ZimVie (ZIMV) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001876588
Entity File Number	001-41242
Entity Registrant Name	ZIMVIE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2007795
Entity Address, Address Line One	10225 Westmoor Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	303
Local Phone Number	443-7500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ZIMV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,529,642

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Sales
Total Net Sales	$ 224,896	$ 234,564	$ 450,323	$ 470,165
Cost of products sold, excluding intangible asset amortization	(74,500)	(80,011)	(145,217)	(165,021)
Related party cost of products sold, excluding intangible asset amortization	0	(1,061)	(328)	(1,858)
Intangible asset amortization	(20,663)	(19,916)	(41,172)	(40,821)
Research and development	(13,231)	(15,282)	(28,604)	(32,935)
Selling, general and administrative	(128,480)	(126,052)	(256,448)	(260,164)
Restructuring and other cost reduction initiatives	(8,445)	(5,055)	(13,420)	(5,797)
Acquisition, integration, divestiture and related	(1,396)	(8,723)	(3,079)	(17,728)
Operating Expenses	(246,715)	(256,100)	(488,268)	(524,324)
Operating Loss	(21,819)	(21,536)	(37,945)	(54,159)
Other income (expense), net	598	107	(308)	362
Interest expense, net	(9,005)	(4,894)	(17,971)	(5,605)
Loss Before Income taxes	(30,226)	(26,323)	(56,224)	(59,402)
Income tax benefit	6,853	17,611	2,883	25,034
Net loss	$ (23,373)	$ (8,712)	$ (53,341)	$ (34,368)
Net Loss Per Common Share - Basic	$ (0.89)	$ (0.33)	$ (2.02)	$ (1.32)
Net Loss Per Common Share - Diluted	$ (0.89)	$ (0.33)	$ (2.02)	$ (1.32)
Third Party Net [Member]
Net Sales
Total Net Sales	$ 224,896	$ 233,367	$ 449,984	$ 468,049
Related Party Net [Member]
Net Sales
Total Net Sales	$ 0	$ 1,197	$ 339	$ 2,116

Condensed Consolidated Statem_2

Condensed Consolidated Statements Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Loss	$ (23,373)	$ (8,712)	$ (53,341)	$ (34,368)
Foreign currency cumulative translation adjustments, net of tax	580	(45,674)	11,097	(60,340)
Total Other Comprehensive Income (Loss)	580	(45,674)	11,097	(60,340)
Comprehensive Loss	$ (22,793)	$ (54,386)	$ (42,244)	$ (94,708)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 66,212	$ 89,601
Accounts receivable, net of allowance for credit losses of $14,546 and $15,026, respectively	168,121	168,961
Inventories	227,532	233,854
Prepaid expenses and other current assets	45,514	36,964
Total Current Assets	507,379	537,863
Property, plant and equipment, net of accumulated depreciation of $393,422 and $392,888, respectively	129,671	148,439
Goodwill	261,211	259,999
Intangible assets, net	624,614	654,965
Other assets	37,664	40,790
Total Assets	1,560,539	1,642,056
Current Liabilities:
Accounts payable	59,418	43,998
Income taxes payable	4,544	14,356
Other current liabilities	125,778	145,779
Total Current Liabilities	189,740	217,309
Deferred income taxes	92,773	98,062
Lease liability	17,583	22,287
Other long-term liabilities	10,334	13,561
Non-current portion of debt	522,267	532,233
Total Liabilities	832,697	883,452
Commitments and Contingencies (Note 11)
Stockholders' Equity:
Common stock, $0.01 par value, 150,000 shares authorized Shares, issued and outstanding, of 26,530 and 26,222, respectively	265	262
Preferred stock, $0.01 par value, 15,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid in capital	908,507	897,028
Accumulated deficit	(100,873)	(47,532)
Accumulated other comprehensive loss	(80,057)	(91,154)
Total Stockholders' Equity	727,842	758,604
Total Liabilities and Stockholders' Equity	1,560,539	1,642,056
Related Party [Member]
Current Assets:
Accounts receivable, net of allowance for credit losses of $14,546 and $15,026, respectively	0	8,483
Current Liabilities:
Accounts payable	$ 0	$ 13,176

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity, Attributable to Parent [Abstract]
Accounts Receivable, Net of Allowance for Credit Loss, Current	$ 14,546	$ 15,026
Property, plant and equipment, net of accumulated depreciation	$ 393,422	$ 392,888
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	26,530,000	26,222,000
Common Stock, Shares, Outstanding	26,530,000	26,222,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	15,000,000	15,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Net Parent Company Investment	Accumulated Other Comprehensive (Loss) Income
Beginning Balance at Dec. 31, 2021	$ 1,451,377	$ 0	$ 0	$ 0	$ 1,494,157	$ (42,780)
Net loss	(34,368)	0	0	(18,019)	(16,349)	0
Net transactions with Zimmer Biomet Holdings, Inc., including separation adjustments	(70,430)	0	0	0	(70,430)	0
Net considerations paid to Zimmer Biomet Holdings, Inc. in connection with distribution	(540,567)	0	0	0	(540,567)	0
Reclassification of net parent company investment to additional paid-in capital	0	261	866,550	0	(866,811)	0
Stock Activity Under Stock Plans	(4)	0	(4)	0	0	0
Share-based compensation expense	18,889	0	18,889	0	0	0
Other comprehensive income (loss)	(60,340)	0	0	0	0	(60,340)
Ending Balance at Jun. 30, 2022	764,557	261	885,435	(18,019)	0	(103,120)
Beginning Balance at Mar. 31, 2022	812,456	261	878,948	(9,307)	0	(57,446)
Net loss	(8,712)	0	0	(8,712)	0	0
Stock Activity Under Stock Plans	28	0	28	0	0	0
Share-based compensation expense	6,459	0	6,459	0	0	0
Other comprehensive income (loss)	(45,674)	0	0	0	0	(45,674)
Ending Balance at Jun. 30, 2022	764,557	261	885,435	(18,019)	0	(103,120)
Beginning Balance at Dec. 31, 2022	758,604	262	897,028	(47,532)	0	(91,154)
Net loss	(53,341)	0	0	(53,341)	0	0
Stock Activity Under Stock Plans	(341)	3	(344)	0	0	0
Share-based compensation expense	10,656	0	10,656	0	0	0
Employee stock purchase plan	1,167	0	1,167	0	0	0
Other comprehensive income (loss)	11,097	0	0	0	0	11,097
Ending Balance at Jun. 30, 2023	727,842	265	908,507	(100,873)	0	(80,057)
Beginning Balance at Mar. 31, 2023	743,603	264	901,476	(77,500)	0	(80,637)
Net loss	(23,373)	0	0	(23,373)	0	0
Stock Activity Under Stock Plans	50	1	49	0	0	0
Share-based compensation expense	5,815	0	5,815	0	0	0
Employee stock purchase plan	1,167	0	1,167	0	0	0
Other comprehensive income (loss)	580	0	0	0	0	580
Ending Balance at Jun. 30, 2023	$ 727,842	$ 265	$ 908,507	$ (100,873)	$ 0	$ (80,057)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows (used in) provided by operating activities:
Net loss	$ (53,341)	$ (34,368)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	64,588	62,267
Share-based compensation	10,656	19,694
Deferred income tax provision	(7,935)	(32,817)
Gain on disposal of fixed assets	1,129	0
Other non-cash items	1,380	590
Changes in operating assets and liabilities
Income taxes	(16,023)	11,333
Accounts receivable	1,271	(25,371)
Related party receivable	8,483	(22,367)
Inventories	8,401	11,765
Prepaid expenses and other current assets	(2,097)	(18,381)
Accounts payable and accrued liabilities	(4,825)	8,556
Related party payable	(13,177)	45,536
Other assets and liabilities	(5,450)	4,240
Net cash (used in) provided by operating activities	(6,940)	30,677
Cash flows used in investing activities:
Additions to instruments	(1,951)	(6,089)
Additions to other property, plant and equipment	(3,154)	(6,165)
Other investing activities	(1,994)	(1,949)
Net cash used in investing activities	(7,099)	(14,203)
Cash flows (used in) provided by financing activities:
Net transactions with Zimmer Biomet	0	6,920
Dividend paid to Zimmer Biomet	0	(540,567)
Proceeds from debt	4,760	595,000
Payments on debt	(15,279)	(37,506)
Debt issuance costs	0	(5,170)
Payments related to tax withholding for share-based compensation	(419)	0
Proceeds from stock option activity	1,167	51
Net cash (used in) provided by financing activities	(9,771)	18,728
Effect of exchange rates on cash and cash equivalents	421	(5,549)
(Decrease) increase in cash and cash equivalents	(23,389)	29,653
Cash and cash equivalents, beginning of year	89,601	100,399
Cash and cash equivalents, end of period	66,212	130,052
Supplemental cash flow information:
Income taxes paid, net	18,755	5,204
Interest paid	$ 17,452	$ 3,939

