The introduction of GenTek to the U.S. market brings a broad offering of differentiated restorative components to the ZimVie product family. The GenTek restorative portfolio comprises Ti-Bases, pre-milled abutment blanks, screws, instruments, and ancillary products to support digitally driven CAD/CAM restorations. Manufactured and designed to mate with ZimVie implant systems, the genuine connection ensures a perfect fit and tight seal to support long-term aesthetic and functional restorations.

“We’re excited to expand our product portfolio with the introduction of GenTek premium prosthetic components, enabling digital workflows and patient-specific restorations for U.S. customers,” said Indraneel Kanaglekar, SVP, chief commercial officer. “We have received excellent feedback and strong demand for GenTek in the European market, and we are optimistic that this product suite will be well received here in the U.S.—the largest market we serve.”

About GenTek

Genuine connection components are designed and manufactured to minimize micro-gaps and micro-movements for a robust and stable interface between the implant and abutment. GenTek CEREC compatible (Sirona inCoris Meso Block) and angulated screw channel Ti-Bases, pre-milled abutment blanks, and scan bodies are part of a complete and open digital workflow. Products are available for ZimVie’s TSX/TSV/Trabecular Metal, T3 PRO/Certain, and Eztetic Dental Implant Systems.

For more information on our GenTek portfolio, please click here.

For more information on ZimVie Dental implants, suite of connected solutions, and continuing education, please click here to visit ZimVie.

*GenTek is manufactured by Zfx GmbH, a subsidiary of ZimVie.

About ZimVie

ZimVie is a global life sciences leader in the dental market that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. From its headquarters in Palm Beach Gardens, Florida, and additional facilities around the globe, ZimVie works to improve smiles, function, and confidence in daily life by offering comprehensive tooth replacement solutions, including trusted dental implants, biomaterials, and digital workflow solutions. As a worldwide leader in this space, ZimVie is committed to advancing clinical science and technology foundational to restoring daily life.

For more information about ZimVie, please visit us at www.ZimVie.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning ZimVie’s expectations, plans, prospects, and product and service offerings, including new product launches and potential clinical successes. Such statements are based upon the current beliefs, expectations, and assumptions of management and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements.

For a list and description of some of such risks and uncertainties, see ZimVie’s periodic reports filed with the U.S. Securities and Exchange Commission (SEC). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in ZimVie’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and ZimVie disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

Management will be presenting on Wednesday, April 10th, 2024, at 3:00 PM Eastern Time / 12:00 PM Pacific Time.

A live webcast of the event, as well as an archived recording, will be available on the “Investors” section of the company’s website at www.zimvie.com. The webcast will be archived and available for replay for at least 90 days after the event.

About ZimVie

ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. In March 2022, the company became an independent, publicly traded spin-off of the dental and spine business units of Zimmer Biomet to breathe new life, dedicated energy, and strategic focus into its portfolio of trusted brands and products.

From its headquarters in Westminster, Colorado, and additional facilities around the globe, the company serves customers in over 70 countries worldwide with a robust offering of dental and spine solutions, including differentiated product platforms supported by extensive clinical evidence.

For more information about ZimVie, please visit us at www.ZimVie.com.

Follow @ZimVie on Twitter, Facebook, LinkedIn, or Instagram.

Those interested in listening to the conference call should register online here. Participants are encouraged to register more than 15 minutes before the start of the call. A replay of the webcast will be available at investor.zimvie.com.

About ZimVie

ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. In March 2022 the company became an independent, publicly traded spin-off of the dental and spine business units of Zimmer Biomet to breathe new life, dedicated energy, and strategic focus to its portfolio of trusted brands and products.

From its headquarters in Westminster, Colorado, and additional facilities around the globe, the company serves customers in over 70 countries worldwide with a robust offering of dental and spine solutions including differentiated product platforms supported by extensive clinical evidence. For more information about ZimVie, please visit us at www.ZimVie.com.

ZimVie intends to use the after-tax proceeds to reduce debt, in line with the company’s stated capital allocation priorities. The deal is anticipated to be accretive to ZimVie’s revenue growth rate, EBITDA margin, and cash flow conversion rate by enabling the company to streamline operations and sharpen its focus as a well-positioned, pure-play dental company in higher-growth end markets.

