ZimVie Inc. (NASDAQ:ZIMV) Q4 2023 Earnings Conference Call February 28, 2024 4:30 PM ET
Company Participants
Marissa Bych - IR, Gilmartin Group LLC
Vafa Jamali - President and CEO
Richard Heppenstall - CFO
Conference Call Participants
David Saxon - Needham & Company
Matt Miksic - Barclays
Operator
Good afternoon, and welcome to ZimVie's Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to Marissa Bych, Gilmartin Group, for introductory disclosures.
Marissa Bych
Great. Thank you all for joining today's call. Earlier today, ZimVie released financial results for the quarter and full year ended December 31, 2023. A copy of the press release is available on the company's website, zimvie.com, as well as on sec.gov. Before we begin, I'd like to remind you that management will make comments during this call that include forward-looking statements. Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Please refer to the company's most recent periodic report filed with the SEC and subsequent SEC filings for a detailed discussion of these risks and uncertainties.
In addition, the discussion on this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included within the earnings release issued today, which is found on the Investor Relations section of the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, February 28, 2024. ZimVie disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.
With that, I will turn the call over to Vafa Jamali, President and Chief Executive Officer of ZimVie.
Vafa Jamali
Good afternoon and thank you for joining us.
We had significant accomplishments in 2023. We invested to further differentiate our portfolio, which helped us make gains in the markets we serve. As well, we improved our operating efficiency through restructuring and cost-reduction initiatives.
Most significantly, we executed an agreement to sell our Spine business to H.I.G. Capital for $375 million in total consideration, and we began to advance the necessary steps to complete that sale. We believe this sale addresses two major concerns we have heard, the lack of synergy between Dental and Spine businesses and an overly leveraged capital structure during a time of elevated interest rates.