The company also plans to reduce discretionary spending, with the changes expected to save $17 million to $20 million in annualized net savings by 2024.
This workforce reduction comes as the company saw a 4.1 percent dip in sales in the first quarter, resulting in a $30 million net loss.
ZimVie currently employs about 2,700 team members worldwide, according to its company website
This comes as devicemaker Medtronic also announced impending layoffs to cut costs.
