historical investment in ZimVie, the accumulated net earnings after taxes and the net effect of the transactions with and allocations from Zimmer Biomet.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted There were no recently adopted accounting pronouncements that had a material effect on our consolidated financial statements. Accounting Pronouncements Recently Issued In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU amends the interim and annual disclosure requirements related to a variety of subtopics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. The guidance will be applied prospectively. The effective date for each amendment will be the date when the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our consolidated financial statements or disclosures. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The key amendments require disclosure of significant segment expenses on an annual and interim basis that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, including other segment items by reportable segment and a description of its composition, and to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Topic 280, Segment Reporting, in interim periods as well. This ASU includes certain clarifications for measuring a segment's profit or loss in assessment by the CODM, disclosure of title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our consolidated financial statements or disclosures. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments included in the ASU related to rate reconciliation, income taxes paid disclosures and other disclosures requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently in the process of evaluating the effect of this ASU. Other recently issued ASUs, excluding ASUs discussed above, were assessed and determined to be not applicable, or are not expected to have a material impact on our consolidated financial statements or disclosures.

Background, Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 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") entered into a Separation and Distribution Agreement (the "Separation Agreement"), pursuant to which Zimmer Biomet agreed to spin off its spine and dental businesses into ZimVie, a new, publicly traded company. Zimmer Biomet effected the separation through a pro rata distribution of 80.3% of the outstanding shares of common stock of ZimVie. Following the distribution on March 1, 2022, Zimmer Biomet stockholders as of the record date for the distribution owned 80.3% of the outstanding shares of ZimVie common stock; Zimmer Biomet retained 19.7% of the outstanding shares of ZimVie common stock. The distribution is intended to qualify as generally tax-free to Zimmer Biomet stockholders for United States ("U.S.") federal income tax purposes, except for any cash received by stockholders in lieu of fractional shares. The distribution on March 1, 2022 resulted in ZimVie becoming a standalone, publicly traded company, and it was completed pursuant to the Separation 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 17 for a 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 have historically included two operating segments, 1) the dental products segment, and 2) the spine products segment.

In the dental segment, our core services include designing, manufacturing and distributing dental implant systems. 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 segment, 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 consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022.

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

Prior to the distribution, our equity balance in these consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between Zimmer Biomet and us (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 are being performed using our own resources or third-party service providers following the completion of transition services agreements in 2023. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred 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.

Sale of Spine Business - On December 15, 2023, we entered into a definitive agreement to sell our spine segment to an affiliate of H.I.G. Capital for $375 million in total consideration, comprised of $315 million in cash, subject to certain customary adjustments as set forth in the agreement, and $60 million in the form of a promissory note that will accrue interest at a rate of 10% per annum, compounded semi-annually, payable in kind. The transaction has been approved by our Board of Directors and is expected to close in the first half of 2024, subject to the satisfaction or waiver of certain closing conditions, including receipt of required regulatory approvals. The historical results of our spine segment have been reflected as discontinued operations in our consolidated financial statements as the sale represents a strategic shift in our business that has a major effect on operations and financial results. The assets and liabilities associated with this business are classified as assets and liabilities of discontinued operations in the consolidated balance sheets. The disclosures presented in the notes to the consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.

Transfers of Financial Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effect of exchange rates on cash and cash equivalents	$ 1,859	$ (5,456)	$ (3,305)

Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

7. Balance Sheet Details

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


	As of December 31,
	2023		2022
Prepaid expenses and other current assets:
Prepaid expenses	$	13,332	$	22,627
Income tax receivable		9,641		4,483
Other assets		852		1,230
Total prepaid expenses and other current assets	$	23,825	$	28,340

Inventories consisted of the following (in thousands):


	As of December 31,
	2023		2022
Finished goods	$	54,456	$	54,237
Work in progress		20,659		19,113
Raw materials		4,485		4,075
Inventories	$	79,600	$	77,425

Amounts related to cost of products sold in the consolidated statements of operations for excess and obsolete inventory were $0.7 million, $3.1 million and $2.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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


	As of December 31,
	2023			2022
Land	$	6,700		$	6,693
Building and equipment		146,287			141,273
Capitalized software costs		19,626			19,393
Construction in progress		8,178			14,002
Property, plant and equipment, gross		180,791			181,361
Accumulated depreciation		(126,624	)		(122,861	)
Property, plant and equipment, net	$	54,167		$	58,500

Depreciation expense was $7.7 million, $9.5 million and $7.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We had $0.7 million, $1.3 million and $0.1 million of property, plant and equipment included in accounts payable as of December 31, 2023, 2022 and 2021, respectively.

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


	As of December 31,
	2023		2022
Other current liabilities:
Salaries, wages and benefits	$	23,171	$	34,749
Lease liabilities		4,053		3,417
Other liabilities		39,884		40,713
Total other current liabilities	$	67,108	$	78,879

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Details of Loss, Asset and Liabilities, Significant Non-Cash Operating Activities and Capital Expenditures from Discontinued Operations

Details of loss from discontinued operations included in our consolidated statement of operations are as follows (in thousands):


	For the Years Ended December 31,
	2023			2022			2021
Net Sales
Third party, net	$	409,181		$	449,806		$	540,348
Related party, net		103			764			1,993
Total Net Sales		409,284			450,570			542,341
Cost of products sold, excluding intangible asset amortization		(113,867	)		(130,719	)		(209,069	)
Related party cost of products sold, excluding intangible asset amortization		(97	)		(721	)		(777	)
Intangible asset amortization		(52,840	)		(53,885	)		(57,923	)
Research and development		(26,559	)		(31,544	)		(34,043	)
Selling, general and administrative		(247,926	)		(270,812	)		(346,801	)
Restructuring and other cost reduction initiatives		(13,068	)		(8,795	)		(3,005	)
Acquisition, integration, divestiture and related		(175	)		(2,850	)		(13,041	)
Other (expense) income, net		(457	)		746			366
Interest (expense) income, net (1)		(16,422	)		(7,409	)		113
Loss from discontinued operations before income taxes		(62,127	)		(55,419	)		(121,839	)
Write-down of spine disposal group to fair value (2)		(289,456	)		—			—
Benefit for income taxes from discontinued operations		14,350			38,442			10,188
Loss from discontinued operations, net of tax	$	(337,233	)	$	(16,977	)	$	(111,651	)

(1)

(2)

Details of assets and liabilities of discontinued operations are as follows (in thousands):


	As of December 31,
	2023			2022
Cash and cash equivalents	$	16,257		$	21,326
Accounts receivable, less allowance for credit losses		83,871			101,930
Related party receivable		—			5,329
Inventories		130,430			156,429
Prepaid expenses and other current assets		12,215			8,624
Total Current Assets of Discontinued Operations		242,773			293,638
Property, plant and equipment, net		62,692			89,939
Intangible assets, net		477,110			516,280
Other assets		14,743			23,413
Total Noncurrent Assets of Discontinued Operations		554,545			629,632
Accounts payable	$	24,186		$	17,500
Related party payable		—			10,544
Income taxes payable		410			587
Other current liabilities		51,262			66,900
Total Current Liabilities of Discontinued Operations		75,858			95,531
Deferred income taxes		86,037			95,910
Lease liability		8,032			12,327
Other long-term liabilities		972			4,636
Total Noncurrent Liabilities of Discontinued Operations	$	95,041		$	112,873
Write-down of spine disposal group to fair value (1)		(289,456	)		—

(1) This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.