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Background, Nature of Business

Background, Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background, Nature of Business and Basis of Presentation	1. Background, Nature of Business and Basis of Presentation Background On March 1, 2022, ZimVie Inc. ("ZimVie," "we," "us" and "our") and Zimmer Biomet Holdings, Inc. ("Zimmer Biomet" or "Parent") entered into a Separation and Distribution Agreement (the "Separation Agreement") , pursuant to which Zimmer Biomet agreed to spin off its dental and spine businesses into ZimVie, a new, publicly traded company. Zimmer Biomet effected the separation through a pro rata distribution of 80.3 % of the outstanding shares of common stock of ZimVie. Following the distribution on March 1, 2022, Zimmer Biomet stockholders as of the record date for the distribution owned 80.3 % of the outstanding shares of ZimVie common stock; Zimmer Biomet initially retained 19.7 % of the outstanding shares of ZimVie common stock. The distribution is intended to qualify as generally tax-free to Zimmer Biomet stockholders for United States ("U.S.") federal income tax purposes, except for any cash received by stockholders in lieu of fractional shares. The distribution on March 1, 2022 resulted in ZimVie becoming a standalone, publicly traded company, and it was completed pursuant to the Separation Agreement and other agreements with Zimmer Biomet related to the distribution, including, but not limited to a tax matters agreement, an employee matters agreement, a transition services agreement and transition manufacturing agreements. See Note 12 for further description of the impact of the distribution and post-spin activities with Zimmer Biomet. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7 % ownership in ZimVie and is no longer considered a related party. Nature of Business ZimVie is a leading medical technology company dedicated to enhancing the quality of life for dental and spine patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures and treat a wide range of spine pathologies. We are well-positioned in the growing global dental implant, biomaterials and digital dentistry market with a strong presence in the tooth replacement market with market leading positions in certain geographies. Our broad portfolio also addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis. Our operations are principally managed on a products basis and include two operating segments, 1) the dental products segment, and 2) the spine products segment. In the dental products market, our core services include designing, manufacturing and distributing dental implant solutions. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental prosthetic products are aimed at providing a more natural restoration to resemble the original teeth, and dental regenerative 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. In the spine products market, our core services include designing, manufacturing and distributing medical devices and surgical instruments to deliver comprehensive solutions for individuals with back or neck pain caused by degenerative conditions, deformities or traumatic injury of the spine. We also provide devices that promote bone healing. Other differentiated products in our spine portfolio include Mobi-C® Cervical Disc, a motion-preserving alternative to fusion for patients with cervical disc disease, and The Tether™, a novel non-fusion device for treatment of pediatric scoliosis. Basis of Presentation Prior to March 1, 2022, we existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying condensed consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022. On March 1, 2022, ZimVie became a standalone publicly traded company, and our financial statements are now presented on a consolidated basis. The unaudited financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Condensed Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete consolidated financial statements are not included herein. In our opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"). The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. Prior to the distribution, our equity balance in these condensed consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between us and Zimmer Biomet (referred to as "net parent investment" or "NPI") and accumulated other comprehensive income (loss). NPI was primarily impacted by contributions from Zimmer Biomet that were the result of treasury activities and net funding provided by or distributed to Zimmer Biomet. Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred, and expect to continue to incur, certain costs to establish ourselves as a standalone public company, as well as ongoing additional costs associated with operating as an independent, publicly traded company. As of June 30, 2023 and December 31, 2022, we had $ 1.4 million and $ 1.5 million, respectively, in restricted cash. The restriction is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China (see Note 13 for further information). Accounting Pronouncements Recently Issued There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	2. Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill by historical reportable segment (in thousands): Dental Spine Total Balance at December 31, 2022 Goodwill, Gross $ 401,999 $ 1,089,400 $ 1,491,399 Accumulated impairment losses ( 142,000 ) ( 1,089,400 ) ( 1,231,400 ) Goodwill, Net 259,999 — 259,999 Currency translation 1,212 — 1,212 Balance at June 30, 2023 Goodwill, Gross 403,211 1,089,400 1,492,611 Accumulated impairment losses ( 142,000 ) ( 1,089,400 ) ( 1,231,400 ) Goodwill, Net $ 261,211 $ — $ 261,211 The components of identifiable intangible assets were as follows (in thousands): Technology Trademarks Customer Relationships Other Total As of December 31, 2022: Intangible assets subject to amortization: Gross carrying amount $ 844,730 $ 137,785 $ 364,917 $ 53,955 $ 1,401,387 Accumulated amortization ( 444,603 ) ( 63,012 ) ( 188,913 ) ( 49,894 ) ( 746,422 ) Total identifiable intangible assets $ 400,127 $ 74,773 $ 176,004 $ 4,061 $ 654,965 As of June 30, 2023: Intangible assets subject to amortization: Gross carrying amount $ 854,876 $ 139,631 $ 367,863 $ 54,054 $ 1,416,424 Accumulated amortization ( 471,002 ) ( 68,046 ) ( 202,770 ) ( 49,992 ) ( 791,810 ) Total identifiable intangible assets $ 383,874 $ 71,585 $ 165,093 $ 4,062 $ 624,614 Estimated annual amortization expense for the years ending December 31, 2023 through 2027 based on exchange rates in effect at December 31, 2022 is as follows (in millions): For the Years Ending December 31, 2023 (remaining) $ 34.7 2024 72.4 2025 70.6 2026 68.9 2027 63.6 Thereafter 314.4 Total $ 624.6