“We are pleased to reach an agreement with H.I.G. Capital for the strategic sale of our core spine, motion preservation, and EBI Bone Healing portfolio and services. Our spine business possesses an innovative portfolio, and is well positioned to continue to improve under this new ownership. Similarly, this transaction provides the capital to fund go-forward growth for dental’s commercial and innovation platforms while reducing ZimVie’s leverage profile,” said Vafa Jamali, president and CEO. “This transaction is intended to create a leaner, more focused ZimVie with a leading position in attractive and growing global dental markets.”

“We would also like to thank all of our employees globally. Our teams have made tremendous contributions to transforming and improving our business profile, and these actions continue today,” Mr. Jamali added.

“The ZimVie spine business has a solid foundation with a market-leading product portfolio, strong surgeon satisfaction and exceptional patient outcomes,” said Mike Gallagher, managing director at H.I.G. Capital. “We see a tremendous opportunity to partner with the spine leadership team to support best-in-class innovation and robust commercial execution. The combination of H.I.G.’s expertise in the medical device space and the capabilities of ZimVie spine management will create an innovation engine for distributors, surgeons and patients.”

Terms of the Agreement

Under the terms of the agreement, upon the closing of the transaction, ZimVie will receive $375 million in total consideration, comprising $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. The transaction has been approved by ZimVie’s Board of Directors and is expected to close in the first half of 2024, subject to the satisfaction or waiver of certain closing conditions, including the receipt of required regulatory approvals.

Centerview Partners is serving as the exclusive financial advisor, and Cravath, Swaine & Moore LLP is serving as the legal advisor to ZimVie. McDermott Will & Emery LLP is serving as the legal advisor to H.I.G. Capital.

About ZimVie

ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies and support dental tooth replacement and restoration procedures. The company was founded in March 2022 as an independent, publicly traded spin-off of the Dental and Spine business units of Zimmer Biomet to breathe new life, dedicated energy, and strategic focus into its portfolio of trusted brands and products.

From its headquarters in Westminster, Colorado, and additional facilities around the globe, the company serves customers in over 70 countries worldwide with a robust offering of dental and spine solutions, including differentiated product platforms supported by extensive clinical evidence.

For more information about ZimVie, please visit us at www.ZimVie.com. Follow @ZimVie on Twitter, Facebook, LinkedIn, or Instagram.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $59 billion of capital under management.* Based in Miami, with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, and São Paulo, H.I.G. specializes in providing both debt and equity capital to middle-market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core-plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

*Based on the total capital raised by H.I.G. Capital and its affiliates.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning ZimVie’s expectations, plans, prospects, and product and service offerings, including expected benefits, opportunities, and other prospects if the spine business is divested. Such statements are based upon the current beliefs, expectations, and assumptions of management and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements.

These risks, uncertainties, and changes in circumstances include, but are not limited to: uncertainties as to the timing of the sale of the spine business and the risk that the transaction may not be completed in a timely manner or at all; the possibility that any or all of the conditions to the consummation of the sale of the spine business may not be satisfied or waived; the effect of the announcement or pendency of the transaction on ZimVie’s ability to retain and hire key personnel and to maintain relationships with customers, suppliers, and other business partners; and risks related to diverting management’s attention from ZimVie’s ongoing business operations and uncertainties and matters beyond the control of management.

For a list and description of other such risks, uncertainties, and changes in circumstances, see ZimVie’s periodic reports filed with the U.S. Securities and Exchange Commission (the “SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in ZimVie’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and ZimVie disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

FEATURED IMAGE CREDIT: Gerd Altmann from Pixabay.

This separation completes the path ZimVie began in 2021 when its former parent company announced its intention to separate its Dental and Spine businesses into one of the world’s newest and leading life sciences companies.

ZimVie common stock began “regular way” trading under the symbol “ZIMV” on the Nasdaq Stock Market.

“As an independent company, we are uniquely poised to expand the reach of our Dental and Spine product platforms through innovation and enhanced commercial and operational focus,” said Vafa Jamali, President and Chief Executive Officer of ZimVie. “Our solutions hold strong positions in the Dental and Spine markets, which represent a collective $20 billion addressable market opportunity. We intend to advance our positioning in each of these markets over time as we execute on multiple opportunities for growth and continue innovating to offer better solutions that help restore daily life.”

