Project Description

Zimmer Biomet Spin-off (Spine and Dental) Notes

  • Zimmer announced that it will spin off its Spine and Dental businesses into an independent public company.
  • The tax free spin-off is supposed to be completed by mid 2022.
  • Spin-off Presentation.

  • Remainco:
    • Will have ~$6.1BN in revenue.
    • Market leader in knees and hips.

  • Spin-off
    • $900MM in 2020 revenue.
    • Focused on Spine (#6 in the market) and Dental (#5 in the market)
    • Spine and Dental were paired together because they use similar materials.
    • Could be an interesting situation given size differential of spin-off vs. parent (could see indiscriminate selling).