全球牙科领袖 2024年10月 附件 99.2
前瞻性声明和非依据通用会计原则(GAAP)计算的财务指标安全港声明根据1995年《私人证券诉讼改革法》 本介绍包含根据联邦证券法律的前瞻性声明,包括但不限于任何关于我们的期望、计划、意图、策略或前景的声明。我们通常使用“可能”、“将”、“期望”、“相信”、“预期”、“计划”、“估算”、“项目化”、“假定”、“指导”、“目标”、“预测”、“视为”、“寻求”、“应该”、“可能”、“将会”、“预测”、“潜力”、“策略”、“未来”、“机会”、“努力”、“致力于”、“继续”、“追踪”、“期待”、“乐观”等表达来识别前瞻性声明。除了历史或当前事实的陈述外,所有陈述均被视为前瞻性声明。此类陈述是基于管理层当前的信念、期望和假设,并受到可能导致实际结果和结果与前瞻性声明显著不同的重大风险、不确定性和情况变化的影响。这些风险、不确定性和情况变化包括但不限于: 依赖新产品开发、技术进步和创新;产品及服务的产品类别或区域销售组合的转变;原材料及产品的供应和价格;来自竞争对手、客户、牙科诊所和保险提供者的价格压力;由于人口结构变化或其他因素导致的客户对我们产品及服务的需求变化等因素导致的改变;与影响我们在美国和国际业务上的政府法律法规的变化及遵循相关的挑战,包括美国食品和药物管理局和外国政府监管机构的规定,如对产品审批有更严格要求的规定;竞争;医改措施的影响;第三方支付方降低报销水平;由政府机构、立法机构、私营部门和医护团体购买组织赞助的成本管控措施,包括中国的基于成交量的采购过程;成本和开支的控制;依赖少数供应商提供关键原材料和外包活动的能力;取得和保持足够的知识产权保护的能力;我们讯息技术系统或产品的侵害或失败,包括受到网络攻击、未经授权访问或盗窃的情况;保留营销我们产品的独立代理商和经销商的能力;吸引、留住和培养我们业务所需的高技能员工的能力;企业并购对与客户、供应商和贷款人的关系及对我们的营运结果和业务的一般影响;形成和实施联盟的能力;由税收改革措施产生的税务义务变化,包括欧盟对国家援助的规则,或纳税机构的审查;产品责任、知识产权和商业诉讼损失;一般行业和市场条件的变化,包括国内和国际增长率的变化;一般国内和国际经济状况的变化,包括通货膨胀、利率和汇率波动;全球大流行等对全球经济、我们的业务及运营以及我们的供应商和客户的业务和运营产生的不利公共卫生事件的影响,包括选择性程序的推迟和我们收取应收款项的能力;及欧元区国家持续的财政和政治不确定性对受影响国家的应收款项收取能力的影响等。提醒您不要依赖这些前瞻性陈述,因为无法保证这些前瞻性陈述将被证明准确。前瞻性陈述仅于其发表日期有效,我们明确否认有任何意图或义务更新或修订任何前瞻性陈述,无论是因为新信息、未来事件或其他原因。 非依据通用会计原则(GAAP)计算的财务指标本介绍包含未按照美国通用会计原则(GAAP)计算的财务指标,因为它们是我们的管理层评估我们业绩的依据。尽管我们认为出于同样的原因这些指标可能对投资者有用,但这些财务指标不应被视为我们的财务状况、业绩或流动性的代替品。此外,这些财务指标可能不可与其他公司使用的类似指标相比。在本介绍的附录中,我们提供了对这些非依据GAAP指标的进一步描述以及这些指标与最直接可比的GAAP指标的调解。
ZimVie: 一个全球货币牙科领导者 强大的、市场领先的高端植牙、修复植牙解决方案、生物材料解决方案和数码牙科技术 800万 800万 美国患者每年寻求牙齿缺失治疗 25% 仅有25% 接受牙齿 补习 通过培训、教育和数码工作流来推动牙科植入物的更广泛应用,引领独特解决方案,并持续投资于创新
清晰的创造价值的策略 2024年4月完成了脊柱业务的出售,偿还了27500万美元的债务,显著改善了资产负债表健康状况,跟著脊柱业务出售后减少企业头部、资讯科技和法律成本,透过自动化优化制造业务合作对齐全球制造版图,以与竞争优势相同的领域进行调整,透过数位产品改善植牙医学的工作流程和经济学,扩大行业领先的教育培训计划以推动微创植牙医学,持续快节奏推出新产品,重定位成为纯粹的牙科业务,降低支出、改善利润概况,加速植牙的接受和成长。
牙科植牙:产品组合概述 提供适用于常规和复杂案例的高级植牙产品组合,包括全系列后牙柱、帽层和模型 主要产品和品牌 tsx®植牙 2022年推出的tsx植牙旨在简化程序并优化实践协议,以提供牙周植牙健康、牙龈骨保持、长期骨融合和修复稳定性。 T3® PRO植牙 2022年推出的T3® PRO建立在T3锥形植牙的成熟解决方案基础上,为牙医和患者提供优化的植牙体验。全系列后牙柱、帽层和模型 大量的后牙柱、帽层和模型,以帮助顺利进行植牙程序。
Biomaterials: Portfolio Overview Biomaterial solutions that are used for soft tissue and bone rehabilitation, helping build sufficient bone necessary for dental implant surgery Key Products & Brands Barrier Membranes By providing a reliable barrier during the critical phases of wound healing, these membranes help maintain bone growth material. Puros® Allograft Products Products used in implant procedures to provide a foundation for the implant and create a desirable aesthetic outcome. Puros® Allograft Bone Block Human-donor sourced bone graft material that allows patients with damaged or inadequate bone quality to be provided with a stable surface for implant application. Xenograft and Synthetic Bone Grafts Synthetic bone material that can be used to create a suitable surface of implantation.
