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Condensed Consolidated Statements Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Loss of ZimVie Inc.	$ (7,761)	$ (29,968)
Foreign currency cumulative translation adjustments, net of tax	(15,439)	10,517
Total Other Comprehensive Loss	(15,439)	10,517
Comprehensive Loss	$ (23,200)	$ (19,451)

- 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).

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- Definition

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

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+ Details

Balance Sheet Details

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

6. Balance Sheet Details

Inventories consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Finished goods	$	50,007	$	54,456
Work-in-progress		21,159		20,659
Raw materials		6,069		4,485
Inventories	$	77,235	$	79,600

Amounts related to cost of products sold in the condensed consolidated statements of operations for excess and obsolete ("E&O") inventory, including certain product lines we intend to discontinue, were an expense of $0.7 million and a benefit of $1.0 million in the three months ended March 31, 2024 and 2023, respectively.

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


	March 31, 2024		December 31, 2023
Other current liabilities:
Salaries, wages and benefits	$	18,155	$	23,171
Lease liabilities		3,700		4,053
Other liabilities		40,564		39,884
Total other current liabilities	$	62,419	$	67,108

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Amount of accrued loss contingency	$ 2.5	$ 2.6

Segment Data

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Data

11. Segment Data

Our Chief Executive Officer is our Chief Operating Decision Maker. 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 2, the spine segment is presented as discontinued operations and is not required to be presented in the segment disclosures.

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
	March 31, 2024		December 31, 2023
U.S.	$	33,933	$	35,444
Spain		14,354		14,431
Other countries		3,833		4,292
Property, plant and equipment, net	$	52,120	$	54,167

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


	For the Three Months Ended March 31,
	2024		2023
U.S.	$	67,748	$	69,907
Spain		15,347		15,726
Other countries		35,100		34,537
Third party sales	$	118,195	$	120,170

Sales within any other individual country were less than 10% of our combined sales in each of those periods. No single customer accounted for 10% or more of our sales in the three months ended March 31, 2024 and 2023.

- 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.

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+ Details

Restructuring and Other Cost Reduction Initiatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended	22 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2024
January 2024 restructuring plan [Member] \| Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 7.0		$ 7.0	$ 7.0
Restructuring Charges Pre-tax	2.4
April and July 2023 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax			4.1
April and July 2023 Restructuring Plan [Member] \| Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax		$ 1.2
June 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax	0.2
June 2022 Restructuring Plan [Member] \| Employee Termination Benefits and Professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 3.8		$ 3.8	3.8
Restructuring Charges Pre-tax				$ 3.0

- 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

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate on loss before income taxes	(55.00%)	(45.00%)
Statutory tax rate	21.00%	21.00%

Related Party Transactions - Summary of Corporate Allocations Reflected in the Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Selling, general & administrative	$ 60,330	$ 66,973

Fair Value Measurements of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

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


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2023	$	9,799
Settlements		(2,963	)
Balance March 31, 2024	$	6,836

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 01, 2023
Share-based compensation benefit	$ 3,473	$ 4,841
Zim Vie Inc
Percentage of ownership sold			19.70%

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

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

Total Net Sales

$ 93,824

$ 105,021

Cost of products sold, excluding intangible asset amortization

(28,441)

(27,842)

(97)

Intangible asset amortization

(13,715)

Research and development

(6,654)

(8,168)

Selling, general and administrative

(54,121)

(60,995)

Restructuring and other cost reduction initiatives

(1,851)

(3,802)

Acquisition, integration, divestiture and related

(6,373)

(341)

Other expense, net

(344)

(876)

Interest expense, net

^[1]

(5,294)

(3,891)

Loss from discontinued operations before income taxes

(9,254)

(14,706)

Adjustment of spine disposal group to fair value

11,143

^[2]

$ (289,500)

Benefit for income taxes from discontinued operations

1,833

1,107

Earnings (loss) from discontinued operations, net of tax

3,722

(13,599)

Third Party Net [Member]

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

Total Net Sales

93,824

104,918

Related Party Net [Member]

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

Total Net Sales

$ 0

$ 103

[1]

A portion of the interest on our Term Loan (as defined and described in Note 8) has been allocated to discontinued operations consistent with the amount of proceeds 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 8).

[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 resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, which resulted in a reduction of the December 2023 write-down of $11.1 million.

Background, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Thousands			3 Months Ended
	Apr. 01, 2024 USD ($)	Dec. 15, 2023 USD ($)	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 01, 2023
Number of operating segments \| Segment			2
Loss from continuing operations before income taxes			$ (7,409)	$ (11,292)
Earnings (loss) from discontinued operations, net of tax			3,722	$ (13,599)
Restricted cash			$ 1,500		$ 1,500
Consideration by Buyer HIG		$ 315,000
Consideration as promissory note		$ 60,000
Promissory note, interest rate		10.00%
Subsequent Event
Total purchase price	$ 377,200
Purchase price, inclusive of preliminary closing adjustments	2,200
Proceeds received	$ 311,800
Affiliate of H.I.G. Capital
Total consideration		$ 375,000
Zim Vie Inc
Percentage of common stock shares outstanding			19.70%
Percentage of ownership sold						19.70%
Loss from continuing operations before income taxes			$ 1,800
Earnings (loss) from discontinued operations, net of tax			$ 700

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based on Exchange Rates (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 18.2
2025	22.2
2026	22.2
2027	16.9
2028	$ 11.8

