ZimVie Inc.

Good afternoon and welcome to Zimbi's fourth quarter 2024 earnings conference call. Currently, all participants are in listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marisha Beisch from Gilmartin Group for introductory disclosures.

Thank you all for joining today's call. Earlier today, Zimby released financial results for the quarter and year ended December 31, 2024. A copy of the press release is available on the company's website, zimby.com, as well as on sec.gov. Before we begin, I'd like to remind you that management will make comments during this call that include forward-looking statements. Actual results may differ materially from those indicated by the forward-looking statements, due to a variety of risks and uncertainties. Please refer to the company's most recent periodic report filed with the SEC and subsequent SEC filings for a detailed discussion of these risks and uncertainties. In addition, the discussion on this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included within the earnings release and the investor deck issued today found on the investor relations section of the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, February 26, 2025. BIMBY disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I will turn the call over to Zappa Jamali, President and Chief Executive Officer of Zimbi.

Good afternoon, and thank you for joining us. 2024 was a transformational year for Zimbi, marked by many achievements. Through the sale of our spine business, we became a pure play dental company, fully focused on our portfolio of dental implants, biomaterials, and digital dentistry solutions. We delivered $450 million in full-year revenue, As part of our commitment to the customers we serve, we innovated across our portfolio to fill product gaps and capitalize on opportunities in the market. In addition, we materially reshaped our operating profile by reducing our corporate costs and reducing manufacturing and supply chain efficiency initiatives. As a result of these efforts, we improved adjusted EBITDA margins by over two percentage points for the year. In the fourth quarter alone, we generated over $21 million in operating cash flow. We used the proceeds from the sale of our spine business to pay down debt and significantly deliver the business. I would like to thank our team for the diligent execution to make this possible, accomplishing all of this despite softness in our end markets. For 2025, look at us to drive even greater progress, culminating with a line of sight to positive gap operating income for 2025. Our commercial growth drivers for 2025 will include strengthening our commercial team, continued focus on medical education and training programs, and expansion of the product portfolio. On the topic of our commercial team, I'm very excited to announce we've appointed a new Vice President of America of Sales, This is our largest and most profitable market. Scott has been with our organization for over 15 years and has a deep knowledge of the industry, strong relationships with our customers and DSO partners, and he is data driven. This is the approach that we need to access the best market opportunities and for optimum performance management. He's already hit the ground running and I'm excited to have him lead our sales organization. Moving on to education and training programs, These are courses offered at our world-class Palm Beach Gardens Institute with an aim to drive adoption of implant dentistry. Our programs continue to be in very high demand, therefore serving as a core growth driver for our commercial strategy. Looking at our portfolio, our key objective remains to prudently invest to fill product gaps and capitalize on opportunities in the market, creating a holistic portfolio supporting every step of the implant process. While we focus on commercial execution, we will continue to work diligently to improve the overall efficiency of our company and to manage capital allocation effectively. Rich will talk further about these priorities. We look forward to updating our stakeholders on our progress to increase cash flow and improve financial flexibility in order to further reduce debt and reinvest in the business. I will now give additional details on each piece of our portfolio, starting with our dental implants. Our premium implants continue to be positively received by clinicians and patients. Our portfolio is led by our TSX and T3 Pro implants, which we perceive to be the highest quality implants on the market. Our clinically proven implant technologies address common concerns in modern dental implantology, one of which is peri-implant infection. That occurs in up to 20% of patients and can jeopardize long-term implant success. A study recently published in the Journal of Biomedical Materials Research, a leading journal in the field of biological medical sciences, compared the innovative coronal surface technology of our premium implants to other leading brands. It showed our T3 Pro and TSX implants have bacterial adhesion levels that may offer up to 20% lower risk of peri-implantitis. Better patient outcomes are obviously better for the patients, but also they're better for the economics of the practice. We've also seen strong demand for our recently launched portfolio of Gentech restorative components. This demand validates our strategy to continue expanding and improving the commercial reach of our product offerings. We aim to bring additional products to market in the coming months, which complement the existing sales bag of our field reps. The market opportunity for dental implants remains under-penetrated and exciting. We look forward to continuing to deliver innovative and effective solutions for implantologists globally. Next, I'll shift to biomaterials. Our biomaterials portfolio continues to gain recognition for its quality, growing 2% during the year and adding many new customers. An implant is only as strong as the foundation you place it in, and our biomaterials portfolio provides clinicians with multiple options to create the ideal conditions for a successful implant procedure. Finally, I will highlight the ongoing success of our digital portfolio. Excluding oral scanner sales, which are distributed products, 2024 was a record revenue year for our digital dentistry business. Our Zimbi digital solutions, excluding scanner sales, grew over 10% for the year and finished strong, growing over 20% in the fourth quarter. One of the most exciting areas in the digital portfolio is our implant concierge service, which grew 14% for the year. This exceptional growth rate is due to the significant savings the service offers clinicians, reducing hours of labor from dental office workflow. We look forward to continue to expand the commercial reach of our implant concierge service in 2025, and we'll have more exciting updates to come. Surgical guide sales have also been strong, especially following our 5.4 RealGuide software launch, which drove RealGuide growth of 39% in the year. Our extensive experience in this area has created a massive library of digital images, The digital reference library allows our software to provide one-click nerve detection and automated bone and tooth segmentation. This is a major benefit to clinicians, greatly increasing the safety of the procedure with great accuracy and less times. Advancements like this are why we are bullish on the long-term prospects for driving more users to adopt implant dentistry. Overall, we're confident that our advancements in digital technology complement our top-of-the-line implant and biomaterials offerings. positioning Zymbia advantageously in the dental implant solutions market going forward. Let me now turn the call over to Rich to review our financial performance as we look forward to greater detail.