CONMED Corporation Announces Third Quarter 2024 Financial Results
CONMED (NYSE: CNMD) announced its third-quarter 2024 financial results. Sales reached $316.7 million, marking a 4.0% year-over-year increase as reported and 4.3% in constant currency. Diluted net earnings per share (GAAP) were $1.57, compared to $0.50 in the third quarter of 2023. Adjusted diluted net earnings per share rose by 16.7% to $1.05. The company announced that COO Patrick Beyer will succeed Curt Hartman as President and CEO effective January 1, 2025. The updated full-year revenue guidance is now $1.300 billion to $1.305 billion, slightly down from the prior range of $1.305 billion to $1.315 billion. Full-year adjusted diluted net earnings per share are expected to be in the range of $4.00 to $4.05, up from the prior range of $3.95 to $4.02. Foreign currency impact is expected to be immaterial on both revenue and earnings per share for the full year.
CONMED (NYSE: CNMD) ha annunciato i risultati finanziari del terzo trimestre del 2024. Le vendite hanno raggiunto 316,7 milioni di dollari, segnando un incremento del 4,0% rispetto all'anno precedente come riportato e del 4,3% in valuta costante. L'utile netto diluito per azione (GAAP) è stato di 1,57 dollari, rispetto a 0,50 dollari nel terzo trimestre del 2023. L'utile netto diluito rettificato per azione è aumentato del 16,7% raggiungendo 1,05 dollari. L'azienda ha annunciato che il COO Patrick Beyer succederà a Curt Hartman come Presidente e CEO a partire dal 1° gennaio 2025. La nuova guida sui ricavi per l'intero anno è ora compresa tra 1,300 miliardi e 1,305 miliardi di dollari, leggermente in calo rispetto all'intervallo precedente di 1,305 miliardi e 1,315 miliardi di dollari. Gli utili netti diluiti rettificati per azione per l'intero anno sono previsti nell'intervallo di 4,00-4,05 dollari, in aumento rispetto all'intervallo precedente di 3,95-4,02 dollari. L'impatto delle valute estere è previsto essere irrilevante sia sui ricavi che sugli utili per azione per l'intero anno.
CONMED (NYSE: CNMD) anunció sus resultados financieros para el tercer trimestre de 2024. Las ventas alcanzaron 316,7 millones de dólares, marcando un incremento del 4,0% en comparación con el año anterior según lo reportado y 4,3% en moneda constante. Las ganancias netas diluidas por acción (GAAP) fueron de 1,57 dólares, en comparación con 0,50 dólares en el tercer trimestre de 2023. Las ganancias netas diluidas ajustadas por acción aumentaron un 16,7% a 1,05 dólares. La compañía anunció que el COO Patrick Beyer sucederá a Curt Hartman como Presidente y CEO a partir del 1 de enero de 2025. La guía actualizada de ingresos para todo el año se sitúa ahora entre 1,300 mil millones y 1,305 mil millones de dólares, ligeramente por debajo del rango previo de 1,305 mil millones a 1,315 mil millones de dólares. Se espera que las ganancias netas diluidas ajustadas por acción para todo el año estén en el rango de 4,00 a 4,05 dólares, en comparación con el rango previo de 3,95 a 4,02 dólares. Se espera que el impacto de las divisas extranjeras sea irrelevante tanto en ingresos como en ganancias por acción para todo el año.
CONMED (NYSE: CNMD)가 2024년 3분기 재무 결과를 발표했습니다. 매출은 3억 1,670만 달러에 달해 전년 대비 4.0% 증가했으며, 상수 통화 기준으로 4.3%의 증가를 기록했습니다. 희석된 주당 순이익(GAAP)은 1.57달러로, 2023년 3분기에는 0.50달러였습니다. 조정된 희석 주당 순이익은 16.7% 증가하여 1.05달러에 이르렀습니다. 회사는 COO 패트릭 베이어가 2025년 1월 1일부터 커트 하트먼을 대신해 사장 및 CEO로 취임할 것이라고 발표했습니다. 갱신된 연간 수익 가이던스는 현재 13억 달러에서 13억 5천만 달러로, 이전 범위인 13억 5천만 달러에서 13억 1천5백만 달러보다 약간 감소했습니다. 연간 조정된 희석 주당 순이익은 4.00달러에서 4.05달러 사이로 예상되며, 이전 범위인 3.95달러에서 4.02달러보다 증가했습니다. 외환의 영향은 연간 수익과 주당 순이익 모두에 대해 미미할 것으로 예상됩니다.
