$ZIMV
ZimVie Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023057456 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $457.4M $202.9M
YoY Change 99.65% -5.45%
Cost Of Revenue $167.1M $65.20M
YoY Change 124.9% 9.34%
Gross Profit $290.4M $137.6M
YoY Change 87.53% -11.2%
Gross Profit Margin 63.48% 67.83%
Selling, General & Admin $249.0M $117.4M
YoY Change 85.16% -9.27%
% of Gross Profit 85.74% 85.29%
Research & Development $26.16M $11.46M
YoY Change 71.51% -21.0%
% of Gross Profit 9.01% 8.33%
Depreciation & Amortization $26.60M $30.50M
YoY Change -12.28% 0.99%
% of Gross Profit 9.16% 22.17%
Operating Expenses $301.6M $219.1M
YoY Change 77.01% -5.28%
Operating Profit -$15.20M -$16.18M
YoY Change -2.32% -2.96%
Interest Expense -$20.23M $9.208M
YoY Change 214.58% 47.52%
% of Operating Profit
Other Income/Expense, Net $326.0K -$65.00K
YoY Change -87.59% -110.57%
Pretax Income -$50.85M -$25.45M
YoY Change 80.2% 14.13%
Income Tax $5.202M -$20.36M
% Of Pretax Income
Net Earnings -$334.8M -$5.089M
YoY Change 1003.35% -712.39%
Net Earnings / Revenue -73.19% -2.51%
Basic Earnings Per Share -$12.59 -$0.19
Diluted Earnings Per Share -$12.59 -$0.19
COMMON SHARES
Basic Shares Outstanding 26.54M 26.53M
Diluted Shares Outstanding 26.53M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.51M $75.40M
YoY Change -20.19% -35.0%
Cash & Equivalents $71.51M $75.45M
Short-Term Investments
Other Short-Term Assets $852.0K $54.50M
YoY Change -34.16% 63.89%
Inventory $79.60M $213.7M
Prepaid Expenses $13.33M
Receivables $65.17M $153.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $482.9M $497.6M
YoY Change -10.22% -8.9%
LONG-TERM ASSETS
Property, Plant & Equipment $54.17M $121.4M
YoY Change -63.51% -19.2%
Goodwill $262.1M $259.1M
YoY Change 0.81% 1.86%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.75M $38.27M
YoY Change -34.43% -1.61%
Total Long-Term Assets $722.5M $1.010B
YoY Change -34.57% -6.72%
TOTAL ASSETS
Total Short-Term Assets $482.9M $497.6M
Total Long-Term Assets $722.5M $1.010B
Total Assets $1.205B $1.508B
YoY Change -26.6% -7.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.79M $51.31M
YoY Change -36.85% 24.93%
Accrued Expenses $4.053M $73.00M
YoY Change -93.57% 12.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $173.6M $171.2M
YoY Change -20.11% -21.28%
LONG-TERM LIABILITIES
Long-Term Debt $508.8M $515.5M
YoY Change -4.4% -3.72%
Other Long-Term Liabilities $9.055M $7.762M
YoY Change -33.23% -44.61%
Total Long-Term Liabilities $517.9M $523.3M
YoY Change -5.12% -4.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.6M $171.2M
Total Long-Term Liabilities $517.9M $523.3M
Total Liabilities $795.9M $797.7M
YoY Change -9.92% -10.93%
SHAREHOLDERS EQUITY
Retained Earnings -$440.8M -$106.0M
YoY Change 827.4% 516.49%
Common Stock $271.0K $265.0K
YoY Change 3.44% 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $409.5M $710.2M
YoY Change
Total Liabilities & Shareholders Equity $1.205B $1.508B
YoY Change -26.6% -7.45%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$334.8M -$5.089M
YoY Change 1003.35% -712.39%
Depreciation, Depletion And Amortization $26.60M $30.50M
YoY Change -12.28% 0.99%
Cash From Operating Activities $21.45M $22.63M
YoY Change -341.06% 693.76%
INVESTING ACTIVITIES
Capital Expenditures $2.806M $4.570M
YoY Change -47.96% -151.35%
Acquisitions
YoY Change
Other Investing Activities $75.00K -$770.0K
YoY Change -144.91% 76900.0%
Cash From Investing Activities -$2.731M -$5.340M
YoY Change -50.87% -40.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.883M -7.010M
YoY Change -46.21% 99.15%
NET CHANGE
Cash From Operating Activities 21.45M 22.63M
Cash From Investing Activities -2.731M -5.340M
Cash From Financing Activities -8.883M -7.010M
Net Change In Cash 9.840M 10.28M
YoY Change -131.77% -207.42%
FREE CASH FLOW
Cash From Operating Activities $21.45M $22.63M
Capital Expenditures $2.806M $4.570M
Free Cash Flow $18.65M $18.06M
YoY Change -230.48% 53.69%

Facts In Submission

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zimv Reclassification Of Net Parent Company Investment To Additional Paid In Capital
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us-gaap Share Based Compensation
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zimv Deferred Income Tax Expense Benefit Including Stock Options Exercised
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zimv Additions To Property Plant And Equipment
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zimv Payment For Proceeds From Contributions From Parent
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us-gaap Net Cash Provided By Used In Financing Activities
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zimv Derecognition Of Right Of Use Assets
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zimv Derecognition Of Lease Liabilities
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zimv Derecognition Of Lease Liabilities
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CY2022Q4 us-gaap Goodwill
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q4 us-gaap Inventory Finished Goods
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CY2022Q4 us-gaap Inventory Raw Materials
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CY2023Q3 zimv Expense Benefit Charged To Obsolete Inventories
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CY2022Q3 zimv Expense Benefit Charged To Obsolete Inventories
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zimv Expense Benefit Charged To Obsolete Inventories
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zimv Expense Benefit Charged To Obsolete Inventories
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CY2023Q3 zimv Salaries Wages And Benefits
