ZimVie's Q3 revenue dips 10.6%: 4 notes

Spinal Tech

Zimmer Biomet on Nov. 9 posted third-quarter revenue of $213.3 million.

Four things to know:

1. Net sales fell 10.6 percent year-over-year, according to a company news release. The sales decrease includes a $1 million loss due to a one-day closing of the company's Palm Beach Gardens, Fla. dental facility during Hurricane Ian.

2. Third party spine sales of $108.2 million represents a 16.4 percent year-over-year decrease. That was driven by the exit of some "unprofitable" markets in late 2021 and the discontinuation of some products.

3. Net income was $800,000, compared to a net loss of $30.2 million in the third quarter of 2021.

4. ZimVie reaffirmed its 2022 financial guidance of $915 to $930 million and expects the dental segment to see mid-single digit growth.

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