CONMED Corporation Announces Fourth Quarter and Full-Year 2022 Financial Results

LARGO, Fla. , February 02 /Businesswire/ - CONMED Corporation (NYSE: CNMD) today announced financial results for the fourth quarter and full-year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Fourth quarter 2022 sales significantly impacted by the implementation of new warehouse management software.
• Sales of $250.9 million decreased 8.4% year over year as reported and 7.0% in constant currency. Acquisitions contributed approximately 460 basis points of growth.
• Domestic revenue decreased 3.9% year over year.
• International revenue decreased 13.8% year over year as reported and 10.6% in constant currency.
• Diluted net earnings per share (GAAP) were $0.86, an increase of 14.7% compared to diluted net earnings per share (GAAP) of $0.75 in the fourth quarter of 2021.
• Adjusted diluted net earnings per share⁽¹⁾ were $0.42, a decrease of 60.7% compared to adjusted diluted net earnings per share of $1.07 in the fourth quarter of 2021.

Full-Year 2022 Highlights

• Sales of $1,045.5 million increased 3.4% year over year as reported and 4.6% in constant currency. Acquisitions contributed approximately 240 basis points of growth.
• Domestic revenue increased 4.8% year over year.
• International revenue increased 1.8% year over year as reported and 4.3% in constant currency.
• Diluted net loss per share (GAAP) was $2.68, compared to diluted net earnings per share (GAAP) of $1.94 in 2021.
• Adjusted diluted net earnings per share⁽¹⁾ were $2.65, a decrease of 17.4% compared to adjusted diluted net earnings per share of $3.21 in 2021.
• Closed In2Bones transaction on June 13, 2022.
• Closed Biorez transaction on August 9, 2022.

“We are disappointed that our fourth quarter results were significantly disrupted by the implementation of a new warehouse management system. We are shipping at or above historical daily rates, and we continue to work diligently to increase our efficiency and capacity,” commented Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. “I am pleased with our team’s accomplishments in 2022, including the acquisitions of In2Bones and Biorez, the closing of our convertible senior notes offering, and the continued work on new product innovation across the company. We enter 2023 focused on execution and delivery of revenue and earnings growth.”

2023 Outlook

The Company expects full-year 2023 reported revenue between $1.170 billion and $1.220 billion, which includes expected headwind from foreign exchange between 150 and 200 basis points. Adjusted diluted net earnings per share⁽²⁾ is expected to be in the range of $3.20 to $3.45, which includes expected headwind from foreign exchange between $0.20 and $0.25.

Supplemental Financial Disclosures

⁽¹⁾ A reconciliation of reported diluted net income (loss) per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.

⁽²⁾ Information reconciling forward-looking adjusted diluted net earnings per share to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

Conference Call

The Company’s management will host a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full-year 2022 results.

To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.

This conference call will also be webcast and can be accessed from the “Investors” section of CONMED's website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

Sales Summary
(in millions, unaudited)
	Three Months Ended December 31,
						% Change
													Domestic			International
	2022		2021			As Reported		Impact of Foreign Currency		Constant Currency			As Reported			As Reported		Impact of Foreign Currency		Constant Currency
Orthopedic Surgery	$	115.2	$	117.6		-2.0	%	1.7	%	-0.3	%		15.0	%		-11.7	%	2.7	%	-9.0	%
General Surgery		135.7		156.4		-13.2	%	1.2	%	-12.0	%		-11.5	%		-16.9	%	3.8	%	-13.1	%
	$	250.9	$	274.0		-8.4	%	1.4	%	-7.0	%		-3.9	%		-13.8	%	3.2	%	-10.6	%
Single-use Products	$	211.9	$	222.8		-4.9	%	1.4	%	-3.5	%		1.1	%		-12.6	%	3.3	%	-9.3	%
Capital Products		39.0		51.2		-23.7	%	1.5	%	-22.2	%		-29.6	%		-18.4	%	2.8	%	-15.6	%
	$	250.9	$	274.0		-8.4	%	1.4	%	-7.0	%		-3.9	%	Hospitals, Health, Surgery, Medical Devices, Webcast, Conference Call, Earnings, Florida, United States, North America, Back to top | Back to home page LIVE VIDEO EVERY SATURDAY Rev. Al Sharpton 9 to 11 am EST Rev. Jesse Jackson 10 to noon CST LIVE BROADCASTS Sounds Make the News ® Atlanta - WAOK-Urban Berkley / San Francisco - KPFA-Progressive Chicago - WVON-Urban Los Angeles - KJLH - Urban New York - WKDM-Mandarin Chinese New York - WADO-Spanish New York - WBAI - Progressive Washington - WOL-Urban To Reach Us Email: news@blackradionetwork.com news@minoritynews.net news@minoritynewsservice.com Address: Black Radio Network 375 Fifth Avenue New York, NY 10016 Phone Numbers: Ph # (212) 686-6850 Fx # (212) 686-7308 Advertiser Inquiries Welcomed © 2023 Black Radio Network, Inc. All rights reserved. About | Privacy Policy | Terms of Use | Archive