Full Press Release Details
| NEWS RELEASE | |
| CONTACT : | |
| CONMED Corporation | |
| Todd W. Garner | |
| Chief Financial Officer | |
| 727-214-2975 | |
| ToddGarner@conmed.com |
CONMED Corporation Announces Fourth
Quarter and Full-Year 2023 Financial Results
Largo, Florida, January 31, 2024 -
CONMED Corporation (NYSE: CNMD) today announced financial results for the fourth quarter and full-year ended December 31, 2023.
Fourth Quarter 2023 Highlights
Full-Year 2023 Highlights
"2023 was a great year for CONMED,
and I am proud that our global business delivered record revenue in both the fourth quarter and for the full year," commented Curt
R. Hartman, CONMED's Chair of the Board, President, and Chief Executive Officer. "The balanced growth we saw across our various
businesses and geographies is a testament to the strength of the portfolio that we have built. As we shift our focus to 2024, we are very
excited to continue delivering innovative technology solutions to our customers and patients across both the General Surgery and Orthopedics
The Company expects full-year 2024 reported
revenue between $1.340 billion and $1.365 billion. This represents year-over-year growth of approximately 8% to 10%.
The Company expects full-year 2024 adjusted
diluted net earnings per share(2) in the range of $4.30 to $4.40. This represents year-over-year growth of approximately 25%
The impact of foreign currency exchange
rates in 2024 is expected to be immaterial.
Supplemental Financial Disclosures
reconciliation of reported diluted net earnings (loss) per share to adjusted diluted net earnings per share, a non-GAAP financial measure,
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.
The Company's management will host
a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full-year 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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net sales | $ | 327,045 | $ | 250,867 | $ | 1,244,744 | $ | 1,045,472 | ||||||||
| Cost of sales | 144,870 | 119,005 | 568,499 | 474,227 | ||||||||||||
| Gross profit | 182,175 | 131,862 | 676,245 | 571,245 | ||||||||||||
| % of sales | 55.7% | 52.6% | 54.3% | 54.6% | ||||||||||||
| Selling & administrative expense | 117,960 | 120,737 | 503,040 | 454,039 | ||||||||||||
| Research & development expense | 14,028 | 12,220 | 52,602 | 47,152 | ||||||||||||
| Income (loss) from operations | 50,187 | (1,095 | ) | 120,603 | 70,054 | |||||||||||
| % of sales | 15.3% | -0.4% | 9.7% | 6.7% | ||||||||||||
| Interest expense | 9,505 | 9,443 | 39,775 | 28,905 | ||||||||||||
| Other expense | - | - | - | 112,011 | ||||||||||||
| Income (loss) before income taxes | 40,682 | (10,538 | ) | 80,828 | (70,862 | ) | ||||||||||
| Provision (benefit) for income taxes | 7,611 | (37,122 | ) | 16,369 | 9,720 | |||||||||||
| Net income (loss) | $ | 33,071 | $ | 26,584 | $ | 64,459 | $ | (80,582 | ) | |||||||
| Basic EPS | $ | 1.08 | $ | 0.87 | $ | 2.10 | $ | (2.68 | ) | |||||||
| Diluted EPS | 1.05 | 0.86 | 2.04 | (2.68 | ) | |||||||||||
| Basic shares | 30,759 | 30,484 | 30,668 | 30,040 | ||||||||||||
| Diluted shares | 31,502 | 30,931 | 31,548 | 30,040 |
(in millions, unaudited)
| Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||
| % 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 | $ | 136.5 | $ | 115.2 | 18.5% | 0.9% | 19.4% | 6.0% | 27.8% | 2.0% | 29.8% | |||||||||||||||||||||||||
| General Surgery | 190.5 | 135.7 | 40.4% | 1.3% | 41.7% | 47.6% | 24.4% | 3.4% | 27.8% | |||||||||||||||||||||||||||
| $ | 327.0 | $ | 250.9 | 30.4% | 1.1% | 31.5% | 33.3% | 26.5% | 2.5% | 29.0% | ||||||||||||||||||||||||||
| Single-use Products | $ | 271.3 | $ | 211.9 | 28.1% | 1.1% | 29.2% | 33.1% | 20.6% | 2.6% | 23.2% | |||||||||||||||||||||||||
| Capital Products | 55.7 | 39.0 | 42.9% | 0.9% | 43.8% | 34.5% | 49.3% | 1.9% | 51.2% | |||||||||||||||||||||||||||
