0001174947-23-001234.txt : 20231025 0001174947-23-001234.hdr.sgml : 20231025 20231025161921 ACCESSION NUMBER: 0001174947-23-001234 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONMED Corp CENTRAL INDEX KEY: 0000816956 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 160977505 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39218 FILM NUMBER: 231346251 BUSINESS ADDRESS: STREET 1: 11311 CONCEPT BOULEVARD CITY: LARGO STATE: FL ZIP: 33773 BUSINESS PHONE: 727-214-2974 MAIL ADDRESS: STREET 1: 11311 CONCEPT BOULEVARD CITY: LARGO STATE: FL ZIP: 33773 FORMER COMPANY: FORMER CONFORMED NAME: CONMED CORP DATE OF NAME CHANGE: 19920703 8-K 1 form8k-30967_cnmd.htm 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of Report (Date of earliest event reported): October 25, 2023

 

 

CONMED CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware 001-39218 16-0977505
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization)   Identification No.)

 

 

11311 Concept Blvd

Largo, Florida 33773

(Address of principal executive offices, including zip code)

 

(727) 392-6464

(Registrant's telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (See General Instruction A.2 below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Rule 12(b) of the Act

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value CNMD NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On October 25, 2023, CONMED Corporation issued a press release announcing financial results for the third quarter ended September 30, 2023. A copy of this press release is attached hereto as Exhibit 99.1.

 

The information in this Current Report on Form 8-K that is furnished under “Item 2.02. Results of Operations and Financial Condition” and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

 

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are included herewith:

 

 

  Exhibit No. Description of Exhibit
     
  99.1 Press Release dated October 25, 2023, issued by CONMED Corporation.
     
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

     
Date:     October 25, 2023   CONMED CORPORATION
    (Registrant)
     
     
       By: /s/  Todd W. Garner
  Name: Todd W. Garner
    Title: Executive Vice President-
    Chief Financial Officer

 

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Icon

Description automatically generated

  NEWS RELEASE
   
  CONTACT:
  CONMED Corporation
  Todd W. Garner
  Chief Financial Officer
  727-214-2975
  ToddGarner@conmed.com
   

 

 

CONMED Corporation Announces Third Quarter 2023 Financial Results

 

Largo, Florida, October 25, 2023 CONMED Corporation (NYSE: CNMD) today announced financial results for the third quarter ended September 30, 2023.

 

Third Quarter 2023 Highlights

 

·Sales of $304.6 million increased 10.7% year over year as reported and 11.9% in constant currency. Acquisitions contributed approximately 40 basis points of growth.
·Domestic revenue increased 9.5% year over year.
·International revenue increased 12.3% year over year as reported and 15.1% in constant currency.
·Diluted net earnings per share (GAAP) were $0.50 compared to diluted net earnings per share (GAAP) of $1.48 in the third quarter of 2022.
·Adjusted diluted net earnings per share(1) were $0.90, an increase of 16.9% compared to the third quarter of 2022.

 

“The third quarter saw our team drive double-digit revenue and earnings growth amid healthy end markets,” commented Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. “I’m proud of what we’ve accomplished year to date in 2023, particularly that the team has been able to drive above-market revenue growth in both businesses.”

 

2023 Outlook

 

Based on the third quarter results, the Company now expects full-year revenue between $1.240 billion and $1.260 billion, compared to its prior guidance of between $1.230 billion and $1.260 billion.

 

The Company now expects full-year 2023 adjusted diluted net earnings per share(2) in the range of $3.45 to $3.55, compared to its prior range of $3.40 to $3.55.

 

The expected impact of foreign currency exchange rates remains consistent with the range provided in our original guidance for 2023.

 

Supplemental Financial Disclosures

 

(1) A reconciliation of reported diluted net earnings (loss) 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 2023 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 (Loss)

(in thousands except per share amounts, unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2023   2022   2023   2022 
                 
Net sales  $304,578   $275,088   $917,699   $794,605 
Cost of sales   136,519    123,473    423,629    355,222 
Gross profit   168,059    151,615    494,070    439,383 
% of sales   55.2%    55.1%    53.8%    55.3% 
Selling & administrative expense   125,295    114,600    385,080    333,302 
Research & development expense   12,464    12,767    38,574    34,932 
Income from operations   30,300    24,248    70,416    71,149 
% of sales   9.9%    8.8%    7.7%    9.0% 
Interest expense   10,019    8,536    30,271    19,462 
Other expense               112,011 
Income (loss) before income taxes   20,281    15,712    40,145    (60,324)
Provision (benefit) for income taxes   4,444    (30,438)   8,757    46,842 
Net income (loss)  $15,837   $46,150   $31,388   $(107,166)
                     
