Why ZimVie Stock Was Plummeting on Thursday
Specialty healthcare device maker ZimVie (NASDAQ: ZIMV) was hardly a special stock for many investors on Thursday. The company's shares were down a vertigo-inducing 46% in late-session trading, on the back of quarterly results that widely missed analyst estimates.
ZimVie, which specializes in devices and technology for the spine and dental segments, reported its fourth-quarter and full-year 2022 earnings after market hours on Wednesday.
These revealed that the company's net sales were just over $229 million for the quarter, 12% below those of fourth quarter 2021. Non-GAAP (adjusted) net income flipped from loss to gain; it came in at slightly under $4.3 million, or $0.16 per share, against the year-ago deficit of $9.4 million.
Source Fool.com