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

Our effective tax rate (“ETR”) on loss before income taxes was (55.0)% and (45.0)% for the three months ended March 31, 2024 and 2023, respectively. In the three months ended both March 31, 2024 and 2023, the income tax benefit was lower than the 21% U.S. federal statutory rate due to losses not benefited as a result of valuation allowances and unfavorable U.S. taxable income modifications such as Global Intangible Low-Taxed Income (“GILTI”) and shortfalls on stock compensation.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 43,528	$ 71,511
Accounts receivable, net of allowance for credit losses of $2,823 and $3,222, respectively	68,931	65,168
Inventories	77,235	79,600
Prepaid expenses and other current assets	17,132	23,825
Current assets of discontinued operations	248,315	242,773
Total Current Assets	455,141	482,877
Property, plant and equipment, net of accumulated depreciation of $127,085 and $126,624, respectively	52,120	54,167
Goodwill	260,356	262,111
Intangible assets, net	109,480	114,354
Other assets	27,016	26,747
Noncurrent assets of discontinued operations	267,494	265,089
Total Assets	1,171,607	1,205,345
Current Liabilities:
Accounts payable	26,955	27,785
Income taxes payable	4,382	2,863
Other current liabilities	62,419	67,108
Current portion of long-term debt	7,013	0
Current liabilities of discontinued operations	68,879	75,858
Total Current Liabilities	169,648	173,614
Deferred income taxes	165	265
Lease liability	9,795	9,080
Other long-term liabilities	9,340	9,055
Non-current portion of debt	502,056	508,797
Noncurrent liabilities of discontinued operations	92,274	95,041
Total Liabilities	783,278	795,852
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 27,273 and 27,076, respectively	273	271
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid in capital	925,030	922,996
Accumulated deficit	(448,575)	(440,814)
Accumulated other comprehensive loss	(88,399)	(72,960)
Total Stockholders' Equity	388,329	409,493
Total Liabilities and Stockholders' Equity	$ 1,171,607	$ 1,205,345

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 3,473	$ 4,841
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	$ 4,200
Weighted average vesting period of unrecognized share-based compensation costs	1 year 1 month 6 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	2,900,000
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	$ 14.38		$ 15.13
Number of RSUs, Granted	738,939
Number of RSUs outstanding	2,269,556		1,942,210
Unrecognized share-based compensation cost related to unvested stock options	$ 22,100
Weighted average vesting period of unrecognized share-based compensation costs	1 year 6 months
Total fair value of RSUs granted	$ 13,000
Total fair value of RSUs vested	$ 7,800	$ 6,100
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
Vesting period	36 months
Number of RSUs outstanding	326,321
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
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 14.76
Vesting period	10 years
Employee Stock Option \| Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares	2,100,000

Debt - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended
Debt - Additional Information (Details) - USD ($)	Apr. 01, 2024	Dec. 17, 2021	Apr. 30, 2023	Mar. 31, 2024
Line of Credit Facility [Line Items]
Scheduled repayments on the term loan				$ 0
Debt instrument description				As of March 31, 2024, our interest rate was the secured overnight financing rate plus the applicable margin of 1.75% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.
Corporate insurance premium finance amount			$ 4,800,000
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding				$ 0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding				$ 511,900,000
Term Loan \| Subsequent Event
Line of Credit Facility [Line Items]
Prepayment of debt	$ 275,000,000
Wrote off of debt isuance cost	$ 900,000
Maximum
Line of Credit Facility [Line Items]
Proceeds from revolving loans		$ 175,000,000
Borrowings under term loan credit agreements		$ 595,000,000
Borrowing interest Rate				1.75%
Debt instrument total net leverage ratio				6
Minimum
Line of Credit Facility [Line Items]
Debt instrument total net leverage ratio				1

Fair Value Measurements of Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

7. Fair Value Measurements of Assets and Liabilities

The fair value of foreign currency exchange forward contracts (see Note 9) are determined using Level 2 inputs. The carrying value of our debt (see Note 8) 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 March 31, 2024 and December 31, 2023 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.


	Level 3 - Liabilities
Contingent payments related to acquisitions
Balance December 31, 2023	$	9,799
Settlements		(2,963	)
Balance March 31, 2024	$	6,836

- 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

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Depreciation and amortization

$ 0

$ 24,003

Share-based compensation

712

617

Adjustment of spine disposal group to fair value

11,143

^[1]

$ (289,500)

Additions to instruments

1,316

1,951

Additions to other property, plant & equipment

$ 88

$ 795

[1]

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Cash flows used in operating activities:

Net Loss of ZimVie Inc.

$ (7,761)

$ (29,968)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

8,430

32,631

Share-based compensation

3,473

4,841

Deferred income tax provision

(233)

(4,208)

Loss on disposal of fixed assets

413

Other non-cash items

1,596

1,556

Adjustment of spine disposal group to fair value (Note 2)

(11,143)

^[1]

$ 289,500

Changes in operating assets and liabilities

Income taxes

6,586

7,047

Accounts receivable

(6,651)

(4,958)

Related party receivable

8,483

Inventories

4,588

5,431

Prepaid expenses and other current assets

323

1,311

Accounts payable and accrued liabilities

(10,264)

(11,572)

Related party payable

(13,176)

Other assets and liabilities

(868)

(4,614)

Net cash used in operating activities

(11,511)

(7,196)

Cash flows used in investing activities:

Additions to instruments

(1,316)

(1,951)

Additions to other property, plant and equipment

(835)

(1,887)

Other investing activities

(1,987)

(1,994)

Net cash used in investing activities

(4,138)

(5,832)

Cash flows used in financing activities:

Payments on debt

(10,519)

(1,437)

(417)

Net cash used in financing activities

(1,437)

(10,936)

Effect of exchange rates on cash and cash equivalents

(2,098)

777

Decrease in cash and cash equivalents

(19,184)

(23,187)

Cash and cash equivalents, beginning of year

87,768

89,601

Cash and cash equivalents, end of period

68,584

66,414

$ 87,768

Supplemental cash flow information:

Income taxes (refunded) paid, net

(2,366)

1,664

Interest paid

$ 9,360

$ 8,121

[1]

