Zimmer Biomet Swings to Profit, Details Spin-Off Closure
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Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is reporting full-year net income of $402 million last year, compared to a loss of $137 million in 2020. The medical device manufacturer says it also plans to close the previously-announced spinoff of its ZimVie company on March 1.
When the spinoff is complete, ZimVie’s common stock is expected to begin trading on the Nasdaq under the ticker symbol “ZIMV.”
ZimVie will be the spin-off of Zimmer Biomet’s spine and dental businesses. The company announced plans for the spin-off last year and named Vafa Jamali its chief executive officer.
The company also reported full-year net sales of $7.8 billion, an increase of 11.6% over the prior year.
“As we expected, the ongoing COVID pandemic continued to pressure our business in Q4,” said Bryan Hanson, chief executive officer of Zimmer Biomet. “The quarter was particularly impacted throughout December due to hospital staffing shortages and the Omicron variant surge worldwide. We continued to execute in the quarter and are focused on delivering on our mission and driving value for all stakeholders.”
The company is also reporting a fourth quarter net loss of $84 million, compared to net income of $334 million during the same period in 2020.
You can connect to the full-year and fourth quarter earnings report by clicking here.