| $ | 327.0 | $ | 250.9 | 30.4% | 1.1% | 31.5% | 33.3% | 26.5% | 2.5% | 29.0% | ||||||||||||||||||||||||||
| Domestic | $ | 190.3 | $ | 142.8 | 33.3% | 0.0% | 33.3% | |||||||||||||||||||||||||||||
| International | 136.7 | 108.1 | 26.5% | 2.5% | 29.0% | |||||||||||||||||||||||||||||||
| $ | 327.0 | $ | 250.9 | 30.4% | 1.1% | 31.5% |
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
| % 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 | $ | 533.1 | $ | 461.5 | 15.5% | 2.2% | 17.7% | 15.2% | 15.7% | 3.5% | 19.2% | |||||||||||||||||||||||||
| General Surgery | 711.6 | 584.0 | 21.9% | 1.5% | 23.4% | 23.4% | 18.4% | 5.1% | 23.5% | |||||||||||||||||||||||||||
| $ | 1,244.7 | $ | 1,045.5 | 19.1% | 1.8% | 20.9% | 20.9% | 16.7% | 4.2% | 20.9% | ||||||||||||||||||||||||||
| Single-use Products | $ | 1,038.5 | $ | 874.9 | 18.7% | 1.8% | 20.5% | 21.3% | 15.2% | 4.3% | 19.5% | |||||||||||||||||||||||||
| Capital Products | 206.2 | 170.6 | 20.9% | 1.9% | 22.8% | 18.5% | 22.8% | 3.6% | 26.4% | |||||||||||||||||||||||||||
| $ | 1,244.7 | $ | 1,045.5 | 19.1% | 1.8% | 20.9% | 20.9% | 16.7% | 4.2% | 20.9% | ||||||||||||||||||||||||||
| Domestic | $ | 700.1 | $ | 579.0 | 20.9% | 0.0% | 20.9% | |||||||||||||||||||||||||||||
| International | 544.6 | 466.5 | 16.7% | 4.2% | 20.9% | |||||||||||||||||||||||||||||||
| $ | 1,244.7 | $ | 1,045.5 | 19.1% | 1.8% | 20.9% |
Reconciliation of Reported Net Income to Adjusted
(in thousands, except per share amounts, unaudited)
| Three Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
| Gross Profit | Selling & Administrative Expense | Operating Income | Interest Expense | Tax Expense | Effective Tax Rate | Net Income | Basic EPS | Adjustments | Diluted EPS | |||||||||||||||||||||||||||||||
| As reported | $ | 182,175 | $ | 117,960 | $ | 50,187 | $ | 9,505 | $ | 7,611 | 18.7% | $ | 33,071 | $ | - | $ | 33,071 | |||||||||||||||||||||||
| % of sales | 55.7% | 36.1% | 15.3% | |||||||||||||||||||||||||||||||||||||
| EPS | $ | 1.08 | $ | 1.05 | ||||||||||||||||||||||||||||||||||||
| Shares | 30,759 | 743 | 31,502 | |||||||||||||||||||||||||||||||||||||
| Acquisition and integration costs (1) | 2,154 | - | 2,154 | - | (162 | ) | 2,316 | |||||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment (2) | - | 9,370 | (9,370 | ) | - | 703 | (10,073 | ) | ||||||||||||||||||||||||||||||||
| $ | 184,329 | $ | 127,330 | $ | 42,971 | $ | 9,505 | $ | 8,152 | $ | 25,314 | |||||||||||||||||||||||||||||
| Adjusted gross profit % | 56.4% | |||||||||||||||||||||||||||||||||||||||
| Amortization (3) | $ | 1,500 | (7,295 | ) | 8,795 | (1,500 | ) | 2,458 | 7,837 | |||||||||||||||||||||||||||||||
| As adjusted | $ | 120,035 | $ | 51,766 | $ | 8,005 | $ | 10,610 | 24.2% | $ | 33,151 | $ | - | $ | 33,151 | |||||||||||||||||||||||||
| % of sales | 36.7% | 15.8% | ||||||||||||||||||||||||||||||||||||||
| Adjusted diluted EPS | $ | 1.06 | ||||||||||||||||||||||||||||||||||||||
| Shares | 30,759 | 743 | 31,502 | |||||||||||||||||||||||||||||||||||||
| Convertible note hedges (4) | (110 | ) | ||||||||||||||||||||||||||||||||||||||
| Adjusted diluted shares | 31,392 |
| Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
| Gross Profit | Selling & Administrative Expense | Operating Income (Loss) | Interest Expense | Tax Expense (Benefit) | Effective Tax Rate | Net Income | Basic EPS | Adjustments (7) | Diluted EPS | |||||||||||||||||||||||||||||||
| As reported | $ | 131,862 | $ | 120,737 | $ | (1,095 | ) | $ | 9,443 | $ | (37,122 | ) | 352.3% | $ | 26,584 | $ | - | $ | 26,584 | |||||||||||||||||||||
| % of sales | 52.6% | 48.1% | -0.4% | |||||||||||||||||||||||||||||||||||||
| EPS | $ | 0.87 | $ | 0.86 | ||||||||||||||||||||||||||||||||||||
| Shares | 30,484 | 447 | 30,931 | |||||||||||||||||||||||||||||||||||||
| Acquisition and integration costs (1) | 2,096 | (3,757 | ) | 5,853 | - | 12,873 | (7,020 | ) | ||||||||||||||||||||||||||||||||
