CONMED Corp Files Q2 2024 10-Q
Ticker: CNMD · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 816956
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
CONMED's Q2 2024 10-Q is in: financials updated, check for performance details.
AI Summary
CONMED Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and balance sheet information are presented, reflecting the company's financial position during this period.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for CONMED Corp, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
- 2023-12-31 — Previous Year End (Balance sheet information as of the end of the previous fiscal year is provided for comparison.)
Key Players & Entities
- CONMED Corp (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240801 (date) — Date of filing
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed with the SEC on August 1, 2024.
What is CONMED Corp's Standard Industrial Classification code?
CONMED Corp's Standard Industrial Classification code is 3845, for Electromedical & Electrotherapeutic Apparatus.
What is CONMED Corp's state of incorporation?
CONMED Corp is incorporated in Delaware (DE).
What is the business address of CONMED Corp?
CONMED Corp's business address is 11311 Concept Boulevard, Largo, FL 33773.
Filing Stats: 4,626 words · 19 min read · ~15 pages · Grade level 19.1 · Accepted 2024-08-01 10:40:50
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value CNMD NYSE Indicate by check
Filing Documents
- cnmd-20240630.htm (10-Q) — 1132KB
- exhibit101.htm (EX-10.1) — 42KB
- cnmd63024ex311.htm (EX-31.1) — 10KB
- cnmd63024ex312.htm (EX-31.2) — 11KB
- cnmd63024ex321.htm (EX-32.1) — 8KB
- 0000816956-24-000015.txt ( ) — 6582KB
- cnmd-20240630.xsd (EX-101.SCH) — 31KB
- cnmd-20240630_cal.xml (EX-101.CAL) — 59KB
- cnmd-20240630_def.xml (EX-101.DEF) — 148KB
- cnmd-20240630_lab.xml (EX-101.LAB) — 515KB
- cnmd-20240630_pre.xml (EX-101.PRE) — 344KB
- cnmd-20240630_htm.xml (XML) — 1194KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item Number Page Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) – Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 1 – Consolidated Condensed Balance Sheets as of June 30, 2024 and December 31, 2023 2 – Consolidated Condensed Statements of Shareholders' Equity for the six months ended June 30, 2024 and 2023 3 – Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 – Notes to Consolidated Condensed Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27
OTHER INFORMATION
PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 27 Item 5. Other Information 27 Item 6. Exhibits 28
Signatures
Signatures 29 Table of Contents
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item 1. CONMED CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in thousands except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales $ 332,097 $ 317,652 $ 644,371 $ 613,121 Cost of sales 148,368 146,962 288,677 287,110 Gross profit 183,729 170,690 355,694 326,011 Selling and administrative expense 122,524 129,700 245,881 259,784 Research and development expense 14,098 13,572 27,692 26,110 Operating expenses 136,622 143,272 273,573 285,894 Income from operations 47,107 27,418 82,121 40,117 Interest expense 9,593 9,997 19,188 20,252 Income before income taxes 37,514 17,421 62,933 19,865 Provision for income taxes 7,538 3,689 13,248 4,314 Net income $ 29,976 $ 13,732 $ 49,685 $ 15,551 Comprehensive income $ 25,343 $ 15,767 $ 45,421 $ 20,462 Per share data: Net income Basic $ 0.97 $ 0.45 $ 1.61 $ 0.51 Diluted 0.96 0.43 1.59 0.49 Weighted average common shares Basic 30,813 30,662 30,792 30,587 Diluted 31,106 31,795 31,170 31,499 See notes to consolidated condensed financial statements. 1 Table of Contents CONMED CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, in thousands except share and per share amounts) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 28,869 $ 24,296 Accounts receivable, net 239,222 242,279 Inventories 322,357 318,324 Prepaid expenses and other current assets 33,385 30,750 Total current assets 623,833 615,649 Property, plant and equipment, net 117,089 120,722 Goodwill 806,201 806,844 Other intangible assets, net 633,244 649,484 Other assets 105,249 107,322 Total assets $ 2,285,616 $ 2,300,021 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 716 $ 708 Accounts payable 101,286 88,224 Accrued compensation and benefits 55,269 70,069 Other current liabilities 109,141 151,72