Basic EPS  $0.52   $1.51   $1.02   $(3.59)
Diluted EPS   0.50    1.48    0.99    (3.59)
                     
Basic shares   30,741    30,473    30,638    29,892 
Diluted shares   31,689    31,103    31,563    29,892 

 

 

 

Sales Summary

(in millions, unaudited)

 

   Three Months Ended September 30,
         % Change
                  Domestic  International
   2023  2022  As
Reported
  Impact
of
Foreign
Currency
  Constant
Currency
  As
Reported
  As
Reported
  Impact
of
Foreign
Currency
  Constant
Currency
Orthopedic Surgery  $124.7   $118.6    5.1%    1.3%    6.4%    1.3%    7.5%    2.2%    9.7% 
General Surgery   179.9    156.5    15.0%    1.0%    16.0%    12.9%    19.9%    3.9%    23.8% 
   $304.6   $275.1    10.7%    1.2%    11.9%    9.5%    12.3%    2.8%    15.1% 
                                              
Single-use Products  $253.3   $231.3    9.5%    1.1%    10.6%    9.3%    9.7%    2.8%    12.5% 
Capital Products   51.3    43.8    17.1%    1.5%    18.6%    10.6%    23.0%    3.2%    26.2% 
   $304.6   $275.1    10.7%    1.2%    11.9%    9.5%    12.3%    2.8%    15.1% 
                                              
Domestic  $170.5   $155.7    9.5%    0.0%    9.5%                     
International   134.1    119.4    12.3%    2.8%    15.1%                     
   $304.6   $275.1    10.7%    1.2%    11.9%                     
                                              

 

   Nine Months Ended September 30,
         % Change
                  Domestic  International
   2023  2022  As
Reported
  Impact
of
Foreign
Currency
  Constant
Currency
  As
Reported
  As
Reported
  Impact
of
Foreign
Currency
  Constant
Currency
Orthopedic Surgery  $396.6   $346.3    14.5%    2.7%    17.2%    18.9%    12.1%    4.1%    16.2% 
General Surgery   521.1    448.3    16.2%    1.7%    17.9%    16.1%    16.6%    5.6%    22.2% 
   $917.7   $794.6    15.5%    2.1%    17.6%    16.9%    13.8%    4.6%    18.4% 
                                              
Single-use Products  $767.3   $663.1    15.7%    2.1%    17.8%    17.3%    13.6%    4.7%    18.3% 
Capital Products   150.4    131.5    14.3%    2.3%    16.6%    14.0%    14.6%    4.3%    18.9% 
   $917.7   $794.6    15.5%    2.1%    17.6%    16.9%    13.8%    4.6%    18.4% 
                                              
Domestic  $509.8   $436.1    16.9%    0.0%    16.9%                     
International   407.9    358.5    13.8%    4.6%    18.4%                     
   $917.7   $794.6    15.5%    2.1%    17.6%                     
                                              

 

 

Reconciliation of Reported Net Income to Adjusted Net Income

(in thousands, except per share amounts, unaudited)

  

   Three Months Ended September 30, 2023         
   Gross
Profit
  Selling &
Administrative
Expense
  Operating
Income
  Interest
Expense
  Tax
Expense
  Effective
Tax Rate
  Net
Income
  Basic
EPS
  Adjustments  Diluted
EPS
As reported  $168,059   $125,295   $30,300   $10,019   $4,444    21.9%   $15,837        $   $15,837 
% of sales   55.2%    41.1%    9.9%                                    
EPS                                     $0.52        $0.50 
Shares                                      30,741    948    31,689 
Acquisition and integration costs(1)   2,194        2,194        222         1,972                
Contingent consideration fair value adjustment(2)       (3,150)   3,150        320         2,830                
   $170,253   $122,145   $35,644   $10,019   $4,986        $20,639                
Adjusted gross profit %   55.9%                                              
Amortization(3)  $1,500    (7,238)   8,738    (1,546)   2,491         7,793                
As adjusted       $114,907   $44,382   $8,473   $7,477    20.8%   $28,432        $   $28,432 
% of sales        37.7%    14.6%                                    
Adjusted diluted EPS                                               $0.90 
                                                   
Shares                                      30,741    948    31,689 
Convertible note hedges(4)                                                (178)
Adjusted diluted shares                                                31,511 

 