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	3. Share-Based Compensation Conversion Awards Zimmer Biomet has share-based compensation plans under which it granted stock options, restricted stock units ("RSUs") and performance-based RSUs . In connection with the distribution, ZimVie employees with outstanding Zimmer Biomet share-based awards received replacement share-based awards. The ratio used to convert the Zimmer Biomet share-based awards was designed to preserve the aggregate intrinsic value of the award immediately after the distribution when compared to the aggregate intrinsic value of the award immediately prior to the distribution. Outstanding RSUs and performance-based RSUs were converted into 0.3 million ZimVie RSUs at a weighted average fair value of $ 31.55 , and outstanding stock options were converted into 2.1 million ZimVie stock options at a weighted average fair value of $ 14.76 . Due to the conversion, ZimVie incurred $ 21.3 million of incremental share-based compensation expense. Of this amount, $ 10.3 million was related to unvested and/or unexercised share-based awards and was recognized at the distribution date. The remaining $ 11.0 million is being recognized over the remainder of the share-based awards' weighted average vesting period of 2.5 years from the date of the distribution. ZimVie Awards The ZimVie Inc. 2022 Stock Incentive Plan was originally established effective as of March 1, 2022, and was amended effective May 12, 2023 (as amended, the "2022 Plan"). A total of 6.0 million shares of common stock are authorized for issuance under the 2022 Plan. Shares issued pursuant to converted Zimmer Biomet share-based awards do not count against this limit. At June 30, 2023 , 3.3 million shares were available for future grants and awards under the 2022 Plan. The 2022 Plan provides for the grant of various types of awards including stock options, stock appreciation rights, performance shares, performance units, restricted stock and RSUs. Generally, awards have a three-year vesting period and stock options have a term of ten years . Vesting may accelerate upon retirement after the first anniversary date of the award if certain criteria are met. We recognize expense on a straight-line basis over the requisite service period, less awards expected to be forfeited using estimated forfeiture rates. Stock options are granted with an exercise price equal to the market price of our common stock on the date of grant, except in limited circumstances where local law may dictate otherwise. Share-based compensation expense was as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation expense recognized in: Cost of products sold, excluding intangible asset amortization $ 303 $ 289 $ 569 $ 2,086 Research and development 383 466 805 2,544 Selling, general and administrative 5,129 5,467 9,282 15,064 5,815 6,222 10,656 19,694 Tax benefit related to awards ( 1,471 ) ( 1,572 ) ( 2,680 ) ( 4,601 ) Total expense, net of tax $ 4,344 $ 4,650 $ 7,976 $ 15,093 For periods prior to the distribution, we specifically identified employees who were associated with our historical operations and calculated expense based upon the awards received under the Zimmer Biomet plans, as well as expense related to corporate or shared employees allocated to us on a proportional cost allocation method, primarily based on revenue. Stock option activity was as follows: Period Ended June 30, 2023 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Stock Options Price Life (Years) Value (in Millions) Outstanding at December 31, 2022 2,403,635 $ 26.74 Granted — — Exercised — — Forfeited ( 76,670 ) 23.10 Outstanding at June 30, 2023 2,326,965 $ 26.86 6.6 $ — Exercisable at June 30, 2023 1,602,377 $ 26.21 5.9 $ — We used a Black-Scholes option-pricing model to determine the fair value of our stock options. For new awards granted after the distribution: expected volatility of 52.29 % was derived from a peer group's combined historical volatility that was de-levered and re-levered for ZimVie as ZimVie does not have sufficient historical volatility based on the expected term of the underlying options; the expected term of the stock options of 6.0 years was determined using the simplified method; and the risk-free interest rate of 1.94 % was determined using the implied yield then available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options. The dividend yield was zero as ZimVie has no plans to pay a dividend for the foreseeable future. Aggregate intrinsic value was negligible at June 30, 2023. At June 30, 2023, we had unrecognized share-based compensation cost related to unvested stock options of $ 8.3 million , which is expected to be amortized over the remaining weighted average vesting period of approximately 1.7 years. RSU activity was as follows: Period Ended June 30, 2023 Weighted Average Number of Grant Date RSUs Fair Value Outstanding at December 31, 2022 1,382,500 $ 24.64 Granted 1,526,343 10.34 Vested ( 222,306 ) 28.07 Forfeited ( 79,935 ) 22.62 Outstanding at June 30, 2023 2,606,602 $ 16.98 RSUs granted in the six months ended June 30, 2023 included 367,928 RSUs (at target) with performance-based vesting provisions ("PRSUs"). PRSUs may vest from 0 - 150 % of target based on the level of achievement of pre-defined performance metrics. PRSUs are payable in common shares and do not have the right to vote until vested. Compensation expense related to PRSUs is recognized over a 36 -month cliff vesting period, and is adjusted as needed for changes in the projected level of achievement of the performance metrics. At June 30, 2023, we had unrecognized share-based compensation cost related to unvested RSUs of $ 26.6 million , which is expected to be amortized into net income over the remaining weighted average vesting period of approximately 1.8 years. The total fair value of RSUs that vested during the six months ended June 30, 2023 was $ 6.2 million .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	4. Earnings Per Share On March 1, 2022, 26.1 million ZimVie common shares were distributed in connection with the distribution. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding throughout all periods presented up to and including March 1, 2022 in the calculation of basic weighted average shares. For periods prior to the distribution, it was assumed that there were no dilutive equity instruments, as there were no equity awards of ZimVie outstanding prior to the distribution. The calculation of weighted average shares for the basic and diluted net loss per common share is as follows (in thousands, except per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ ( 23,373 ) $ ( 8,712 ) $ ( 53,341 ) $ ( 34,368 ) Weighted Average shares outstanding for basic net loss per share 26,328 26,073 26,343 26,069 Effect of dilutive stock options and other equity awards (1) — — — — Weighted Average shares outstanding for diluted net loss per share 26,328 26,073 26,343 26,069 Basic and diluted net loss per common share $ ( 0.89 ) $ ( 0.33 ) $ ( 2.02 ) $ ( 1.32 ) (1) Since we incurred a net loss in each of the three and six months ended June 30, 2023 and 2022, no dilutive stock options or other equity awards were included as diluted shares in those periods. For the three months ended June 30, 2023 and 2022 , a weighted average of 4.0 million and 3.7 million, respectively, and for the six months ended June 30, 2023 and 2022 , a weighted average of 3.7 million and 2.4 million, respectively, options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	5. Balance Sheet Details Inventories consisted of the following (in thousands): June 30, 2023 December 31, 2022 Finished goods $ 193,264 $ 200,098 Work-in-progress 21,055 21,199 Raw materials 13,213 12,557 Inventories $ 227,532 $ 233,854 Amounts related to cost of products sold in the condensed consolidated statements of operations for excess and obsolete ("E&O") inventory, including certain product lines we intend to discontinue, were $ 1.6 million and $ 9.2 million in the three months ended June 30, 2023 and 2022, respectively, and were $ 0.6 million and $ 17.6 million in the six months ended June 30, 2023 and 2022, respectively. Other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Other current liabilities: License and service agreements $ 19,233 $ 25,337 Salaries, wages and benefits 32,172 47,812 Lease liabilities 9,681 9,617 Accrued liabilities 64,692 63,013 Total other current liabilities $ 125,778 $ 145,779

Fair Value Measurements of Asse

Fair Value Measurements of Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities	6. Fair Value Measurements of Assets and Liabilities The fair value of foreign currency exchange forward contracts (see Note 8) are determined using Level 2 inputs. The carrying value of our debt (see Note 7) approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, restricted cash, bank time deposits, accounts receivable, net, and accounts payable) approximated their fair values at December 31, 2022 and June 30, 2023 due to their short-term nature. The fair values of acquisition-related contingent payments are estimated using Level 3 inputs. Contingent payments related to acquisitions consist of sales-based payments and are valued using discounted cash flow techniques. The fair value of sales-based payments is based upon probability-weighted future revenue estimates and increases as revenue estimates increase. See Note 3 to our consolidated financial statements included in our Annual Report for additional information regarding contingent payments related to acquisitions. The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Level 3 - Liabilities Contingent payments related to acquisitions Balance December 31, 2022 $ 13,250 Settlements ( 3,451 ) Balance June 30, 2023 $ 9,799

