ZimVie Shares Rise on FDA's Clearance of Prosthesis Portfolio
By Michael Susin
ZimVie shares rose on Tuesday after the group said it will launch its prosthesis portfolio in the U.S. following clearance from the Food and Drug Administration.
Shares were up 6.25% to $23.10 in premarket trading. The stock is up about 22% this year.
The company said its GenTek Genuine Restorative Component product portfolio received FDA's 510(k) clearance, meaning the prosthetic offerings can now be marketed in the U.S.
The company said the GenTek portfolio was initially launched in Europe in 2019 and saw a positive performance in that market to date.
"We have received excellent feedback and strong demand for GenTek in the European market, and we are optimistic that this product suite will be well received here in the U.S. -- the largest market we serve," Chief Commercial Officer Indraneel Kanaglekar said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
July 23, 2024 09:06 ET (13:06 GMT)
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