 Three Months Ended September 30, 2022          
   Gross
Profit
  Selling &
Administrative
Expense
  Operating
Income
  Interest
Expense
  Tax
Expense
(Benefit)
  Effective
Tax Rate
  Net
Income
  Basic
EPS
   Adjustments(5)  Diluted
EPS
As reported  $151,615   $114,600   $24,248   $8,536   $(30,438)   -193.7%   $46,150        $   $46,150 
% of sales   55.1%    41.7%    8.8%                                    
EPS                                     $1.51        $1.48 
Shares                                      30,473    630    31,103 
Acquisition and integration costs(1)   2,096    (3,706)   5,802        35,852         (30,050)               
   $153,711   $110,894   $30,050   $8,536   $5,414        $16,100                
Adjusted gross profit %   55.9%                                              
Amortization(3)  $1,500    (7,193)   8,693    (1,488)   2,484         7,697                
As adjusted       $103,701   $38,743   $7,048   $7,898    24.9%   $23,797        $   $23,797 
% of sales        37.7%    14.1%                                    
Adjusted diluted EPS                                               $0.77 
                                                   
Shares                                      30,473    630    31,103 
Convertible note hedges(4)                                                (45)
Adjusted diluted shares                                                31,058 

 

(1) 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. In 2022, the Company incurred charges related to the amortization of inventory step-up to fair value and consulting fees, legal fees, and other integration costs associated with the acquisitions of In2Bones Global, Inc. and Biorez, Inc.

(2) In 2023, the Company incurred 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) The Company adopted ASU 2020-06, effective January 1, 2022. As a result of the adoption, the Company is required to compute diluted EPS using the if-converted method. Under the if-converted method, the numerator is adjusted for interest expense applicable to its convertible notes (net of tax) and the denominator includes additional common shares assuming conversion premium and principal portion of the notes (when permitted or required) are settled in shares.  Subsequent to June 6, 2022, the Company is required to settle the principal value of its convertible notes in cash.   

 

 

Reconciliation of Reported Net Income (Loss) to Adjusted Net Income

(in thousands, except per share amounts, unaudited)

 

   Nine Months Ended September 30, 2023   
   Gross
Profit
  Selling &
Administrative
Expense
  Operating
Income
  Interest
Expense
  Other
Expense
  Tax
Expense
  Effective
Tax Rate
  Net
Income
  Basic
EPS
  Adjustments  Diluted
EPS
As reported  $494,070   $385,080   $70,416   $30,271   $   $8,757    21.8%   $31,388        $   $31,388 
% of sales   53.8%    42.0%    7.7%                                         
EPS                                          $1.02        $0.99 
Shares                                           30,638    925    31,563 
Acquisition and integration costs(1)   6,463    (752)   7,215            1,369         5,846                
Termination of distributor agreements(2)       (2,098)   2,098            417         1,681                
Restructuring and related costs(3)   2,035    (1,578)   3,613            930         2,683                
Software implementation costs(4)       (6,056)   6,056            1,453         4,603                
Contingent consideration fair value adjustment(5)       (6,949)   6,949            1,334         5,615                
   $502,568   $367,647   $96,347   $30,271   $   $14,260        $51,816                
Adjusted gross profit %   54.8%                                                   
Amortization(6)  $4,500    (21,773)   26,273    (4,558)       7,511         23,320                
As adjusted       $345,874   $122,620   $25,713   $   $21,771    22.5%   $75,136        $   $75,136 
% of sales        37.7%    13.4%                                         
Adjusted diluted EPS                                                    $2.39 
                                                        
Shares                                           30,638    925    31,563 
Convertible note hedges(7)                                                     (152)
Adjusted diluted shares                                                     31,411 
                                                        

 

   Nine Months Ended September 30, 2022   
   Gross
Profit
  Selling &
Administrative
Expense
  Operating
Income
  Interest
Expense
  Other
Expense
  Tax
Expense
  Effective
Tax Rate
  Net
Income
(Loss)
  Basic
EPS
   Adjustments(12)  Diluted
EPS
As reported  $439,383   $333,302   $71,149   $19,462   $112,011   $46,842    -77.7%   $(107,166)       $   $(107,166)
% of sales   55.3%    41.9%    9.0%                                         
EPS                                          $(3.59)       $(3.59)
Shares                                           29,892        29,892 
Acquisition and integration costs(1)   2,445    (6,306)   8,751            34,092         (25,341)               
Legal matters(8)       (775)   775            (462)        1,237                
Convertible note premium on extinguishment(9)                   (103,125)   (61,521)        164,646                
Change in fair value of convertible note hedges upon settlement(10)                   (5,460)   (3,257)        8,717                
Loss on early extinguishment of debt(11)                   (3,426)   (2,044)        5,470                
   $441,828   $326,221   $80,675   $19,462   $   $13,650        $47,563                
Adjusted gross profit %   55.6%                                                   
Amortization(6)  $4,500    (20,563)   25,063    (3,404)       6,934         21,533                
As adjusted       $305,658   $105,738   $16,058   $   $20,584    23.0%   $69,096        $2,978   $72,074 
% of sales        38.5%    13.3%                                         
Adjusted diluted EPS                                                    $2.22 
                                                        
Shares                                           29,892    3,392    33,284 
Convertible note hedges(7)                                                     (771)
Adjusted diluted shares                                                     32,513 

 

(1) 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. In 2022, the Company incurred charges related to the amortization of inventory step-up to fair value and consulting fees, legal fees, and other integration costs associated with the acquisitions of In2Bones Global, Inc. and Biorez, Inc.