Concurrent with its separation, ZimVie announced the individuals who serve as members of the Company’s Board of Directors:

• Vinit K. Asar, President and Chief Executive Officer of Hanger Inc., a leading provider of outcomes-based orthotic and prosthetic patient care services and solutions, since May 2012. Mr. Asar brings executive and public company experience as well as significant experience in the healthcare products and services industry to ZimVie’s Board of Directors.
• Sally Crawford, former Chief Operating Officer of Healthsource, Inc., a publicly held managed care organization, from its founding in 1985 until 1997. She serves as a member of the boards of directors of Hologic, Inc. and Abcam plc. Ms. Crawford brings governance experience, operational experience, and a detailed understanding of the healthcare and managed care industries that are relevant to ZimVie’s business.
• Vafa Jamali, President and Chief Executive Officer of ZimVie and previously Senior Vice President and President, Respiratory, Gastrointestinal and Informatics of Medtronic plc. Mr. Jamali brings significant leadership experience and public company knowledge to ZimVie’s management team and Board of Directors.
• David King, former Chief Executive Officer of Labcorp, a leading global life sciences company, from 2007 to 2019. He serves as a member of the board of directors of Privia Health, as the Board Chair of PATH, and as a member of the advisory board for Duke University’s Robert J. Margolis, MD Center for Health Policy. Mr. King brings extensive executive and medical leadership experience, a deep understanding of the healthcare industry, and public company operational expertise to ZimVie’s Board of Directors.
• Richard Kuntz, M.D., Senior Vice President, Chief Medical and Scientific Officer of Medtronic plc. Dr. Kuntz brings to ZimVie’s Board of Directors extensive experience leading and navigating medical affairs, health policy and reimbursement, clinical research activities, and corporate technology, as well as clinical expertise from years of practice in internal medicine followed by interventional cardiology.
• Karen Matusinec, former Senior Vice President, Treasurer of McDonald’s Corporation from 2011 to 2021. In that role, she was responsible for Global Treasury, Tax, Insurance, and Global Business Services functions. Ms. Matusinec brings significant financial expertise and extensive experience in treasury, tax, insurance, shared services, and risk management to ZimVie’s Board of Directors.

ZimVie’s directors bring decades of collective healthcare industry and finance experience to help guide the Company on its path to improve growth and drive long-term shareholder value.

For full biographies on each of the directors, please visit ZimVie’s investor relations website.

Terms of the Separation

Under the terms of the separation, at 12:01 a.m. Eastern time on March 1, 2022, each Zimmer Biomet Holdings, Inc. shareholder received one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock held as of the close of business on Feb. 15, 2022 (the record date for the distribution).

Zimmer Biomet retained approximately 19.7% of ZimVie’s common stock.

About ZimVie

ZimVie is a global life sciences leader in the dental and spine markets that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of Spine pathologies and support dental tooth replacement and restoration procedures. The company was founded in March 2022 as an independent, publicly traded spin-off of the Dental and Spine business units of Zimmer Biomet to breathe new life, dedicated energy, and strategic focus to its portfolio of trusted brands and products.

From its headquarters in Westminster, Colorado, and additional facilities around the globe, the company serves customers in over 70 countries worldwide with a robust offering of Dental and Spine solutions, including differentiated product platforms supported by extensive clinical evidence.

For more information about ZimVie, please visit us at www.ZimVie.com.

Follow @ZimVie on Twitter, Facebook, LinkedIn, or Instagram.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of federal securities laws, including, among others, any statements about our expectations, plans, intentions, strategies, or prospects. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements.

Such statements are based upon the current beliefs, expectations, and assumptions of management and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. For a list and description of some of such risks and uncertainties, see ZimVie’s registration statement on Form 10 filed with the U.S. Securities and Exchange Commission (SEC), including the sections of the information statement captioned “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements.”

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in ZimVie’s filings with the SEC.

Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers of this news release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate.

This cautionary statement is applicable to all forward-looking statements contained in this news release.

FEATURED IMAGE CREDIT: From PxHere.