Company Quick10K Filing
CONMED
Price95.90 EPS1
Shares30 P/E97
MCap2,857 P/FCF53
Net Debt764 EBIT62
TEV3,621 TEV/EBIT58
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-27
10-Q 2015-03-31 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-07-29
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-21
8-K 2020-04-29
8-K 2020-04-17
8-K 2020-03-19
8-K 2020-03-16
8-K 2020-02-24
8-K 2020-01-29
8-K 2019-11-21
8-K 2019-10-30
8-K 2019-09-22
8-K 2019-08-02
8-K 2019-07-31
8-K 2019-06-18
8-K 2019-05-22
8-K 2019-04-24
8-K 2019-02-26
8-K 2019-02-11
8-K 2019-02-07
8-K 2019-01-24
8-K 2019-01-24
8-K 2019-01-23
8-K 2019-01-22
8-K 2019-01-02
8-K 2018-12-13
8-K 2018-11-01
8-K 2018-09-08
8-K 2018-08-14
8-K 2018-08-01
8-K 2018-05-23
8-K 2018-04-25
8-K 2018-02-28
8-K 2018-01-31
8-K 2018-01-02

CNMD 10Q Quarterly Report

Part I Financial Information
Item 1.
Note 1 - Operations
Note 2 - Interim Financial Information
Note 3 - Business Acquisition
Note 4 - Revenues
Note 5 - Comprehensive Income (Loss)
Note 6 - Fair Value of Financial Instruments
Note 7 - Inventories
Note 8 - Earnings (Loss) per Share
Note 9 - Goodwill and Other Intangible Assets
Note 10 - Long - Term Debt
Note 11 - Guarantees
Note 12 - Pension Plan
Note 13 - Acquisition and Other Expense
Note 14 - Business Segment
Note 15 - Legal Proceedings
Note 16 - New Accounting Pronouncements
Note 17 - Covid - 19
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 cnmd63020ex311.htm
EX-31.2 cnmd63020ex312.htm
EX-32.1 cnmd63020ex321.htm

CONMED Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedCommission File Number
June 30, 2020001-39218
CONMED CORPORATION
(Exact name of the registrant as specified in its charter)
Delaware16-0977505
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
525 French Road Utica, New York13502
(Address of principal executive offices)(Zip Code)
(315) 797-8375
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueCNMDNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  

Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer     Accelerated filer     Non-accelerated filer

Smaller reporting company     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.

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The number of shares outstanding of registrant's common stock, as of July 27, 2020 is 28,571,386 shares.



CONMED CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2020
PART I FINANCIAL INFORMATION
Item NumberPage
   
 
   
 
   
 
   
 
   
 
   
   
   
   
   
PART II OTHER INFORMATION
   
   
   


Table of Contents
PART I FINANCIAL INFORMATION
Item 1.
CONMED CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands except per share amounts)
 
 Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Net sales$157,785  $238,263  $371,796  $456,641  
Cost of sales85,856  107,073  180,707  204,013  
Gross profit71,929  131,190  191,089  252,628  
Selling and administrative expense84,475  100,726  180,343  199,952  
Research and development expense8,700  11,806  18,820  22,381  
  Operating expenses93,175  112,532  199,163  222,333  
Income (loss) from operations(21,246) 18,658  (8,074) 30,295  
Interest expense11,401  11,839  20,993  21,208  
Other expense89  321  178  4,546  
Income (loss) before income taxes(32,736) 6,498  (29,245) 4,541  
Provision (benefit) for income taxes(5,336) 803  (7,772) (2,175) 
Net income (loss)$(27,400) $5,695  $(21,473) $6,716  
Comprehensive income (loss)$(24,713) $5,751  $(25,834) $6,847  
Per share data: 
Net income (loss) 
Basic$(0.96) $0.20  $(0.75) $0.24  
Diluted(0.96) 0.19  (0.75) 0.23  
Weighted average common shares 
Basic28,542  28,276  28,506  28,228  
Diluted28,542  29,337  28,506  29,197  
 See notes to consolidated condensed financial statements.
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CONMED CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited, in thousands except share and per share amounts)
 
June 30,
2020
December 31,
2019
ASSETS 
Current assets: 
Cash and cash equivalents$34,983  $25,856  
Accounts receivable, net143,412  189,097  
Inventories175,715  164,616  
Prepaid expenses and other current assets24,603  17,794  
Total current assets378,713  397,363  
Property, plant and equipment, net113,164  118,883  
Goodwill616,685  618,042  
Other intangible assets, net517,187  532,800  
Other assets98,159  108,007  
Total assets$1,723,908  $1,775,095  
LIABILITIES AND SHAREHOLDERS' EQUITY 
Current liabilities: 
Current portion of long-term debt$15,193  $13,596  
Accounts payable39,831  55,968  
Accrued compensation and benefits36,822  53,690  
Other current liabilities58,766  64,833  
Total current liabilities150,612  188,087  
Long-term debt790,425  755,211  
Deferred income taxes64,935  74,488  
Other long-term liabilities43,038  46,842  
Total liabilities1,049,010  1,064,628  
Commitments and contingencies
Shareholders' equity: 
Preferred stock, par value $0.01 per share;
 