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	7. Debt Our debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Term loan $ 525,938 $ 536,456 Debt issuance costs ( 3,671 ) ( 4,223 ) Total debt 522,267 532,233 Less: current portion — — Total debt due after one year $ 522,267 $ 532,233 We entered into a Credit Agreement, dated as of December 17, 2021 (the “Credit Agreement”), with JP Morgan Chase Bank, N.A., as administrative agent and syndication agent, and the lenders and issuing banks named therein. The Credit Agreement provides for revolving loans of up to $ 175.0 million (the “Revolver”) and term loan borrowings of up to $ 595.0 million (the “Term Loan” and, together with the Revolver, the “Credit Facility”). On March 31, 2023, we made a principal payment of $ 10.5 million to cover the March 31, 2024 and June 30, 2024 mandatory scheduled principal payments on the Term Loan. As of June 30, 2023 , $ 525.9 million was outstanding on the Term Loan following such payments, and there were no outstanding borrowings under the Revolver. As of June 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 s ubject to a commitment fee on the unused portion of the Revolver of 25 basis points. Borrowings under the Credit Facility are collateralized by substantially all of our personal property, including intellectual property and certain real property, and we, along with our subsidiaries party to the Credit Facility, pledged our equity interests in our subsidiaries, subject to materiality thresholds and certain limitations with respect to foreign subsidiaries. The Credit Facility contains various covenants that restrict our ability to take certain actions, including incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, making certain investments, prepayments or redemptions of subordinated debt, or making certain restricted payments. In addition, the Credit Facility contains financial covenants that require us to maintain a maximum consolidated total net leverage ratio of 6.00 to 1.00 . We were in compliance with all covenants as of June 30, 2023. See Note 10 to our consolidated financial statements included in our Annual Report for additional information on our Credit Agreement. In April 2023, we financed $ 4.8 million of our corporate insurance premium, all of which was repaid by June 30, 2023.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivatives [Abstract]
Derivatives	8. Derivatives We enter into foreign currency exchange forward contracts with terms of one to three months in order to manage currency exposures related to monetary assets and liabilities denominated in a currency other than an entity’s functional currency. Any foreign currency remeasurement gains or losses recognized in earnings are generally offset with gains or losses on the foreign currency exchange forward contracts in the same reporting period. The amount of these gains (losses) is recorded in Other (expense) income, net. Outstanding contracts are recorded on the condensed consolidated balance sheet at fair value as of the end of the reporting period. The notional amounts of these contracts were $ 48.4 million as of June 30, 2023 and $ 69.1 million as of December 31, 2022. Current derivative assets of $ 0.9 million as of June 30, 2023 and $ 0.6 million as of December 31, 2022 were included in Prepaid expenses and other current assets on our condensed consolidated balance sheets. Current derivative liabilities of $ 0.1 million as of June 30, 2023 and $ 0.3 million as of December 31, 2022 were included in Other current liabilities in our condensed consolidated balance sheets. L osses from these derivative instruments recognized on our condensed consolidated statements of operations in Other (expense) income , net were $ 0.3 million and $ 0.5 million for the three and six months ended June 30, 2023 , respectively, and $ 1.4 million for each of the three and six months ended June 30, 2022 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Our effective tax rate (“ETR”) on loss before income taxes was 22.7 % and 66.9 % for the three months ended June 30, 2023 and 2022, respectively, and 5.1 % and 42.1 % for the six months ended June 30, 2023 and 2022 , respectively. In the three months ended June 30, 2023, the income tax benefit was higher than the 21 % U.S. federal statutory rate due to releases in prior year valuation allowances primarily driven by method changes in accounting for inventories for tax purposes in the U.S. In the six months ended June 30, 2023, the income tax benefit was lower than the 21 % U.S. federal statutory rate due to losses in certain jurisdictions with full valuation allowances resulting in no tax benefit. In the three and six months ended June 30, 2022, the additional income tax benefit compared to the statutory rate was driven by the impact of losses recorded prior to the distribution that were calculated on a “carve-out” basis, which applied the accounting guidance as if we filed income tax returns on a standalone, separate return basis and are not reflective of the tax results we expect to generate in the future. Additionally, for the three and six months ended June 30, 2023 and 2022, profit in inventory recorded prior to the distribution is non-taxable as the inventory is sold post-separation to third parties, resulting in a significant benefit to the foreign rate differential. During the six months ended June 30, 2022 , income tax balances were adjusted to reflect the income tax positions after distribution, including those related to tax loss and credit carryforwards, other deferred tax assets and liabilities and valuation allowances. These separation-related adjustments resulted in a $ 3.9 million increase to the net deferred tax liability, primarily due to inventory and intangible assets transferred in the separation, tax rate changes and changes to the permanent reinvestment assertion in the post-separation environment. The increase in the net deferred tax liability was offset by a corresponding decrease in NPI.

Segment Data

Segment Data	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Data	10. Segment Data Net sales and operating profit (loss) by segment are as follows (in thousands): Net Sales Operating Profit (Loss) Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 Dental $ 118,649 $ 118,149 $ 21,090 $ 24,973 Spine 106,247 115,218 10,386 7,262 Segment Total 224,896 233,367 31,476 32,235 Related party transactions — 1,197 — 136 Expenses related to Parent products — — — — Intangible asset amortization — — ( 20,663 ) ( 19,916 ) Restructuring and other cost reduction initiatives — — ( 8,445 ) ( 5,055 ) Acquisition, integration, divestiture and related — — ( 1,396 ) ( 8,723 ) Other — — ( 22,791 ) ( 20,213 ) Total $ 224,896 $ 234,564 $ ( 21,819 ) $ ( 21,536 ) Net Sales Operating Profit (Loss) Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dental $ 238,819 $ 238,718 $ 44,691 $ 50,632 Spine 211,165 229,331 17,885 12,361 Segment Total 449,984 468,049 62,576 62,993 Related party transactions 339 2,116 11 ( 12,118 ) Expenses related to Parent products — — — ( 616 ) Intangible asset amortization — — ( 41,172 ) ( 40,821 ) Restructuring and other cost reduction initiatives — — ( 13,420 ) ( 5,797 ) Acquisition, integration, divestiture and related — — ( 3,079 ) ( 17,728 ) Other — — ( 42,861 ) ( 40,072 ) Total $ 450,323 $ 470,165 $ ( 37,945 ) $ ( 54,159 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies We are subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial and other matters that arise in the normal course of business. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. We record liabilities for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Legal defense costs expected to be incurred in connection with a loss contingency are accrued when probable and reasonably estimable. The recorded accrual balance for loss contingencies wa s $ 6.9 million and $ 9.5 mi llion as of June 30, 2023 and December 31, 2022, respectively. Initiation of new legal proceedings or a change in the status of existing proceedings may result in a change in the estimated loss accrued. Subject to certain exceptions specified in the Separation Agreement, we assumed the liability for, and control of, all pending and threatened legal matters related to our business, including liabilities for any claims or legal proceedings related to products that had been part of our business, but were discontinued prior to the distribution, as well as assumed or retained liabilities, and will indemnify Zimmer Biomet for any liability arising out of or resulting from such assumed legal matters.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Prior to the distribution, we did not operate as a standalone business and had various relationships with Zimmer Biomet whereby Zimmer Biomet provided services to us. Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. The following disclosures summarize activities between us and Zimmer Biomet that are included in our condensed consolidated financial statements. Prior to Distribution Corporate Overhead and Other Allocations from Zimmer Biomet Zimmer Biomet provided certain services, which included, but were not limited to, executive oversight, treasury, finance, legal, human resources, tax planning, internal audit, financial reporting, information technology and other corporate departments. The expenses related to these services have been allocated based on direct usage or benefit where specifically identifiable, with the remainder allocated on a proportional cost allocation method based primarily on net trade sales, as applicable. When specific identification is not practicable, a proportional cost method was used primarily based on sales. Corporate allocations reflected in the condensed consolidated statements of operations are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Cost of products sold $ — $ — $ — $ ( 78 ) Selling, general & administrative — — — 14,271 Acquisition, integration, divestiture and related — — — ( 357 ) Management believes that the methods used to allocate expenses to ZimVie are a reasonable reflection of the utilization of services provided to, or the benefit derived by, ZimVie during the periods presented. However, the allocations may not necessarily reflect the condensed consolidated financial position, results of operations and cash flows in the future or what they would have been had ZimVie been a separate, standalone entity during the periods presented. Share-Based Compensation As discussed in Note 3, our employees participated in Zimmer Biomet’s share-based compensation plans, the costs of which were allocated and recorded in cost of products sold, R&D, and selling, general and administrative expenses in the condensed consolidated statements of operations. Share-based compensation benefit related to our employees prior to the distribution were $ 1.0 million for the six months ended June 30, 2022 .There were no share-based compensation costs allocated during the three months ended June 30, 2022. In connection with the distribution, the awards held by employees were modified and resulted in incremental compensation expense as discussed in Note 3. Centralized Cash Management Zimmer Biomet used a centralized approach to cash management and financing of operations. The majority of our subsidiaries were party to Zimmer Biomet’s cash pooling arrangements with several financial institutions to maximize the availability of cash for general operating and investing purposes. Under these cash pooling arrangements, cash balances were swept regularly from our accounts. Cash transfers to and from Zimmer Biomet’s cash concentration accounts and the resulting balances at the end of each reporting period were reflected in NPI and net transactions with Zimmer Biomet in the condensed consolidated balance sheets and statements of cash flows, respectively. Prior to the distribution, we borrowed $ 595.0 million under our Credit Agreement and subsequently distributed $ 561.0 million of the proceeds to Zimmer Biomet. After this distribution and the impact of various transactions between the parties related to the separation, we had approximately $ 100.0 million of cash at distribution to operate as a standalone company. Manufacturing Services to Zimmer Biomet We have certain manufacturing facilities that also produce orthopedic products that continue to be sold by Zimmer Biomet after the separation. The condensed consolidated statements of operations reflect the sales of these orthopedic products to Zimmer Biomet as related party transactions in periods in which Zimmer Biomet was a related party as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Related party net sales $ — $ 1,197 $ 339 $ 2,116 Related party cost of products sold, excluding intangible asset amortization — 1,061 328 1,858 We will continue to sell these products to Zimmer Biomet in future periods pursuant to a transition manufacturing and supply agreement as described below. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7 % ownership in ZimVie and is no longer considered a related party. As such, transactions with Zimmer Biomet subsequent to February 1, 2023 are reported as third party transactions. Net Parent Company Investment As discussed in Note 1, NPI is primarily impacted by contributions from Zimmer Biomet, which are the result of treasury activity and net funding provided by or distributed to Zimmer Biomet. For the six months ended June 30, 2023 and 2022 , net transactions with Zimmer Biomet reflected in the cash flows pre-distribution were nil and $ 6.9 million, respectively. There were no net transactions with Zimmer Biomet reflected in the cash flows pre-distribution during the three months ended June 30, 2023 and 2022. Activities that impacted the net transfers from Zimmer Biomet include corporate overhead, share-based compensation, debt agreements between the parties and other allocations and centralized cash management. For the six months ended June 30, 2023 and 2022 , the total impact on NPI from these transactions was nil and $ 70.4 million, respectively. There were no a ctivities that impacted the net transfers from Zimmer Biomet including corporate overhead, share-based compensation, debt agreements between the parties and other allocations and centralized cash management during the three months ended June 30, 2023 and 2022. For all periods prior to the distribution, transfers between ZimVie and Zimmer Biomet affiliates were recognized in Net transactions with Zimmer Biomet. In connection with the distribution, certain net assets of approximately $ 79.0 million that were included in our pre-distribution balance sheet were retained by Zimmer Biomet, with the offset of the non-cash transaction reflected as a distribution within NPI. Separation-related adjustments were also recognized in Net transactions with Zimmer Biomet. After Distribution In connection with the distribution, ZimVie entered into various agreements that govern activity between the parties, including, but not limited to, the Separation Agreement, the Transition Services Agreement, interim operating model agreements, the Tax Matters Agreement, the Employee Matters Agreement and transition manufacturing and supply agreements. As of February 1, 2023, Zimmer Biomet had sold all of its 19.7 % ownership in ZimVie and is no longer considered a related party. The amounts due from and to Zimmer Biomet under the various agreements described below that were included in related party receivable or payable, as applicable, in our condensed consolidated balance sheets were as follows (in thousands): June 30, 2023 December 31, 2022 Related party receivable $ — $ 8,483 Related party payable — 13,176 The Separation Agreement sets forth our agreements with Zimmer Biomet regarding the principal actions taken in connection with the separation and the distribution. It also sets forth other agreements that govern aspects of our relationship with Zimmer Biomet following the separation and the distribution. The Separation Agreement provides for, among other things, (i) the assets transferred, the liabilities assumed and the contracts assigned to each of us and Zimmer Biomet as part of the separation, (ii) cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of the ZimVie businesses with us and financial responsibility for the obligations and liabilities of Zimmer Biomet’s remaining businesses with Zimmer Biomet, (iii) procedures with respect to claims subject to indemnification and related matters and governing our and Zimmer Biomet’s obligations and allocations of liabilities with respect to ongoing litigation matters and (iv) the allocation between us and Zimmer Biomet of rights and obligations under existing insurance policies with respect to occurrences prior to completion of the distribution. The Separation Agreement also provides that, in order to obtain certain requisite governmental approvals, or for other business reasons, following the distribution date, Zimmer Biomet and certain of its affiliates will continue to operate certain activities relating to the ZimVie businesses in certain jurisdictions until the requisite approvals have been received or the occurrence of all other actions permitting the legal transfer of such activities, and we will receive, to the greatest extent possible, all of the economic benefits and burdens of such activities. The agreements that we entered into with Zimmer Biomet that govern aspects of ZimVie's relationship with Zimmer Biomet following the distribution are described in Note 18 to our consolidated financial statements included in our Annual Report.

