- Zimmer Biomet said that it completed the spinoff of ZimVie.
- ZimVie started regular trading on Nasdaq under the ticker "ZIMV".
- The ZBH stock returned over 3% gains in one month.
The stocks of ZimVie Inc. (NASDAQ: ZIMV) began trading in the Nasdaq stock exchange on Wednesday, a day after it spun off from Zimmer Biomet Holdings, Inc (NYSE: ZBH).
The Warsaw, Indiana-based Zimmer Biomet Holdings on Tuesday said that it completed the spinoff of its former dental and spine business ZimVie.
The ZBH stock was down over 1%, while ZIMV fell more than 2% in the morning trading.
Under the arrangement, Zimmer Biomet stockholders have received one share of ZimVie common stock for every 10 shares of Zimmer Biomet common stock as of February 15, 2022.
A total of 80.3% of ZimVie shares were distributed among the Zimmer Biomet shareholders.
The fractional shares of ZimVie will be aggregated and sold in the public market instead of distributing them to Zimmer Biomet shareholders.
The proceeds from the sale will be equally distributed in cash to Zimmer Biomet shareholders.
Zimmer Biomet Chairman and CEO Bryan Hanson said the spinoff marked “a major milestone” in the company’s active portfolio management. He expressed confidence the transaction would create value for shareholders of both companies.
Zimmer Biomet products aim to maximize patients’ mobility and improve health. It manufactures orthopedic reconstructive products and sports medicines.
On the other hand, ZimVie offers spine, craniomaxillofacial, thoracic products, dental implants, and other related surgical solutions.
Stock performance Zimmer Biomet (ZBH)
The ZBH stock traded at US$122.68 at 1:46 am ET, down 1.18% from its previous close. It has a market cap of US$25.80 billion, and it gave a return of 3.97% over the past 30 days.
In the fourth quarter of fiscal 2021, the company reported revenue of US$2.03 billion, while its net loss came in at US$83.9 million, or US$0.40 per diluted share. For fiscal 2021, the company's net sales were US$7.83 billion.
The ZimVie (ZIMV) stock traded at US$25.01 at 10:52 am ET on March 2, down 2.04% from its previous close. It has a market cap of US$652.76 million. Its price declined 73.82% since February 15.