authorized 500,000 shares; none outstanding
    
Common stock, par value $0.01 per share;
100,000,000 shares authorized; 31,299,194 shares
issued in 2020 and 2019, respectively
313  313  
Paid-in capital377,025  379,324  
Retained earnings437,956  470,844  
Accumulated other comprehensive loss(63,638) (59,277) 
Less: 2,734,967 and 2,876,729 shares of common stock
in treasury, at cost in 2020 and 2019, respectively
(76,758) (80,737) 
Total shareholders’ equity674,898  710,467  
Total liabilities and shareholders’ equity$1,723,908  $1,775,095  
 See notes to consolidated condensed financial statements.
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CONMED CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited, in thousands except per share amounts)
 Common StockPaid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Shareholders’
Equity
 SharesAmount
Balance at December 31, 201931,299  $313  $379,324  $470,844  $(59,277) $(80,737) $710,467  
Common stock issued under employee plans  (7,736)  2,696  (5,040) 
Stock-based compensation  3,032     3,032  
Dividends on common stock ($0.20 per share)
(5,703) (5,703) 
Comprehensive income (loss):
Foreign currency translation adjustments(9,988) 
Pension liability, net535  
Cash flow hedging gain, net2,405  
Net income5,927  
Total comprehensive loss(1,121) 
Balance at March 31, 202031,299  $313  $374,620  $471,068  $(66,325) $(78,041) $701,635  
Common stock issued under employee plans(1,150) 1,283  133  
Stock-based compensation3,555  3,555  
Dividends on common stock ($0.20 per share)
(5,712) (5,712) 
Comprehensive income (loss):
Foreign currency translation adjustments4,581  
Pension liability, net535  
Cash flow hedging loss, net(2,429) 
Net loss(27,400) 
Total comprehensive loss(24,713) 
Balance at June 30, 202031,299  $313  $377,025  $437,956  $(63,638) $(76,758) $674,898  
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 Common StockPaid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Shareholders’
Equity
 SharesAmount
Balance at December 31, 201831,299  $313  $341,738  $464,851  $(55,737) $(88,895) $662,270  
Common stock issued under employee plans  (769)  2,517  1,748  
Stock-based compensation  2,703     2,703  
Dividends on common stock ($0.20 per share)
(5,643) (5,643) 
Convertible notes discount, net39,145  39,145  
Convertible notes hedge, net(38,829) (38,829) 
Issuance of warrants30,567  30,567  
Comprehensive income (loss):
Foreign currency translation adjustments(578) 
Pension liability, net547  
Cash flow hedging gain, net106  
Net income1,021  
Total comprehensive income1,096  
Balance at March 31, 201931,299  $313  $374,555  $460,229  $(55,662) $(86,378) $693,057  
Common stock issued under employee plans  (1,144)  1,894  750  
Stock-based compensation  3,108     3,108  
Dividends on common stock ($0.20 per share)
(5,657) (5,657) 
Comprehensive income (loss):
Foreign currency translation adjustments1,108  
Pension liability, net546  
Cash flow hedging loss, net(1,598) 
Net income5,695  
Total comprehensive income5,751  
Balance at June 30, 201931,299  $313  $376,519  $460,267  $(55,606) $(84,484) $697,009  
See notes to consolidated condensed financial statements.

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CONMED CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 Six Months Ended
 June 30,
 20202019
Cash flows from operating activities: 
Net income (loss)$(21,473) $6,716  
Adjustments to reconcile net income (loss) to net cash provided by operating activities: 
Depreciation9,234  8,967  
Amortization of debt discount4,810  3,774  
Amortization of deferred debt issuance costs1,686  1,616  
Amortization27,392  25,460  
Stock-based compensation6,587  5,811  
Deferred income taxes(9,490) (6,254) 
Loss on early extinguishment of debt  300  
Increase (decrease) in cash flows from changes in assets and liabilities:  
Accounts receivable43,732  6,935  
Inventories(13,029) (13,809) 
Accounts payable(15,703) (5,078) 
Accrued compensation and benefits(16,646) (6,979) 
Other assets(3,634) (13,939) 
Other liabilities(4,206) 4,137  
 30,733  10,941  
Net cash provided by operating activities9,260  17,657  
Cash flows from investing activities: 
Purchases of property, plant and equipment(6,577) (9,006) 
Payments related to business and asset acquisitions, net of cash acquired(3,852) (364,928) 
Net cash used in investing activities(10,429) (373,934) 
Cash flows from financing activities: 
Payments on term loan(6,625) (147,688) 
Proceeds from term loan  265,000  
Payments on revolving line of credit(70,000) (393,000) 
Proceeds from revolving line of credit108,000  343,000  
Proceeds from convertible notes  345,000  
Payments related to contingent consideration(2,071) (4,405) 
Payments related to debt issuance costs(2,057) (16,210) 
Dividends paid on common stock(11,387) (11,269) 
Purchases of convertible notes hedges  (51,198) 
Proceeds from issuance of warrants  30,567  
Other, net(5,090) 1,482  
Net cash provided by financing activities10,770  361,279  
Effect of exchange rate changes on cash and cash equivalents(474) 36  
Net increase in cash and cash equivalents9,127  5,038  
Cash and cash equivalents at beginning of period25,856  17,511  
Cash and cash equivalents at end of period$34,983  $22,549  
Non-cash investing and financing activities:
   Dividends payable$5,712  $5,657  
See notes to consolidated condensed financial statements.
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CONMED CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited, in thousands except per share amounts)