CONMED (NYSE: CNMD) a annoncé ses résultats financiers pour le troisième trimestre de 2024. Les ventes ont atteint 316,7 millions de dollars, enregistrant une augmentation de 4,0% par rapport à l'année précédente comme rapporté et 4,3% en monnaie constante. Le bénéfice net dilué par action (GAAP) s'élevait à 1,57 dollar, contre 0,50 dollar au troisième trimestre de 2023. Le bénéfice net dilué ajusté par action a augmenté de 16,7% pour atteindre 1,05 dollar. La société a annoncé que le COO Patrick Beyer succédera à Curt Hartman en tant que Président et CEO à compter du 1er janvier 2025. La prévision de revenus mise à jour pour l'année entière se situe désormais entre 1,300 milliard et 1,305 milliard de dollars, légèrement en baisse par rapport à l'intervalle précédent de 1,305 milliard à 1,315 milliard de dollars. Le bénéfice net dilué ajusté par action de l'année entière devrait se situer entre 4,00 et 4,05 dollars, contre l'intervalle précédent de 3,95 à 4,02 dollars. L'impact des devises étrangères devrait être négligeable tant sur les revenus que sur les bénéfices par action pour l'année entière.
CONMED (NYSE: CNMD) hat seine Finanzergebnisse für das dritte Quartal 2024 bekannt gegeben. Der Umsatz erreichte 316,7 Millionen Dollar, was einen Jahresanstieg von 4,0% darstellt und 4,3% bei konstanten Währungsbedingungen ausweist. Der verwässerte Gewinn pro Aktie (GAAP) betrug 1,57 Dollar, im Vergleich zu 0,50 Dollar im dritten Quartal 2023. Der angepasste verwässerte Gewinn pro Aktie stieg um 16,7% auf 1,05 Dollar. Das Unternehmen kündigte an, dass COO Patrick Beyer Curt Hartman ab dem 1. Januar 2025 als Präsident und CEO nachfolgen wird. Die aktualisierte Umsatzprognose für das Gesamtjahr liegt nun zwischen 1,300 Milliarden und 1,305 Milliarden Dollar, leicht unterhalb der vorherigen Spanne von 1,305 Milliarden bis 1,315 Milliarden Dollar. Der angepasste verwässerte Gewinn pro Aktie für das Gesamtjahr wird im Bereich von 4,00 bis 4,05 Dollar erwartet, gegenüber der vorherigen Spanne von 3,95 bis 4,02 Dollar. Die Auswirkungen der Fremdwährung werden für das gesamte Jahr sowohl auf den Umsatz als auch auf den Gewinn pro Aktie voraussichtlich unbedeutend sein.
- Sales increased by 4.0% year-over-year to $316.7 million.
- Diluted net earnings per share (GAAP) rose to $1.57 from $0.50 in Q3 2023.
- Adjusted diluted net earnings per share increased by 16.7% to $1.05.
- Full-year adjusted diluted net earnings per share guidance raised to $4.00-$4.05.
- Full-year revenue guidance lowered to $1.300 billion to $1.305 billion from $1.305 billion to $1.315 billion.
Insights
CONMED's Q3 performance shows mixed signals with
The company's slight downward revision of full-year revenue guidance to
The upcoming CEO transition from Hartman to Beyer in January 2025 adds an element of execution risk, though internal promotion suggests continuity in strategy. The divergence between GAAP and adjusted earnings indicates significant non-recurring items affecting profitability.
Third Quarter 2024 Highlights
-
Sales of
increased$316.7 million 4.0% year-over-year as reported and4.3% in constant currency. -
Diluted net earnings per share (GAAP) were
compared to diluted net earnings per share (GAAP) of$1.57 in the third quarter of 2023.$0.50 -
Adjusted diluted net earnings per share(1) were
, an increase of$1.05 16.7% compared to the third quarter of 2023. - Announced COO Patrick Beyer to succeed Curt Hartman as President and CEO effective January 1, 2025, upon Mr. Hartman’s retirement.
