CONMED Corporation Announces Second Quarter 2022 Financial Results
CONMED Corporation (NYSE: CNMD) reported Q2 2022 financial results, with sales of $277.2 million, an 8.6% year-over-year increase. Domestic revenue rose 3.9%, while international revenue increased by 14.7%. However, the company faced a diluted net loss of $5.65 per share, contrasting with earnings of $0.41 in Q2 2021. Adjusted diluted earnings per share rose 7.0% to $0.76. Due to currency fluctuations, CONMED has lowered its 2022 revenue guidance to between $1.095 billion and $1.140 billion. The acquisition of In2Bones was closed on June 13, 2022.
- Sales increased 8.6% year-over-year to $277.2 million.
- Adjusted diluted earnings per share rose 7.0% to $0.76.
- International revenue increased 14.7% year-over-year.
- Acquisition of In2Bones closed, contributing to growth.
- Diluted net loss per share of $5.65 compared to earnings of $0.41 in Q2 2021.
- Lowered 2022 revenue guidance to $1.095 billion - $1.140 billion from $1.105 billion - $1.150 billion.
- Expectations of a 100 to 150 basis points negative impact on revenue growth due to foreign exchange rates.
Second Quarter 2022 Highlights
-
Sales of
$277.2 million 8.6% year over year as reported and9.8% in constant currency. Acquisitions contributed approximately 80 basis points of growth. -
Domestic revenue increased
3.9% year over year. -
International revenue increased
14.7% year over year as reported and17.2% in constant currency. -
Diluted net loss per share (GAAP) was
$5.65 $0.41 -
Adjusted diluted net earnings per share(1) were
$0.76 7.0% over the second quarter of 2021. -
Closed In2Bones transaction on
June 13, 2022 .
“I’m proud that our team drove strong revenue growth in the second quarter while also refinancing our debt and closing the acquisition of In2Bones,” commented
2022 Outlook
Due to changes in foreign exchange rates, the Company is lowering its revenue guidance for the full year 2022 and now expects revenue between
The Company now expects full-year 2022 adjusted diluted net earnings per share in the range of
Supplemental Financial Disclosures
(1) A reconciliation of reported diluted net loss per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.
Conference Call
The Company’s management will host a conference call today at
To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.
This conference call will also be webcast and can be accessed from the “Investors” section of CONMED's website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
Consolidated Condensed Statements of Income (Loss) |
||||||||||||||||
(in thousands except per share amounts, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
||||||||||
Net sales |
|
$ |
277,190 |
|
$ |
255,161 |
|
|
$ |
519,516 |
|
$ |
487,837 |
|
||
Cost of sales |
|
|
125,413 |
|
|
113,737 |
|
|
|
231,748 |
|
|
217,964 |
|
||
Gross profit |
|
|
151,777 |
|
|
141,424 |
|
|
|
287,768 |
|
|
269,873 |
|
||
% of sales |
|
|
54.8 |
% |
|
55.4 |
% |
|
|
55.4 |
% |
|
55.3 |
% |
||
Selling & administrative expense |
|
|
115,826 |
|
|
104,399 |
|
|
|
218,701 |
|
|
202,739 |
|
||
Research & development expense |
|
|
11,493 |
|
|
11,318 |
|
|
|
22,165 |
|
|
21,344 |
|
||
Income from operations |
|
|
24,458 |
|
|
25,707 |
|
|
|
46,902 |
|
|
45,790 |
|
||
% of sales |
|
|
8.8 |
% |
|
10.1 |
% |
|
|
9.0 |
% |
|
9.4 |
% |
||
Interest expense |
|
|
5,928 |
|
|
9,420 |
|
|
|
10,926 |
|
|
19,772 |
|
||
Other expense |
|
|
112,011 |
|
|
- |
|
|
|
112,011 |
|
|
- |
|
||
Income (loss) before income taxes |
|
|
(93,481 |
) |
|
16,287 |
|
|
|
(76,035 |
