Why ZimVie Stock Is Sinking Today
Shares of ZimVie (NASDAQ: ZIMV) are sinking today, down by 12.7% as of 12:40 p.m. ET. The decline came after the life sciences company announced its second-quarter results following the market close on Wednesday.
ZimVie reported Q2 revenue of $233.4 million, down 11.5% year over year. It posted a net loss of $8.7 million, or $0.33 per diluted share, based on generally accepted accounting principles (GAAP). The company's non-GAAP (adjusted) earnings were $17.6 million, or $0.67 per diluted share. This result handily beat the consensus earnings estimate of $0.51 per share.
Investors, though, appeared to focus mainly on ZimVie's full-year guidance. The company cut its 2022 sales outlook to a range of $915 million to $930 million compared to its previous forecast of $1 billion. It also lowered the adjusted EPS guidance. ZimVie now expects adjusted EPS will be between $1.80 and $2.00. The previous projection was for adjusted EPS in the range of $2.10 to $2.30.
Source Fool.com