| Restructuring and related costs (5) | 1,955 | (786 | ) | 2,741 | - | 6,029 | (3,288 | ) | ||||||||||||||||||||||||||||||||
| Software implementation costs (6) | - | (6,769 | ) | 6,769 | - | 14,889 | (8,120 | ) | ||||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment (2) | - | (2,518 | ) | 2,518 | - | 5,538 | (3,020 | ) | ||||||||||||||||||||||||||||||||
| $ | 135,913 | $ | 106,907 | $ | 16,786 | $ | 9,443 | $ | 2,207 | $ | 5,136 | |||||||||||||||||||||||||||||
| Adjusted gross profit % | 54.2% | |||||||||||||||||||||||||||||||||||||||
| Amortization (3) | $ | 1,500 | (7,228 | ) | 8,728 | (1,506 | ) | 2,446 | 7,788 | |||||||||||||||||||||||||||||||
| As adjusted | $ | 99,679 | $ | 25,514 | $ | 7,937 | $ | 4,653 | 26.5% | $ | 12,924 | $ | - | $ | 12,924 | |||||||||||||||||||||||||
| % of sales | 39.7% | 10.2% | ||||||||||||||||||||||||||||||||||||||
| Adjusted diluted EPS | $ | 0.42 | ||||||||||||||||||||||||||||||||||||||
| Shares | 30,484 | 447 | 30,931 | |||||||||||||||||||||||||||||||||||||
| Convertible note hedges (4) | - | |||||||||||||||||||||||||||||||||||||||
| Adjusted diluted shares | 30,931 |
(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 and 2022, the Company incurred 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 2022, the Company incurred consulting fees
related to an operational cost improvement initiative and severance related to the elimination of certain positions.
(6) In 2022, the Company incurred incremental freight,
professional fees and other costs related to the implementation of a warehouse management software.
(7) 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
(in thousands, except per share amounts, unaudited)
| Year Ended December 31, 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 | $ | 676,245 | $ | 503,040 | $ | 120,603 | $ | 39,775 | $ | - | $ | 16,369 | 20.3% | $ | 64,459 | $ | - | $ | 64,459 | |||||||||||||||||||||||||
| % of sales | 54.3% | 40.4% | 9.7% | |||||||||||||||||||||||||||||||||||||||||
| EPS | $ | 2.10 | $ | 2.04 | ||||||||||||||||||||||||||||||||||||||||
| Shares | 30,668 | 880 | 31,548 | |||||||||||||||||||||||||||||||||||||||||
| Acquisition and integration costs (1) | 8,617 | (752 | ) | 9,369 | - | - | 1,207 | 8,162 | ||||||||||||||||||||||||||||||||||||
| 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) | - | 2,421 | (2,421 | ) | - | - | 2,037 | (4,458 | ) | |||||||||||||||||||||||||||||||||||
| $ | 686,897 | $ | 494,977 | $ | 139,318 | $ | 39,775 | $ | - | $ | 22,413 | $ | 77,130 | |||||||||||||||||||||||||||||||
| Adjusted gross profit % | 55.2% | |||||||||||||||||||||||||||||||||||||||||||
| Amortization (6) | $ | 6,000 | (29,068 | ) | 35,068 | (6,058 | ) | - | 9,969 | 31,157 | ||||||||||||||||||||||||||||||||||
| As adjusted | $ | 465,909 | $ | 174,386 | $ | 33,717 | $ | - | $ | 32,382 | 23.0% | $ | 108,287 | $ | - | $ | 108,287 | |||||||||||||||||||||||||||
| % of sales | 37.4% | 14.0% | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted diluted EPS | $ | 3.45 | ||||||||||||||||||||||||||||||||||||||||||
| Shares | 30,668 | 880 | 31,548 | |||||||||||||||||||||||||||||||||||||||||
| Convertible note hedges (7) | (142 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted diluted shares | 31,406 |
| Year Ended December 31, 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 | $ | 571,245 | $ | 454,039 | $ | 70,054 | $ | 28,905 | $ | 112,011 | $ | 9,720 | -13.7% | $ | (80,582 | ) | $ | - | $ | (80,582 | ) | |||||||||||||||||||||||
| % of sales | 54.6% | 43.4% | 6.7% | |||||||||||||||||||||||||||||||||||||||||
| EPS | $ | (2.68 | ) | $ | (2.68 | ) | ||||||||||||||||||||||||||||||||||||||
| Shares | 30,040 | - | 30,040 | |||||||||||||||||||||||||||||||||||||||||
| Acquisition and integration costs (1) | 4,540 | (10,063 | ) | 14,603 | - | - | 46,965 | (32,362 | ) | |||||||||||||||||||||||||||||||||||