) |
|
26,018 |
|
||
Provision for income taxes |
|
|
74,810 |
|
|
2,997 |
|
|
|
77,281 |
|
|
2,868 |
|
||
Net income (loss) |
|
$ |
(168,291 |
) |
$ |
13,290 |
|
|
$ |
(153,316 |
) |
$ |
23,150 |
|
||
|
|
|
|
|
|
|
||||||||||
Basic EPS |
|
$ |
(5.65 |
) |
$ |
0.46 |
|
|
$ |
(5.18 |
) |
$ |
0.80 |
|
||
Diluted EPS |
|
|
(5.65 |
) |
|
0.41 |
|
|
|
(5.18 |
) |
|
0.72 |
|
||
|
|
|
|
|
|
|
||||||||||
Basic shares |
|
|
29,775 |
|
|
29,125 |
|
|
|
29,601 |
|
|
29,052 |
|
||
Diluted shares |
|
|
29,775 |
|
|
32,464 |
|
|
|
29,601 |
|
|
31,964 |
|
||
Sales Summary |
|||||||||||||||||||||||||||
(in millions, unaudited) |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
|
|
|
|
% Change |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Domestic |
|
International |
|||||||||||||||
2022 |
|
2021 |
|
As Reported |
|
Impact of Foreign Currency |
|
Constant Currency |
|
As Reported |
|
As Reported |
|
Impact of Foreign Currency |
|
Constant Currency |
|||||||||||
Orthopedic Surgery |
$ |
120.2 |
$ |
107.9 |
11.4 |
% |
1.3 |
% |
12.7 |
% |
-0.8 |
% |
18.8 |
% |
1.9 |
% |
20.7 |
% |
|||||||||
General Surgery |
|
157.0 |
|
147.3 |
6.6 |
% |
1.1 |
% |
7.7 |
% |
5.7 |
% |
8.6 |
% |
3.4 |
% |
12.0 |
% |
|||||||||
$ |
277.2 |
$ |
255.2 |
8.6 |
% |
1.2 |
% |
9.8 |
% |
3.9 |
% |
14.7 |
% |
2.5 |
% |
17.2 |
% |
||||||||||
Single-use Products |
$ |
230.3 |
$ |
208.9 |
10.2 |
% |
1.1 |
% |
11.3 |
% |
7.8 |
% |
13.5 |
% |
2.5 |
% |
16.0 |
% |
|||||||||
Capital Products |
|
46.9 |
|
46.3 |
1.4 |
% |
1.3 |
% |
2.7 |
% |
-16.0 |
% |
19.6 |
% |
2.5 |
% |
22.1 |
% |
|||||||||
$ |
277.2 |
$ |
255.2 |
8.6 |
% |
1.2 |
% |
9.8 |
% |
3.9 |
% |
14.7 |
% |
2.5 |
% |
17.2 |
% |
||||||||||
Domestic |
$ |
149.2 |
$ |
143.6 |
3.9 |
% |
0.0 |
% |
3.9 |
% |
|||||||||||||||||
International |
|
128.0 |
|
111.6 |
14.7 |
% |
2.5 |
% |
17.2 |
% |
|||||||||||||||||
$ |
277.2 |
$ |
255.2 |
8.6 |
% |
1.2 |
% |
9.8 |
% |
||||||||||||||||||
Six Months Ended |
|||||||||||||||||||||||||||
|
|
|
|
% Change |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Domestic |
|
International |
|||||||||||||||
2022 |
|
2021 |
|
As Reported |
|
Impact of Foreign Currency |
|
Constant Currency |
|
As Reported |
|
As Reported |
|
Impact of Foreign Currency |
|
Constant Currency |
|||||||||||
Orthopedic Surgery |
$ |
227.7 |
$ |
215.0 |
5.9 |
% |
0.7 |
% |
6.6 |
% |
0.6 |
% |
8.9 |
% |
1.0 |
% |
9.9 |
% |
|||||||||
General Surgery |
|
291.8 |
|
272.8 |
7.0 |
% |
0.7 |
% |
7.7 |
% |
6.5 |
% |
8.0 |
% |
2.2 |
% |
10.2 |
% |
|||||||||
$ |
519.5 |
$ |
487.8 |
6.5 |
% |
0.7 |
% |
7.2 |
% |
4.8 |
% |
8.5 |
% |
1.5 |
% |
10.0 |
% |
||||||||||
Single-use Products |
$ |
431.8 |
$ |
396.3 |
8.9 |
% |
0.7 |
% |
9.6 |
% |
7.1 |
% |
11.4 |
% |
1.5 |
% |
12.9 |
% |
|||||||||
Capital Products |
|
87.7 |
|
91.5 |
-4.1 |
% |
0.7 |
% |
-3.4 |
% |
-7.2 |
% |
-1.5 |
% |
1.3 |
% |
-0.2 |
% |
|||||||||
$ |
519.5 |
$ |
487.8 |
6.5 |
% |
0.7 |
% |
7.2 |
% |
4.8 |
% |
8.5 |
% |
1.5 |
% |
10.0 |
% |
||||||||||
Domestic |
$ |
280.4 |
$ |
267.5 |
4.8 |
% |
0.0 |
% |
4.8 |
% |
|||||||||||||||||
International |
|
239.1 |
|
220.3 |
8.5 |
% |
1.5 |
% |
10.0 |
% |
|||||||||||||||||
$ |
519.5 |
$ |
487.8 |
6.5 |
% |
0.7 |
% |
7.2 |
% |
||||||||||||||||||
|
|||||||||||||||||||||||||||
Reconciliation of Reported Net Income (Loss) to Adjusted Net Income |
||||||||||||||||||||||
(in thousands, except per share amounts, unaudited) |
||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest Expense |
Other Expense |
Tax Expense |
Effective Tax Rate |
Net Income (Loss) |
Basic EPS |
Adjustments(8) |