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Expense (Benefit) charged to obsolete inventories	$ 0.7	$ 1.0

Background, Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
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 The accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, and the related condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss, condensed consolidated statements of shareholders' equity and condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 of ZimVie are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report. During the three months ended March 31, 2024, we recorded out of period adjustments that increased the Loss from continuing operations before income taxes and reduced Earnings from discontinued operations, net of tax, by $1.8 million and $0.7 million, respectively. We have concluded these out of period adjustments did not have a material impact on our interim condensed consolidated financial statements for the three months ended March 31, 2024, nor were they material to previously issued interim and annual consolidated financial statements. Restricted Cash - As of both March 31, 2024 and December 31, 2023, we had $1.5 million in restricted cash. The restriction as of March 31, 2024 and December 31, 2023 is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China. 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. On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, and received proceeds of $311.8 million, excluding the promissory note and transaction costs. See Note 2 for additional discussion. The historical results of our spine segment have been reflected as discontinued operations in our condensed 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 condensed consolidated balance sheets. The disclosures presented in the notes to the condensed consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.
Accounting Pronouncements Recently Issued	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 condensed 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 their 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 in the process of evaluating the effect of this ASU. 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. In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their consolidated financial statements. While the SEC voluntarily stayed the rules due to pending judicial review, the rules in their current form would be effective for accelerated filers for annual periods beginning after December 15, 2025. We are currently in the process of evaluating the effect of these final rules. 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 condensed consolidated financial statements or disclosures.

Segment Data (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024		December 31, 2023
U.S.	$	33,933	$	35,444
Spain		14,354		14,431
Other countries		3,833		4,292
Property, plant and equipment, net	$	52,120	$	54,167

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


	For the Three Months Ended March 31,
	2024		2023
U.S.	$	67,748	$	69,907
Spain		15,347		15,726
Other countries		35,100		34,537
Third party sales	$	118,195	$	120,170

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. 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 $2.5 million and $2.6 million as of March 31, 2024 and December 31, 2023, respectively, and mostly 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.

Background, Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background, Nature of Business and Basis of Presentation

1. Background, Nature of Business and Basis of Presentation

Background

On March 1, 2022, ZimVie Inc. ("ZimVie," "we," "us" and "our") and Zimmer Biomet Holdings, Inc. ("Zimmer Biomet" or "Parent") entered into a Separation and Distribution Agreement (the "Separation Agreement"), pursuant to which Zimmer Biomet agreed to spin off its spine and dental businesses into ZimVie. The distribution resulted in ZimVie becoming a standalone, publicly traded company. Following the distribution, Zimmer Biomet initially retained 19.7% of the outstanding shares of ZimVie common stock, and all transactions between ZimVie and Zimmer Biomet from the distribution to February 1, 2023 were reported as related party transactions. 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. See Note 17 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 ("Annual Report") for further description of the impact of the distribution and post-spin activities with Zimmer Biomet.

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

The accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, and the related condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss, condensed consolidated statements of shareholders' equity and condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 of ZimVie are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report. During the three months ended March 31, 2024, we recorded out of period adjustments that increased the Loss from continuing operations before income taxes and reduced Earnings from discontinued operations, net of tax, by $1.8 million and $0.7 million, respectively. We have concluded these out of period adjustments did not have a material impact on our interim condensed consolidated financial statements for the three months ended March 31, 2024, nor were they material to previously issued interim and annual consolidated financial statements.

Restricted Cash - As of both March 31, 2024 and December 31, 2023, we had $1.5 million in restricted cash. The restriction as of March 31, 2024 and December 31, 2023 is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China.

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. On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, and received proceeds of $311.8 million, excluding the promissory note and transaction costs. See Note 2 for additional discussion.

The historical results of our spine segment have been reflected as discontinued operations in our condensed 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 condensed consolidated balance sheets. The disclosures presented in the notes to the condensed consolidated financial statements are presented on a continuing operations basis, unless otherwise noted.

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 condensed 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 their 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 in the process of evaluating the effect of this ASU.

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.

In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their consolidated financial statements. While the SEC voluntarily stayed the rules due to pending judicial review, the rules in their current form would be effective for accelerated filers for annual periods beginning after December 15, 2025. We are currently in the process of evaluating the effect of these final rules.

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 condensed consolidated financial statements or disclosures.

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

8. Debt

Our debt consisted of the following (in thousands):


	March 31, 2024			December 31, 2023
Term loan	$	511,912		$	511,912
Debt issuance costs		(2,843	)		(3,115	)
Total debt		509,069			508,797
Less: current portion		(7,013	)		—
Total debt due after one year	$	502,056		$	508,797

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”).

As of March 31, 2024, $511.9 million was outstanding on the Term Loan, and there were no outstanding borrowings under the Revolver. On April 1, 2024, we prepaid $275.0 million on the Term Loan using proceeds from the sale of our spine segment (as discussed in Notes 1 and 2), and we wrote off $0.9 million of debt issuance costs. As a result of this prepayment, we have no more scheduled quarterly amortization payments on the Term Loan, and the remaining balance is due at maturity on February 28, 2027.

As of March 31, 2024, our interest rate was the secured overnight financing rate plus the applicable margin of 1.75% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.

Borrowings under the Credit Facility are collateralized by substantially all of our personal property, including intellectual property and certain real property, and we, along with our subsidiaries party to the Credit Facility, pledged our equity interests in our subsidiaries, subject to materiality thresholds and certain limitations with respect to foreign subsidiaries. The Credit Facility contains various covenants that restrict our ability to take certain actions, including incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, making certain investments, prepayments or redemptions of subordinated debt, or making certain restricted payments. In addition, the Credit Facility contains financial covenants that require us to maintain a maximum consolidated total net leverage ratio of 6.00 to 1.00. We were in compliance with all covenants as of March 31, 2024.