	For the Years Ended December 31,
	2023		2022		2021
Depreciation and amortization	$	87,179	$	85,591	$	90,590
Share-based compensation		3,545		4,467		3,915
Write-down of spine disposal group to fair value		289,456		—		—
Additions to instruments		5,978		10,089		28,244
Additions to other property, plant & equipment		899		1,984		17,433

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Income Taxes - Schedule of Provision (Benefit) for Income Taxes and the Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 1,616	$ (2,556)	$ 1,708
State	(875)	483	445
Foreign	5,875	16,407	8,015
Total current taxes	6,616	14,334	10,168
Deferred
Federal	0	(11,464)	(2,135)
State	0	(5,127)	(913)
Foreign	(1,414)	(5,339)	(2,935)
Total deferred taxes	(1,414)	(21,930)	(5,983)
Provision (benefit) for income taxes	5,202	(7,596)	4,185
Net income taxes paid	$ 20,152	$ 25,627	$ 12,053

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Information Related to Leases

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


	For the Years Ended December 31,
	2023		2022		2021
Lease cost	$	4,517	$	4,345	$	5,722
Cash paid for leases recognized in operating cash flows		4,632		4,322		5,797
Right-of-use assets obtained in exchange for new lease liabilities		7,800		2,105		5,482

Schedule of Operating Lease Right of Use Assets and Lease Liabilities


	As of December 31,
	2023			2022
Right-of-use assets recognized in Other assets	$	11,076		$	8,355
Lease liabilities recognized in Other current liabilities		4,053			3,417
Long-term lease liabilities		9,080			9,960
Weighted-average remaining lease term	3.6 years			3.8 years
Weighted-average discount rate		3.5	%		0.5	%

Schedule of Future Minimum Lease Payments

Our future minimum lease payments as of December 31, 2023 were (in millions):


For the Years Ending December 31,
2024	$	4.1
2025		3.4
2026		2.6
2027		1.5
2028		1.0
Thereafter		1.5
Total		14.1
Less imputed interest		(1.0	)
Total	$	13.1

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance	$ (49,084)	$ (10,748)
Increase decrease in valuation allowance	38,400	2,400
Deferred tax asset	37,655	$ 65,302
Entities Held for Sale
Deferred tax asset	$ 400
Minimum
State income tax returns examination period	3 years
Maximum
State income tax returns examination period	5 years

Derivatives

12 Months Ended

Dec. 31, 2023

Derivatives [Abstract]

Derivatives

10. 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. Outstanding contracts are recorded on the consolidated balance sheet at fair value as of the end of the reporting period. The aggregate notional amounts of these contracts were $25.0 million and $69.1 million as of December 31, 2023 and 2022, respectively.

Current derivative assets of $0.4 million and $0.6 million as of December 31, 2023 and 2022, respectively, were included in Prepaid expenses and other current assets on our consolidated balance sheets. Current derivative liabilities of $0.2 million and $0.3 million as of December 31, 2023 and 2022, respectively, were included in Other current liabilities in our consolidated balance sheets. Gains (losses) from these derivative instruments of $0.2 million and $(1.2) million for the years ended December 31, 2023 and 2022, respectively, were recognized in Other (expense) income, net in our consolidated statements of operations.

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

Quarterly Financial Data (UNAUDITED)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

19. Quarterly Financial Data (UNAUDITED)

The following presents a summary of the unaudited quarterly data for the years ended December 31, 2023 and 2022 (amounts in millions, except per share data):


	Year Ended December 31, 2023
Quarter	4th			3rd			2nd			1st
Third party sales, net	$	113.1		$	105.3		$	118.6		$	120.2
Operating loss		(15.2	)		(2.1	)		(9.0	)		(4.6	)
Net Loss from Continuing Operations of ZimVie Inc.		(22.1	)		(8.0	)		(11.4	)		(14.5	)
(Loss) income from discontinued operations, net of tax		(312.7	)		2.9			(12.0	)		(15.5	)
Net Loss of ZimVie Inc.	$	(334.8	)	$	(5.1	)	$	(23.4	)	$	(30.0	)

Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.83	)	$	(0.30	)	$	(0.43	)	$	(0.55	)
Discontinued operations		(11.76	)		0.11			(0.46	)		(0.59	)
Net Loss	$	(12.59	)	$	(0.19	)	$	(0.89	)	$	(1.14	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(0.83	)	$	(0.30	)	$	(0.43	)	$	(0.55	)
Discontinued operations		(11.76	)		0.11			(0.46	)		(0.59	)
Net Loss	$	(12.59	)	$	(0.19	)	$	(0.89	)	$	(1.14	)

In the fourth quarter of 2023, we recorded a $289.5 million pre-tax write-down of the spine disposal group to fair value (see Note 3).


	Year Ended December 31, 2022
Quarter	4th			3rd			2nd			1st
Third party sales, net	$	115.7		$	105.2		$	118.2		$	120.6
Operating loss		(12.6	)		(19.4	)		(4.6	)		(9.9	)
Net Loss from Continuing Operations of ZimVie Inc.		(15.3	)		(16.6	)		(4.9	)		(10.1	)
(Loss) income from discontinued operations, net of tax		(15.0	)		17.4			(3.8	)		(15.6	)
Net (Loss) Earnings of ZimVie Inc.	$	(30.3	)	$	0.8		$	(8.7	)	$	(25.7	)

Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.59	)	$	(0.64	)	$	(0.19	)	$	(0.39	)
Discontinued operations		(0.57	)		0.67			(0.14	)		(0.59	)
Net (Loss) Earnings	$	(1.16	)	$	0.03		$	(0.33	)	$	(0.98	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(0.59	)	$	(0.63	)	$	(0.19	)	$	(0.39	)
Discontinued operations		(0.57	)		0.66			(0.14	)		(0.59	)
Net (Loss) Earnings	$	(1.16	)	$	0.03		$	(0.33	)	$	(0.98	)

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

Debt - Schedule of Long Term Maturities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0.0
2025	49.1
2026	56.1
2027	406.7
Total	$ 511.9

- Definition

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

+ References + Details

Segment Data

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Data

15. Segment Data

Our Chief Executive Officer is our CODM. He allocates resources to achieve our operating profit goals and historically reviewed business performance through two operating segments, 1) the dental segment, and 2) the spine segment, which also represented our reportable segments. As discussed in Notes 1 and 3, on December 15, 2023, we entered into a definitive agreement to sell our spine segment. As the spine segment is presented as discontinued operations, it is not required to be presented in the segment disclosures in this Note.

We conduct business in the following countries that hold 10% or more of our total combined property, plant and equipment, net (in thousands):


	As of December 31,
	2023		2022
U.S.	$	35,444	$	41,034
Spain		14,431		12,562
Other countries		4,292		4,904
Property, plant and equipment, net	$	54,167	$	58,500

U.S. and foreign sales (based on the location of the customer) are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	269,557	$	272,726	$	267,689
Spain		51,025		34,837		37,441
Other countries		136,615		152,118		163,352
Third party sales	$	457,197	$	459,681	$	468,482

Sales within any other individual country were less than 10% of our combined sales in each of those years. No single customer accounted for 10% or more of our sales in the years ended December 31, 2023, 2022 and 2021.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Components of (Loss) Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. operations	$ (60,674)	$ (96,110)	$ (1,638)
Foreign operations	9,827	41,610	22,220
(Loss) earnings from continuing operations before income taxes	$ (50,847)	$ (54,500)	$ 20,582

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements of Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

8. Fair Value Measurements of Assets and Liabilities

The fair value of foreign currency exchange forward contracts (see Note 10) are determined using Level 2 inputs. The carrying value of our debt (see Note 9) 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 December 31, 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.

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


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2021	$	10,181
Change in estimate		2,750
Foreign currency impact		319
Balance December 31, 2022	$	13,250
Settlements		(3,451	)
Balance December 31, 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

Restructuring - Schedule of Restructuring Liabilities (Details) - Restructuring Plans [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 1,457	$ 0
Additions	4,490	2,558
Cash payments	(5,000)	(1,101)
Restructuring Reserve, Ending Balance	947	1,457
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	1,457	0
Additions	2,811	2,558
Cash payments	(3,321)	(1,101)
Restructuring Reserve, Ending Balance	947	1,457
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0	0
Additions	1,679	0
Cash payments	(1,679)	0
Restructuring Reserve, Ending Balance	$ 0	$ 0

- 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

Quarterly Financial Data (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Data

The following presents a summary of the unaudited quarterly data for the years ended December 31, 2023 and 2022 (amounts in millions, except per share data):


	Year Ended December 31, 2023
Quarter	4th			3rd			2nd			1st
Third party sales, net	$	113.1		$	105.3		$	118.6		$	120.2
Operating loss		(15.2	)		(2.1	)		(9.0	)		(4.6	)
Net Loss from Continuing Operations of ZimVie Inc.		(22.1	)		(8.0	)		(11.4	)		(14.5	)
(Loss) income from discontinued operations, net of tax		(312.7	)		2.9			(12.0	)		(15.5	)
Net Loss of ZimVie Inc.	$	(334.8	)	$	(5.1	)	$	(23.4	)	$	(30.0	)

Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.83	)	$	(0.30	)	$	(0.43	)	$	(0.55	)
Discontinued operations		(11.76	)		0.11			(0.46	)		(0.59	)
Net Loss	$	(12.59	)	$	(0.19	)	$	(0.89	)	$	(1.14	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(0.83	)	$	(0.30	)	$	(0.43	)	$	(0.55	)
Discontinued operations		(11.76	)		0.11			(0.46	)		(0.59	)
Net Loss	$	(12.59	)	$	(0.19	)	$	(0.89	)	$	(1.14	)


