Wall Street analysts expect Conmed (CNMD) to post quarterly earnings of $1.11 per share in its upcoming report, which indicates a year-over-year increase of 164.3%. Revenues are expected to be $332.94 million, up 32.7% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a company announces its e ...

Financial Data and Key Metrics Changes - Total sales for Q3 2023 were $304.6 million, representing a year-over-year increase of 10.7% [34] - GAAP net income totaled $15.8 million, a decline of 65.7% compared to $46.2 million in Q3 2022 [13] - Adjusted net income increased 19.5% year-over-year to $28.4 million, with adjusted diluted earnings per share of $0.90, up 16.9% year-over-year [13][21] - Cash flow from operations was $46.1 million, compared to $25.9 million in Q3 2022 [22] Business Line Data and Key Metrics Changes - U.S. sales increased 9.5% year-over-year, while international sales grew 15.1% [17] - Worldwide Orthopedics revenue grew 6.4%, with U.S. Orthopedic sales increasing 1.3% and international sales up 9.7% [17] - General Surgery revenue increased 16.0%, with U.S. revenue growing 12.9% and international revenue rising 23.8% [18] Market Data and Key Metrics Changes - The company experienced supply constraints in its legacy orthopedic business, impacting revenue [17] - An industry-wide reagent supply disruption from its allograft tissue partner, MTF, is expected to affect revenue and gross margins into Q4 2023 [41] Company Strategy and Development Direction - The company remains focused on innovation and expanding its product portfolio, particularly in high-growth areas [12][27] - The goal is to achieve gross margins around 60% by the end of 2025, with a commitment to improving operating margins through SG&A leverage [43][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2023 strongly and starting 2024 with positive momentum despite macroeconomic challenges [36][37] - The company anticipates continued double-digit organic growth, assuming a healthy medtech market [68] Other Important Information - The company has seen a positive response to its Biorez acquisition and is focused on expanding its market presence [12] - The cash balance at the end of the quarter was $30.5 million, with a leverage ratio of 4.8 times [45] Q&A Session Summary Question: Factors influencing guidance range - Management indicated that geopolitical noise and supply disruptions are factors affecting guidance, but they feel confident about Q4 performance [25] Question: Free cash flow expectations - The company expects free cash flow to grow with earnings, estimating around $110 million for 2023 [56] Question: Impact of supply issues on procedures - Management noted that some procedures may be deferred or use alternative materials due to supply constraints [87] Question: Competitive landscape for AirSeal - Management believes AirSeal is uniquely positioned in the market and does not foresee any immediate threats from competitors [69] Question: Capital spending environment - The company views the capital market as viable and has not seen material slowdowns, despite competition [72] Question: Gross margin expansion expectations - Management expects gross margins to improve, with a target of 60% by the end of 2025, driven by a favorable mix of high-growth products [81][83]

Curt R. Hartman Chair of the Board, President, and Chief Executive Officer Todd W. Garner Executive Vice President and Chief Financial Officer October 25, 2023 This presentation 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 forwardlooking statements herein or in previous disclosures. For example, in addition to general industr ...

Selling and Administrative Expense Table of Contents Operating cash flows things, require the maintenance of certain financial ratios and restrict dividend payments and the incurrence of certain indebtedness and other activities, including acquisitions and dispositions. We were in full compliance with these covenants and restrictions as of September 30, 2023. We are also required, under certain circumstances, to make mandatory prepayments from net cash proceeds from any issuance of equity and asset sales. I ...

CONMED Corporation (NYSE:CNMD) Q2 2023 Earnings Conference Call July 26, 2023 4:30 PM ET Company Participants Curt Hartman - Chairman, President, and CEO Todd Garner - EVP and CFO Conference Call Participants Robert Marcus - JPMorgan Rick Wise - Stifel Matthew O'Brien - Piper Sandler Vik Chopra - Wells Fargo Matthew Mishan - KeyBanc Young Li - Jefferies Kristen Stewart - C.L. King Mike Matson - Needham & Company Operator Before the conference call begins, let me remind you that during this call, management ...

Curt R. Hartman Chair of the Board, President, and Chief Executive Officer Todd W. Garner Executive Vice President and Chief Financial Officer July 26, 2023 in the power of engaged talent. ℃CONMED | Q2 2023 Earnings Call • Evolve product mix toward higher-growth, higher-margin offerings Q2 2023 Earnings Call | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|---------------|-------------------------------|---------------------------------------------------------------------------- ...

Washington, D.C. 20549 Common Stock, $0.01 par value CNMD NYSE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File re ...

