2024 Q2 Form 10-Q Financial Statement

#000095017024055679 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $116.8M $118.2M
YoY Change -48.06% -47.57%
Cost Of Revenue $43.52M $44.26M
YoY Change -41.59% -37.7%
Gross Profit $73.29M $73.94M
YoY Change -51.27% -52.11%
Gross Profit Margin 62.75% 62.56%
Selling, General & Admin $62.38M $60.33M
YoY Change -51.44% -52.86%
% of Gross Profit 85.11% 81.6%
Research & Development $6.579M $6.701M
YoY Change -50.28% -56.41%
% of Gross Profit 8.98% 9.06%
Depreciation & Amortization $8.487M $8.430M
YoY Change -73.44% -74.17%
% of Gross Profit 11.58% 11.4%
Operating Expenses $123.5M $120.9M
YoY Change -49.94% -49.94%
Operating Profit -$6.687M -$2.732M
YoY Change -69.35% -83.06%
Interest Expense $5.066M $4.366M
YoY Change -43.74% -51.3%
% of Operating Profit
Other Income/Expense, Net $3.010M -$311.0K
YoY Change 403.34% -65.67%
Pretax Income -$6.778M -$7.409M
YoY Change -77.58% -71.5%
Income Tax $2.775M $4.074M
% Of Pretax Income
Net Earnings -$4.014M -$7.761M
YoY Change -82.83% -74.1%
Net Earnings / Revenue -3.44% -6.57%
Basic Earnings Per Share -$0.15 -$0.29
Diluted Earnings Per Share -$0.15 -$0.29
COMMON SHARES
Basic Shares Outstanding 27.29M 27.08M
Diluted Shares Outstanding 27.41K 27.13K

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.60M $43.53M
YoY Change 18.71% -34.46%
Cash & Equivalents $78.60M $43.53M
Short-Term Investments
Other Short-Term Assets $52.89M $265.4M
YoY Change 16.22% 737.74%
Inventory $71.83M $77.24M
Prepaid Expenses
Receivables $70.53M $68.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $273.9M $455.1M
YoY Change -46.03% -9.73%
LONG-TERM ASSETS
Property, Plant & Equipment $50.39M $52.12M
YoY Change -61.14% -62.58%
Goodwill $259.8M $260.4M
YoY Change -0.55% -0.3%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.86M $27.02M
YoY Change -20.71% -31.49%
Total Long-Term Assets $515.9M $716.5M
YoY Change -51.01% -33.9%
TOTAL ASSETS
Total Short-Term Assets $273.9M $455.1M
Total Long-Term Assets $515.9M $716.5M
Total Assets $789.8M $1.172B
YoY Change -49.39% -26.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.16M $26.96M
YoY Change -54.29% -48.74%
Accrued Expenses $4.259M $3.700M
YoY Change -93.42% -94.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $7.013M
YoY Change
Total Short-Term Liabilities $141.1M $169.6M
YoY Change -25.62% -13.68%
LONG-TERM LIABILITIES
Long-Term Debt $235.1M $502.1M
YoY Change -54.98% -3.82%
Other Long-Term Liabilities $9.171M $9.340M
YoY Change -11.25% -1.84%
Total Long-Term Liabilities $244.3M $511.4M
YoY Change -54.13% -3.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.1M $169.6M
Total Long-Term Liabilities $244.3M $511.4M
Total Liabilities $395.7M $783.3M
YoY Change -52.48% -7.24%
SHAREHOLDERS EQUITY
Retained Earnings -$452.6M -$448.6M
YoY Change 348.67% 478.81%
Common Stock $276.0K $273.0K
YoY Change 4.15% 3.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $394.1M $388.3M
YoY Change
Total Liabilities & Shareholders Equity $789.8M $1.172B
YoY Change -49.39% -26.22%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$4.014M -$7.761M
YoY Change -82.83% -74.1%
Depreciation, Depletion And Amortization $8.487M $8.430M
YoY Change -73.44% -74.17%
Cash From Operating Activities $3.036M -$11.51M
YoY Change 1085.94% 59.96%
INVESTING ACTIVITIES
Capital Expenditures $1.258M $2.151M
YoY Change -0.71% -43.96%
Acquisitions
YoY Change
Other Investing Activities $291.1M $1.987M
YoY Change -0.35%
Cash From Investing Activities $289.8M -$4.138M
YoY Change -22975.85% -29.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -275.2M -1.437M
YoY Change -23725.15% -86.86%
NET CHANGE
Cash From Operating Activities 3.036M -11.51M
Cash From Investing Activities 289.8M -4.138M
Cash From Financing Activities -275.2M -1.437M
Net Change In Cash 17.64M -19.18M
YoY Change 11354.55% -17.26%
FREE CASH FLOW
Cash From Operating Activities $3.036M -$11.51M
Capital Expenditures $1.258M $2.151M
Free Cash Flow $1.778M -$13.66M
YoY Change -275.87% 23.82%

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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0194
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4200000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y1M6D
CY2024Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-11483000
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-16369000
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
3722000
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-13599000
CY2024Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Profit Loss
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-29968000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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27125
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26263
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27125
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26263
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.42
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.62
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.13
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.52
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.42
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.62
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.13
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.52
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2400000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3400000
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
50007000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
54456000
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
21159000
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
20659000
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
6069000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4485000
CY2024Q1 us-gaap Inventory Net
InventoryNet
77235000
CY2023Q4 us-gaap Inventory Net
InventoryNet
79600000
CY2024Q1 zimv Expense Benefit Charged To Obsolete Inventories
ExpenseBenefitChargedToObsoleteInventories
700000
CY2023Q1 zimv Expense Benefit Charged To Obsolete Inventories
ExpenseBenefitChargedToObsoleteInventories
1000000
CY2024Q1 zimv Salaries Wages And Benefits
SalariesWagesAndBenefits
18155000
CY2023Q4 zimv Salaries Wages And Benefits
SalariesWagesAndBenefits
23171000
CY2024Q1 zimv Lease Liabilities
LeaseLiabilities
3700000
CY2023Q4 zimv Lease Liabilities
LeaseLiabilities
4053000
CY2024Q1 zimv Other Liabilities1
OtherLiabilities1
40564000
CY2023Q4 zimv Other Liabilities1
OtherLiabilities1
39884000
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
62419000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
67108000
CY2024Q1 zimv Term Loan
TermLoan
511912000
CY2023Q4 zimv Term Loan
TermLoan
511912000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2843000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3115000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
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509069000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
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508797000
CY2024Q1 us-gaap Long Term Debt Current
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7013000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2024Q1 us-gaap Long Term Debt Noncurrent
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502056000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
508797000
CY2024Q1 us-gaap Repayments Of Long Term Lines Of Credit
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0
CY2024Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
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.
CY2023Q2 zimv Borrowing For Corporate Insurance Premium Payment
BorrowingForCorporateInsurancePremiumPayment
4800000
CY2024Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
38000000
CY2023Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
25000000
CY2024Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
400000
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
400000
CY2024Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
100000
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
200000
CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
100000
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-100000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.55
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.45
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52120000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
54167000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
118195000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
120170000
CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2500000
CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2600000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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