| Legal matters (8) | - | (775 | ) | 775 | - | - | (462 | ) | 1,237 | |||||||||||||||||||||||||||||||||||
| Restructuring and related costs (3) | 1,955 | (786 | ) | 2,741 | - | - | 6,029 | (3,288 | ) | |||||||||||||||||||||||||||||||||||
| Software implementation costs (4) | - | (6,769 | ) | 6,769 | - | - | 14,889 | (8,120 | ) | |||||||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment (5) | - | (2,518 | ) | 2,518 | - | - | 5,538 | (3,020 | ) | |||||||||||||||||||||||||||||||||||
| Convertible notes premium on extinguishment (9) | - | - | - | - | (103,125 | ) | (61,521 | ) | 164,646 | |||||||||||||||||||||||||||||||||||
| Change in fair value of convertible notes hedges upon settlement (10) | - | - | - | - | (5,460 | ) | (3,257 | ) | 8,717 | |||||||||||||||||||||||||||||||||||
| Loss on early extinguishment of debt (11) | - | - | - | - | (3,426 | ) | (2,044 | ) | 5,470 | |||||||||||||||||||||||||||||||||||
| $ | 577,740 | $ | 433,128 | $ | 97,460 | $ | 28,905 | $ | - | $ | 15,857 | $ | 52,698 | |||||||||||||||||||||||||||||||
| Adjusted gross profit % | 55.3% | |||||||||||||||||||||||||||||||||||||||||||
| Amortization (6) | $ | 6,000 | (27,791 | ) | 33,791 | (4,910 | ) | - | 9,381 | 29,320 | ||||||||||||||||||||||||||||||||||
| As adjusted | $ | 405,337 | $ | 131,251 | $ | 23,995 | $ | - | $ | 25,238 | 23.5% | $ | 82,018 | $ | 2,978 | $ | 84,996 | |||||||||||||||||||||||||||
| % of sales | 38.8% | 12.6% | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted diluted EPS | $ | 2.65 | ||||||||||||||||||||||||||||||||||||||||||
| Shares | 30,040 | 2,656 | 32,696 | |||||||||||||||||||||||||||||||||||||||||
| Convertible note hedges (7) | (578 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted diluted shares | 32,118 |
(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 acquisition of In2Bones Global, Inc. and Biorez, Inc.
(2) In 2023, the Company incurred costs related to
the termination of distributor agreements.
(3) In 2023 and 2022, the Company incurred consulting
fees related to an operational cost improvement initiative and severance related to the elimination of certain positions.
(4) In 2023 and 2022, the Company incurred additional
freight, labor and travel costs as well as professional fees related to the implementation of a warehouse management software.
(5) In 2023 and 2022, 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 2022, the Company incurred costs related to
(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%
(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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net income (loss) | $ | 33,071 | $ | 26,584 | $ | 64,459 | $ | (80,582 | ) | |||||||
| Provision (benefit) for income taxes | 7,611 | (37,122 | ) | 16,369 | 9,720 | |||||||||||
| Interest expense | 9,505 | 9,443 | 39,775 | 28,905 | ||||||||||||
| Depreciation | 4,052 | 4,026 | 16,200 | 16,055 | ||||||||||||
| Amortization | 13,950 | 13,709 | 55,674 | 53,464 | ||||||||||||
| EBITDA | $ | 68,189 | $ | 16,640 | $ | 192,477 | $ | 27,562 | ||||||||
| Stock based compensation | 5,923 | 5,758 | 24,257 | 21,729 | ||||||||||||
| Acquisition and integration costs | 2,154 | 5,853 | 9,369 | 14,603 | ||||||||||||
| Contingent consideration fair value adjustment | (9,370 | ) | 2,518 | (2,421 | ) | 2,518 | ||||||||||
| Termination of distributor agreements | - | - | 2,098 | - | ||||||||||||
| Restructuring and related costs | - | 2,741 | 3,613 | 2,741 | ||||||||||||
| Software implementation costs | - | 6,769 | 6,056 | 6,769 | ||||||||||||
| 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 | $ | 66,896 | $ | 40,279 | $ | 235,449 | $ | 188,708 | ||||||||
| EBITDA Margin | ||||||||||||||||
| EBITDA | 20.9% | 6.6% | 15.5% | 2.6% | ||||||||||||
| Adjusted EBITDA | 20.5% | 16.1% | 18.9% | 18.1% |
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,