“Our third quarter results were largely in line with our expectations, and we remain focused on getting fully back on offense,” commented Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. “I am particularly proud of how our teams responded to the disruption from hurricanes Helene and Milton, which temporarily impacted our employees and facilities in the Southeast as well as many of our customers.”
2024 Outlook
Full year reported revenue is now expected to be between
The Company now expects full-year adjusted diluted net earnings per share(2) in the range of
Supplemental Financial Disclosures
(1) A reconciliation of reported diluted net earnings per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.
(2) Information reconciling forward-looking adjusted diluted net earnings per share to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.
Conference Call
The Company’s management will host a conference call today at 4:30 p.m. ET to discuss its third quarter 2024 results.
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 |
|||||||||||
(in thousands except per share amounts, unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
||||
Net sales |
$ |
316,701 |
|
$ |
304,578 |
|
$ |
961,071 |
|
$ |
917,699 |
Cost of sales |
|
137,706 |
|
|
136,519 |
|
|
426,383 |
|
|
423,629 |
Gross profit |
|
178,995 |
|
|
168,059 |
|
|
534,688 |
|
|
494,070 |
% of sales |
|
|
|
|
|
|
|
|
|
|
|
Selling & administrative expense |
|
99,730 |
|
|
125,295 |
|
|
345,611 |
|
|
385,080 |
Research & development expense |
|
13,558 |
|
|
12,464 |
|
|
41,250 |
|
|
38,574 |
Income from operations |
|
65,707 |
|
|
30,300 |
|
|
147,827 |
|
|
70,416 |
% of sales |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
9,252 |
|
|
10,019 |
|
|
28,440 |
|
|
30,271 |
Income before income taxes |
|
56,455 |
|
|
20,281 |
|
|
119,387 |
|
|
40,145 |
Provision for income taxes |
|
7,471 |
|
|
4,444 |
|
|
20,719 |
|
|
8,757 |
Net income |
$ |
48,984 |
|
$ |
15,837 |
|
$ |
98,668 |
|
$ |
31,388 |
|
|
|
|
|
|
|
|
||||
Basic EPS |
$ |
1.59 |
|
$ |
0.52 |
|
$ |
3.20 |
|
$ |
1.02 |
Diluted EPS |
|
1.57 |
|
|
0.50 |
|
|
3.17 |
|
|
0.99 |
|
|
|
|
|
|
|
|
||||
Basic shares |
|
30,856 |
|
|
30,741 |
|
|
30,815 |
|
|
30,638 |
Diluted shares |
|
31,112 |
|
|
31,689 |
|
|
31,148 |
|
|
31,563 |
Sales Summary |
||||||||||||||
(in millions, unaudited) |
||||||||||||||
|
||||||||||||||
|
Three Months Ended September 30, |
|||||||||||||
|
|
|
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
Domestic |
|
International |
||||
|
2024 |
2023 |
|
As Reported |
Impact of Foreign Currency |
Constant Currency |
|
As Reported |
|
As Reported |
Impact of Foreign Currency |
Constant Currency |
||
Orthopedic Surgery |
$ |
130.5 |
$ |
124.7 |
|
|
|
|
|
|
|
|||
General Surgery |
|
186.2 |
|
179.9 |
|
|
|
|
- |
|
- |
|||
|
$ |
316.7 |
$ |
304.6 |
|
|
|
|
- |
|
|
|||
|
||||||||||||||
Single-use Products |
$ |
270.8 |
$ |
253.3 |
|
|
|
|
|
|
|
|||
Capital Products |
|
45.9 |
|
51.3 |
- |
|
- |
- |
- |
|
- |
|||
|
$ |
316.7 |
$ |
304.6 |
|
|
|
|
- |
|
|
|||
|
||||||||||||||
Domestic |
$ |
183.2 |
$ |
170.5 |
|
|
|
|||||||
International |
|
133.5 |
|
134.1 |
- |
|
|
|||||||
|
$ |
316.7 |
$ |
304.6 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Nine Months Ended September 30, |
||||||||||||||
|
|
|
% Change |
|||||||||||
|
|
|
|
|
|
|
Domestic |
|
International |
|||||
2024 |
2023 |
|
As Reported |
Impact of Foreign Currency |
Constant Currency |
|
As Reported |
|
As Reported |
Impact of Foreign Currency |