	Year Ended December 31, 2022
Quarter	4th			3rd			2nd			1st
Third party sales, net	$	115.7		$	105.2		$	118.2		$	120.6
Operating loss		(12.6	)		(19.4	)		(4.6	)		(9.9	)
Net Loss from Continuing Operations of ZimVie Inc.		(15.3	)		(16.6	)		(4.9	)		(10.1	)
(Loss) income from discontinued operations, net of tax		(15.0	)		17.4			(3.8	)		(15.6	)
Net (Loss) Earnings of ZimVie Inc.	$	(30.3	)	$	0.8		$	(8.7	)	$	(25.7	)

Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.59	)	$	(0.64	)	$	(0.19	)	$	(0.39	)
Discontinued operations		(0.57	)		0.67			(0.14	)		(0.59	)
Net (Loss) Earnings	$	(1.16	)	$	0.03		$	(0.33	)	$	(0.98	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(0.59	)	$	(0.63	)	$	(0.19	)	$	(0.39	)
Discontinued operations		(0.57	)		0.66			(0.14	)		(0.59	)
Net (Loss) Earnings	$	(1.16	)	$	0.03		$	(0.33	)	$	(0.98	)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Net Parent Company Investment	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2020	$ 1,490,555	$ 0	$ 0	$ 0	$ 1,485,978	$ 4,577
Net loss	(95,254)	0	0	0	(95,254)	0
Net transactions with Zimmer Biomet Holdings Inc	103,433	0	0	0	103,433	0
Other comprehensive (loss) income	(47,357)	0	0	0	0	(47,357)
Ending Balance at Dec. 31, 2021	1,451,377	0	0	0	1,494,157	(42,780)
Net loss	(63,881)	0	0	(47,532)	(16,349)	0
Net transactions with Zimmer Biomet Holdings Inc	(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 plan activity	190	1	189	0	0	0
Share-based compensation expense	30,289	0	30,289	0	0	0
Other comprehensive (loss) income	(48,374)	0	0	0	0	(48,374)
Ending Balance at Dec. 31, 2022	758,604	262	897,028	(47,532)	0	(91,154)
Net loss	(393,282)	0	0	(393,282)		0
Stock plan activity	(1,043)	9	(1,052)	0	0	0
Share-based compensation expense	27,020	0	27,020	0	0	0
Other comprehensive (loss) income	18,194	0	0	0	0	18,194
Ending Balance at Dec. 31, 2023	$ 409,493	$ 271	$ 922,996	$ (440,814)	$ 0	$ (72,960)

- Definition

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

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity, Attributable to Parent [Abstract]
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	27,076,000	26,222,000
Common stock, shares outstanding	27,076,000	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

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 27,020	$ 30,289	$ 7,309
Tax benefit related to awards	(6,836)	(7,254)	(1,550)
Total expense, net of tax	20,184	23,035	5,759
Cost of Products Sold, Excluding Intangible Asset Amortization [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	1,230	2,437	539
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	1,886	3,441	812
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 23,904	$ 24,411	$ 5,958

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss of ZimVie Inc.	$ (393,282)	$ (63,881)	$ (95,254)
Foreign currency cumulative translation adjustments, net of tax	18,194	(48,374)	(47,357)
Total Other Comprehensive Income (Loss)	18,194	(48,374)	(47,357)
Comprehensive Loss	$ (375,088)	$ (112,255)	$ (142,611)

- 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 and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

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

+ References

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

5. Share-Based Compensation

Conversion Awards

Zimmer Biomet had 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 established and 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 December 31, 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. Additionally, in cases of special circumstances as determined by the Compensation Committee of the Board of Directors, the Compensation Committee may, it its sole discretion, accelerate vesting. 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 Years Ended December 31,
	2023			2022			2021
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	1,230		$	2,437		$	539
Research and development		1,886			3,441			812
Selling, general and administrative		23,904			24,411			5,958
		27,020			30,289			7,309
Tax benefit related to awards		(6,836	)		(7,254	)		(1,550	)
Total expense, net of tax	$	20,184		$	23,035		$	5,759

Share-based compensation expense related to discontinued operations is included in the table above and is disclosed in Note 3. 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:


	Year Ended December 31, 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
Forfeited		(100,492	)		24.54
Outstanding at December 31, 2023		2,303,143		$	26.83		6.1	$	—
Exercisable at December 31, 2023		1,607,470		$	26.23		5.4	$	—

We used a Black-Scholes option-pricing model to determine the fair value of our stock options. For awards granted shortly 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 did 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 December 31, 2023. At December 31, 2023, we had unrecognized share-based compensation cost related to unvested stock options of $5.7 million, which is expected to be amortized over the remaining weighted average vesting period of approximately 1.3 years.

RSU activity was as follows:


	Year Ended December 31, 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		(795,284	)		24.88
Forfeited		(171,349	)		18.31
Outstanding at December 31, 2023		1,942,210		$	15.13

RSUs granted in the year ended December 31, 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 December 31, 2023, we had unrecognized share-based compensation cost related to unvested RSUs of $14.5 million, which is expected to be amortized into earnings over the remaining weighted average vesting period of approximately 1.3 years. The total fair value of RSUs granted during the years ended December 31, 2023 and 2022 was $15.8 million and $30.2 million, respectively. The total fair value of RSUs that vested during the years ended December 31, 2023 and 2022 was $19.8 million and $1.2 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

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

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


	For the Years Ended December 31,
	2023			2022			2021
U.S. operations	$	(60,674	)	$	(96,110	)	$	(1,638	)
Foreign operations		9,827			41,610			22,220
Total	$	(50,847	)	$	(54,500	)	$	20,582

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


	For the Years Ended December 31,
	2023			2022			2021
Current:
Federal	$	1,616		$	(2,556	)	$	1,708
State		(875	)		483			445
Foreign		5,875			16,407			8,015
Total current taxes		6,616			14,334			10,168
Deferred:
Federal		—			(11,464	)		(2,135	)
State		—			(5,127	)		(913	)
Foreign		(1,414	)		(5,339	)		(2,935	)
Total deferred taxes		(1,414	)		(21,930	)		(5,983	)
Provision (benefit) for income taxes	$	5,202		$	(7,596	)	$	4,185
Net income taxes paid	$	20,152		$	25,627		$	12,053

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


	For the Years Ended December 31,
	2023			2022			2021
Income tax (benefit) provision at the U.S. statutory rate	$	(10,678	)	$	(11,445	)	$	4,322
State taxes, net of federal deduction		(1,739	)		(1,651	)		(311	)
R&D tax credit		(79	)		(622	)		(687	)
Change in valuation allowance		6,467			1,033			353
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits		3,330			2,116			35
GILTI		2,474			2,406			—
Share-based compensation		1,652			667			(23	)
Section 162m excess compensation		1,349			1,157			—
Non-deductible transaction cost		1,001			—			—
Pre-spin tax expense		—			877			—
Other		1,425			(2,134	)		496
Income tax provision (benefit)	$	5,202		$	(7,596	)	$	4,185

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


	As of December 31,
	2023			2022
Deferred tax assets:
Section 174 capitalized cost	$	21,749		$	15,151
Inventory		21,568			19,591
Net operating loss carryover		10,408			8,463
Share-based compensation		8,228			7,025
163j Limitation		6,518			—
Accrued liabilities		4,069			4,521
Leases - right of use liability		3,578			6,647
Section 263A		3,524			9,610
Accounts receivable		3,264			3,289
Fixed assets		1,357			—
Product liability and litigation		576			1,429
Other		1,900			324
Total deferred tax assets		86,739			76,050
Less: Valuation allowances		(49,084	)		(10,748	)
Total deferred tax assets after valuation allowances		37,655			65,302
Deferred tax liabilities:
Intangible assets		27,647			46,361
Leases - right of use asset		2,574			5,330
Unremitted earnings of foreign subs		1,703			3,005
Fixed assets		—			9,331
Other		683			464
Total deferred tax liabilities		32,607			64,491
Total net deferred income taxes	$	5,048		$	811

We establish valuation allowances when necessary to reduce the deferred tax assets to amounts we expect to realize. As of December 31, 2023 and 2022, we had a valuation allowance of $49.1 million and $10.7 million, respectively, against deferred tax assets in select jurisdictions as the Company believes it is more likely than not, that these assets will not be realized.

The increase to the valuation allowance of $38.4 million during 2023 was primarily driven by additional deferred tax assets generated in the U.S. The increase to the valuation allowance of $2.4 million during 2022 was primarily driven by the reserve set against the US group, offset by the release of the allowance on the German group.