Restructuring and Other Cost Re

Restructuring and Other Cost Reduction Initiatives	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Other Cost Reduction Initiatives	13. Restructuring and Other Cost Reduction Initiatives In April 2023, we initiated additional restructuring activities to better position our organization for future success based on the current business environment. These initiatives have the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions and levels. During the three and six months ended June 30, 2023 , we recorded pre-tax charges of $ 7.0 million and $ 8.6 million, respectively, related to these actions. T he restructuring charges incurred in the three and six months ended June 30, 2023 under this plan were primarily related to severance and professional fees , and we anticipate total charges related to this plan of approximately $ 15 - 16 million will be incurred in 2023 and 2024, including projects in process or under final evaluation as of June 30, 2023. In June 2022, we initiated a restructuring plan with the objective of reducing costs and optimizing our global footprint. In addition, t he national volume-based procurement program for spine products in China took place in late September 2022, and we were not successful in our bid. After evaluating our alternatives, in the fourth quarter of 2022 we approved a plan to exit our spine products activities in China. During each of the three and six months ended June 30, 2022 , actions under the June 2022 plan resulted in a pre-tax charge of $ 1.7 million. During the three and six months ended June 30, 2023 , we recorded pre-tax charges of $ 1.4 million and $ 4.7 million, respectively, related to the actions under these plans. We have incurred pre-tax charges of $ 13.7 million from inception through June 30, 2023, and w e anticipate total charges of approximately $ 18 - 19 million related to these plans . The restructuring charges incurred in the three and six months ended June 30, 2023 under these plans were primarily related to accelerated depreciation, severance and impairment of assets. We anticipate incurring the remaining charges through 2023. In December 2019 and December 2021, Zimmer Biomet initiated restructuring plans (the "ZB Restructuring Plans") with an objective of reducing costs to allow further investment in higher priority growth opportunities. We incurred pre-tax charges related to the ZB Restructuring Plans of $ 3.4 million and $ 4.1 million in the three and six months ended June 30, 2022, respectively. The restructuring charges incurred under these plans primarily related to employee termination benefits, contract terminations and retention period compensation and benefits. We do not expect to incur material expenses from the ZB Restructuring Plans after June 30, 2022. The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands): Six Months Ended June 30, Employee Other Total Balance, December 31, 2022 $ 1,893 $ 2,173 $ 4,066 Additions 7,821 2,942 10,763 Cash payments ( 3,734 ) ( 3,249 ) ( 6,983 ) Balance, June 30, 2023 $ 5,980 $ 1,866 $ 7,846 Balance, December 31, 2021 $ 1,099 $ 1,150 $ 2,249 Additions 1,500 2,511 4,011 Non-cash adjustments — ( 320 ) ( 320 ) Cash payments ( 1,207 ) ( 1,572 ) ( 2,779 ) Balance, June 30, 2022 $ 1,392 $ 1,769 $ 3,161 We do not include charges for restructuring and other cost reduction initiatives in the operating profit of our reportable segments.