Constant Currency |
|||
Orthopedic Surgery |
$ |
405.0 |
$ |
396.6 |
|
|
|
|
|
|
|
|||
General Surgery |
|
556.1 |
|
521.1 |
|
|
|
|
|
|
|
|||
$ |
961.1 |
$ |
917.7 |
|
|
|
|
|
|
|
||||
Single-use Products |
$ |
814.8 |
$ |
767.3 |
|
|
|
|
|
|
|
|||
Capital Products |
|
146.3 |
|
150.4 |
- |
|
- |
- |
- |
|
- |
|||
$ |
961.1 |
$ |
917.7 |
|
|
|
|
|
|
|
||||
Domestic |
$ |
545.0 |
$ |
509.8 |
|
|
|
|||||||
International |
|
416.1 |
|
407.9 |
|
|
|
|||||||
$ |
961.1 |
$ |
917.7 |
|
|
|
||||||||
|
Reconciliation of Reported Net Income to Adjusted Net Income |
|||||||||||||||
(in thousands, except per share amounts, unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2024 |
|||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest
|
Tax
|
Effective Tax Rate |
Net Income |
Diluted EPS |
||||||||
As reported |
$ |
178,995 |
$ |
99,730 |
$ |
65,707 |
$ |
9,252 |
$ |
7,471 |
|
$ |
48,984 |
$ |
1.57 |
% of sales |
|
|
|
|
|
|
|||||||||
Legal matters(1) |
|
- |
|
(1,885) |
|
1,885 |
|
- |
|
92 |
|
1,793 |
|||
Contingent consideration fair value adjustments(2) |
|
- |
|
27,049 |
|
(27,049) |
|
- |
|
(1,319) |
|
|
(25,730) |
||
$ |
178,995 |
$ |
124,894 |
$ |
40,543 |
$ |
9,252 |
$ |
6,244 |
|
$ |
25,047 |
|||
Adjusted gross profit % |
|
|
|||||||||||||
Amortization(3) |
$ |
1,500 |
|
(7,158) |
|
8,658 |
|
(1,443) |
|
2,440 |
|
7,661 |
|||
As adjusted |
$ |
117,736 |
$ |
49,201 |
$ |
7,809 |
$ |
8,684 |
|
$ |
32,708 |
$ |
1.05 |
||
% of sales |
|
|
|
|
|
||||||||||
Shares |
|
31,112 |
|||||||||||||
Convertible note hedges(4) |
|
- |
|||||||||||||
Adjusted diluted shares |
|
31,112 |
|||||||||||||
Three Months Ended September 30, 2023 |
|||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest
|
Tax
|
Effective Tax Rate |
Net Income |
Diluted EPS |
||||||||
As reported |
$ |
168,059 |
$ |
125,295 |
$ |
30,300 |
$ |
10,019 |
$ |
4,444 |
|
$ |
15,837 |
$ |
0.50 |
% of sales |
|
|
|
|
|
|
|||||||||
Acquisition and integration costs(5) |
|
2,194 |
|
- |
|
2,194 |
|
- |
|
222 |
|
1,972 |
|||
Contingent consideration fair value adjustments(2) |
|
- |
|
(3,150) |
|
3,150 |
|
- |
|
320 |
|
2,830 |
|||
$ |
170,253 |
$ |
122,145 |
$ |
35,644 |
$ |
10,019 |
$ |
4,986 |
|
$ |
20,639 |
|||
Adjusted gross profit % |
|
|
|||||||||||||
Amortization(3) |
$ |
1,500 |
|
(7,238) |
|
8,738 |
|
(1,546) |
|
2,491 |
|
7,793 |
|||
As adjusted |
$ |
114,907 |
$ |
44,382 |
$ |
8,473 |
$ |
7,477 |
|
$ |
28,432 |
$ |
0.90 |
||
% of sales |
|
|
|
|
|
||||||||||
Shares |
|
31,689 |
|||||||||||||
Convertible note hedges(4) |
|
(178) |
|||||||||||||
Adjusted diluted shares |
|
31,511 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
(1) In 2024, the Company incurred costs for third party services pertaining to potential issues with certain royalty payments to design surgeons. |
|||||||||||||||
(2) In 2024 and 2023, the Company recorded income/(expense) related to the fair value adjustments of contingent consideration. |
|||||||||||||||
(3) Includes amortization of intangible assets and deferred financing fees. |
|||||||||||||||
(4) Non-GAAP adjusted dilutive weighted average shares outstanding exclude dilution that is expected to be offset by the Company’s convertible notes hedge transactions. |
|||||||||||||||
(5) In 2023, the Company incurred charges related to the amortization of inventory step-up to fair value associated with the acquisition of In2Bones Global, Inc. |
|||||||||||||||
Reconciliation of Reported Net Income to Adjusted Net Income |
|||||||||||||||