At December 31, 2023, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):


Expiration Period	Net operating loss carryover		Tax credit carryover
2024 - 2028	$	3.5	$	—
2029 - 2033	0.3			—
2034 - 2043	3.9			—
Indefinite		2.7		—
Total	$	10.4	$	—
Valuation allowances	$	9.0	$	—

We intend to repatriate cash when the additional tax related to remitting earnings is deemed immaterial as a portion of these earnings has already been taxed as toll tax or GILTI and is not subject to further U.S. federal tax. Portions of the additional tax would also be offset by allowable foreign tax credits. No deferred tax liability has been recorded on earnings overseas that are expected to be permanently reinvested outside of the U.S. If we decide at a later date to repatriate these earnings to the U.S., we would be required to provide for the net tax effects on these amounts. We expect the majority of these unremitted earnings would be subject to federal tax and state tax, in addition to withholding tax in many jurisdictions. The exact amount of the tax cost to remit these earnings is not determinable. For 2023, we recorded a deferred tax asset of $0.4 million related to entities held for sale on which we could no longer assert indefinite reinvestment.

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


	For the Years Ended December 31,
	2023		2022		2021
Balance at January 1	$	105	$	—	$	—
Increases related to current period		168		105		—
Increases related to prior periods		31		—		—
Balance at December 31	$	304	$	105	$	—
Amounts impacting effective tax rate, if balance at December 31 recognized	$	304	$	105	$	—
Interest and penalty expense related to unrecognized tax benefits	$	3	$	—	$	—
Total accrued interest and penalties balance at December 31		3		—		—

As part of the distribution, uncertain tax reserves related to the Zimmer Biomet consolidated return filing groups in prior periods were removed from ZimVie's books as there would be no financial liability related to those positions. These reserves were allocated to discontinued operations as the liability never carried to the ZimVie group.

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

The ZimVie U.S. group filed its first U.S. federal tax return in 2023 for the tax year starting March 1, 2022 and ending December 31, 2022 and therefore is the only open year subject to Internal Revenue Service (“IRS”) audit. However, our entities historically filed consolidated under the Zimmer Biomet U.S. group, which is under continuous audit by the IRS and other taxing authorities. During the course of these audits, Zimmer Biomet receives proposed adjustments from taxing authorities that may be material. ZimVie does not bear any financial liability with regards to these U.S. federal consolidated returns; however, certain states require amended returns as a result of federal audit changes and ZimVie would be responsible for any liabilities arising in ZimVie company separate liability states. We do not anticipate any material adverse outcomes in these audits that would have a material effect on our results of operation or financial condition. The Zimmer Biomet U.S. federal income tax returns have been audited through 2019.

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

In other major jurisdictions, open years are generally 2016 or later.

- Definition

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

+ References

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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Debt - Schedule of Debt Due to Parent (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term loan	$ 511,912	$ 536,456
Debt issuance costs	(3,115)	(4,223)
Total debt	508,797	532,233
Less: current portion	0	0
Total debt due after one year	$ 508,797	$ 532,233

Document and Entity Information - USD ($)

12 Months Ended

Dec. 31, 2023

Feb. 23, 2024

Jun. 30, 2023

Cover [Abstract]

Document Type

10-K

Amendment Flag

false

Document Annual Report

true

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Document Period End Date

Dec. 31, 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

Entity Tax Identification Number

87-2007795

Entity Address, Address Line One

10225 Westmoor Drive

Entity Address, City or Town

Westminster

Entity Address, State or Province

Entity Address, Postal Zip Code

80021

City Area Code

303

Local Phone Number

443-7500

Title of 12(b) Security

Common Stock, par value $0.01 per share

Trading Symbol

ZIMV

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 295,296,568

Entity Common Stock, Shares Outstanding

27,083,839

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE


Document		Form 10-K


Portions of the Proxy Statement with respect to the 2024 Annual Meeting of Stockholders		Part III

Auditor Name

PricewaterhouseCoopers LLP

Auditor Location

Denver, Colorado

Auditor Firm ID

238

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other current liabilities:
Salaries, wages and benefits	$ 23,171	$ 34,749
Lease liabilities	4,053	3,417
Other Liabilities	39,884	40,713
Total other current liabilities	$ 67,108	$ 78,879

Debt - Additional Information (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 29, 2023	Sep. 29, 2023	Dec. 17, 2021	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 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. On December 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 December 31, 2024.
Debt Instrument, Description						Borrowings under the Credit Facility that are not term benchmark borrowings bear interest at a per annum rate equal to (a) the greatest of (i) the prime rate in effect on such day, (ii) the Federal Reserve Bank of New York rate in effect on such day plus 1⁄2 of 1% and (iii) the adjusted term SOFR for a one month interest period as published two U.S. government securities business days prior to such day (or if such day is not a business day, the immediately preceding business day) plus 1%, plus (b) an applicable margin, which may range from 0.50% to 0.75%, based on our consolidated total net leverage ratio.
Corporate insurance premium finance amount				$ 4.8
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding						$ 0.0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding						$ 511.9
Debt instrument periodic payment	$ 7.0	$ 7.0			$ 10.5
Maximum
Line of Credit Facility [Line Items]
Proceeds from revolving loans			$ 175.0
Borrowings under term loan credit agreements			$ 595.0
Borrowing interest Rate						1.75%
Debt instrument total net leverage ratio						6
Minimum
Line of Credit Facility [Line Items]
Borrowing interest Rate						1.50%
Debt instrument total net leverage ratio						1

Background, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Millions			12 Months Ended
	Dec. 15, 2023 USD ($)	Mar. 01, 2022	Dec. 31, 2023 Segment	Dec. 31, 2022	Feb. 01, 2023
Percentage of Common Stock Shares Outstanding		80.30%
Number of Operating Segments \| Segment			2
Consideration by Buyer HIG	$ 315
Consideration as promissory note	$ 60
Promissory note, interest rate	10.00%
Affiliate of H.I.G. Capital
Total consideration	$ 375
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%

Income Taxes - Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets and Liabilities [Abstract]
Section 174 capitalized cost	$ 21,749	$ 15,151
Inventory	21,568	19,591
Net operating loss carryover	10,408	8,463
Share-based compensation	8,228	7,025
163j Limitation	6,518	0
Accrued liabilities	4,069	4,521
Leases - right of use liability	3,578	6,647
Section 263A	3,524	9,610
Accounts receivable	3,264	3,289
Fixed assets	1,357	0
Product liability and litigation	576	1,429
Other	1,900	324
Total deferred tax assets	86,739	76,050
Less: Valuation allowances	(49,084)	(10,748)
Total deferred tax assets after valuation allowances	37,655	65,302
Intangible assets	27,647	46,361
Leases - right of use asset	2,574	5,330
Unremitted earnings of foreign subs	1,703	3,005
Fixed assets	0	9,331
Other	683	464
Total deferred tax liabilities	32,607	64,491
Total net deferred income taxes	$ 5,048	$ 811

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 01, 2023
Share-based compensation expense	$ 27,020	$ 30,289	$ 7,309
Payment to operate a standalone company	100,000
Net transactions with Zimmer Biomet Holdings Inc		(70,430)	103,433
Payments of dividends	0	540,567	0
Zimmer Biomet
Borrowings under term loan credit agreements	595,000
Payment to related party debt	561,000
Net transactions with Zimmer Biomet reflected in the cash flows pre-distribution		6,900	1,300
Net transactions with Zimmer Biomet Holdings Inc		70,400	19,700
Due from Related Parties	$ 79,000
Payments related to exit of certain agreements		7,800
Zim Vie Inc
Percentage of ownership sold				19.70%
Restatement Adjustment [Member] \| Zimmer Biomet
Share-based compensation expense		$ 1,000	$ 7,300

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill for continuing operations

The following table summarizes the changes in the carrying amount of goodwill for continuing operations (in thousands):


	Total
Balance at December 31, 2021
Goodwill, Gross	$	409,810
Accumulated impairment losses		(142,000	)
Goodwill, Net		267,810
Currency translation		(7,811	)
Balance at December 31, 2022
Goodwill, Gross		401,999
Accumulated impairment losses		(142,000	)
Goodwill, Net		259,999
Currency translation		2,112
Balance at December 31, 2023
Goodwill, Gross		404,111
Accumulated impairment losses		(142,000	)
Goodwill, Net	$	262,111

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	$	168,590		$	36,658		$	142,741		$	47,515		$	395,504
Accumulated amortization		(103,350	)		(20,294	)		(86,879	)		(46,296	)		(256,819	)
Total identifiable intangible assets	$	65,240		$	16,364		$	55,862		$	1,219		$	138,685
As of December 31, 2023:
Intangible assets subject to amortization:
Gross carrying amount	$	168,841		$	37,056		$	143,565		$	47,670		$	397,132
Accumulated amortization		(113,354	)		(23,393	)		(98,361	)		(47,670	)		(282,778	)
Total identifiable intangible assets	$	55,487		$	13,663		$	45,204		$	—		$	114,354