See Note 9 to our consolidated financial statements included in our Annual Report for additional information on our Credit Agreement.

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

- Definition

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

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+ Details

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

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

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


	For the Three Months Ended March 31,
	2024			2023
Net Sales
Third party, net	$	93,824		$	104,918
Related party, net		—			103
Total Net Sales		93,824			105,021
Cost of products sold, excluding intangible asset amortization		(28,441	)		(27,842	)
Related party cost of products sold, excluding intangible asset amortization		—			(97	)
Intangible asset amortization		—			(13,715	)
Research and development		(6,654	)		(8,168	)
Selling, general and administrative		(54,121	)		(60,995	)
Restructuring and other cost reduction initiatives		(1,851	)		(3,802	)
Acquisition, integration, divestiture and related		(6,373	)		(341	)
Other expense, net		(344	)		(876	)
Interest expense, net (1)		(5,294	)		(3,891	)
Loss from discontinued operations before income taxes		(9,254	)		(14,706	)
Adjustment of spine disposal group to fair value (2)		11,143			—
Benefit for income taxes from discontinued operations		1,833			1,107
Earnings (loss) from discontinued operations, net of tax	$	3,722		$	(13,599	)

(1)

(2)

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


	As of
	March 31, 2024			December 31, 2023
Cash and cash equivalents	$	25,056		$	16,257
Accounts receivable, less allowance for credit losses		84,622			83,871
Inventories		125,115			130,430
Prepaid expenses and other current assets		13,522			12,215
Total Current Assets of Discontinued Operations		248,315			242,773
Property, plant and equipment, net		63,488			62,692
Intangible assets, net		468,008			477,110
Other assets		14,311			14,743
Total Noncurrent Assets of Discontinued Operations		545,807			554,545
Accounts payable	$	22,547		$	24,186
Income taxes payable		512			410
Other current liabilities		45,820			51,262
Total Current Liabilities of Discontinued Operations		68,879			75,858
Deferred income taxes		83,712			86,037
Lease liability		7,102			8,032
Other long-term liabilities		1,460			972
Total Noncurrent Liabilities of Discontinued Operations	$	92,274		$	95,041
Adjustment of spine disposal group to fair value (1)		(278,313	)		(289,456	)

(1) This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.

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


	For the Three Months Ended March 31,
	2024		2023
Depreciation and amortization	$	—	$	24,003
Share-based compensation		712		617
Adjustment of spine disposal group to fair value		11,143		—
Additions to instruments		1,316		1,951
Additions to other property, plant & equipment		88		795

- 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.

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+ Details

Segment Data - Additional Information (Details)	3 Months Ended
Segment Data - Additional Information (Details)	Mar. 31, 2024 Segment Customer	Mar. 31, 2023 Customer
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	2
Revenue
Segment Reporting Information [Line Items]
Number of customers accounted for 10% or more \| Customer	0	0
Geographic Concentration Rsk \| Revenue \| Dental
Segment Reporting Information [Line Items]
Revenue segment less than 10%	10.00%

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

. Share-Based Compensation

Conversion Awards

Zimmer Biomet has share-based compensation plans under which it granted stock options, restricted stock units ("RSUs") and performance-based RSUs. In connection with the distribution, ZimVie employees with outstanding Zimmer Biomet share-based awards received replacement share-based awards. The ratio used to convert the Zimmer Biomet share-based awards was designed to preserve the aggregate intrinsic value of the award immediately after the distribution when compared to the aggregate intrinsic value of the award immediately prior to the distribution. Outstanding RSUs and performance-based RSUs were converted into 0.3 million ZimVie RSUs at a weighted average fair value of $31.55, and outstanding stock options were converted into 2.1 million ZimVie stock options at a weighted average fair value of $14.76. Due to the conversion, ZimVie incurred $21.3 million of incremental share-based compensation expense. Of this amount, $10.3 million was related to unvested and/or unexercised share-based awards and was recognized at the distribution date. The remaining $11.0 million is being recognized over the remainder of the share-based awards' weighted average vesting period of 2.5 years from the date of the distribution.

ZimVie Awards

The ZimVie Inc. 2022 Stock Incentive Plan was established effective as of March 1, 2022, and was amended effective May 12, 2023 (as amended, the "2022 Plan"). A total of 6.0 million shares of common stock are authorized for issuance under the 2022 Plan. Shares issued pursuant to converted Zimmer Biomet share-based awards do not count against this limit. At March 31, 2024, 2.9 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 Three Months Ended March 31,
	2024			2023
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	(18	)	$	265
Research and development		401			422
Selling, general and administrative		3,090			4,154
		3,473			4,841
Tax benefit related to awards		(861	)		(1,209	)
Total expense, net of tax	$	2,612		$	3,632

Share-based compensation expense related to discontinued operations is included in the table above and is disclosed in Note 2.

Stock option activity was as follows:


	Three Months Ended March 31, 2024
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at December 31, 2023		2,303,143		$	26.83
Granted		—			—
Exercised		(1,117	)		18.58
Forfeited		(82,798	)		26.10
Outstanding at March 31, 2024		2,219,228		$	26.87		5.5	$	—
Exercisable at March 31, 2024		1,852,652		$	26.72		5.0	$	—

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 March 31, 2024. At March 31, 2024, we had unrecognized share-based compensation cost related to unvested stock options of $4.2 million, which is expected to be amortized over the remaining weighted average vesting period of approximately 1.1 years.

