WARSAW, Ind., March 1, 2022 /PRNewswire/ -- Zimmer Biomet
Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology
leader, today announced that the Company has completed its spinoff
of ZimVie, Zimmer Biomet's former Dental and Spine business.
ZimVie shares will begin "regular way" trading on the Nasdaq
today under the symbol "ZIMV."
"The spinoff of ZimVie marks a major milestone in the active
portfolio management of Zimmer Biomet as we continue to strengthen
our position as a global leader in the medtech space," said
Bryan Hanson, Chairman, President
and CEO of Zimmer Biomet. "We are confident that this
transaction will create shareholder value for both companies and
will allow us to increase our focus and enhance revenue growth for
our core businesses."
The spinoff was achieved through the distribution of 80.3%
of the shares of ZimVie to holders of Zimmer Biomet common stock on
March 1, 2022, with Zimmer Biomet
stockholders receiving one share of ZimVie common stock for every
ten shares of Zimmer Biomet common stock held at the close of
business on the record date of February 15,
2022. Fractional shares of ZimVie common stock will
not be distributed to Zimmer Biomet shareholders. Instead,
fractional shares of ZimVie common stock will be aggregated and
sold in the open market, with the net proceeds distributed pro rata
in cash payments to the Zimmer Biomet shareholders who otherwise
would have received fractional shares of ZimVie common stock.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a
comprehensive portfolio designed to maximize mobility and improve
health. We seamlessly transform the patient experience through our
innovative products and suite of integrated digital and robotic
technologies that leverage data, data analytics and artificial
intelligence.
With 90+ years of trusted leadership and proven expertise,
Zimmer Biomet is positioned to deliver the highest quality
solutions to patients and providers. Our legacy continues to come
to life today through our progressive culture of evolution and
innovation.
For more information about our product portfolio, our operations
in 25+ countries and sales in 100+ countries or about joining our
team, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter
at www.twitter.com/zimmerbiomet.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including the statements regarding
the anticipated "when-issued" trading of ZimVie common stock, the
anticipated U.S. federal income tax treatment of the
distribution and any other statements regarding events,
developments, plans, intentions, strategies or prospects. All
statements other than statements of historical or current fact are,
or may be deemed to be, forward-looking statements. Such
statements are based upon the current beliefs, expectations and
assumptions of management and are subject to significant risks,
uncertainties and changes in circumstances that could cause actual
outcomes and results to differ materially from the forward-looking
statements. These risks, uncertainties and changes in
circumstances include, but are not limited to: the effects of
the COVID-19 global pandemic and other adverse public health
developments on the global economy, our business and operations and
the business and operations of our suppliers and customers,
including the deferral of elective surgical procedures and our
ability to collect accounts receivable; the failure of vaccine
rollouts and other strategies to mitigate or reverse the impacts of
the COVID-19 pandemic; the failure of elective surgical procedures
to recover at the levels or on the timeline anticipated; the risks
and uncertainties related to our ability to successfully execute
our restructuring plans; our ability to attract, retain and develop
the highly skilled employees we need to support our business; the
risks and uncertainties associated with the spinoff of ZimVie,
including, without limitation, the tax-free nature of the
transaction, the tax efficient nature of any subsequent
distribution of any ZimVie common stock we retain, and the
possibility that the anticipated benefits and synergies of the
transaction, strategic and competitive advantages of each company,
and future growth and other opportunities for each company will not
be realized within the expected time periods or at all; the success
of our quality and operational excellence initiatives, including
ongoing quality remediation efforts at our Warsaw North Campus
facility; the ability to remediate matters identified in
inspectional observations or warning letters issued by
the U.S. Food and Drug Administration (FDA), while
continuing to satisfy the demand for our products; the impact of
substantial indebtedness on our ability to service our debt
obligations and/or refinance amounts outstanding under our debt
obligations at maturity on terms favorable to us, or at all; the
ability to retain the employees, independent agents and
distributors who market our products; dependence on a limited
number of suppliers for key raw materials and outsourced
activities; the possibility that the anticipated synergies and
other benefits from mergers and acquisitions will not be realized,
or will not be realized within the expected time periods; the risks
and uncertainties related to our ability to successfully integrate
the operations, products, employees and distributors of acquired
companies; the effect of the potential disruption of management's
attention from ongoing business operations due to integration
matters related to mergers and acquisitions; the effect of mergers
and acquisitions on our relationships with customers, suppliers and
lenders and on our operating results and businesses generally;
challenges relating to changes in and compliance with governmental
laws and regulations affecting our U.S. and international
businesses, including regulations of the FDA and foreign government
regulators, such as more stringent requirements for regulatory
clearance of products; the outcome of government investigations;
competition; pricing pressures; changes in customer demand for our
products and services caused by demographic changes or other
factors; the impact of healthcare reform measures; reductions in
reimbursement levels by third-party payors and cost containment
efforts sponsored by government agencies, legislative bodies, the
private sector and healthcare purchasing organizations, including
the volume-based procurement process in China; dependence on
new product development, technological advances and innovation;
shifts in the product category or regional sales mix of our
products and services; supply and prices of raw materials and
products; control of costs and expenses; the ability to obtain and
maintain adequate intellectual property protection; breaches or
failures of our information technology systems or products,
including by cyberattack, unauthorized access or theft; the ability
to form and implement alliances; changes in tax obligations arising
from tax reform measures, including European Union rules on state
aid, or examinations by tax authorities; product liability,
intellectual property and commercial litigation losses; changes in
general industry and market conditions, including domestic and
international growth rates; changes in general domestic and
international economic conditions, including interest rate and
currency exchange rate fluctuations; the domestic and international
business impact of political, social and economic instability,
tariffs, trade embargoes, sanctions, wars, disputes and other
conflicts; and the impact of the ongoing financial and political
uncertainty on countries in Europe, the Middle
East and Africa on the
ability to collect accounts receivable in affected countries.
A further list and description of these risks and uncertainties and
other factors can be found in our Annual Report on Form 10-K for
the year ended December 31, 2021,
including in the sections captioned "Cautionary Note Regarding
Forward-Looking Statements" and "Item 1A. Risk Factors," and our
subsequent filings with the Securities and Exchange Commission
(SEC). Copies of these filings are available online
at www.sec.gov, www.zimmerbiomet.com or on request
from us. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary
statements that are included in our filings with the SEC.
Forward-looking statements speak only as of the date they are made,
and we expressly disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers of this
press release are cautioned not to rely on these forward-looking
statements since there can be no assurance that these
forward-looking statements will prove to be accurate. This
cautionary note is applicable to all forward-looking statements
contained in this press release.
Media
|
Investors
|
Meredith
Weissman
|
Keri
Mattox
|
(703)
346-3127
|
(215)
275-2431
|
meredith.weissman@zimmerbiomet.com
|
keri.mattox@zimmerbiomet.com
|
|
|
|
Ezgi Yagci
|
|
(617)
549-2443
|
|
ezgi.yagci@zimmerbiomet.com
|
ZBH-Corp
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SOURCE Zimmer Biomet Holdings, Inc.