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CY2022Q4 zimv Salaries Wages And Benefits
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CY2023Q3 zimv License And Service Agreements
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CY2022Q4 zimv License And Service Agreements
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CY2023Q3 zimv Lease Liabilities
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CY2022Q4 zimv Lease Liabilities
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CY2023Q3 us-gaap Other Liabilities Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2023Q3 zimv Term Loan
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CY2022Q4 zimv Term Loan
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CY2022Q4 us-gaap Deferred Finance Costs Net
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CY2023Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
515533000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
532233000
zimv Scheduled Principal Payments Description
ScheduledPrincipalPaymentsDescription
On March 31, 2023, we made an optional prepayment on the Term Loan of $10.5 million, which represented the aggregate amount of the mandatory scheduled principal payments due on March 31, 2024 and June 30, 2024. On September 29, 2023, we made an optional prepayment on the Term Loan of $7.0 million, which represented the amount of the mandatory scheduled principal payment due on September 30, 2024.
us-gaap Debt Instrument Description
DebtInstrumentDescription
As of September 30, 2023, our interest rate was the secured overnight financing rate plus the applicable margin of 1.75% for term benchmark borrowings. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver of 25 basis points.
CY2023Q2 zimv Borrowing For Corporate Insurance Premium Payment
BorrowingForCorporateInsurancePremiumPayment
4800000
CY2023Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
38500000
CY2023Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
100000
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
600000
CY2023Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
400000
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
300000
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
600000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
200000
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1900000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-3300000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.80
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.037
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.285
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.59
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
zimv Withholding Tax Receivable Available To Offset Income Taxes
WithholdingTaxReceivableAvailableToOffsetIncomeTaxes
5700000
zimv Deferred Tax Liability Increase In Amount Related To Distribution
DeferredTaxLiabilityIncreaseInAmountRelatedToDistribution
3900000
CY2023Q3 zimv Profit Or Loss From Related Party Transactions
ProfitOrLossFromRelatedPartyTransactions
0
CY2022Q3 zimv Profit Or Loss From Related Party Transactions
ProfitOrLossFromRelatedPartyTransactions
-16000
CY2022Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
275000
CY2023Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-20615000
CY2022Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-19357000
CY2023Q3 zimv Profit Or Loss From Restructuring
ProfitOrLossFromRestructuring
-2432000
CY2022Q3 zimv Profit Or Loss From Restructuring
ProfitOrLossFromRestructuring
-689000
CY2023Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1945000
CY2022Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-7727000
CY2023Q3 zimv Operating Income Loss Other
OperatingIncomeLossOther
-20642000
CY2022Q3 zimv Operating Income Loss Other
OperatingIncomeLossOther
-23332000
CY2023Q3 us-gaap Revenues
Revenues
202872000
CY2022Q3 us-gaap Revenues
Revenues
214577000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-16179000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-16673000
zimv Profit Or Loss From Related Party Transactions
ProfitOrLossFromRelatedPartyTransactions
11000
zimv Profit Or Loss From Related Party Transactions
ProfitOrLossFromRelatedPartyTransactions
-11777000
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
891000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-61787000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-60178000
zimv Profit Or Loss From Restructuring
ProfitOrLossFromRestructuring
-15851000
zimv Profit Or Loss From Restructuring
ProfitOrLossFromRestructuring
-6486000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-5024000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-25455000
zimv Operating Income Loss Other
OperatingIncomeLossOther
-65965000
zimv Operating Income Loss Other
OperatingIncomeLossOther
-63761000
us-gaap Revenues
Revenues
653195000
us-gaap Revenues
Revenues
684742000
us-gaap Operating Income Loss
OperatingIncomeLoss
-54124000
us-gaap Operating Income Loss
OperatingIncomeLoss
-70832000
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2600000
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
9500000
zimv Related Party Cash After Distribution
RelatedPartyCashAfterDistribution
100000000
CY2022Q3 zimv Restructuring Charges Pre Tax
RestructuringChargesPreTax
700000
zimv Restructuring Charges Pre Tax
RestructuringChargesPreTax
2400000
CY2023Q3 zimv Restructuring Charges Pre Tax
RestructuringChargesPreTax
1100000
zimv Restructuring Charges Pre Tax
RestructuringChargesPreTax
5800000
zimv Restructuring Charges Pre Tax
RestructuringChargesPreTax
14800000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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