After spinning out its spine business earlier this year, ZimVie is now considering selling off the remaining entirety of its dental operations, according to a report from Bloomberg.
The company—which itself launched as a spinout from Zimmer Biomet in March 2022—has tapped advisers for the early stages of deliberation after receiving interest about a possible acquisition deal from buyout firms as well as other suitors in the industry, the report said.
In April, ZimVie completed the $375 million sale of its spine division—carrying screw and plate implants, fixation systems and bone healing products—to investment firm H.I.G. Capital. The resulting independent, Colorado-based company was dubbed Highridge Medical.
Meanwhile, ZimVie relocated its headquarters to Palm Beach Gardens, Florida, taking its portfolio of denture implants, biomaterial grafts and digital services for dentistry providers, which the company has forecast will earn between $450 million and $460 million in annual revenue during 2024.
At the time, the Highridge sale netted ZimVie $315 million in cash plus a $60 million promissory note—which it used to pay down $275 million in debt—with about $234 million remaining on its balance sheet.
Following Bloomberg’s report this week, ZimVie’s stock jumped up by about 20%, to currently hover around $18 per share.