(in thousands, except per share amounts, unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Nine Months Ended September 30, 2024 |
|||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest
|
Tax
|
Effective Tax Rate |
Net Income |
Diluted EPS |
||||||||
As reported |
$ |
534,688 |
$ |
345,611 |
$ |
147,827 |
$ |
28,440 |
$ |
20,719 |
|
$ |
98,668 |
$ |
3.17 |
% of sales |
|
|
|
|
|
|
|||||||||
Legal matters(1) |
|
- |
|
(4,566) |
|
4,566 |
|
- |
|
344 |
|
4,222 |
|||
Restructuring and related costs(2) |
|
235 |
|
(1,539) |
|
1,774 |
|
- |
|
255 |
|
|
1,519 |
|
|
Asset impairment costs (3) |
|
1,414 |
|
- |
|
1,414 |
|
- |
|
203 |
|
|
1,211 |
|
|
Termination of distributor agreement(4) |
|
- |
|
970 |
|
(970) |
|
- |
|
(139) |
|
|
(831) |
|
|
Contingent consideration fair value adjustments(5) |
|
- |
|
42,267 |
|
(42,267) |
|
- |
|
(2,650) |
|
(39,617) |
|||
$ |
536,337 |
$ |
382,743 |
$ |
112,344 |
$ |
28,440 |
$ |
18,732 |
|
$ |
65,172 |
|||
Adjusted gross profit % |
|
|
|||||||||||||
Amortization(6) |
$ |
4,500 |
|
(21,466) |
|
25,966 |
|
(4,256) |
|
7,320 |
|
22,902 |
|
||
As adjusted |
$ |
361,277 |
$ |
138,310 |
$ |
24,184 |
$ |
26,052 |
|
$ |
88,074 |
$ |
2.83 |
||
% of sales |
|
|
|
|
|||||||||||
Shares |
|
31,148 |
|||||||||||||
Convertible note hedges(7) |
|
- |
|||||||||||||
Adjusted diluted shares |
|
31,148 |
|||||||||||||
Nine Months Ended September 30, 2023 |
|||||||||||||||
Gross Profit |
Selling & Administrative Expense |
Operating Income |
Interest
|
Tax
|
Effective Tax Rate |
Net Income |
Diluted EPS |
||||||||
As reported |
$ |
494,070 |
$ |
385,080 |
$ |
70,416 |
$ |
30,271 |
$ |
8,757 |
|
$ |
31,388 |
$ |
0.99 |
% of sales |
|
|
|
|
|
|
|||||||||
Software implementation costs(8) |
|
- |
|
(6,056) |
|
6,056 |
|
- |
|
1,453 |
|
4,603 |
|||
Acquisition and integration costs(9) |
|
6,463 |
|
(752) |
|
7,215 |
|
- |
|
1,369 |
|
|
5,846 |
|
|
Contingent consideration fair value adjustments(5) |
|
- |
|
(6,949) |
|
6,949 |
|
- |
|
1,334 |
|
5,615 |
|||
Restructuring and related costs(2) |
|
2,035 |
|
(1,578) |
|
3,613 |
|
- |
|
930 |
|
2,683 |
|||
Termination of distributor agreements(4) |
|
- |
|
(2,098) |
|
2,098 |
|
- |
|
417 |
|
1,681 |
|||
$ |
502,568 |
$ |
367,647 |
$ |
96,347 |
$ |
30,271 |
$ |
14,260 |
|
$ |
51,816 |
|||
Adjusted gross profit % |
|
|
|||||||||||||
Amortization(6) |
$ |
4,500 |
|
(21,773) |
|
26,273 |
|
(4,558) |
|
7,511 |
|
|
23,320 |
|
|
As adjusted |
$ |
345,874 |
$ |
122,620 |
$ |
25,713 |
$ |
21,771 |
|
$ |
75,136 |
$ |
2.39 |
||
% of sales |
|
|
|
|
|||||||||||
Shares |
|
31,563 |
|||||||||||||
Convertible note hedges(7) |
|
(152) |
|||||||||||||
Adjusted diluted shares |
|
31,411 |
|||||||||||||
(1) In 2024, the Company incurred costs for third party services pertaining to potential issues with certain royalty payments to design surgeons. |
|||||||||||||||
(2) In 2024, the Company incurred severance costs related to the elimination of certain positions. In 2023, the Company incurred consulting fees related to an operational cost improvement initiative and severance related to the elimination of certain positions. |
|||||||||||||||
(3) In 2024, the Company wrote off inventory, tooling and equipment related to the cancellation of a planned new product line. |
|||||||||||||||
(4) In 2024, the Company recorded an accrual adjustment related to the previous termination of a distributor agreement. In 2023, the Company incurred costs related to the termination of distributor agreements. |
|||||||||||||||