Diluted EPS |
||||||||||||
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,775 |
|
- |
|
29,775 |
|
Acquisition costs(1) |
349 |
|
(2,600) |
|
2,949 |
|
- |
|
- |
|
(1,760) |
|
|
|
4,709 |
|
|
|
|
|
|
|
Legal matters(2) |
- |
|
(775) |
|
775 |
|
- |
|
- |
|
(462) |
|
|
|
1,237 |
|
|
|
|
|
|
|
Convertible notes premium on extinguishment(3) |
- |
|
- |
|
- |
|
- |
|
(103,125) |
|
(61,521) |
|
|
|
164,646 |
|
|
|
|
|
|
|
Change in fair value of convertible notes hedges upon settlement(4) |
- |
|
- |
|
- |
|
- |
|
(5,460) |
|
(3,257) |
|
|
|
8,717 |
|
|
|
|
|
|
|
Loss on early extinguishment of debt(5) |
- |
|
- |
|
- |
|
- |
|
(3,426) |
|
(2,044) |
|
|
|
5,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
||
Adjusted gross profit % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization(6) |
|
|
(6,808) |
|
8,308 |
|
(1,036) |
|
- |
|
2,291 |
|
|
|
7,053 |
|
|
|
|
|
|
|
As adjusted |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,775 |
|
3,820 |
|
33,595 |
|
Convertible notes hedges(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(856) |
|
Adjusted Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,739 |
|
Three Months Ended |
||||||||||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest Expense |
Other Expense |
Tax Expense |
Effective Tax Rate |
Net Income |
Basic EPS |
Adjustments(8) |
Diluted EPS |
||||||||||||
As reported |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,125 |
|
3,339 |
|
32,464 |
|
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
||
Adjusted gross profit % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization(6) |
|
|
(6,689) |
|
8,189 |
|
(3,586) |
|
- |
|
2,886 |
|
|
|
8,889 |
|
|
|
|
|
|
|
As adjusted |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,125 |
|
3,339 |
|
32,464 |
|
Convertible notes hedges(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,362) |
|
Adjusted Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,102 |
|
(1) In 2022, the Company incurred inventory step-up adjustments and consulting and legal related costs associated with the acquisition of |
||||||||||||||||||||||
(2) In 2022, the Company incurred costs related to the settlement of litigation. |
||||||||||||||||||||||
(3) In 2022, the Company incurred costs related to the conversion premium on the repurchase and extinguishment of |
||||||||||||||||||||||
(4) In 2022, the Company incurred costs related to the settlement of convertible notes hedge transactions associated with the repurchase and extinguishment of |
||||||||||||||||||||||
(5) In 2022, the Company incurred costs related to the write-off of deferred financing fees associated with the repurchase and extinguishment of |
||||||||||||||||||||||
(6) Includes amortization of intangible assets, deferred financing fees and debt discount. |
||||||||||||||||||||||
(7) Non-GAAP adjusted dilutive weighted average shares outstanding exclude dilution that is expected to be offset by the Company’s convertible notes hedge transactions. |
||||||||||||||||||||||
(8) The Company adopted ASU 2020-06, effective |
||||||||||||||||||||||
Reconciliation of Reported Net Income (Loss) to Adjusted Net Income |
||||||||||||||||||||||
(in thousands, except per share amounts, unaudited) |
||||||||||||||||||||||
Six Months Ended |
||||||||||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest Expense |
Other Expense |
Tax Expense |
Effective Tax Rate |
Net Income (Loss) |
Basic EPS |
Adjustments(8) |
Diluted EPS |
||||||||||||
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,601 |
|
- |
|
29,601 |
|
Acquisition costs(1) |
