Last $44.26 USD
Change Today +0.70 / 1.61%
Volume 157.8K
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As of 8:10 PM 07/10/14 All times are local (Market data is delayed by at least 15 minutes).

conmed corp (CNMD) Key Developments

Conmed Corporation Announces Quarterly Cash Dividend, Payable on July 7, 2014

CONMED Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on July 7, 2014 to all shareholders of record as of June 16, 2014.

CONMED Corporation Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter of 2014 and Reiterates Earnings Guidance for the Full Year of 2014

CONMED Corporation announced consolidated unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of $181,941,000 compared with $187,014,000 for the same period a year ago. Income from operations was $17,308,000 compared with $15,870,000 for the same period a year ago. Income before income taxes was $15,847,000 compared with $14,241,000 for the same period a year ago. Net income was $8,626,000 or $0.31 per diluted share compared with $10,492,000 or $0.37 per diluted share for the same period a year ago. Net cash provided by operating activities was $17,025,000 compared with $5,472,000 for the same period a year ago. Purchases of property, plant, and equipment was $4,065,000 compared with $4,130,000 for the same period a year ago. Adjusted net income was $13,537,000 or $0.49 per diluted share compared with $12,859,000 or $0.45 per diluted share for the same period a year ago. Adjusted income from operations was $21,453,000 compared with $19,305,000 for the same period a year ago. Adjusted EBITDA was $33,360,000 compared with $32,068,000 for the same period a year ago. Total sales for the first quarter, a year-over-year decrease of 2.7%, primarily due to the lower capital product sales and adverse FX rates in this first quarter of the year. On a constant currency basis, this was comprised of an 8.9% decline in capital products and a 0.1% decrease, almost flat in single-use devices compared to the first quarter of last year. The decrease in capital products was largely due to lower sales of surgical visualization systems and within general surgery product lines, lower sales on electric surgery generators. The company provided earnings guidance for the second quarter of 2014 and reiterated earnings guidance for the full year of 2014. For the second quarter of 2014, the company anticipates sales will be in the range of $190 million to $195 million and adjusted earnings per share are forecasted to be in the range of $0.44 to $0.48. The company reiterates its full year 2014 sales guidance of $770 million to $780 million and full year adjusted diluted earnings per share guidance of $1.90 to $2.00. The company continues to expect that new product introductions and improving economic conditions will have a positive impact on sales throughout the remainder of 2014. For the remaining quarters of this year, the company anticipates a book tax rate of approximately 32% to 33%. The cash tax rate is less than the book tax rate. This year, the company anticipates a 15% to 20% cash tax rate.

CONMED Reportedly Mulls Sale

CONMED Corporation (NasdaqGS:CNMD) is exploring a sale and has contacted large medical device companies to gauge their buyout interest, according to people familiar with the matter. ConMed has reportedly asked Bank of America Merrill Lynch and Greenhill & Co Inc. to approach larger orthopedic device makers regarding a potential sale of the company. Shares of ConMed were up 6.3% at $44.89 on April 15, 2014.

CONMED Mulls Acquisitions

CONMED Corporation (NasdaqGS:CNMD) is looking for acquisitions. Joseph Corasanti, President and Chief Executive Officer of Conmed Corporation said, “we are looking for acquisitions that can be tucked into the existing six business product line categories that we have".

CONMED Corporation to Report Q1, 2014 Results on Apr 24, 2014

CONMED Corporation announced that they will report Q1, 2014 results at 9:00 AM, Eastern Standard Time on Apr 24, 2014

 

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