conmed corp (CNMD) Key Developments
CONMED Corporation Announces Quarterly Cash Dividend Payable on October 6, 2014
Aug 25 14
CONMED Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on October 6, 2014 to all shareholders of record as of September 15, 2014.
CONMED Corporation Reports Earnings Results for the Six Months Ended June 30, 2014
Jul 31 14
CONMED Corporation reported earnings results for the six months ended June 30, 2014. For the six months, the company reported net income of $18.88 million, or $0.68 per diluted share, compared to $20.02 million, or $0.71 per diluted share, for the same period ended June 30, 2013. Net sales were $370.09 million, compared to $380.01 million for the same period ended June 30, 2013.
CONMED Corporation Announces Earnings Results for the Second Quarter Ended June 30, 2014; Revises Earnings Guidance for the Full Year 2014
Jul 23 14
CONMED Corporation announced earnings results for the second quarter ended June 30, 2014. For the quarter, the company reported adjusted diluted earnings per share increased 9.3% to $0.47, compared with $0.43 in the prior-year. Sales were $188.2 million, a decrease of 2.5%, caused principally by weaker sales of general surgery devices, surgical visualization capital products and the discontinuance of the Cascade PRP product line. Diluted earnings per share on a GAAP basis came in at $0.37, an increase of 8.8% over the prior year period. Sales were $188.2 million, a year-over-year decline of 2.5% or 2.3% on a constant currency basis. This was comprised of a 2.3% decrease in single-use devices and the 3.1% decline in capital products compared to the second quarter last year on a reported basis. At the end of the quarter, the net debt-to-book capitalization calculation was 21.1%, an amount that will allow the company to continue to return cash to shareholders in the form of dividends and share repurchases, as well as seeking selective acquisitions.
The company cut its earnings guidance for 2014. The company now expects 2014 sales of $735 million to $745 million, compared with its prior guidance of $770 million to $780 million, due to the first half sales results and its outlook for the remainder of the year. It lowered its forecast for adjusted earnings per share to $1.85 to $1.95, down from its prior guidance of $1.90 to $2.00. These reductions in sales and earnings are a result of an environment of lower health care procedure counts in the United States and new product introductions coming later in the year.
CONMED Corporation Announces Management Changes
Jul 23 14
CONMED Corporation announced that Joseph Corasanti is stepping down as Chief Executive Officer, President and a member of the Board of Directors, effective immediately. The Board has appointed Curt Hartman, an independent director of CONMED and the former Interim CEO and CFO of Stryker Corporation, as Interim Chief Executive Officer. In addition, after nearly 44 years of service to CONMED, founder Eugene Corasanti has decided to retire from the Board and as an employee, effective immediately. The company also announced that Bill Abraham is retiring as Executive Vice President of Business Development, effective as of the conclusion of a transition period (which is expected to be no later than September 30, 2014). The Board also announced that it has appointed Charles Farkas, a Senior Partner at Bain & Company and former North American Head of Bain's Healthcare Practice, as a new independent director, effective immediately. Mr. Farkas has been added to the Audit Committee as well as the search committee to identify candidates for the permanent CEO position and will stand for election during the 2014 Annual Meeting of Shareholders on September 10, 2014.
CONMED Corporation Mulls Acquisitions
Jul 23 14
CONMED Corporation (NasdaqGS:CNMD) is seeking acquisitions. Rob Shallish, Executive Vice President, Finance and Chief Financial Officer of CONMED said, "At the end of the quarter, the net debt-to-book capitalization calculation was 21.1%, an amount that will allow CONMED to continue to return cash to shareholders in the form of dividends and share repurchases, as well as seeking elective acquisitions."