Digital Dentistry: Portfolio Overview End-to-end solutions ranging from intraoral scanning technology to open architecture CAD/CAM systems, guided surgery solutions, and patient-specific restorations Key Products & Brands GenTek™ System End-to-end prosthetic offerings designed to support CAD/CAM restorations. Implant Concierge Virtual treatment planning through Implant Concierge™ provides outsourced treatment planning services and guided surgery solutions, taking significant workflow out of the dental office. RealGUIDE® Software Software suite that offers precise planning, designing, and predictable placement of dental implants and restorations, helping users manage procedural risk more effectively and plan complex cases in a fraction of the time. BellaTek® System Patient-specific abutments, bars, implant bridges, and hybrid restorations designed to match each patient’s tooth anatomy.
Revitalizing the Portfolio with Recent Launches T3® PRO Implant Encode® Emergence Healing Abutment TSX® Implant Azure™ Multi-Platform Solutions Portfolio RegenerOss® Cortico–Cancellous Particulate RegenerOss® Bone Graft Plug Biotivity™ A/C Plus Membrane RealGUIDE® 5.4 Software CAD/CAM Workflow Systems MEDIT Intraoral Scanners Dental Implants Biomaterials Digital Dentistry Biotivity™ Hyaluronic Acid
Virtual Treatment Planning Custom Surgical Guide Kits Delivering digital workflow enhancements to save clinician time and improve patient satisfaction AI facilitated reconstruction procedures require 3 fewer hours of human labor* ZimVie Encode Emergence workflow reduces chair time and saves one restorative impression appointment Seeing rapid adoption of guided surgery software End-to-End Solutions Save Time and Improve the Clinician and Patient Experience *Internal data
Financial Profile & Outlook Net Sales Adjusted EBITDA Q3 2024* FY 2024 $103.2M $13.1M(1) $450M-$455M $60M-$62M(2) Drivers of Progress Expanding portfolio adoption within large, underserved dental markets Reducing expense profile to improve margins Best-in-class portfolio and commitment to ongoing innovation Adjusted EPS $0.12(1) $0.57-$0.62(2) Continuing to transfer value to shareholders by reducing gross debt by $290M year-to-date *Reflects 3Q 2024 continuing operations results. (1) This is a non-GAAP financial measure. Refer to the reconciliation in the Appendix for further information. (2) This is a forward looking non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. Refer to “Forward-Looking Non-GAAP Financial Measures” in the Appendix, which identifies the information that is unavailable without unreasonable efforts and provides additional information.