Financial Performance & Guidance - CONMED increased full-year adjusted cash EPS guidance to $3.30 - $3.50, including a $0.20 - $0.25 FX headwind[5] - The company increased full-year revenue guidance to $1.205 billion - $1.250 billion, which includes currency headwinds estimated between 150 to 200 basis points[17] - Q1 2023 worldwide revenue was $295.5 million[13], representing a 21.9% year-over-year increase as reported and a 25.1% increase in constant currency, with recent acquisitions contributing 570 basis points to revenue growth[15] - Q1 2023 GAAP EPS was $0.06, compared to $0.47 in the prior year period[15], while adjusted EPS was $0.66, a 5.7% decrease from the prior year period[15] Revenue Breakdown - Domestic revenue accounted for $164.6 million, while international revenue was $130.9 million, representing 56% and 44% of total revenue, respectively[14] - Single-use products generated $249.3 million in revenue, while capital products contributed $46.2 million[52], with single-use products accounting for 84% of the total[52] - Orthopedic Surgery revenue was $131.2 million, and General Surgery revenue was $164.3 million[13] Strategic Initiatives & Market Focus - The company is focused on increasing market share in large and attractive markets[32] - CONMED is evolving its product mix toward higher-growth, higher-margin offerings[48] - CONMED implemented a Warehouse Management Software System (WMS) in Q4 2022, which caused shipping delays but is expected to increase capacity and efficiency[18]

CONMED Corporation (NYSE:CNMD) Q1 2023 Results Earnings Conference Call April 27, 2023 4:30 PM ET Company Participants Curt Hartman - Chair of the Board, President, and Chief Executive Officer Todd Garner - Executive Vice President and Chief Financial Officer Conference Call Participants Rick Wise - Stifel Financial Lilia-Celine Lozada - J.P. Morgan Ian Tolle - Bank of America Securities Vik Chopra - Wells Fargo Corporate & Investment Banking Matthew O'Brien - Piper Sandler Mike Matson - Needham & Company M ...