Summary of Estimated Annual Amortization Expense Based upon Intangible Assets Recognized

Estimated annual amortization expense for the years ending December 31, 2024 through 2028, based upon intangible assets recognized as of December 31, 2023, is (in millions):


For the Years Ending December 31,
2024	$	24.2
2025		22.2
2026		22.2
2027		16.9
2028		11.8

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-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/2009/role/commonPracticeRef
-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

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Corporate Allocations Reflected in the Combined Statements of Operations

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


	For the Years Ended December 31,
	2023		2022			2021
Cost of products sold	$	—	$	(78	)	$	1,210
Selling, general & administrative		—		13,914			76,170
Acquisition, integration, divestiture and related		—		—			6,966

Summary of Sale Transactions with Related Party

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


	For the Years Ended December 31,
	2023		2022		2021
Related party net sales	$	339	$	4,375	$	5,819
Related party cost of products sold, excluding intangible asset amortization		328		4,107		4,248

Summary of payments presented in condensed consolidated balance sheet

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


	As of December 31,
	2023		2022
Related party receivable	$	—	$	8,483
Related party payable		—		13,176

Discontinued Operations - Summary of Loss from Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total Net Sales

$ 409,284

$ 450,570

$ 542,341

Cost of products sold, excluding intangible asset amortization

(113,867)

(130,719)

(209,069)

(97)

(721)

(777)

Intangible asset amortization

(52,840)

(53,885)

(57,923)

Research and development

(26,559)

(31,544)

(34,043)

Selling, general and administrative

(247,926)

(270,812)

(346,801)

Restructuring and other cost reduction initiatives

(13,068)

(8,795)

(3,005)

Acquisition, integration, divestiture and related

(175)

(2,850)

(13,041)

Other (expense) income, net

(457)

746

366

Interest (expense) income, net

^[1]

(16,422)

(7,409)

113

Loss from discontinued operations before income taxes

(62,127)

(55,419)

(121,839)

Write-down of spine disposal group to fair value

$ (289,500)

(289,456)

^[2],[3]

^[3]

Benefit for income taxes from discontinued operations

14,350

38,442

10,188

Loss from discontinued operations, net of tax

$ (312,700)

$ 2,900

$ (12,000)

$ (15,500)

$ (15,000)

$ 17,400

$ (3,800)

$ (15,600)

(337,233)

(16,977)

(111,651)

Third Party Net [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total Net Sales

409,181

449,806

540,348

Related Party Net [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total Net Sales

$ 103

$ 764

$ 1,993

[1]	A portion of the interest on our Term Loan (as defined and described in Note 9) has been allocated to discontinued operations consistent with the amount of proceeds expected to be used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 9).
[2]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[3]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Fair Value Measurements of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2021	$	10,181
Change in estimate		2,750
Foreign currency impact		319
Balance December 31, 2022	$	13,250
Settlements		(3,451	)
Balance December 31, 2023	$	9,799

Discontinued Operations - Summary of Significant Non-Cash Operating Activities and Capital Expenditures (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Depreciation and amortization

$ 87,179

$ 85,591

$ 90,590

Share-based compensation

3,545

4,467

3,915

Write-down of spine disposal group to fair value

$ 289,500

289,456

^[1],[2]

^[2]

Additions to instruments

5,978

10,089

28,244

Additions to other property, plant & equipment

$ 899

$ 1,984

$ 17,433

[1]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[2]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets:
Prepaid expenses	$ 13,332	$ 22,627
Income tax receivable	9,641	4,483
Other assets	852	1,230
Total prepaid expenses and other current assets	$ 23,825	$ 28,340

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

9. Debt

Our debt consisted of the following (in thousands):


	As of December 31,
	2023			2022
Term loan	$	511,912		$	536,456
Debt issuance costs		(3,115	)		(4,223	)
Total debt		508,797			532,233
Less: current portion		—			—
Total debt due after one year	$	508,797		$	532,233


For the Years Ending December 31,
2024	$	—
2025		49.1
2026		56.1
2027		406.7
Total	$	511.9

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. On December 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 December 31, 2024. As of December 31, 2023, $511.9 million was outstanding on the Term Loan following such payments, and there were no outstanding borrowings under the Revolver.

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

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 December 31, 2023.

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
-SubTopic 20
-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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-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
-Paragraph 1C
-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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-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
-Name Accounting Standards Codification
-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

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

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


	For the Years Ended December 31,
	2023			2022			2021
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	1,230		$	2,437		$	539
Research and development		1,886			3,441			812
Selling, general and administrative		23,904			24,411			5,958
		27,020			30,289			7,309
Tax benefit related to awards		(6,836	)		(7,254	)		(1,550	)
Total expense, net of tax	$	20,184		$	23,035		$	5,759

Summary of Stock Option Activity

Stock option activity was as follows:


	Year Ended December 31, 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
Forfeited		(100,492	)		24.54
Outstanding at December 31, 2023		2,303,143		$	26.83		6.1	$	—
Exercisable at December 31, 2023		1,607,470		$	26.23		5.4	$	—

Summary of Restricted Stock Unit Activity

RSU activity was as follows:


	Year Ended December 31, 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		(795,284	)		24.88
Forfeited		(171,349	)		18.31
Outstanding at December 31, 2023		1,942,210		$	15.13

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 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	(795,284)
Number of RSUs, Forfeited \| shares	(171,349)
Number of RSUs, Outstanding, Ending balance \| shares	1,942,210
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	24.88
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	18.31
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 15.13

Income Taxes - Summary of Net Operating Loss and Tax Credit Carryovers (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 10.4
Valuation allowances	9.0
Tax credit carryforward amount	0.0
Valuation allowances	0.0
2024 - 2028
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	3.5
Tax credit carryforward amount	0.0
2029 - 2033
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0.3
Tax credit carryforward amount	0.0
2034 - 2043
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	3.9
Tax credit carryforward amount	0.0
Indefinite
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2.7
Tax credit carryforward amount	$ 0.0

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share

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

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


	For the Years Ended December 31,
	2023			2022			2021
Net (Loss) Earnings from Continuing Operations of ZimVie Inc.	$	(56,049	)	$	(46,904	)	$	16,397
Loss from discontinued operations, net of tax		(337,233	)		(16,977	)		(111,651	)
Net Loss of ZimVie Inc.	$	(393,282	)	$	(63,881	)	$	(95,254	)

Weighted average shares outstanding for basic net loss per share		26,454			26,083			26,050
Effect of dilutive stock options and other equity awards (1)		—			—			—
Weighted average shares outstanding for dilutive net loss per share		26,454			26,083			26,050


Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(2.12	)	$	(1.80	)	$	0.63
Discontinued operations		(12.75	)		(0.65	)		(4.29	)
Net Loss	$	(14.87	)	$	(2.45	)	$	(3.66	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(2.12	)	$	(1.80	)	$	0.63
Discontinued operations		(12.75	)		(0.65	)		(4.29	)
Net Loss	$	(14.87	)	$	(2.45	)	$	(3.66	)

(1)

Since we incurred a net loss in each of the years ended December 31, 2023, 2022 and 2021, no dilutive stock options or other equity awards were included as diluted shares in those periods.

For the years ended December 31, 2023 and 2022, a weighted average of 2.8 million and 3.4 million, respectively, options to purchase shares of common stock were not included in the computation of diluted net loss per share as the exercise prices of these options were greater than the average market price of the common stock.

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 4.1
2025	3.4
2026	2.6
2027	1.5
2028	1.0
Thereafter	1.5
Total	14.1
Less imputed interest	(1.0)
Total	$ 13.1

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

17. 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 are being performed using our own resources or third-party service providers following the completion of transition services agreements in 2023. The following disclosures summarize activity between us and Zimmer Biomet that are included in our consolidated financial statements.

