CONMED Corp Files Q3 2024 10-Q
Ticker: CNMD · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 816956
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
CONMED's Q3 10-Q is in. Check financials for latest performance.
AI Summary
CONMED Corp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date period. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with CONMED Corp's official financial results and operational details for the third quarter of 2024, crucial for understanding the company's performance and future outlook.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the specific date up to which financial information is reported.)
- 2024-10-31 — Filing Date (Shows when the company submitted this quarterly report to the SEC.)
Key Players & Entities
- CONMED Corp (company) — Filer of the 10-Q report
- 2024-09-30 (date) — End of the reporting period
- 2024-10-31 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the nine months ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 31, 2024.
What is CONMED Corp's Standard Industrial Classification code?
CONMED Corp's Standard Industrial Classification code is 3845, for Electromedical & Electrotherapeutic Apparatus.
In which state is CONMED Corp incorporated?
CONMED Corp is incorporated in Delaware (DE).
What is CONMED Corp's fiscal year end date?
CONMED Corp's fiscal year ends on December 31 (1231).
Filing Stats: 4,626 words · 19 min read · ~15 pages · Grade level 20 · Accepted 2024-10-31 08:52:17
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value CNMD NYSE Indicate by check
Filing Documents
- cnmd-20240930.htm (10-Q) — 1173KB
- cnmd93024ex311.htm (EX-31.1) — 10KB
- cnmd93024ex312.htm (EX-31.2) — 11KB
- cnmd93024ex321.htm (EX-32.1) — 8KB
- 0000816956-24-000018.txt ( ) — 6709KB
- cnmd-20240930.xsd (EX-101.SCH) — 31KB
- cnmd-20240930_cal.xml (EX-101.CAL) — 59KB
- cnmd-20240930_def.xml (EX-101.DEF) — 147KB
- cnmd-20240930_lab.xml (EX-101.LAB) — 531KB
- cnmd-20240930_pre.xml (EX-101.PRE) — 351KB
- cnmd-20240930_htm.xml (XML) — 1211KB
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 nine months ended September 30, 2024 and 2023 1 – Consolidated Condensed Balance Sheets as of September 30, 2024 and December 31, 2023 2 – Consolidated Condensed Statements of Shareholders' Equity for the nine months ended September 30, 2024 and 2023 3 – Consolidated Condensed Statements of Cash Flows for the nine months ended September 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 28 Item 4.
Controls and Procedures
Controls and Procedures 28
OTHER INFORMATION
PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 28 Item 5. Other Information 28 Item 6. Exhibits 29
Signatures
Signatures 30 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net sales $ 316,701 $ 304,578 $ 961,071 $ 917,699 Cost of sales 137,706 136,519 426,383 423,629 Gross profit 178,995 168,059 534,688 494,070 Selling and administrative expense 99,730 125,295 345,611 385,080 Research and development expense 13,558 12,464 41,250 38,574 Operating expenses 113,288 137,759 386,861 423,654 Income from operations 65,707 30,300 147,827 70,416 Interest expense 9,252 10,019 28,440 30,271 Income before income taxes 56,455 20,281 119,387 40,145 Provision for income taxes 7,471 4,444 20,719 8,757 Net income $ 48,984 $ 15,837 $ 98,668 $ 31,388 Comprehensive income $ 48,701 $ 14,825 $ 94,121 $ 35,287 Per share data: Net income Basic $ 1.59 $ 0.52 $ 3.20 $ 1.02 Diluted 1.57 0.50 3.17 0.99 Weighted average common shares Basic 30,856 30,741 30,815 30,638 Diluted 31,112 31,689 31,148 31,563 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 38,467 $ 24,296 Accounts receivable, net 231,229 242,279 Inventories 342,550 318,324 Prepaid expenses and other current assets 28,753 30,750 Total current assets 640,999 615,649 Property, plant and equipment, net 117,415 120,722 Goodwill 806,871 806,844 Other intangible assets, net 625,569 649,484 Other assets 124,890 107,322 Total assets $ 2,315,744 $ 2,300,021 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 717 $ 708 Accounts payable 104,571 88,224 Accrued compensation and benefits 61,417 70,069 Other current liabilit