RSU activity was as follows:


	Three Months Ended March 31, 2024
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at December 31, 2023		1,942,210		$	15.13
Granted		738,939			17.58
Vested		(278,865	)		28.13
Forfeited		(132,728	)		14.22
Outstanding at March 31, 2024		2,269,556		$	14.38

RSUs outstanding at March 31, 2024 included 326,321 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 March 31, 2024, we had unrecognized share-based compensation cost related to unvested RSUs of $22.1 million, which is expected to be amortized into earnings over the remaining weighted average vesting period of approximately 1.5 years. The total fair value of RSUs granted during the three months ended March 31, 2024 and 2023 was $13.0 million and negligible, respectively. The total fair value of RSUs that vested during the three months ended March 31, 2024 and 2023 was $7.8 million and $6.1 million, respectively.

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Outstanding, Beginning Balance \| shares	1,942,210
Number of RSUs, Granted \| shares	738,939
Number of RSUs, Vested \| shares	(278,865)
Number of RSUs, Forfeited \| shares	(132,728)
Number of RSUs, Outstanding, Ending balance \| shares	2,269,556
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 15.13
Weighted Average Grant Date Fair Value, Granted \| $ / shares	17.58
Weighted Average Grant Date Fair Value, Vested \| $ / shares	28.13
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	14.22
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 14.38

Segment Data - Disclosure on Geographic Areas, Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 52,120		$ 54,167
Third party sales	118,195	$ 120,170
U.S
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	33,933		35,444
Third party sales	67,748	69,907
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	14,354		14,431
Third party sales	15,347	15,726
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	3,833		$ 4,292
Third party sales	$ 35,100	$ 34,537

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

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

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Goodwill [Line Items]
Goodwill, Gross	$ 404,111	$ 402,356
Accumulated impairment losses	(142,000)	(142,000)
Goodwill, Net	262,111	$ 260,356
Currency translation	$ (1,755)

- 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

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

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss from Continuing Operations of ZimVie Inc.	$ (11,483)	$ (16,369)
Earnings (loss) from discontinued operations, net of tax	3,722	(13,599)
Net Loss of ZimVie Inc.	$ (7,761)	$ (29,968)
Weighted average shares outstanding for basic net loss per common share	27,125	26,263
Effect of dilutive stock options and other equity awards	0	0
Weighted average shares outstanding for diluted net loss per common share	27,125	26,263
Earnings Per Share, Basic [Abstract]
Continuing operations	$ (0.42)	$ (0.62)
Discontinued operations	0.13	(0.52)
Net Loss	(0.29)	(1.14)
Earnings Per Share, Diluted [Abstract]
Continuing operations	(0.42)	(0.62)
Discontinued operations	0.13	(0.52)
Net Loss	$ (0.29)	$ (1.14)

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consisted of the following (in thousands):


	March 31, 2024			December 31, 2023
Term loan	$	511,912		$	511,912
Debt issuance costs		(2,843	)		(3,115	)
Total debt		509,069			508,797
Less: current portion		(7,013	)		—
Total debt due after one year	$	502,056		$	508,797

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill by Reportable Segment

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


	Total
Balance at December 31, 2023
Goodwill, Gross	$	404,111
Accumulated impairment losses		(142,000	)
Goodwill, Net		262,111
Currency translation		(1,755	)
Balance at March 31, 2024
Goodwill, Gross		402,356
Accumulated impairment losses		(142,000	)
Goodwill, Net	$	260,356

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, 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
As of March 31, 2024:
Intangible assets subject to amortization:
Gross carrying amount	$	168,787		$	36,782		$	141,595		$	47,564		$	394,728
Accumulated amortization		(115,456	)		(23,941	)		(99,787	)		(46,064	)		(285,248	)
Total identifiable intangible assets	$	53,331		$	12,841		$	41,808		$	1,500		$	109,480

Summary of Estimated Annual Amortization Expense Based on Exchange Rates

Estimated annual amortization expense for the years ending December 31, 2024 through 2028 based on exchange rates in effect at December 31, 2023 is as follows (in millions):


For the Years Ending December 31,
2024 (remaining)	$	18.2
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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

Restructuring and Other Cost Reduction Initiatives

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Cost Reduction Initiatives

13. Restructuring and Other Cost Reduction Initiatives

In January 2024, we initiated restructuring activities to better structure the organization to support our dental segment after the disposal of the spine segment. During the three months ended March 31, 2024, we recorded pre-tax charges of $2.4 million related to these activities. The restructuring charges incurred under this plan were primarily related to employee termination benefits. We anticipate total charges of approximately $7.0 million related to this plan.

In April and July 2023, we initiated restructuring activities to better position our organization for future success based on the then-current business environment. These activities had the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions and levels. During the three months ended March 31, 2024 and 2023, the pre-tax charges recorded under this plan were negligible and $1.2 million , respectively, primarily related to professional fees. We have incurred pre-tax charges of $4.1 million from inception through March 31, 2024 and no future charges are expected under this plan.

In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. During the three months ended March 31, 2024, we recorded pre-tax charges of $0.2 million related to the actions under this plan, primarily related to employee termination benefits. During the three months ended March 31, 2023, actions under this plan resulted in pre-tax charges that were negligible. We have incurred pre-tax charges of $3.0 million from inception through March 31, 2024, and we anticipate total charges of approximately $3.8 million related to this plan. We anticipate incurring the remaining charges throughout the remainder of 2024.