Background, Nature of Busines_2

Background, Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
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 and spine patients worldwide. We develop, manufacture and market a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures and treat a wide range of spine pathologies. We are well-positioned in the growing global dental implant, biomaterials and digital dentistry market with a strong presence in the tooth replacement market with market leading positions in certain geographies. Our broad portfolio also addresses all areas of spine with market leadership in cervical disc replacement and vertebral body tethering to treat pediatric scoliosis. Our operations are principally managed on a products basis and include two operating segments, 1) the dental products segment, and 2) the spine products segment. In the dental products market, our core services include designing, manufacturing and distributing dental implant solutions. Dental reconstructive implants are for individuals who are totally without teeth or are missing one or more teeth, dental prosthetic products are aimed at providing a more natural restoration to resemble the original teeth, and dental regenerative 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. In the spine products market, our core services include designing, manufacturing and distributing medical devices and surgical instruments to deliver comprehensive solutions for individuals with back or neck pain caused by degenerative conditions, deformities or traumatic injury of the spine. We also provide devices that promote bone healing. Other differentiated products in our spine portfolio include Mobi-C® Cervical Disc, a motion-preserving alternative to fusion for patients with cervical disc disease, and The Tether™, a novel non-fusion device for treatment of pediatric scoliosis.
Basis of Presentation	Basis of Presentation Prior to March 1, 2022, we existed and functioned as part of the consolidated business of Zimmer Biomet. The accompanying condensed consolidated financial statements are prepared on a standalone basis and, for periods prior to March 1, 2022, were prepared on a carveout basis from Zimmer Biomet’s consolidated financial statements and accounting records, and, accordingly, may not be indicative of the financial position, results of operations or cash flows had we operated as a standalone company during those periods, or comparable to our financial position subsequent to March 1, 2022. On March 1, 2022, ZimVie became a standalone publicly traded company, and our financial statements are now presented on a consolidated basis. The unaudited financial statements for all periods presented, including our historical results prior to March 1, 2022, are now referred to as "Condensed Consolidated Financial Statements," and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete consolidated financial statements are not included herein. In our opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"). The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. Prior to the distribution, our equity balance in these condensed consolidated financial statements represented the excess of total assets over liabilities including the due to/from balances between us and Zimmer Biomet (referred to as "net parent investment" or "NPI") and accumulated other comprehensive income (loss). NPI was primarily impacted by contributions from Zimmer Biomet that were the result of treasury activities and net funding provided by or distributed to Zimmer Biomet. Following the distribution, certain functions that Zimmer Biomet provided to us prior to the distribution either continue to be provided to us by Zimmer Biomet under a transition services agreement or are being performed using our own resources or third-party service providers. Additionally, under manufacturing and supply agreements, we manufacture certain products for Zimmer Biomet and Zimmer Biomet manufactures certain products for us. We have incurred, and expect to continue to incur, certain costs to establish ourselves as a standalone public company, as well as ongoing additional costs associated with operating as an independent, publicly traded company. As of June 30, 2023 and December 31, 2022, we had $ 1.4 million and $ 1.5 million, respectively, in restricted cash. The restriction is on cash held in China as a result of ongoing litigation with a spine products distributor in China related to our decision to exit our spine products business in China (see Note 13 for further information).
Accounting Pronouncements Recently Issued	Accounting Pronouncements Recently Issued There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment	The following table summarizes the changes in the carrying amount of goodwill by historical reportable segment (in thousands): Dental Spine Total Balance at December 31, 2022 Goodwill, Gross $ 401,999 $ 1,089,400 $ 1,491,399 Accumulated impairment losses ( 142,000 ) ( 1,089,400 ) ( 1,231,400 ) Goodwill, Net 259,999 — 259,999 Currency translation 1,212 — 1,212 Balance at June 30, 2023 Goodwill, Gross 403,211 1,089,400 1,492,611 Accumulated impairment losses ( 142,000 ) ( 1,089,400 ) ( 1,231,400 ) Goodwill, Net $ 261,211 $ — $ 261,211
Summary of Identifiable Intangible Assets	The components of identifiable intangible assets were as follows (in thousands): Technology Trademarks Customer Relationships Other Total As of December 31, 2022: Intangible assets subject to amortization: Gross carrying amount $ 844,730 $ 137,785 $ 364,917 $ 53,955 $ 1,401,387 Accumulated amortization ( 444,603 ) ( 63,012 ) ( 188,913 ) ( 49,894 ) ( 746,422 ) Total identifiable intangible assets $ 400,127 $ 74,773 $ 176,004 $ 4,061 $ 654,965 As of June 30, 2023: Intangible assets subject to amortization: Gross carrying amount $ 854,876 $ 139,631 $ 367,863 $ 54,054 $ 1,416,424 Accumulated amortization ( 471,002 ) ( 68,046 ) ( 202,770 ) ( 49,992 ) ( 791,810 ) Total identifiable intangible assets $ 383,874 $ 71,585 $ 165,093 $ 4,062 $ 624,614
Summary of Estimated Annual Amortization Expense Based on Exchange Rates	Estimated annual amortization expense for the years ending December 31, 2023 through 2027 based on exchange rates in effect at December 31, 2022 is as follows (in millions): For the Years Ending December 31, 2023 (remaining) $ 34.7 2024 72.4 2025 70.6 2026 68.9 2027 63.6 Thereafter 314.4 Total $ 624.6

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation	Share-based compensation expense was as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation expense recognized in: Cost of products sold, excluding intangible asset amortization $ 303 $ 289 $ 569 $ 2,086 Research and development 383 466 805 2,544 Selling, general and administrative 5,129 5,467 9,282 15,064 5,815 6,222 10,656 19,694 Tax benefit related to awards ( 1,471 ) ( 1,572 ) ( 2,680 ) ( 4,601 ) Total expense, net of tax $ 4,344 $ 4,650 $ 7,976 $ 15,093
Summary of Stock Option Activity	Stock option activity was as follows: Period Ended June 30, 2023 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Stock Options Price Life (Years) Value (in Millions) Outstanding at December 31, 2022 2,403,635 $ 26.74 Granted — — Exercised — — Forfeited ( 76,670 ) 23.10 Outstanding at June 30, 2023 2,326,965 $ 26.86 6.6 $ — Exercisable at June 30, 2023 1,602,377 $ 26.21 5.9 $ —
Summary of Restricted Stock Unit Activity	RSU activity was as follows: Period Ended June 30, 2023 Weighted Average Number of Grant Date RSUs Fair Value Outstanding at December 31, 2022 1,382,500 $ 24.64 Granted 1,526,343 10.34 Vested ( 222,306 ) 28.07 Forfeited ( 79,935 ) 22.62 Outstanding at June 30, 2023 2,606,602 $ 16.98

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Weighted Average Shares for Basic and Diluted Net Loss per Common Share	The calculation of weighted average shares for the basic and diluted net loss per common share is as follows (in thousands, except per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ ( 23,373 ) $ ( 8,712 ) $ ( 53,341 ) $ ( 34,368 ) Weighted Average shares outstanding for basic net loss per share 26,328 26,073 26,343 26,069 Effect of dilutive stock options and other equity awards (1) — — — — Weighted Average shares outstanding for diluted net loss per share 26,328 26,073 26,343 26,069 Basic and diluted net loss per common share $ ( 0.89 ) $ ( 0.33 ) $ ( 2.02 ) $ ( 1.32 ) (1) Since we incurred a net loss in each of the three and six months ended June 30, 2023 and 2022, no dilutive stock options or other equity awards were included as diluted shares in those periods.

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands): June 30, 2023 December 31, 2022 Finished goods $ 193,264 $ 200,098 Work-in-progress 21,055 21,199 Raw materials 13,213 12,557 Inventories $ 227,532 $ 233,854
Schedule of Other Current Liabilities	Other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Other current liabilities: License and service agreements $ 19,233 $ 25,337 Salaries, wages and benefits 32,172 47,812 Lease liabilities 9,681 9,617 Accrued liabilities 64,692 63,013 Total other current liabilities $ 125,778 $ 145,779

Fair Value Measurements of As_2

Fair Value Measurements of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3)	The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Level 3 - Liabilities Contingent payments related to acquisitions Balance December 31, 2022 $ 13,250 Settlements ( 3,451 ) Balance June 30, 2023 $ 9,799

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Our debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Term loan $ 525,938 $ 536,456 Debt issuance costs ( 3,671 ) ( 4,223 ) Total debt 522,267 532,233 Less: current portion — — Total debt due after one year $ 522,267 $ 532,233