Prior to Distribution

Corporate Overhead and Other Allocations from Zimmer Biomet

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

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


	For the Years Ended December 31,
	2023		2022			2021
Cost of products sold	$	—	$	(78	)	$	1,210
Selling, general & administrative		—		13,914			76,170
Acquisition, integration, divestiture and related		—		—			6,966

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

Share-Based Compensation

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

Centralized Cash Management

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

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

Manufacturing Services to Zimmer Biomet

We have certain manufacturing facilities that also produce orthopedic products that continue to be sold by Zimmer Biomet after the separation. The consolidated statements of operations reflect the sales of these orthopedic products to Zimmer Biomet as related party transactions in periods in which Zimmer Biomet was a related party as follows (in thousands):


	For the Years Ended December 31,
	2023		2022		2021
Related party net sales	$	339	$	4,375	$	5,819
Related party cost of products sold, excluding intangible asset amortization		328		4,107		4,248

We continue to sell these products to Zimmer Biomet 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 years ended December 31, 2022 and 2021, net transactions with Zimmer Biomet reflected in the cash flows pre-distribution were $6.9 million and $1.3 million, respectively. Activities that impacted the net transfers from Zimmer Biomet include corporate overhead, share-based compensation, debt agreements between the parties and other allocations and centralized cash management. For the years ended December 31, 2022 and 2021, the total impact on NPI from these transactions was $70.4 million and $19.7 million, respectively.

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

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 ("IOM") 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.


	As of December 31,
	2023		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 provided 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 continued to operate certain activities relating to the ZimVie businesses in certain jurisdictions until the requisite approvals were received or the occurrence of all other actions permitting the legal transfer of such activities, and we would receive, to the greatest extent possible, all of the economic benefits and burdens of such activities.

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

Transition Services Agreement

Pursuant to the Transition Services Agreement, we and Zimmer Biomet provided certain services to one another, on an interim, transitional basis following the separation and the distribution. The services provided include certain regulatory services, commercial services, operational services, tax services, clinical affairs services, information technology services, finance and accounting services and human resource and employee benefits services. The agreed-upon charges for such services were generally intended to allow the providing company to recover all costs and expenses of providing such services and are included in Selling, general and administrative expenses in our consolidated statements of operations. Subject to certain exceptions in the case of willful misconduct or fraud, the liability of each of Zimmer Biomet and us under the Transition Services Agreement for the services it provided will be limited to the aggregate service fees paid to it in the immediately preceding one-year period. Obligations under the Transition Services Agreement are substantially complete as of December 31, 2023.

Interim Operating Agreements

Zimmer Biomet and ZimVie entered into a series of IOM agreements pursuant to which Zimmer Biomet and certain of its affiliates that held licenses, permits and other rights in connection with marketing, import and/or distribution of ZimVie products in various jurisdictions prior to the distribution continued to market, import and distribute such products until such time as the relevant licenses and permits were transferred to ZimVie or its affiliates, while permitting ZimVie (or Zimmer Biomet, as applicable) to recognize revenue relating to the sale of its respective products, to the extent practicable. Under such IOM agreements and in accordance with the Separation Agreement, the relevant Zimmer Biomet entity continued operations in the affected market on behalf of ZimVie, with ZimVie receiving

all of the economic benefits and burdens of such activities. ZimVie began receiving these economic benefits as of March 1, 2022. Based on the terms of the IOM agreements, ZimVie determined it was the principal under this arrangement when: ZimVie held all risks and rewards of ownership inclusive of risk of loss, market risk and benefits related to the inventory; ZimVie had latitude in pricing; ZimVie had the ability to direct Zimmer Biomet regarding decisions over inventory; and ZimVie was responsible for all credit and collections risks and losses associated with the related receivables. ZimVie was the principal in the majority of the IOM agreements and recognized those sales on a gross basis. In limited jurisdictions, ZimVie was not the principal and recognized revenue on a net basis. Upon exit of certain IOM agreements during 2022, we paid $7.8 million to Zimmer Biomet for the purchase of accounts receivable and inventory, and all obligations under the IOM agreements were complete by December 31, 2022.

Tax Matters Agreement

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

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

Employee Matters Agreement

The Employee Matters Agreement allocated liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs and other related matters. The Employee Matters Agreement governed certain compensation and employee benefits obligations with respect to the current and former employees and non-employee directors of each party. The Employee Matters Agreement provided that, except as otherwise specified, Zimmer Biomet was generally responsible for liabilities associated with employees who remained employed by Zimmer Biomet and former employees whose last employment was with Zimmer Biomet’s businesses, and we were generally responsible for liabilities associated with employees who are employed by us and former employees whose last employment was with the ZimVie businesses. The Employee Matters Agreement provided for the conversion of the outstanding awards granted under Zimmer Biomet’s equity compensation programs into adjusted awards relating to shares of Zimmer Biomet and/or ZimVie common stock in a manner intended to preserve the aggregate intrinsic value of the original awards. The adjusted awards are subject to substantially similar terms, vesting conditions, post-termination exercise rules and other restrictions that applied to the original Zimmer Biomet awards immediately before the separation. All obligations under the Employee Matters Agreement were complete as of December 31, 2022.

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

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

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

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (Loss) Earnings from Continuing Operations of ZimVie Inc.	$ (22,100)	$ (8,000)	$ (11,400)	$ (14,500)	$ (15,300)	$ (16,600)	$ (4,900)	$ (10,100)	$ (56,049)	$ (46,904)	$ 16,397
Loss from discontinued operations, net of tax	(312,700)	2,900	(12,000)	(15,500)	(15,000)	17,400	(3,800)	(15,600)	(337,233)	(16,977)	(111,651)
Net Loss of ZimVie Inc.	$ (334,800)	$ (5,100)	$ (23,400)	$ (30,000)	$ (30,300)	$ 800	$ (8,700)	$ (25,700)	$ (393,282)	$ (63,881)	$ (95,254)
Weighted average shares outstanding for basic net loss per share									26,454	26,083	26,050
Effect of dilutive stock options and other equity awards									0	0	0
Weighted average shares outstanding for dilutive net loss per share									26,454	26,083	26,050
Basic (Loss) Earnings Per Common Share:
Continuing operations	$ (0.83)	$ (0.3)	$ (0.43)	$ (0.55)	$ (0.59)	$ (0.64)	$ (0.19)	$ (0.39)	$ (2.12)	$ (1.8)	$ 0.63
Discontinued operations	(11.76)	0.11	(0.46)	(0.59)	(0.57)	0.67	(0.14)	(0.59)	(12.75)	(0.65)	(4.29)
Net Loss	(12.59)	(0.19)	(0.89)	(1.14)	(1.16)	0.03	(0.33)	(0.98)	(14.87)	(2.45)	(3.66)
Diluted (Loss) Earnings Per Common Share
Continuing operations	(0.83)	(0.3)	(0.43)	(0.55)	(0.59)	(0.63)	(0.19)	(0.39)	(2.12)	(1.8)	0.63
Discontinued operations	(11.76)	0.11	(0.46)	(0.59)	(0.57)	0.66	(0.14)	(0.59)	(12.75)	(0.65)	(4.29)
Net Loss	$ (12.59)	$ (0.19)	$ (0.89)	$ (1.14)	$ (1.16)	$ 0.03	$ (0.33)	$ (0.98)	$ (14.87)	$ (2.45)	$ (3.66)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of (Loss) Earnings Before Income Taxes

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


	For the Years Ended December 31,
	2023			2022			2021
U.S. operations	$	(60,674	)	$	(96,110	)	$	(1,638	)
Foreign operations		9,827			41,610			22,220
Total	$	(50,847	)	$	(54,500	)	$	20,582

Schedule of Provision (Benefit) for Income Taxes and the Income Taxes Paid

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


	For the Years Ended December 31,
	2023			2022			2021
Current:
Federal	$	1,616		$	(2,556	)	$	1,708
State		(875	)		483			445
Foreign		5,875			16,407			8,015
Total current taxes		6,616			14,334			10,168
Deferred:
Federal		—			(11,464	)		(2,135	)
State		—			(5,127	)		(913	)
Foreign		(1,414	)		(5,339	)		(2,935	)
Total deferred taxes		(1,414	)		(21,930	)		(5,983	)
Provision (benefit) for income taxes	$	5,202		$	(7,596	)	$	4,185
Net income taxes paid	$	20,152		$	25,627		$	12,053

Schedule of Reconciliation of the Income Tax Provision (Benefit) at the U.S Statutory Income Tax Rate

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


	For the Years Ended December 31,
	2023			2022			2021
Income tax (benefit) provision at the U.S. statutory rate	$	(10,678	)	$	(11,445	)	$	4,322
State taxes, net of federal deduction		(1,739	)		(1,651	)		(311	)
R&D tax credit		(79	)		(622	)		(687	)
Change in valuation allowance		6,467			1,033			353
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits		3,330			2,116			35
GILTI		2,474			2,406			—
Share-based compensation		1,652			667			(23	)
Section 162m excess compensation		1,349			1,157			—
Non-deductible transaction cost		1,001			—			—
Pre-spin tax expense		—			877			—
Other		1,425			(2,134	)		496
Income tax provision (benefit)	$	5,202		$	(7,596	)	$	4,185