349 |
|
(2,600) |
|
2,949 |
|
- |
|
- |
|
(1,760) |
|
|
|
4,709 |
|
|
|
|
|
|
|
Legal matters(2) |
- |
|
(775) |
|
775 |
|
- |
|
- |
|
(462) |
|
|
|
1,237 |
|
|
|
|
|
|
|
Convertible notes premium on extinguishment(3) |
- |
|
- |
|
- |
|
- |
|
(103,125) |
|
(61,521) |
|
|
|
164,646 |
|
|
|
|
|
|
|
Change in fair value of convertible notes hedges upon settlement(4) |
- |
|
- |
|
- |
|
- |
|
(5,460) |
|
(3,257) |
|
|
|
8,717 |
|
|
|
|
|
|
|
Loss on early extinguishment of debt(5) |
- |
|
- |
|
- |
|
- |
|
(3,426) |
|
(2,044) |
|
|
|
5,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
||
Adjusted gross profit % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization(6) |
|
|
(13,370) |
|
16,370 |
|
(1,916) |
|
- |
|
4,451 |
|
|
|
13,835 |
|
|
|
|
|
|
|
As adjusted |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,601 |
|
4,774 |
|
34,375 |
|
Convertible note hedges(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,134) |
|
Adjusted Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,241 |
|
Six Months Ended |
||||||||||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest Expense |
Other Expense |
Tax Expense |
Effective Tax Rate |
Net Income |
Basic EPS |
Adjustments(8) |
Diluted EPS |
||||||||||||
As reported |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,052 |
|
2,912 |
|
31,964 |
|
Restructuring and related costs(9) |
- |
|
(414) |
|
414 |
|
- |
|
- |
|
109 |
|
|
|
305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
|
|
||
Adjusted gross profit % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization(6) |
|
|
(13,527) |
|
16,527 |
|
(7,147) |
|
- |
|
5,855 |
|
|
|
17,819 |
|
|
|
|
|
|
|
As adjusted |
|
|
|
|
|
|
|
|
$- |
|
|
|
|
|
|
|
|
|
$- |
|
|
|
% of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,052 |
|
2,912 |
|
31,964 |
|
Convertible note hedges(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,201) |
|
Adjusted Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,763 |
|
|
||||||||||||||||||||||
(1) In 2022, the Company incurred inventory step-up adjustments and consulting and legal related costs associated with the acquisition of |
||||||||||||||||||||||
(2) In 2022, the Company incurred costs related to the settlement of litigation. |
||||||||||||||||||||||
(3) In 2022, the Company incurred costs related to the conversion premium on the repurchase and extinguishment of |
||||||||||||||||||||||
(4) In 2022, the Company incurred costs related to the settlement of convertible notes hedge transactions associated with the repurchase and extinguishment of |
||||||||||||||||||||||
(5) In 2022, the Company incurred costs related to the write-off of deferred financing fees associated with the repurchase and extinguishment of |
||||||||||||||||||||||
(6) Includes amortization of intangible assets, deferred financing fees and debt discount. |
||||||||||||||||||||||
(7) Non-GAAP adjusted dilutive weighted average shares outstanding exclude dilution that is expected to be offset by the Company’s convertible notes hedge transactions. |
||||||||||||||||||||||
(8) The Company adopted ASU 2020-06, effective |
||||||||||||||||||||||
(9) In 2021, the Company incurred restructuring costs related to restructuring of our sales force. |
||||||||||||||||||||||
Reconciliation of Reported Net Income (Loss) to EBITDA & Adjusted EBITDA |
||||||||||||||||
(in thousands, unaudited) |
||||||||||||||||
|
|
|
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
||||||||||||
Net income (loss) |
$ |
(168,291 |
) |
$ |
13,290 |
|
$ |
(153,316 |
) |
$ |
23,150 |
|
||||