(5) In 2024 and 2023, the Company incurred income/(expense) related to the fair value adjustments of contingent consideration. |
|||||||||||||||
(6) Includes amortization of intangible assets and deferred financing fees. |
|||||||||||||||
(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) In 2023, the Company incurred additional freight, labor and travel costs as well as professional fees related to the implementation of a warehouse management software. |
|||||||||||||||
(9) In 2023, the Company incurred charges related to the amortization of inventory step-up to fair value associated with the acquisition of In2Bones Global, Inc., and integration costs and professional fees associated with the acquisitions of In2Bones Global, Inc. and Biorez, Inc. |
|||||||||||||||
Reconciliation of Reported Net Income to EBITDA & Adjusted EBITDA |
|||||||||||
(in thousands, unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
||||
Net income |
$ |
48,984 |
|
$ |
15,837 |
|
$ |
98,668 |
|
$ |
31,388 |
Provision for income taxes |
|
7,471 |
|
|
4,444 |
|
|
20,719 |
|
|
8,757 |
Interest expense |
|
9,252 |
|
|
10,019 |
|
|
28,440 |
|
|
30,271 |
Depreciation |
|
4,195 |
|
|
3,926 |
|
|
12,406 |
|
|
12,148 |
Amortization |
|
13,779 |
|
|
13,947 |
|
|
41,445 |
|
|
41,724 |
EBITDA |
$ |
83,681 |
|
$ |
48,173 |
|
$ |
201,678 |
|
$ |
124,288 |
|
|
|
|
|
|
|
|
||||
Stock based compensation |
|
6,123 |
|
|
6,186 |
|
|
19,336 |
|
|
18,334 |
Legal matters |
|
1,885 |
|
|
- |
|
|
4,566 |
|
|
- |
Contingent consideration fair value adjustments |
|
(27,049) |
|
|
3,150 |
|
|
(42,267) |
|
|
6,949 |
Acquisition and integration costs |
|
- |
|
|
2,194 |
|
|
- |
|
|
7,215 |
Termination of distributor agreements |
|
- |
|
|
- |
|
|
(970) |
|
|
2,098 |
Software implementation costs |
|
- |
|
|
- |
|
|
- |
|
|
6,056 |
Restructuring and related costs |
|
- |
|
|
- |
|
|
1,774 |
|
|
3,613 |
Asset impairment costs |
|
- |
|
|
- |
|
|
1,414 |
|
|
- |
Adjusted EBITDA |
$ |
64,640 |
|
$ |
59,703 |
|
$ |
185,531 |
|
$ |
168,553 |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||
EBITDA Margin |
|
|
|
|
|
|
|
||||
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
About CONMED Corporation
CONMED is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals 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 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 risk factors discussed in the Company's Annual Report on Form 10-K for the full year ended December 31, 2023, listed under the heading Forward-Looking Statements in the Company’s most recently filed Form 10-Q and other risks and uncertainties, which may be detailed from time to time in reports filed by CONMED with the SEC. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.
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, income tax expense, effective income tax rate, net income, diluted shares and diluted net earnings 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.
We are unable to present a quantitative reconciliation of our expected diluted net earnings per share to expected adjusted diluted net earnings per share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of acquisition, integration and other charges. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our consolidated condensed statements of income.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030311357/en/
CONMED Corporation
Todd W. Garner
Chief Financial Officer
727-214-2975
ToddGarner@conmed.com
Source: CONMED Corporation
FAQ
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