Components of Deferred Taxes

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


	As of December 31,
	2023			2022
Deferred tax assets:
Section 174 capitalized cost	$	21,749		$	15,151
Inventory		21,568			19,591
Net operating loss carryover		10,408			8,463
Share-based compensation		8,228			7,025
163j Limitation		6,518			—
Accrued liabilities		4,069			4,521
Leases - right of use liability		3,578			6,647
Section 263A		3,524			9,610
Accounts receivable		3,264			3,289
Fixed assets		1,357			—
Product liability and litigation		576			1,429
Other		1,900			324
Total deferred tax assets		86,739			76,050
Less: Valuation allowances		(49,084	)		(10,748	)
Total deferred tax assets after valuation allowances		37,655			65,302
Deferred tax liabilities:
Intangible assets		27,647			46,361
Leases - right of use asset		2,574			5,330
Unremitted earnings of foreign subs		1,703			3,005
Fixed assets		—			9,331
Other		683			464
Total deferred tax liabilities		32,607			64,491
Total net deferred income taxes	$	5,048		$	811

Summary of Net Operating Loss and Tax Credit Carryovers

At December 31, 2023, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):


Expiration Period	Net operating loss carryover		Tax credit carryover
2024 - 2028	$	3.5	$	—
2029 - 2033	0.3			—
2034 - 2043	3.9			—
Indefinite		2.7		—
Total	$	10.4	$	—
Valuation allowances	$	9.0	$	—

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

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


	For the Years Ended December 31,
	2023		2022		2021
Balance at January 1	$	105	$	—	$	—
Increases related to current period		168		105		—
Increases related to prior periods		31		—		—
Balance at December 31	$	304	$	105	$	—
Amounts impacting effective tax rate, if balance at December 31 recognized	$	304	$	105	$	—
Interest and penalty expense related to unrecognized tax benefits	$	3	$	—	$	—
Total accrued interest and penalties balance at December 31		3		—		—

Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Recognized foreign currency remeasurement gains or losses

$ 700

$ 3,300

$ (800)

Write-down of spine disposal group to fair value

$ 289,500

289,456

^[1],[2]

^[2]

Restricted Cash

$ 1,500

1,500

Selling, General and Administrative Expenses [Member]

Shipping and handling expense

$ 16,300

$ 17,000

$ 16,100

[1]	This write-down is reflected in Noncurrent assets of discontinued operations in the consolidated balance sheets.
[2]	We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets and the difference represents the amount of the write-down.

Segment Data (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Disclosure on Geographic Areas, Long-Lived Assets

We conduct business in the following countries that hold 10% or more of our total combined property, plant and equipment, net (in thousands):


	As of December 31,
	2023		2022
U.S.	$	35,444	$	41,034
Spain		14,431		12,562
Other countries		4,292		4,904
Property, plant and equipment, net	$	54,167	$	58,500

U.S. and foreign sales (based on the location of the customer) are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	269,557	$	272,726	$	267,689
Spain		51,025		34,837		37,441
Other countries		136,615		152,118		163,352
Third party sales	$	457,197	$	459,681	$	468,482

Allowance for Credit Losses - Summary of Activity of Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses	$ 3,222	$ 4,135	$ 4,277

- Definition

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

+ References + Details

Segment Data - Additional Information (Details)	12 Months Ended
Segment Data - Additional Information (Details)	Dec. 31, 2023 Segment Customer	Dec. 31, 2022 Customer	Dec. 31, 2021 Customer
Disaggregation of Revenue [Line Items]
Number of operating segments \| Segment	2
Revenue
Disaggregation of Revenue [Line Items]
Number of customers accounted for 10% or more \| Customer	0	0	0
Revenue \| Geographic Concentration Risk [Member] \| Spine and Dental
Disaggregation of Revenue [Line Items]
Revenue segment less than 10%	10.00%

- 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

Fair Value Measurements of Assets and Liabilities - Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3) (Details) - Contingent Consideration to Acquisitions [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 13,250	$ 10,181
Change in estimate		2,750
Settlements	(3,451)
Foreign currency impact		319
Fair Value, Ending Balance	$ 9,799	$ 13,250

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill for continuing operations (in thousands):


	Total
Balance at December 31, 2021
Goodwill, Gross	$	409,810
Accumulated impairment losses		(142,000	)
Goodwill, Net		267,810
Currency translation		(7,811	)
Balance at December 31, 2022
Goodwill, Gross		401,999
Accumulated impairment losses		(142,000	)
Goodwill, Net		259,999
Currency translation		2,112
Balance at December 31, 2023
Goodwill, Gross		404,111
Accumulated impairment losses		(142,000	)
Goodwill, Net	$	262,111

In connection with the annual goodwill impairment test in the fourth quarters of 2023 and 2022, we estimated the fair value of our dental reporting unit, our only reporting unit with goodwill remaining, using the income and market approaches. In the annual tests for both 2023 and 2022, the dental reporting unit exceeded its carrying value by 20% or more.

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	$	168,590		$	36,658		$	142,741		$	47,515		$	395,504
Accumulated amortization		(103,350	)		(20,294	)		(86,879	)		(46,296	)		(256,819	)
Total identifiable intangible assets	$	65,240		$	16,364		$	55,862		$	1,219		$	138,685
As of December 31, 2023:
Intangible assets subject to amortization:
Gross carrying amount	$	168,841		$	37,056		$	143,565		$	47,670		$	397,132
Accumulated amortization		(113,354	)		(23,393	)		(98,361	)		(47,670	)		(282,778	)
Total identifiable intangible assets	$	55,487		$	13,663		$	45,204		$	—		$	114,354

Estimated annual amortization expense for the years ending December 31, 2024 through 2028, based upon intangible assets recognized as of December 31, 2023, is (in millions):


For the Years Ending December 31,
2024	$	24.2
2025		22.2
2026		22.2
2027		16.9
2028		11.8

Related Party Transactions - Summary of Sale Transactions with Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party net sales	$ 457,433	$ 463,292	$ 472,308
Zimmer Biomet [Member]
Related Party Transaction [Line Items]
Related party net sales	339	4,375	5,819
Related party cost of products sold, excluding intangible asset amortization	$ 328	$ 4,107	$ 4,248

- 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

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

12. Allowance for Credit Losses

The following table presents the activity of our allowance for credit losses for the years ended December 31, 2023 and 2022 (in thousands):


	As of December 31,
	2023			2022
Balance at Beginning of Period	$	4,135		$	4,277
Additions Charged to Expense		268			298
Deductions		(1,201	)		(377	)
Effects of Foreign Currency		20			(63	)
Balance at End of Period	$	3,222		$	4,135

Retirement Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefit Plans

14. Retirement Benefit Plans

We sponsor defined contribution plans for substantially all of the employees in the U.S. and Puerto Rico, and certain employees in other countries. The benefits offered under these plans are reflective of local customs and practices in the countries concerned. We expensed $4.7 million, $5.5 million and $4.8 million related to plans in the U.S. and Puerto Rico for the years ended December 31, 2023, 2022 and 2021, respectively. All other plans were immaterial in aggregate for the periods presented.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended			19 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 4,489	$ 2,559	$ 339
Restructuring Charges Pre-Tax	300	2,500		$ 2,800
ZB Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-Tax	0	$ 100	$ 300
Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,800
Restructuring Charges Pre-Tax	$ 4,200

- 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

Leases - Schedule of Operating Lease Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets recognized in Other assets	$ 11,076	$ 8,355
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Lease liabilities recognized in Other current liabilities	$ 4,053	$ 3,417
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 9,080	$ 9,960
Weighted-average remaining lease term	3 years 7 months 6 days	3 years 9 months 18 days
Weighted-average discount rate	3.50%	0.50%

Income Taxes - Schedule of Reconciliation of the Income Tax Provision (Benefit) at the U.S Statutory Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax (benefit) provision at the U.S. statutory rate	$ (10,678)	$ (11,445)	$ 4,322
State taxes, net of federal deduction	(1,739)	(1,651)	(311)
R&D tax credit	(79)	(622)	(687)
Change in valuation allowance	6,467	1,033	353
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits	3,330	2,116	35
GILTI	2,474	2,406	0
Share-based compensation	1,652	667	(23)
Section 162m excess compensation	1,349	1,157	0
Non-deductible transaction cost	1,001	0	0
Pre-spin tax expense	0	877	0
Other	1,425	(2,134)	496
Provision (benefit) for income taxes	$ 5,202	$ (7,596)	$ 4,185

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Allowance for Credit Loss [Abstract]

Summary of Activity of Allowance for Credit Losses

The following table presents the activity of our allowance for credit losses for the years ended December 31, 2023 and 2022 (in thousands):


	As of December 31,
	2023			2022
Balance at Beginning of Period	$	4,135		$	4,277
Additions Charged to Expense		268			298
Deductions		(1,201	)		(377	)
Effects of Foreign Currency		20			(63	)
Balance at End of Period	$	3,222		$	4,135

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Use of Estimates - The consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from Zimmer Biomet. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. Such estimates included, but were not limited to, determining the allocations of costs and expenses from Zimmer Biomet, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill and the recoverability of other long-lived assets, the realizability of deferred tax assets and reserves for unrecognized tax benefits. The estimates and associated assumptions are based on historical experience, complex judgments and various other factors that are believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.

Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive income (loss) ("AOCI") in equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings. Foreign currency remeasurement gains (losses) recognized in our consolidated statements of operations in other income (expense), net were $0.7 million, $3.3 million and $(0.8) million in the years ended December 31, 2023, 2022 and 2021, respectively.

Discontinued Operations - Our spine segment met the criteria to be classified as held-for-sale in December 2023. We performed an impairment analysis of the spine business in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment net assets by $289.5 million, which was recognized as a loss within Discontinued operations, net of tax in our consolidated statement of operations for the year ended December 31, 2023. The pending sale of our spine segment represents a strategic shift that will have a major effect on our operations, which requires our spine segment to be reported in the financial statements as discontinued operations. We have classified the results of the spine segment as discontinued operations in our consolidated statements of operations for all periods and the assets and liabilities associated with the spine segment as discontinued operations in our consolidated balance sheets for all periods presented. The results of operations, assets, liabilities and certain cash flow items of the spine segment are detailed in Note 3. All amounts included in the notes to the consolidated financial statements relate to continuing operations, unless otherwise noted.

Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $16.3 million, $17.0 million and $16.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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

Commitments and Contingencies - We are subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates

of reasonably possible losses or ranges of loss based on such reviews. We record liabilities for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Legal defense costs expected to be incurred in connection with a loss contingency are accrued when probable and reasonably estimable.

Restructuring - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. See Note 18 for further discussion on restructuring programs.

Acquisition, integration, divestiture and related - We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize costs incurred to prepare for and complete the separation from our former parent (such as professional fees, transition services agreements, costs to stand up our corporate organization and infrastructure), changes in the fair value of contingent consideration for acquisitions closed prior to the separation date and transaction costs. Contingent payments related to acquisitions consist of sales-based payments and are valued using discounted cash flow techniques (see Note 8 for additional information).

Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value. As of both December 31, 2023 and 2022, we had $1.5 million, in restricted cash. The restriction as of December 31, 2023 and 2022 is on cash held in China and 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.

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

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

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

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

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

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

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

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

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

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

We sell products through three principal channels: 1) through stocking distributors and healthcare dealers; 2) directly to dental practices and dental laboratories; and 3) direct to healthcare institutions, referred to as direct channel accounts. With sales to stocking distributors, some healthcare dealers and hospitals, dental practices and dental laboratories, revenue is generally recognized when control of our product passes to the customer, which is typically upon shipment of the product. Our dental business predominantly recognizes revenue related to product sales at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment, or delivery depending on the terms of the underlying contracts. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer but are typically less than 90 days.

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

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

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

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

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

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

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

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

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

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

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

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

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

Gains and losses related to foreign currency exchange contracts are recorded in Other income (expense), net in our consolidated statements of operations.

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

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

Accounting Pronouncements Recently Adopted

There were no recently adopted accounting pronouncements that had a material effect on our consolidated financial statements.

Accounting Pronouncements Recently Issued

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU amends the interim and annual disclosure requirements related to a variety of subtopics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. The guidance will be applied prospectively. The effective date for each amendment will be the date when the SEC's removal of the related disclosure requirement

from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our consolidated financial statements or disclosures.

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The key amendments require disclosure of significant segment expenses on an annual and interim basis that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, including other segment items by reportable segment and a description of its composition, and to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Topic 280, Segment Reporting, in interim periods as well. This ASU includes certain clarifications for measuring a segment's profit or loss in assessment by the CODM, disclosure of title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the effect of this ASU, but we do not expect it will have a material impact on our consolidated financial statements or disclosures.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments included in the ASU related to rate reconciliation, income taxes paid disclosures and other disclosures requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently in the process of evaluating the effect of this ASU.

Other recently issued ASUs, excluding ASUs discussed above, were assessed and determined to be not applicable, or are not expected to have a material impact on our consolidated financial statements or disclosures.

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based upon Intangible Assets Recognized (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 24.2
2025	22.2
2026	22.2
2027	16.9
2028	$ 11.8

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	As of December 31,
	2023		2022
Prepaid expenses and other current assets:
Prepaid expenses	$	13,332	$	22,627
Income tax receivable		9,641		4,483
Other assets		852		1,230
Total prepaid expenses and other current assets	$	23,825	$	28,340

Summary of Inventories

Inventories consisted of the following (in thousands):


	As of December 31,
	2023		2022
Finished goods	$	54,456	$	54,237
Work in progress		20,659		19,113
Raw materials		4,485		4,075
Inventories	$	79,600	$	77,425

Schedule of Property Plant and Equipment

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


	As of December 31,
	2023			2022
Land	$	6,700		$	6,693
Building and equipment		146,287			141,273
Capitalized software costs		19,626			19,393
Construction in progress		8,178			14,002
Property, plant and equipment, gross		180,791			181,361
Accumulated depreciation		(126,624	)		(122,861	)
Property, plant and equipment, net	$	54,167		$	58,500

Schedule of Other Current Liabilities

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


	As of December 31,
	2023		2022
Other current liabilities:
Salaries, wages and benefits	$	23,171	$	34,749
Lease liabilities		4,053		3,417
Other liabilities		39,884		40,713
Total other current liabilities	$	67,108	$	78,879

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 54,456	$ 54,237
Work in progress	20,659	19,113
Raw materials	4,485	4,075
Inventories	$ 79,600	$ 77,425

Related Party Transactions - Summary of Corporate Allocations Reflected in the Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling, general & administrative	$ 248,964	$ 253,158	$ 207,576
Zimmer Biomet [Member]
Cost of products sold	0	(78)	1,210
Selling, general & administrative	0	13,914	76,170
Acquisition, integration, divestiture and related	$ 0	$ 0	$ 6,966

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

11. Leases

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

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


	For the Years Ended December 31,
	2023		2022		2021
Lease cost	$	4,517	$	4,345	$	5,722
Cash paid for leases recognized in operating cash flows		4,632		4,322		5,797
Right-of-use assets obtained in exchange for new lease liabilities		7,800		2,105		5,482


	As of December 31,
	2023			2022
Right-of-use assets recognized in Other assets	$	11,076		$	8,355
Lease liabilities recognized in Other current liabilities		4,053			3,417
Long-term lease liabilities		9,080			9,960
Weighted-average remaining lease term	3.6 years			3.8 years
Weighted-average discount rate		3.5	%		0.5	%

Our future minimum lease payments as of December 31, 2023 were (in millions):


For the Years Ending December 31,
2024	$	4.1
2025		3.4
2026		2.6
2027		1.5
2028		1.0
Thereafter		1.5
Total		14.1
Less imputed interest		(1.0	)
Total	$	13.1

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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

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


	For the Years Ended December 31,
	2023			2022			2021
Net (Loss) Earnings from Continuing Operations of ZimVie Inc.	$	(56,049	)	$	(46,904	)	$	16,397
Loss from discontinued operations, net of tax		(337,233	)		(16,977	)		(111,651	)
Net Loss of ZimVie Inc.	$	(393,282	)	$	(63,881	)	$	(95,254	)

Weighted average shares outstanding for basic net loss per share		26,454			26,083			26,050
Effect of dilutive stock options and other equity awards (1)		—			—			—
Weighted average shares outstanding for dilutive net loss per share		26,454			26,083			26,050


Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(2.12	)	$	(1.80	)	$	0.63
Discontinued operations		(12.75	)		(0.65	)		(4.29	)
Net Loss	$	(14.87	)	$	(2.45	)	$	(3.66	)

Diluted (Loss) Earnings Per Common Share
Continuing operations	$	(2.12	)	$	(1.80	)	$	0.63
Discontinued operations		(12.75	)		(0.65	)		(4.29	)
Net Loss	$	(14.87	)	$	(2.45	)	$	(3.66	)

(1)

Since we incurred a net loss in each of the years ended December 31, 2023, 2022 and 2021, no dilutive stock options or other equity awards were included as diluted shares in those periods.