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):


	Three Months Ended March 31,
	Employee Termination Benefits			Other			Total
Balance, December 31, 2023	$	947		$	—		$	947
Additions		2,507			71			2,578
Cash payments		(1,613	)		(71	)		(1,684	)
Balance, March 31, 2024	$	1,841		$	—		$	1,841

Restructuring and Other Cost Reduction Initiatives - Schedule of Restructuring Liabilities (Details) - Restructuring Plans Member $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 947
Additions	2,578
Cash payments	(1,684)
Restructuring Reserve, Ending Balance	1,841
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	947
Additions	2,507
Cash payments	(1,613)
Restructuring Reserve, Ending Balance	1,841
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Additions	71
Cash payments	(71)
Restructuring Reserve, Ending Balance	$ 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

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

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


	For the Three Months Ended March 31,
	2024			2023
Net Loss from Continuing Operations of ZimVie Inc.	$	(11,483	)	$	(16,369	)
Earnings (loss) from discontinued operations, net of tax		3,722			(13,599	)
Net Loss of ZimVie Inc.	$	(7,761	)	$	(29,968	)

Weighted average shares outstanding for basic net loss per common share		27,125			26,263
Effect of dilutive stock options and other equity awards (1)		—			—
Weighted average shares outstanding for diluted net loss per common share		27,125			26,263


Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.42	)	$	(0.62	)
Discontinued operations		0.13			(0.52	)
Net Loss	$	(0.29	)	$	(1.14	)

Diluted (Loss) Earnings Per Common Share:
Continuing operations	$	(0.42	)	$	(0.62	)
Discontinued operations		0.13			(0.52	)
Net Loss	$	(0.29	)	$	(1.14	)

(1) Since we incurred a net loss in each of the three months ended March 31, 2024 and 2023, no dilutive stock options or other equity awards were included as diluted shares in those periods.

For the three months ended March 31, 2024 and 2023, a weighted average of 2.4 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.

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 3,473	$ 4,841
Tax benefit related to awards	(861)	(1,209)
Total expense, net of tax	2,612	3,632
Cost of Products Sold, Excluding Intangible Asset Amortization [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	(18)	265
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	401	422
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 3,090	$ 4,154

Discontinued Operations - Additional Information (Details) - Subsequent Event [Member] $ in Millions	Apr. 01, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total purchase price	$ 377.2
Purchase price, inclusive of preliminary closing adjustments	2.2
Proceeds received	$ 311.8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

3. Goodwill and Other Intangible Assets

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


	Total
Balance at December 31, 2023
Goodwill, Gross	$	404,111
Accumulated impairment losses		(142,000	)
Goodwill, Net		262,111
Currency translation		(1,755	)
Balance at March 31, 2024
Goodwill, Gross		402,356
Accumulated impairment losses		(142,000	)
Goodwill, Net	$	260,356

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


	Technology			Trademarks and Trade Names			Customer Relationships			Other			Total
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
As of March 31, 2024:
Intangible assets subject to amortization:
Gross carrying amount	$	168,787		$	36,782		$	141,595		$	47,564		$	394,728
Accumulated amortization		(115,456	)		(23,941	)		(99,787	)		(46,064	)		(285,248	)
Total identifiable intangible assets	$	53,331		$	12,841		$	41,808		$	1,500		$	109,480

Estimated annual amortization expense for the years ending December 31, 2024 through 2028 based on exchange rates in effect at December 31, 2023 is as follows (in millions):


For the Years Ending December 31,
2024 (remaining)	$	18.2
2025		22.2
2026		22.2
2027		16.9
2028		11.8

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning Balance at Dec. 31, 2022	$ 758,604	$ 262	$ 897,028	$ (47,532)	$ (91,154)
Net loss	(29,968)	0	0	(29,968)	0
Stock plan activity	(391)	2	(393)	0	0
Share-based compensation expense	4,841	0	4,841	0	0
Other comprehensive (loss) income	10,517	0	0	0	10,517
Ending Balance at Mar. 31, 2023	743,603	264	901,476	(77,500)	(80,637)
Beginning Balance at Dec. 31, 2023	409,493	271	922,996	(440,814)	(72,960)
Net loss	(7,761)	0	0	(7,761)	0
Stock plan activity	(1,437)	2	(1,439)	0	0
Share-based compensation expense	3,473	0	3,473	0	0
Other comprehensive (loss) income	(15,439)	0	0	0	(15,439)
Ending Balance at Mar. 31, 2024	$ 388,329	$ 273	$ 925,030	$ (448,575)	$ (88,399)

- 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

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

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


	For the Three Months Ended March 31,
	2024			2023
Net Loss from Continuing Operations of ZimVie Inc.	$	(11,483	)	$	(16,369	)
Earnings (loss) from discontinued operations, net of tax		3,722			(13,599	)
Net Loss of ZimVie Inc.	$	(7,761	)	$	(29,968	)

Weighted average shares outstanding for basic net loss per common share		27,125			26,263
Effect of dilutive stock options and other equity awards (1)		—			—
Weighted average shares outstanding for diluted net loss per common share		27,125			26,263


Basic (Loss) Earnings Per Common Share:
Continuing operations	$	(0.42	)	$	(0.62	)
Discontinued operations		0.13			(0.52	)
Net Loss	$	(0.29	)	$	(1.14	)

Diluted (Loss) Earnings Per Common Share:
Continuing operations	$	(0.42	)	$	(0.62	)
Discontinued operations		0.13			(0.52	)
Net Loss	$	(0.29	)	$	(1.14	)

(1) Since we incurred a net loss in each of the three months ended March 31, 2024 and 2023, no dilutive stock options or other equity awards were included as diluted shares in those periods.

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Inventories

Inventories consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Finished goods	$	50,007	$	54,456
Work-in-progress		21,159		20,659
Raw materials		6,069		4,485
Inventories	$	77,235	$	79,600

Schedule of Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Other current liabilities:
Salaries, wages and benefits	$	18,155	$	23,171
Lease liabilities		3,700		4,053
Other liabilities		40,564		39,884
Total other current liabilities	$	62,419	$	67,108

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

Mar. 31, 2024

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Cash and cash equivalents

$ 25,056

$ 16,257

Accounts receivable, less allowance for credit losses

84,622

83,871

Inventories

125,115

130,430

Prepaid expenses and other current assets

13,522

12,215

Total Current Assets of Discontinued Operations

248,315

242,773

Property, plant and equipment, net

63,488

62,692

Intangible assets, net

468,008

477,110

Other assets

14,311

14,743

Total Noncurrent Assets of Discontinued Operations

545,807

554,545

Accounts payable

22,547

24,186

Income taxes payable

512

410

Other current liabilities

45,820

51,262

Total Current Liabilities of Discontinued Operations

68,879

75,858

Deferred income taxes

83,712

86,037

Lease liability

7,102

8,032

Other long-term liabilities

1,460

972

Total Noncurrent Liabilities of Discontinued Operations

92,274

95,041

Adjustment of spine disposal group to fair value

^[1]

