This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
ZimVie Inc. manufactures and markets medical devices, including dental implants and spinal surgery hardware, that incorporate materials derived from animals. Its product portfolio includes bone graft substitutes made from porcine-derived carbonate apatite, a xenograft material sourced from pigs. The company's piOs® Bone Graft is explicitly identified in published clinical research as a slow-resorbing xenograft based on porcine carbonate apatite.
The company was spun off from Zimmer Biomet Holdings, Inc. in 2022. Zimmer Biomet's sustainability reports, which historically covered ZimVie's operations, state that the parent company's use of animal testing was consistent with animal welfare acts globally. As a standalone entity continuing the development and sale of medical devices utilizing animal-derived biomaterials, ZimVie's business model is predicated on the commercial exploitation of animals. The evidence gathered does not specify the scale of animal-derived material in its revenue or provide details on its specific animal testing protocols post-spinoff.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.