[PART I FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated condensed financial statements for Q1 2023 show a **21.9%** net sales increase to **$295.5 million**, but net income significantly decreased to **$1.8 million** due to higher costs and expenses, with total assets growing to **$2.32 billion** and operating cash flow turning negative at **($3.8) million** [Consolidated Condensed Statements of Comprehensive Income](index=3&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) For Q1 2023, net sales increased to **$295.5 million**, but operating income fell sharply to **$12.7 million**, and net income dropped to **$1.8 million**, resulting in diluted EPS of **$0.06** | Financial Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $295,468 | $242,327 | 21.9% | | Gross Profit | $155,321 | $135,991 | 14.2% | | Income from Operations | $12,699 | $22,444 | -43.4% | | Net Income | $1,819 | $14,975 | -87.9% | | Diluted EPS | $0.06 | $0.47 | -87.2% | [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of March 31, 2023, total assets reached **$2.32 billion**, with increases in accounts receivable and inventories, while total liabilities rose to **$1.57 billion** and shareholders' equity increased to **$752.5 million** | Balance Sheet Item | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $26,494 | $28,942 | | Total current assets | $610,088 | $581,226 | | Goodwill | $815,499 | $815,429 | | **Total Assets** | **$2,320,120** | **$2,297,592** | | **Liabilities & Equity** | | | | Total current liabilities | $320,686 | $296,552 | | Long-term debt | $995,276 | $985,076 | | **Total Liabilities** | **$1,567,667** | **$1,552,047** | | **Total Shareholders' Equity** | **$752,453** | **$745,545** | [Consolidated Condensed Statements of Cash Flows](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **($3.8) million** for Q1 2023, a significant decrease from the prior year, primarily due to lower net income and unfavorable working capital changes, while financing activities provided **$5.4 million** | Cash Flow Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(3,847) | $328 | | Net cash used in investing activities | $(4,254) | $(3,687) | | Net cash provided by financing activities | $5,350 | $7,489 | | **Net (decrease) increase in cash** | **$(2,448)** | **$4,017** | [Notes to Consolidated Condensed Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) The notes detail key accounting policies, including the impact of 2022 acquisitions, revenue breakdown by segment, long-term debt structure, and the company's single business segment operation - The acquisitions of In2Bones and Biorez in 2022 are in preliminary purchase price allocation, with In2Bones contributing **$11.8 million** in net sales in Q1 2023, while Biorez sales were immaterial[79](index=79&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The company uses forward foreign exchange contracts to hedge currency fluctuations for intercompany sales and receivables, with **$199.0 million** notional amount outstanding as of March 31, 2023[61](index=61&type=chunk)[63](index=63&type=chunk)[91](index=91&type=chunk) - Total long-term debt as of March 31, 2023, was approximately **$1.06 billion**, primarily comprising a term loan, revolving credit facility, and two series of convertible notes[36](index=36&type=chunk) Revenue by Product Line | Revenue by Product Line | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | Orthopedic Surgery | $131,175 | $107,517 | | General Surgery | $164,293 | $134,810 | | **Total Sales** | **$295,468** | **$242,327** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **21.9% sales growth** in Q1 2023 to reduced shipping delays and acquisitions, but gross margin declined by **350 basis points** due to inflation and acquisition costs, while liquidity is supported by **$504.2 million** available on the revolving credit facility [Consolidated Results of Operations](index=24&type=section&id=Consolidated%20Results%20of%20Operations) Net sales increased **21.9%** (25.1% in constant currency) for Q1 2023, driven by both Orthopedic and General Surgery segments, while gross profit margin fell to **52.6%**, and interest expense doubled to **$10.3 million** Product Line Sales | Product Line | Q1 2023 Sales (in millions) | As Reported % Change | Constant Currency % Change | | :--- | :--- | :--- | :--- | | Orthopedic surgery | $131.2 | 22.0% | 26.0% | | General surgery | $164.3 | 21.9% | 24.4% | | **Total Net sales** | **$295.5** | **21.9%** | **25.1%** | - Gross profit margins decreased by **350 basis points** from 56.1% to 52.6%, primarily due to inflation in raw materials, freight, and production costs, alongside **$2.1 million** in amortization of inventory step-up from the In2Bones acquisition[130](index=130&type=chunk) - The increase in Selling and Administrative expense was mainly driven by non-recurring costs, including **$4.4 million** for fair value adjustments to contingent consideration and **$4.3 million** for new warehouse management system implementation[126](index=126&type=chunk)[131](index=131&type=chunk) - Interest expense increased from **$5.0 million** to **$10.3 million** year-over-year, primarily due to the issuance of 2.250% Convertible Notes in June 2022 and higher interest rates on the senior credit agreement[133](index=133&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash used in operating activities was **$3.8 million** for Q1 2023, a decline from the prior year, with **$504.2 million** available on the revolving credit facility and **$37.4 million** remaining for share repurchases - Net cash used in operating activities was **$3.8 million** in Q1 2023, compared to net cash provided of **$0.3 million** in Q1 2022, primarily due to lower net income and an increase in accounts receivable[139](index=139&type=chunk)[140](index=140&type=chunk) - As of March 31, 2023, the company had **$504.2 million** in available borrowings on its revolving credit facility and was in full compliance with all debt covenants[145](index=145&type=chunk)[146](index=146&type=chunk) - The company's share repurchase program has **$37.4 million** remaining under its **$200.0 million** authorization, with no shares repurchased during Q1 2023[149](index=149&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There were no significant changes in the company's primary market risk exposures or their management during the three months ended March 31, 2023 - There were no significant changes in the company's primary market risk exposures, which include interest rate risk and foreign currency exchange risk, during the first quarter of 2023[151](index=151&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (March 31, 2023)[152](index=152&type=chunk) [PART II OTHER INFORMATION](index=28&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in lawsuits related to Ethylene Oxide exposure and is challenging an Italian medical device tax, but does not anticipate a material adverse effect on its financial condition - CONMED is defending two lawsuits in Georgia related to alleged personal injury from Ethylene Oxide exposure, with claims of **44 out of 51 plaintiffs** dismissed in one action, and strong defenses for remaining claims[101](index=101&type=chunk)[102](index=102&type=chunk) - The company is challenging a medical device tax passed by the Italian government in 2015, with payment postponed pending court rulings on the law's constitutionality, and no amounts remitted to date[105](index=105&type=chunk) - The company maintains commercial product liability insurance of **$35 million** per incident and in aggregate annually, which it believes is adequate[96](index=96&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002 and XBRL data files - Exhibits filed with the report include CEO and CFO certifications as required by the Sarbanes-Oxley Act of 2002 (Sections 302 and 906)[157](index=157&type=chunk)[158](index=158&type=chunk) [Signatures](index=30&type=section&id=Signatures) The report was duly signed on April 27, 2023, by Todd W. Garner, Executive Vice President and Chief Financial Officer of CONMED Corporation - The Form 10-Q was signed on April 27, 2023, by Todd W. Garner, Executive Vice President and Chief Financial Officer[161](index=161&type=chunk)[163](index=163&type=chunk)