ZimVie on May 3 posted net sales of $225.4 million in the first quarter of 2023.
Four notes:
1. Total third party net sales were a 4.1 percent decrease compared to the same time in 2022.
2. Spine sales fell 8.1 percent year-over-year with $104.9 million. Dental sales were about the same as the first quarter of 2022 with just over $120 million in sales.
3. ZimVie saw a $30 million net loss in the first quarter of 2023.
4. The company initiated a restructuring program which includes a 5 percent reduction in its global workforce and reductions in discretionary spending. This is expected to generate $17 million to $20 million in savings by 2024.