(2) In 2023, the Company incurred costs related to the termination of distributor agreements.

(3) In 2023, the Company incurred consulting fees related to an operational cost improvement initiative and severance related to the elimination of certain positions.

(4) In 2023, the Company incurred incremental freight, labor and professional fees related to the implementation of a warehouse management software.

(5) In 2023, the Company incurred expense related to the fair value adjustment 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 2022, the Company incurred costs related to a legal settlement.

(9) In 2022, the Company incurred costs related to the conversion premium on the repurchase and extinguishment of $275.0 million of its 2.625% Convertible Notes.

(10) In 2022, the Company incurred costs related to the settlement of convertible notes hedge transactions associated with the repurchase and extinguishment of $275.0 million of its 2.625% Convertible Notes.

(11) In 2022, the Company incurred costs related to the write-off of deferred financing fees associated with the repurchase and extinguishment of $275.0 million of its 2.625% Convertible Notes and term loan paydown.

(12) The Company adopted ASU 2020-06, effective January 1, 2022. As a result of the adoption, the Company is required to compute diluted EPS using the if-converted method. Under the if-converted method, the numerator is adjusted for interest expense applicable to its convertible notes (net of tax) and the denominator includes additional common shares assuming conversion premium and principal portion of the notes (when permitted or required) are settled in shares.  Subsequent to June 6, 2022, the Company is required to settle the principal value of its convertible notes in cash.   Adjustments in 2022 are applicable on a non-GAAP basis only since GAAP results are in a loss position and therefore exclude dilutive potential shares.

 

 

 

Reconciliation of Reported Net Income (Loss) to EBITDA & Adjusted EBITDA

(in thousands, unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2023   2022   2023   2022 
                 
Net income (loss)  $15,837   $46,150   $31,388   $(107,166)
Provision (benefit) for income taxes   4,444    (30,438)   8,757    46,842 
Interest expense   10,019    8,536    30,271    19,462 
Depreciation   3,926    3,938    12,148    12,028 
Amortization   13,947    13,689    41,724    39,754 
EBITDA  $48,173   $41,875   $124,288   $10,920 
                     
Stock based compensation   6,186    5,754    18,334    15,972 
Acquisition and integration costs   2,194    5,802    7,215    8,751 
Contingent consideration fair value adjustment   3,150        6,949     
Termination of distributor agreements           2,098     
Restructuring and related costs           3,613     
Software implementation costs           6,056     
Legal matters               775 
Convertible notes premium on extinguishment               103,125 
Change in fair value of convertible notes hedges upon settlement               5,460 
Loss on early extinguishment of debt               3,426 
Adjusted EBITDA  $59,703   $53,431   $168,553   $148,429 
                     
                     
EBITDA Margin                    
  EBITDA   15.8%    15.2%    13.5%    1.4% 
  Adjusted EBITDA   19.6%    19.4%    18.4%    18.7% 

 

 

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, 2022, 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 the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; adjusted gross profit; cost of sales excluding specified items; adjusted selling and administrative expenses; adjusted operating income; adjusted interest expense; adjusted other expense; adjusted income tax expense; adjusted effective income tax rate; adjusted net income, adjusted diluted shares and adjusted diluted net earnings per share (EPS). The Company believes that these non-GAAP measures provide meaningful information to assist investors and shareholders in understanding its financial results and assessing its prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of its operations because they exclude items that may not be indicative of, or are unrelated to, its core operating results and provide a baseline for analyzing trends in the Company’s underlying business. Further, the presentation of EBITDA is a non-GAAP measurement that management considers useful for measuring aspects of the Company’s cash flow. Management uses these non-GAAP financial measures for reviewing the operating results and analyzing potential future business trends in connection with its budget process and bases certain management incentive compensation on these non-GAAP financial measures.

 

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.

 

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.

 

 

 

 

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Cover
Oct. 25, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 25, 2023
Entity File Number 001-39218
Entity Registrant Name CONMED CORPORATION
Entity Central Index Key 0000816956
Entity Tax Identification Number 16-0977505
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 11311 Concept Blvd
Entity Address, City or Town Largo
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33773
City Area Code (727)
Local Phone Number 392-6464
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol CNMD
Security Exchange Name NYSE
Entity Emerging Growth Company false
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