Committed to Executing Strategic Transformation Commercialize new product introductions across major geographies Drive digital workflow adoption to expand implant adoption Address and reduce stranded costs Optimize manufacturing & supply chain capabilities Position the business for sustainable growth Innovate digital workflow to drive efficiency and outcomes for the most complex implant procedures Expand geographically with direct representation Continue to invest in training and education to drive adoption Transformed to pure-play dental business Paid down $275M of debt Launched RealGUIDE® software update Introduced GenTek Restorative Components (U.S.) Recent Accomplishments Current Priorities Market Expansion Opportunities
Appendix
Note on Non-GAAP Financial Measures This presentation includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure provided in this presentation for certain periods and is calculated by excluding certain items from net loss from Continuing Operations on a GAAP basis, as detailed in the reconciliations presented later in this presentation. Adjusted EBITDA margin is Adjusted EBITDA divided by third party net sales from Continuing Operations for the applicable period. Adjusted diluted earnings (loss) per share is a non-GAAP financial measure provided in this presentation for certain periods and is calculated by excluding the effects of certain items from diluted earnings (loss) per share on a GAAP basis, as detailed in the reconciliations presented later in this presentation. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in this presentation. Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. Forward-Looking Non-GAAP Financial Measures This presentation also includes certain forward-looking non-GAAP financial measures for the year ending December 31, 2024. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management’s plans may change. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
Reconciliation of Adjusted EBITDA Continuing Operations ($ in thousands) [1] Restructuring activities to better position our organization for future success based on the current business environment and sale of the spine business. [2] Acquisition, integration, divestiture and related expenses for the three and nine months ended September 30, 2024 include professional services fees ($1.9 million and $5.8 million, respectively) and stranded costs ($0.4 million and $0.9 million, respectively) related to sale of the spine segment, partially offset by fair value adjustment benefit of the seller note related to the sale of the spine segment ($1.2 million and $0, respectively). Acquisition, integration, divestiture and related expenses for the three and nine months ended September 30, 2023 include professional services fees ($1.6 million and $3.2 million, respectively), rebranding costs related to the separation from our former parent ($0.3 million and $0.5 million, respectively) and technology costs ($0 and $0.7 million, respectively) incurred to prepare for and complete the separation from our former parent. [3] Expenses incurred for initial compliance with the European Union (“EU”) Medical Device Regulation (“MDR”) for previously-approved products. [4] Inventory write-offs resulting from restructuring activities and property, plant, and equipment step-up amortization from prior acquisitions. [5] Net Loss Margin is calculated as Net Loss divided by third party net sales for the applicable period. [6] Adjusted EBITDA Margin is Adjusted EBITDA divided by third party net sales for the applicable period. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales Total Third Party Sales $ 103,222 $ 105,311 $ 338,228 $ 344,131 Related Party Sales - - - 236 Total Net Sales $ 103,222 $ 105,311 $ 338,228 $ 344,367 Net Loss $ (3,048) $ (10,182) $ (24,162) $ (32,485) Interest expense, net 2,361 4,984 9,828 15,258 Income tax (benefit) provision (688) 325 6,161 1,555 Depreciation and amortization 8,490 8,415 25,383 26,057 EBITDA 7,115 3,542 17,210 10,385 Share-based compensation 3,323 4,741 11,761 14,159 Restructuring and other cost reduction initiatives [1] 687 1,391 3,664 3,929 Acquisition, integration, divestiture and related [2] 1,276 1,936 6,934 4,647 Related party gain - - - (5) European Union medical device regulation [3] 406 295 1,118 2,227 Other charges [4] 287 293 860 864 Adjusted EBITDA $ 13,094 $ 12,198 $ 41,547 $ 36,206 Net Loss Margin [5] -3.0% -9.7% -7.1% -9.4% Adjusted EBITDA Margin [6] 12.7% 11.6% 12.3% 10.5%
Reconciliation of Adjusted Net (Loss) Income and Adjusted EPS Continuing Operations (in thousands, except per share data) [1] Restructuring activities to better position the organization and the expenses incurred were primarily related to severance and professional fees. [2] Acquisition, integration, divestiture and related expenses for the three months ended September 30, 2024 include professional services fees ($1.9 million) and stranded costs ($0.4 million) related to sale of the spine segment, partially offset by a fair value adjustment benefit of the seller note related to the sale of the spine segment ($1.2 million). [3] Expenses incurred for initial compliance with the EU MDR for previously-approved products. [4] Inventory write-offs resulting from restructuring activities and property, plant, and equipment step-up amortization from prior acquisitions. [5] Net impact to share-based compensation expense of converting outstanding restricted stock units with performance-based metrics based on the consolidated results of the spine and dental segments into time-based RSUs following the sale of the spine segment. [6] Reflects the tax effect of the adjustments from reported to adjusted, as well as an adjustment for management’s expectation of ZimVie’s statutory tax rate based on current tax law and adjusted pre-tax income. For the Three Months Ended September 30, 2024 Net Sales Cost of products sold, excluding intangible asset amortization Operating expenses, excluding cost of products sold Operating (Loss) Income Net (Loss) Income Diluted EPS Reported $ 103,222 $ (35,820) $ (72,239) $ (4,837) $ (3,048) $ (0.11) Restructuring and other cost reduction initiatives [1] - - 687 687 687 0.02 Acquisition, integration, divestiture and related [2] - - 1,276 1,276 1,276 0.05 European union medical device regulation [3] - - 406 406 406 0.01 Other charges [4] - 287 - 287 287 0.01 Intangible asset amortization - - 6,037 6,037 6,037 0.22 Share-based compensation modification [5] - - (521) (521) (521) (0.02) Tax effect of above adjustments & other [6] - - - - (1,841) (0.06) Adjusted $ 103,222 $ (35,533) $ (64,354) $ 3,335 $ 3,283 $ 0.12