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Net Sales and Operating Profit (Loss) by Segment	Net sales and operating profit (loss) by segment are as follows (in thousands): Net Sales Operating Profit (Loss) Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 Dental $ 118,649 $ 118,149 $ 21,090 $ 24,973 Spine 106,247 115,218 10,386 7,262 Segment Total 224,896 233,367 31,476 32,235 Related party transactions — 1,197 — 136 Expenses related to Parent products — — — — Intangible asset amortization — — ( 20,663 ) ( 19,916 ) Restructuring and other cost reduction initiatives — — ( 8,445 ) ( 5,055 ) Acquisition, integration, divestiture and related — — ( 1,396 ) ( 8,723 ) Other — — ( 22,791 ) ( 20,213 ) Total $ 224,896 $ 234,564 $ ( 21,819 ) $ ( 21,536 ) Net Sales Operating Profit (Loss) Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dental $ 238,819 $ 238,718 $ 44,691 $ 50,632 Spine 211,165 229,331 17,885 12,361 Segment Total 449,984 468,049 62,576 62,993 Related party transactions 339 2,116 11 ( 12,118 ) Expenses related to Parent products — — — ( 616 ) Intangible asset amortization — — ( 41,172 ) ( 40,821 ) Restructuring and other cost reduction initiatives — — ( 13,420 ) ( 5,797 ) Acquisition, integration, divestiture and related — — ( 3,079 ) ( 17,728 ) Other — — ( 42,861 ) ( 40,072 ) Total $ 450,323 $ 470,165 $ ( 37,945 ) $ ( 54,159 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Corporate Allocations Reflected in the Combined Statements of Operations	Corporate allocations reflected in the condensed consolidated statements of operations are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Cost of products sold $ — $ — $ — $ ( 78 ) Selling, general & administrative — — — 14,271 Acquisition, integration, divestiture and related — — — ( 357 )
Summary of Sale Transactions with Related Party	The condensed consolidated statements of operations reflect the sales of these orthopedic products to Zimmer Biomet as related party transactions in periods in which Zimmer Biomet was a related party as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Related party net sales $ — $ 1,197 $ 339 $ 2,116 Related party cost of products sold, excluding intangible asset amortization — 1,061 328 1,858
Summary of payments presented in condensed consolidated balance sheet	The amounts due from and to Zimmer Biomet under the various agreements described below that were included in related party receivable or payable, as applicable, in our condensed consolidated balance sheets were as follows (in thousands): June 30, 2023 December 31, 2022 Related party receivable $ — $ 8,483 Related party payable — 13,176

Restructuring and Other Cost _2

Restructuring and Other Cost Reduction Initiatives (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	The following table summarizes the liabilities directly attributable to us that were recognized under the plans discussed above and excludes non-cash charges (in thousands): Six Months Ended June 30, Employee Other Total Balance, December 31, 2022 $ 1,893 $ 2,173 $ 4,066 Additions 7,821 2,942 10,763 Cash payments ( 3,734 ) ( 3,249 ) ( 6,983 ) Balance, June 30, 2023 $ 5,980 $ 1,866 $ 7,846 Balance, December 31, 2021 $ 1,099 $ 1,150 $ 2,249 Additions 1,500 2,511 4,011 Non-cash adjustments — ( 320 ) ( 320 ) Cash payments ( 1,207 ) ( 1,572 ) ( 2,779 ) Balance, June 30, 2022 $ 1,392 $ 1,769 $ 3,161

Background, Nature of Busines_3

Background, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Millions		6 Months Ended
	Mar. 01, 2022	Jun. 30, 2023 USD ($) Segment	Feb. 01, 2023	Dec. 31, 2022 USD ($)
Percentage of Common Stock Shares Outstanding		80.30%
Number of Operating Segments | Segment		2
Restricted Cash | $		$ 1.4		$ 1.5
Zimmer Biomet
Percentage of Common Stock Shares Outstanding	80.30%
Zim Vie Inc
Percentage of Common Stock Shares Outstanding		19.70%
Percentage of ownership sold			19.70%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Goodwill [Line Items]
Goodwill, Gross	$ 1,491,399	$ 1,492,611
Accumulated impairment losses	(1,231,400)	(1,231,400)
Goodwill, Net	259,999	261,211
Currency translation	1,212
Spine [Member]
Goodwill [Line Items]
Goodwill, Gross	1,089,400	1,089,400
Accumulated impairment losses	(1,089,400)	(1,089,400)
Goodwill, Net	0	0
Currency translation	0
Dental [Member]
Goodwill [Line Items]
Goodwill, Gross	401,999	403,211
Accumulated impairment losses	(142,000)	(142,000)
Goodwill, Net	259,999	$ 261,211
Currency translation	$ 1,212

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,416,424	$ 1,401,387
Accumulated amortization	(791,810)	(746,422)
Intangible assets, net	624,614	654,965
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	854,876	844,730
Accumulated amortization	471,002	(444,603)
Intangible assets, net	383,874	400,127
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	139,631	137,785
Accumulated amortization	(68,046)	(63,012)
Intangible assets, net	71,585	74,773
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	367,863	364,917
Accumulated amortization	(202,770)	(188,913)
Intangible assets, net	165,093	176,004
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	54,054	53,955
Accumulated amortization	(49,992)	(49,894)
Intangible assets, net	$ 4,062	$ 4,061

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Estimated Annual Amortization Expense Based on Exchange Rates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining)	$ 34,700
2024	72,400
2025	70,600
2026	68,900
2027	63,600
Thereafter	314,400
Total	$ 624,614	$ 654,965

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 5,815	$ 6,222		$ 10,656	$ 19,694
Unexercised stock option,Vested				$ 10,300
Weighted average remaining vesting period				2 years 6 months
Vesting period				3 years
Expected Volatility			52.29%
Expected term			6 years
Risk-free interest rate			1.94%
Dividend yield			0%
Unrecognized share-based compensation cost related to unvested stock options	$ 8,300			$ 8,300
Weighted average vesting period of unrecognized share-based compensation costs				1 year 8 months 12 days
2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized			6,000,000
Shares available for future grants	3,300,000			3,300,000
Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense				$ 21,300
Stock option not yet recognized	$ 11,000			$ 11,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 16.98			$ 16.98		$ 24.64
Number of RSUs, Granted				1,526,343
Unrecognized share-based compensation cost related to unvested stock options	$ 26,600			$ 26,600
Weighted average vesting period of unrecognized share-based compensation costs				1 year 9 months 18 days
Total fair value of RSUs vested				$ 6,200
Restricted Stock Units | Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 31.55			$ 31.55
Performance Restricted stock units and RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares				300,000
Vesting period				36 months
Number of RSUs, Granted				367,928
Performance Restricted stock units and RSU | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage				0%
Performance Restricted stock units and RSU | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Provision for Restricted stock unit vesting percentage				150%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value			$ 14.76
Vesting period				10 years
Employee Stock Option | Zim Vie Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of Shares				2,100,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 5,815	$ 6,222	$ 10,656	$ 19,694
Tax benefit related to awards	(1,471)	(1,572)	(2,680)	(4,601)
Total expense, net of tax	4,344	4,650	7,976	15,093
Cost of Products Sold, Excluding Intangible Asset Amortization [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	303	289	569	2,086
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	383	466	805	2,544
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense, pre-tax	$ 5,129	$ 5,467	$ 9,282	$ 15,064

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding, Beginning Balance | shares	2,403,635
Number of Stock Options, Granted | shares	0
Number of Stock Options, Exercised | shares	0
Number of Stock Options, Forfeited | shares	(76,670)
Number of Stock Options, Outstanding, Ending Balance | shares	2,326,965
Number of Stock Options, Exercisable | shares	1,602,377
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 26.74
Weighted Average Exercise Price, Granted | $ / shares	0
Weighted Average Exercise Price, Exercised | $ / shares	0
Weighted Average Exercise Price, Forfeited | $ / shares	23.1
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	26.86
Weighted Average Exercise Price, Exercisable | $ / shares	$ 26.21
Weighted Average Remaining Contractual Life, Outstanding	6 years 7 months 6 days
Weighted Average Remaining Contractual Life, Exercisable	5 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 0
Aggregate Intrinsic Value, Exercisable | $	$ 0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Outstanding, Beginning Balance | shares	1,382,500
Number of RSUs, Granted | shares	1,526,343
Number of RSUs, Vested | shares	(222,306)
Number of RSUs, Forfeited | shares	(79,935)
Number of RSUs, Outstanding, Ending balance | shares	2,606,602
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $ / shares	$ 24.64
Weighted Average Grant Date Fair Value, Granted | $ / shares	10.34
Weighted Average Grant Date Fair Value, Vested | $ / shares	28.07
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	22.62
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares	$ 16.98

