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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):
January 31, 2024
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 January 31, 2024, CONMED Corporation issued a press
release announcing financial results for the fourth quarter ended December 31, 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. |
The following exhibits are included herewith:
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: January 31, 2024 |
CONMED CORPORATION |
|
(Registrant) |
|
|
|
|
|
|
|
By: |
/s/ Todd W. Garner |
|
Name: |
Todd W. Garner |
|
Title: |
Executive Vice President- |
|
|
Chief Financial Officer |
|
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
| · | Sales of $327.0 million increased 30.4% year
over year as reported and 31.5% in constant currency |
| · | Domestic revenue increased 33.3% year over year. |
| · | International revenue increased 26.5% year over
year as reported and 29.0% in constant currency. |
| · | Diluted net earnings per share (GAAP) were $1.05
compared to diluted net earnings per share (GAAP) of $0.86 in the fourth quarter of 2022. |
| · | Adjusted diluted net earnings per share(1)
were $1.06, an increase of 152.4% compared to the fourth quarter of 2022. |
Full-Year 2023 Highlights
| · | Sales of $1,244.7 million increased 19.1% year
over year as reported and 20.9% in constant currency. Acquisitions contributed approximately 250 basis points of growth. |
| · | Domestic revenue increased 20.9% year over year. |
| · | International revenue increased 16.7% year over
year as reported and 20.9% in constant currency. |
| · | Diluted net earnings per share (GAAP) were $2.04
compared to diluted net loss per share (GAAP) of $2.68 in 2022. |
| · | Adjusted diluted net earnings per share(1)
were $3.45, an increase of 30.2% compared to 2022. |
“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
categories.”
2024 Outlook
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%
to 28%.
The impact of foreign currency exchange
rates in 2024 is expected to be immaterial.
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 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 | |
Sales Summary
(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
Net Income
(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
Adjusted Net Income
(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
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 | | |
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,
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 (loss), 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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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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- DefinitionTitle of a 12(b) registered security.
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CONMED (NYSE:CNMD)
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CONMED (NYSE:CNMD)
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