Background, Nature of Business and Basis of Presentation (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Nature of Business | Nature of Business
ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. Our core services include designing, manufacturing and distributing dental implant systems, dental biomaterial products and digital dentistry solutions. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental restorative products are aimed at providing aesthetic and functional restoration to resemble the original teeth, and dental biomaterials products are for soft tissue and bone rehabilitation. Our key products include the T3® Implant, Tapered Screw-Vent® Implant System, Trabecular Metal®™ Dental Implant, BellaTek® Encode® Impression System and Puros® Allograft Particulate. We believe we are well-positioned in the growing global dental implant and digital dentistry market with a strong presence in the tooth replacement market and market leading positions in certain geographies. |
| Basis of Presentation | Basis of Presentation
The accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, the condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss), and condensed consolidated statements of shareholders' equity for the three and six months ended June 30, 2025 and 2024, and the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended December 31, 2024 ("Annual Report"). During the three months ended March 31, 2024, we recorded out of period adjustments that increased the Loss from continuing operations before income taxes and reduced Income from discontinued operations, net of tax, by $1.8 million and $0.7 million, respectively. We have concluded these out of period adjustments did not have a material impact on our consolidated financial statements for our interim condensed consolidated financial statements for the three months ended March 31, 2024, or six months ended June 30, 2024, nor were they material to previously issued interim and annual consolidated financial statements.
Restricted Cash - As of June 30, 2025 and December 31, 2024, we had $1.7 million and $1.5 million, respectively, in restricted cash. The restriction as of June 30, 2025 and December 31, 2024 is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our 2022 decision to exit our spine products business in China.
Sale of Spine Segment
The historical results of our spine segment have been reflected as discontinued operations in our condensed consolidated financial statements as the sale represented a strategic shift in our business that had a major effect on operations and financial results. The assets and liabilities associated with this segment are classified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets. The disclosures presented in the notes to the condensed consolidated financial statements are presented on a continuing operations basis, unless otherwise noted. |
| Segment Data | Segment Data
Following the sale of our spine segment, we have one reportable segment: dental. Our dental segment develops, manufactures and markets a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. We derive revenues from customers by providing dental reconstructive implants, biomaterial products for soft tissue and bone rehabilitation and digital dentistry workflow solutions. We earn revenues primarily in North America and manage our business activities on a consolidated basis.
The accounting policies of the dental segment are the same as those described in Note 2 to our consolidated financial statements included in our Annual Report. Our chief operating decision maker ("CODM"), who is our , assesses performance of ZimVie and decides how to allocate resources based on net income or loss, which is also reported on the consolidated statement of operations as Net Loss from Continuing Operations of ZimVie Inc. The measure of segment assets is reported on the consolidated balance sheet as Total Assets.
Our CODM uses Net Loss from Continuing Operations of ZimVie Inc. to evaluate income or loss generated from segment assets in determining whether to reinvest cash into the dental segment or into other parts of our business, such as for acquisitions or debt service. Net Loss from Continuing Operations of ZimVie Inc. is also used to monitor budget versus actual results, which is a key factor in establishing management's compensation.
The significant segment expenses regularly provided to our CODM include Cost of products sold, excluding intangible asset amortization, Research and development, and Selling, general and administrative, as presented on the consolidated statements of operations. Other segment items that are presented on the consolidated statements of operations include Intangible asset amortization, Restructuring and other cost reduction initiatives, Acquisition integration, divestiture and related, Other income, net, Interest income, Interest expense, (Provision) benefit for income taxes, and Income (loss) from discontinued operations. |
| Income Taxes | Income Taxes
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes. We are currently evaluating the effects of the OBBBA on our consolidated financial statements. |
| Accounting Pronouncements Recently Issued and Adopted | Accounting Pronouncements Recently Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The key amendments require disclosure of significant segment expenses on an annual and interim basis that are regularly provided to the CODM and included within each reported measure of segment profit or loss, including other segment items by reportable segment and a description of their composition. This ASU includes certain clarifications for measuring a segment's profit or loss assessed by the CODM, disclosure of title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this ASU did not have a material impact on our financial statement disclosures.
Accounting Pronouncements Recently Issued
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments included in the ASU related to rate reconciliation, income taxes paid disclosures and other disclosures requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2024. This ASU will result in changes to certain income tax disclosures including substantially more information on a disaggregated basis, but it does not affect recognition or measurement of income taxes and therefore is not expected to have a material effect on our consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires additional disclosure of certain costs and expenses within the notes to the financial statements. The updated standard is effective for our annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the effect of this ASU on our consolidated financial statement disclosures.
Other recently issued ASUs, excluding ASUs discussed above, were assessed and determined to be not applicable, or are not expected to have a material impact on our consolidated financial statements or disclosures. |