$ (278,313)

$ (289,456)

[1]	(1) This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 394,728	$ 397,132
Accumulated amortization	(285,248)	(282,778)
Total identifiable intangible assets	109,480	114,354
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	168,787	168,841
Accumulated amortization	(115,456)	(113,354)
Total identifiable intangible assets	53,331	55,487
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	36,782	37,056
Accumulated amortization	(23,941)	(23,393)
Total identifiable intangible assets	12,841	13,663
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	141,595	143,565
Accumulated amortization	(99,787)	(98,361)
Total identifiable intangible assets	41,808	45,204
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	47,564	47,670
Accumulated amortization	(46,064)	(47,670)
Total identifiable intangible assets	$ 1,500	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity, Attributable to Parent [Abstract]
Accounts receivable, net of allowance for credit loss, current	$ 2,823	$ 3,222
Property, plant and equipment, net of accumulated depreciation	$ 127,085	$ 126,624
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	27,273,000	27,076,000
Common stock, shares outstanding	27,273,000	27,076,000
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

Restructuring and Other Cost Reduction Initiatives (Tables)

3 Months Ended

Mar. 31, 2024

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):


	Three Months Ended March 31,
	Employee Termination Benefits			Other			Total
Balance, December 31, 2023	$	947		$	—		$	947
Additions		2,507			71			2,578
Cash payments		(1,613	)		(71	)		(1,684	)
Balance, March 31, 2024	$	1,841		$	—		$	1,841

Derivatives

3 Months Ended

Mar. 31, 2024

Derivatives [Abstract]

Derivatives

9. 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 in our condensed consolidated balance sheet at fair value as of the end of the reporting period. The aggregate notional amounts of these contracts were $38.0 million as of March 31, 2024 and $25.0 million as of December 31, 2023.

Current derivative assets of a negligible amount and $0.4 million as of March 31, 2024 and December 31, 2023, respectively, were included in Prepaid expenses and other current assets on our condensed consolidated balance sheets. Current derivative liabilities of $0.1 million and $0.2 million as of March 31, 2024 and December 31, 2023, respectively, were included in Other current liabilities in our condensed consolidated balance sheets. Gains (losses) from these derivative instruments recognized in our condensed consolidated statements of operations in Other expense, net were $0.1 million and ($0.1 million) for the three months ended March 31, 2024 and 2023, respectively.

Related Party Transactions - Summary of Corporate Allocations Reflected in the Condensed Consolidated Balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related party receivable	$ 68,931	$ 65,168
Related party payable	$ 26,955	$ 27,785

Related Party Transactions - Summary of Sale Transactions with Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Related party net sales	$ 118,195	$ 120,406

- 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

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance \| shares	2,303,143
Number of Stock Options, Granted \| shares	0
Number of Stock Options, Exercised \| shares	(1,117)
Number of Stock Options, Forfeited \| shares	(82,798)
Number of Stock Options, Outstanding, Ending Balance \| shares	2,219,228
Number of Stock Options, Exercisable \| shares	1,852,652
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 26.83
Weighted Average Exercise Price, Granted \| $ / shares	0
Weighted Average Exercise Price, Exercised \| $ / shares	18.58
Weighted Average Exercise Price, Forfeited \| $ / shares	26.1
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	26.87
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 26.72
Weighted Average Remaining Contractual Life, Outstanding	5 years 6 months
Weighted Average Remaining Contractual Life, Exercisable	5 years
Aggregate Intrinsic Value, Outstanding \| $	$ 0
Aggregate Intrinsic Value, Exercisable \| $	$ 0

Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

2. Discontinued Operations

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

On April 1, 2024, we completed the sale of our spine segment for a total purchase price of $377.2 million (inclusive of $2.2 million in preliminary closing adjustments), subject to certain customary adjustments as set forth in the agreement, and received proceeds of $311.8 million, excluding the promissory note and transaction costs.

In conjunction with the sale, we entered into a Transition Services Agreement ("TSA") to provide certain support services for up to 12 months from the closing date of the sale. These services include, among others, accounting, information technology, human resources, quality assurance, regulatory affairs and customer support. Income recognized related to the TSA will be recorded as Other income in our condensed consolidated statements of operations.

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


	For the Three Months Ended March 31,
	2024			2023
Net Sales
Third party, net	$	93,824		$	104,918
Related party, net		—			103
Total Net Sales		93,824			105,021
Cost of products sold, excluding intangible asset amortization		(28,441	)		(27,842	)
Related party cost of products sold, excluding intangible asset amortization		—			(97	)
Intangible asset amortization		—			(13,715	)
Research and development		(6,654	)		(8,168	)
Selling, general and administrative		(54,121	)		(60,995	)
Restructuring and other cost reduction initiatives		(1,851	)		(3,802	)
Acquisition, integration, divestiture and related		(6,373	)		(341	)
Other expense, net		(344	)		(876	)
Interest expense, net (1)		(5,294	)		(3,891	)
Loss from discontinued operations before income taxes		(9,254	)		(14,706	)
Adjustment of spine disposal group to fair value (2)		11,143			—
Benefit for income taxes from discontinued operations		1,833			1,107
Earnings (loss) from discontinued operations, net of tax	$	3,722		$	(13,599	)

(1)

(2)