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 01, 2022
Earnings Per Share [Abstract]
Number of shares distributed					26.1
Weighted average number of shares excluded from computation of diluted earnings per share	4	3.7	3.7	2.4

Earnings Per Share - Summary of

Earnings Per Share - Summary of Weighted Average Shares for Basic and Diluted Net Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (23,373)	$ (8,712)	$ (53,341)	$ (34,368)
Weighted Average shares outstanding for basic net loss per share	26,328	26,073	26,343	26,069
Effect of dilutive stock options and other equity awards	0	0	0	0
Weighted Average shares outstanding for diluted net loss per share	26,328	26,073	26,343	26,069
Net Loss Per Common Share - Basic	$ (0.89)	$ (0.33)	$ (2.02)	$ (1.32)
Net Loss Per Common Share - Diluted	$ (0.89)	$ (0.33)	$ (2.02)	$ (1.32)

Balance Sheet Details - Additio

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Expense (Benefit) charged to obsolete inventories	$ 1.6	$ 9.2	$ 0.6	$ 17.6

Balance Sheet Details - Summary

Balance Sheet Details - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 193,264	$ 200,098
Work in progress	21,055	21,199
Raw materials	13,213	12,557
Inventories	$ 227,532	$ 233,854

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other current liabilities:
License and service agreements	$ 19,233	$ 25,337
Salaries, wages and benefits	32,172	47,812
Lease liabilities	9,681	9,617
Accrued liabilities	64,692	63,013
Total other current liabilities	$ 125,778	$ 145,779

Fair Value Measurements of As_3

Fair Value Measurements of Assets and Liabilities - Reconciliation of Items Measured at Fair Value on Recurring Basis with Significant Unobservable Inputs (Level 3) (Details) - Contingent Consideration to Acquisitions [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 13,250
Settlements	(3,451)
Fair Value, Ending Balance	$ 9,799

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term loan	$ 525,938	$ 536,456
Debt issuance costs	(3,671)	(4,223)
Total debt	522,267	532,233
Less: current portion	0	0
Total debt due after one year	$ 522,267	$ 532,233

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 17, 2021	Apr. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Line of Credit Facility [Line Items]
Debt Instrument, Description				As of June 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.
Corporate insurance premium finance amount		$ 4,800,000
Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding				$ 0
Term Loan
Line of Credit Facility [Line Items]
Credit facility outstanding				$ 525,900,000
Debt instrument periodic payment			$ 10,500,000
Maximum [Member]
Line of Credit Facility [Line Items]
Proceeds from revolving loans	$ 175,000,000
Borrowings under term loan credit agreements	$ 595,000,000
Borrowing interest Rate				1.75%
Debt instrument total net leverage ratio				6
Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument total net leverage ratio				1

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 0.9		$ 0.9		$ 0.6
Derivative Asset, Current, Statement of Financial Position	Assets, Current		Assets, Current		Assets, Current
Current derivative liabilities	$ 0.1		$ 0.1		$ 0.3
Derivative Liability, Current, Statement of Financial Position	Liabilities, Current		Liabilities, Current		Liabilities, Current
Losses from derivative instruments	$ 0.3	$ 1.4	$ 0.5	$ 1.4
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net	Other income (expense), net
Derivative notional amount	$ 48.4		$ 48.4		$ 69.1
Maximum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			3 months
Minimum [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange forward contracts term			1 month

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate on loss before income taxes	22.70%	66.90%	5.10%	42.10%
Statutory tax rate	21%		21%
Deferred tax liability increase in amount related to distribution				$ 3.9

Segment Data - Summary of Net S

Segment Data - Summary of Net Sales and Operating Profit (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Major Customer [Line Items]
Total Net Sales	$ 224,896		$ 234,564	$ 450,323	$ 470,165
Operating Profit (Loss)	(21,819)		(21,536)	(37,945)	(54,159)
Expenses related to Parent products			0		(616)
Profit or loss from related party transactions	0		136	11	(12,118)
Intangible asset amortization	(20,663)		(19,916)	(41,172)	(40,821)
Restructuring and other cost reduction initiatives	(8,445)		(5,055)	(13,420)	(5,797)
Acquisition, integration, divestiture and related	(1,396)		(8,723)	(3,079)	(17,728)
Other	(22,791)		(20,213)	(42,861)	(40,072)
Related Party [Member]
Revenue, Major Customer [Line Items]
Total Net Sales	0		1,197	339	2,116
Spine
Revenue, Major Customer [Line Items]
Total Net Sales	106,247		115,218	211,165	229,331
Operating Profit (Loss)	10,386		7,262	17,885	12,361
Dental
Revenue, Major Customer [Line Items]
Total Net Sales	118,649		118,149	238,819	238,718
Operating Profit (Loss)		$ 21,090	24,973	44,691	50,632
Segment Total
Revenue, Major Customer [Line Items]
Total Net Sales	224,896		233,367	449,984	468,049
Operating Profit (Loss)	$ 31,476		$ 32,235	$ 62,576	$ 62,993

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Amount of accrued loss contingency	$ 6.9	$ 9.5

Related Party Transactions - Su

Related Party Transactions - Summary of Corporate Allocations Reflected in the Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, general & administrative	$ 128,480	$ 126,052	$ 256,448	$ 260,164
Zimmer Biomet [Member]
Cost of products sold	0	0	0	(78)
Selling, general & administrative	0	0	0	14,271
Acquisition, integration, divestiture and related	$ 0	$ 0	$ 0	$ (357)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 01, 2023
Share-based compensation benefit			$ 10,656	$ 19,694
Related party cash after distribution			100,000
Net transactions with Zimmer Biomet Holdings Inc.				(70,430)
Dividend paid to Zimmer Biomet			0	540,567
Zim Vie Inc
Percentage of ownership sold					19.70%
Zimmer Biomet [Member]
Borrowings under term loan credit agreements			595,000
Proceeds from Related Party Debt			561,000
Net transactions with Zimmer Biomet reflected in the cash flows pre-distribution	$ 0	$ 0	0	6,900
Net transactions with Zimmer Biomet Holdings Inc.	0	0	0	70,400
Due from Related Parties	$ 79,000		$ 79,000
Zimmer Biomet [Member] | Revision of Prior Period, Adjustment [Member]
Share-based compensation benefit		$ 0		$ 1,000

Related Party Transactions - _2

Related Party Transactions - Summary of Sale Transactions with Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Related party net sales	$ 224,896	$ 234,564	$ 450,323	$ 470,165
Zimmer Biomet [Member]
Related Party Transaction [Line Items]
Related party net sales	0	1,197	339	2,116
Related party cost of products sold, excluding intangible asset amortization	$ 0	$ 1,061	$ 328	$ 1,858

Related Party Transactions - _3

Related Party Transactions - Summary of Corporate Allocations Reflected in the Condensed Consolidated Balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related party receivable	$ 168,121	$ 168,961
Related party payable	59,418	43,998
Zimmer Biomet [Member]
Related party receivable	0	8,483
Related party payable	$ 0	$ 13,176

Restructuring and Other Cost _3

Restructuring and Other Cost Reduction Initiatives - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 8,445	$ 5,055	$ 13,420	$ 5,797
Restructuring Charges Pre-tax	1,400	1,700	4,700	1,700	$ 13,700
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			16,000	19,000
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			15,000	18,000
ZB Restructuring Plans [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax		$ 3,400		$ 4,100
Severance And professional Fees [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Pre-tax	$ 7,000		$ 8,600

Restructuring and Other Cost _4

Restructuring and Other Cost Reduction Initiatives - Schedule of Restructuring Liabilities (Details) - Restructuring Plans Member - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 4,066	$ 2,249
Additions	10,763	4,011
Non Cash Adjustment		(320)
Cash payments	(6,983)	(2,779)
Restructuring Reserve, Ending Balance	7,846	3,161
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	1,893	1,099
Additions	7,821	1,500
Non Cash Adjustment		0
Cash payments	(3,734)	(1,207)
Restructuring Reserve, Ending Balance	5,980	1,392
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	2,173	1,150
Additions	2,942	2,511
Non Cash Adjustment		(320)
Cash payments	(3,249)	(1,572)
Restructuring Reserve, Ending Balance	$ 1,866	$ 1,769