Provision for income taxes |
|
74,810 |
|
|
2,997 |
|
|
77,281 |
|
|
2,868 |
|
||||
Interest expense |
|
5,928 |
|
|
9,420 |
|
|
10,926 |
|
|
19,772 |
|
||||
Depreciation |
|
4,059 |
|
|
3,984 |
|
|
8,090 |
|
|
8,741 |
|
||||
Amortization |
|
13,266 |
|
|
13,797 |
|
|
26,065 |
|
|
27,316 |
|
||||
EBITDA |
$ |
(70,228 |
) |
$ |
43,488 |
|
$ |
(30,954 |
) |
$ |
81,847 |
|
||||
|
|
|
|
|
||||||||||||
Stock based compensation |
|
5,755 |
|
|
4,290 |
|
|
10,218 |
|
|
7,676 |
|
||||
Acquisition costs |
|
2,949 |
|
|
- |
|
|
2,949 |
|
|
- |
|
||||
Legal matters |
|
775 |
|
|
- |
|
|
775 |
|
|
- |
|
||||
Convertible notes premium on extinguishment |
|
103,125 |
|
|
- |
|
|
103,125 |
|
|
- |
|
||||
Change in fair value of convertible notes hedges upon settlement |
|
5,460 |
|
|
- |
|
|
5,460 |
|
|
- |
|
||||
Loss on early extinguishment of debt |
|
3,426 |
|
|
- |
|
|
3,426 |
|
|
- |
|
||||
Restructuring and related costs |
|
- |
|
|
- |
|
|
- |
|
|
414 |
|
||||
Adjusted EBITDA |
$ |
51,262 |
|
$ |
47,778 |
|
$ |
94,999 |
|
$ |
89,937 |
|
||||
|
|
|
|
|
||||||||||||
EBITDA Margin |
|
|
|
|
||||||||||||
EBITDA |
|
-25.3 |
% |
|
17.0 |
% |
|
-6.0 |
% |
|
16.8 |
% |
||||
Adjusted EBITDA |
18.5 |
% |
18.7 |
% |
18.3 |
% |
18.4 |
% |
||||||||
About
CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology. For more information, visit www.conmed.com.
Forward-Looking Statements
This press release and the associated conference call may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to, the risks posed to the Company’s business, financial condition, and results of operations by the COVID-19 global pandemic and the various government responses to the pandemic, including deferral of surgeries, reductions in hospital and ambulatory surgery center operating volumes, disruption to potential supply chain reliability; any assumptions underlying any of the foregoing as well as the risk factors discussed in the Company's Annual Report on Form 10-K for the full year ended
Supplemental Information - Reconciliation of GAAP to Non-GAAP Financial Measures
The Company supplements the reporting of its financial information determined under generally accepted accounting principles in
Net sales on a constant currency basis is a non-GAAP measure. The Company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. To measure percentage sales growth in constant currency, the Company removes the impact of changes in foreign currency exchange rates that affect the comparability and trend of net sales. To measure earnings performance on a consistent and comparable basis, the Company excludes certain items that affect the comparability of operating results and the trend of earnings. These adjustments are irregular in timing, may not be indicative of past and future performance and are therefore excluded to allow investors to better understand underlying operating trends.
Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, cost of sales, selling and administrative expenses, operating income, interest expense, other expense, income tax expense (benefit), effective income tax rate, net income (loss), diluted shares and diluted net earnings (loss) per share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures above, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220727005790/en/
Chief Financial Officer
727-214-2975
ToddGarner@conmed.com
Source:
FAQ
What were CONMED's Q2 2022 earnings results?
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What is CONMED's revenue guidance for 2022?
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