Note 1 – Operations

CONMED Corporation (“CONMED”, the “Company”, “we” or “us”) is a medical technology company that provides surgical devices and equipment for minimally invasive procedures.  The Company’s products are used by surgeons and physicians in a variety of specialties including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery and gastroenterology.

Note 2 - Interim Financial Information

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary to fairly present the results for the periods presented. The consolidated condensed financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated. Results for the period ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

The consolidated condensed financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2019 included in our Annual Report on Form 10-K.

Use of Estimates

Preparation of the consolidated condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period.

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. We are not aware of any specific event or circumstance that would require an update to our estimates or judgments or a revision of the carrying value of our assets or liabilities as of July 30, 2020, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Note 3 - Business Acquisition

On February 11, 2019 we acquired Buffalo Filter, LLC and all of the issued and outstanding common stock of Palmerton Holdings, Inc. from Filtration Group FGC LLC (the "Buffalo Filter Acquisition") for approximately $365 million in cash. Buffalo Filter develops, manufactures and markets smoke evacuation technologies that are complementary to our general surgery offering. The business combination was funded through a combination of cash on hand and long-term borrowings.

The unaudited pro forma information for the three and six months ended June 30, 2019, assuming the Buffalo Filter Acquisition occurred as of January 1, 2018 are presented below. This information has been prepared for comparative purposes only and does not purport to be indicative of the results of operations which actually would have resulted had the Buffalo Filter Acquisition occurred on the dates indicated, or which may result in the future.

Three Months Ended June 30,Six Months Ended June 30,
20192019
Net sales$238,263  $461,660  
Net income8,625  17,370  
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These pro forma results include certain adjustments, primarily due to increases in amortization expense due to fair value adjustments of intangible assets, increases in interest expense due to additional borrowings incurred to finance the acquisition and amortization of debt issuance costs incurred to finance the transaction, and acquisition related costs including transaction costs such as legal, accounting, valuation and other professional services as well as integration costs such as severance and retention.

Acquisition related costs excluded from the determination of pro forma net income for the three months ended June 30, 2019 were $0.5 million in cost of goods sold and $2.5 million in selling and administrative expense and for the six months ended June 30, 2019 were $1.2 million in cost of goods sold and $9.7 million in selling and administrative expense on the consolidated condensed statements of comprehensive income.

Net sales associated with Buffalo Filter of $13.5 million and $19.5 million have been recorded in the consolidated condensed statements of comprehensive income for the three and six months ended June 30, 2019, respectively. It is impracticable to determine the earnings recorded in the consolidated condensed statements of comprehensive income for the three and six months ended June 30, 2019 as these amounts are not separately measured.

In conjunction with the December 2019 acquisition of a distributor, we paid $3.8 million during the six months ended June 30, 2020.

Note 4 - Revenues
        
The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition:

Three Months EndedThree Months Ended
June 30, 2020June 30, 2019
 Orthopedic SurgeryGeneral SurgeryTotalOrthopedic SurgeryGeneral SurgeryTotal
Primary Geographic Markets
United States$21,387  $66,038  $87,425  $43,335  $85,601  $128,936  
Americas (excluding the United States)5,582  4,637  10,219  15,781  7,823  23,604  
Europe, Middle East & Africa13,715  16,146  29,861  31,099  15,763  46,862  
Asia Pacific19,799  10,481  30,280  25,542  13,319  38,861  
Total sales from contracts with customers$60,483  $97,302  $157,785  $115,757  $122,506  $238,263  
Timing of Revenue Recognition
Goods transferred at a point in time$53,670  $96,422  $150,092  $106,772  $121,927  $228,699  
Services transferred over time6,813  880  7,693  8,985  579  9,564  
Total sales from contracts with customers$60,483  $97,302  $157,785  $115,757  $122,506  $238,263  
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Six Months EndedSix Months Ended
June 30, 2020June 30, 2019
Orthopedic SurgeryGeneral SurgeryTotalOrthopedic SurgeryGeneral SurgeryTotal
Primary Geographic Markets
United States$58,426  $147,847  $206,273  $88,590  $157,371  $245,961  
Americas (excluding the United States)21,385  12,617  34,002  30,823  15,286