ZimVie rises on plan to cut about 5% jobs, raises outlook

Zimvie

03/05/2023 23:23

** Shares of medical technology co ZimVie Inc  ZIMV.O  up
about 23% at $9.5 in extended trading
    ** Says recently initiated additional restructuring
activities and expects about 5% reduction in global workforce
    ** Raises FY2023 net sales outlook to $835 mln-$860 mln from
prior guidance of $825 mln-$850 mln
    ** Raises FY2023 adj EPS outlook to $0.40-$0.60 from prior
guidance of $0.30-$0.50
    ** Co estimates restructuring activities to generate $17-20
mln in annualized net savings by 2024
    ** Reports third party net sales of $225.1 mln, adj EPS of
25 cents in Q1
    ** ZIMV down about 17.5% YTD

 (Reporting by Vaibhav  Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))