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


	As of
	March 31, 2024			December 31, 2023
Cash and cash equivalents	$	25,056		$	16,257
Accounts receivable, less allowance for credit losses		84,622			83,871
Inventories		125,115			130,430
Prepaid expenses and other current assets		13,522			12,215
Total Current Assets of Discontinued Operations		248,315			242,773
Property, plant and equipment, net		63,488			62,692
Intangible assets, net		468,008			477,110
Other assets		14,311			14,743
Total Noncurrent Assets of Discontinued Operations		545,807			554,545
Accounts payable	$	22,547		$	24,186
Income taxes payable		512			410
Other current liabilities		45,820			51,262
Total Current Liabilities of Discontinued Operations		68,879			75,858
Deferred income taxes		83,712			86,037
Lease liability		7,102			8,032
Other long-term liabilities		1,460			972
Total Noncurrent Liabilities of Discontinued Operations	$	92,274		$	95,041
Adjustment of spine disposal group to fair value (1)		(278,313	)		(289,456	)

(1) This adjustment is reflected in Noncurrent assets of discontinued operations in the condensed consolidated balance sheets.


	For the Three Months Ended March 31,
	2024		2023
Depreciation and amortization	$	—	$	24,003
Share-based compensation		712		617
Adjustment of spine disposal group to fair value		11,143		—
Additions to instruments		1,316		1,951
Additions to other property, plant & equipment		88		795

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

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


	For the Three Months Ended March 31,
	2024			2023
Share-based compensation expense recognized in:
Cost of products sold, excluding intangible asset amortization	$	(18	)	$	265
Research and development		401			422
Selling, general and administrative		3,090			4,154
		3,473			4,841
Tax benefit related to awards		(861	)		(1,209	)
Total expense, net of tax	$	2,612		$	3,632

Summary of Stock Option Activity

Stock option activity was as follows:


	Three Months Ended March 31, 2024
				Weighted		Weighted Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Stock Options			Price		Life (Years)		Value (in Millions)
Outstanding at December 31, 2023		2,303,143		$	26.83
Granted		—			—
Exercised		(1,117	)		18.58
Forfeited		(82,798	)		26.10
Outstanding at March 31, 2024		2,219,228		$	26.87		5.5	$	—
Exercisable at March 31, 2024		1,852,652		$	26.72		5.0	$	—

Summary of Restricted Stock Unit Activity

RSU activity was as follows:


	Three Months Ended March 31, 2024
				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at December 31, 2023		1,942,210		$	15.13
Granted		738,939			17.58
Vested		(278,865	)		28.13
Forfeited		(132,728	)		14.22
Outstanding at March 31, 2024		2,269,556		$	14.38

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001876588
Entity File Number	001-41242
Entity Registrant Name	ZIMVIE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2007795
Entity Address, Address Line One	4555 Riverside Drive
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33410
City Area Code	800
Local Phone Number	342-5454
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ZIMV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,288,700

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other current liabilities:
Salaries, wages and benefits	$ 18,155	$ 23,171
Lease liabilities	3,700	4,053
Other liabilities	40,564	39,884
Total other current liabilities	$ 62,419	$ 67,108

Fair Value Measurements of Assets and Liabilities - Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3) (Details) - Contingent Consideration to Acquisitions [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 9,799
Settlements	(2,963)
Fair Value, Ending Balance	$ 6,836

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.4		$ 0.4
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets, Current		Assets, Current
Current derivative liabilities	$ 0.1		$ 0.2
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current		Liabilities, Current
Derivative gain (loss) on derivative instrument	$ 0.1	$ (0.1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other expense, net	Other expense, net
Derivative notional amount	$ 38.0		$ 25.0
Maximum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term	3 months
Minimum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term	1 month

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 50,007	$ 54,456
Work in progress	21,159	20,659
Raw materials	6,069	4,485
Inventories	$ 77,235	$ 79,600

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted average number of shares excluded from computation of diluted net loss per share	2.4	3.4

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Adjustment of spine disposal group to fair value

$ (11,143)

^[1]

$ 0

^[1]

$ 289,500

[1]

Debt - Schedule of Debt Due to Parent (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loan	$ 511,912	$ 511,912
Debt issuance costs	(2,843)	(3,115)
Total debt	509,069	508,797
Less: current portion	(7,013)	0
Total debt due after one year	$ 502,056	$ 508,797

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales
Total Net Sales	$ 118,195	$ 120,406
Cost of products sold, excluding intangible asset amortization	(44,258)	(42,875)
Related party cost of products sold, excluding intangible asset amortization	0	(231)
Intangible asset amortization	(6,022)	(6,794)
Research and development	(6,701)	(7,206)
Selling, general and administrative	(60,330)	(66,973)
Restructuring and other cost reduction initiatives	(2,579)	(1,172)
Acquisition, integration, divestiture and related	(1,037)	(1,342)
Operating Expenses	(120,927)	(126,593)
Operating Loss	(2,732)	(6,187)
Other expense, net	(311)	(30)
Interest expense, net	(4,366)	(5,075)
Loss from continuing operations before income taxes	(7,409)	(11,292)
Provision for income taxes from continuing operations	(4,074)	(5,077)
Net Loss from Continuing Operations of ZimVie Inc.	(11,483)	(16,369)
Earnings (loss) from discontinued operations, net of tax	3,722	(13,599)
Net Loss of ZimVie Inc.	$ (7,761)	$ (29,968)
Basic (Loss) Earnings Per Common Share:
Continuing operations	$ (0.42)	$ (0.62)
Discontinued operations	0.13	(0.52)
Net Loss	(0.29)	(1.14)
Diluted (Loss) Earnings Per Common Share:
Continuing operations	(0.42)	(0.62)
Discontinued operations	0.13	(0.52)
Net Loss	$ (0.29)	$ (1.14)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 118,195	$ 120,170
Related Party Net [Member]
Net Sales
Total Net Sales	$ 0	$ 236