ZimVie gains on job cuts, Q1 beat, forecast upgrade

Zimvie

04/05/2023 17:19

** Shares of medtech co ZimVie Inc  ZIMV.O  rise 24.1% to
$9.57
    ** Stock set for its biggest one-day pct change in almost 6
months, if gains hold
    ** Co late on Wednesday said it expects 5% reduction in
global workforce
    ** Co estimates restructuring will generate $17 mln-$20 mln
in annualized net savings by 2024
    ** Also raised FY 23 sales forecast to $835 mln to $860 mln
from a prior forecast of $825 mln to $850 mln
    ** Raises FY2023 adj. profit outlook to $0.40-$0.60 per
share from prior guidance of $0.30-$0.50 per share
    ** Co reported a better-than-expected Q1 with sales of
$225.43 million was ahead of analysts' expectations of $209
million
    ** J.P. Morgan is hopeful that with the modest forecast
raise co will continue beat and raise as market trends improve
and operational changes implemented begin to bear fruit
   ** Stock up 1.6% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))