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10-Q Filing

CONMED CORP CIK: 816956 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0000816956-20-000009
Period End Date 20200331
Filing Date 20200430
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance cnmd3312010-q_htm.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Preferred stock, par value (dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 500,000.00 shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 500,000.00 shares Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.41M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.51M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $24.31M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.86M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $166.50M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $189.10M USD Point-in-time
Common stock, par value (dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Inventories InventoryNet $174.54M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Inventories InventoryNet $164.62M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $27.82M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 31.30M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 31.30M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $17.79M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 2.88M shares Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 2.78M shares Point-in-time
Total current assets AssetsCurrent $393.17M USD Point-in-time
Total current assets AssetsCurrent $397.36M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $118.88M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $114.23M USD Point-in-time
Goodwill Goodwill $615.68M USD Point-in-time
Goodwill Goodwill $618.04M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $532.80M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $525.02M USD Point-in-time
Other assets OtherAssetsNoncurrent $108.01M USD Point-in-time
Other assets OtherAssetsNoncurrent $102.87M USD Point-in-time
Total assets Assets $1.78B USD Point-in-time
Total assets Assets $1.75B USD Point-in-time
Current portion of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $13.57M USD Point-in-time
Current portion of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $13.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $57.38M USD Point-in-time
Accounts payable AccountsPayableCurrent $55.97M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $34.83M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $53.69M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $54.23M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $64.83M USD Point-in-time
Total current liabilities LiabilitiesCurrent $160.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $188.09M USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $755.21M USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $772.63M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $74.49M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $72.33M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $46.84M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $44.38M USD Point-in-time
Total liabilities Liabilities $1.06B USD Point-in-time
Total liabilities Liabilities $1.05B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred stock, par value $.01 per share; authorized 500,000 shares; none outstanding PreferredStockValue - USD Point-in-time
Preferred stock, par value $.01 per share; authorized 500,000 shares; none outstanding PreferredStockValue - USD Point-in-time
Common stock, par value $.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2020 and 2019, respectively CommonStockValue $313.00K USD Point-in-time
Common stock, par value $.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2020 and 2019, respectively CommonStockValue $313.00K USD Point-in-time
Paid-in capital AdditionalPaidInCapital $374.62M USD Point-in-time
Paid-in capital AdditionalPaidInCapital $379.32M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $471.07M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $470.84M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-66.33M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-59.28M USD Point-in-time
Less: 2,780,667 and 2,876,729 shares of common stock in treasury, at cost in 2020 and 2019, respectively TreasuryStockValue $80.74M USD Point-in-time
Less: 2,780,667 and 2,876,729 shares of common stock in treasury, at cost in 2020 and 2019, respectively TreasuryStockValue $78.04M USD Point-in-time
Total shareholders equity StockholdersEquity $710.47M USD Point-in-time
Total shareholders equity StockholdersEquity $701.63M USD Point-in-time
Total shareholders equity StockholdersEquity $662.27M USD Point-in-time
Total shareholders equity StockholdersEquity $693.06M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.75B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.78B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales Revenues $218.38M USD 1 Quarter
Net sales Revenues $214.01M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $96.94M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $94.85M USD 1 Quarter
Gross profit GrossProfit $121.44M USD 1 Quarter
Gross profit GrossProfit $119.16M USD 1 Quarter
Selling and administrative expense SellingGeneralAndAdministrativeExpense $99.23M USD 1 Quarter
Selling and administrative expense SellingGeneralAndAdministrativeExpense $95.87M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $10.12M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $10.57M USD 1 Quarter
Operating expenses OperatingExpenses $105.99M USD 1 Quarter
Operating expenses OperatingExpenses $109.80M USD 1 Quarter
Income from operations OperatingIncomeLoss $11.64M USD 1 Quarter
Income from operations OperatingIncomeLoss $13.17M USD 1 Quarter
Interest expense InterestExpense $9.37M USD 1 Quarter
Interest expense InterestExpense $9.59M USD 1 Quarter
Other expense OtherNonoperatingExpense $4.22M USD 1 Quarter
Other expense OtherNonoperatingExpense $89.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $3.49M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-1.96M USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-2.98M USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-2.44M USD 1 Quarter
Net income NetIncomeLoss $5.93M USD 1 Quarter
Net income NetIncomeLoss $1.02M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.12M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $1.10M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.21 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.04 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.04 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.20 USD 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 28.48M shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 28.17M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.03M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.71M shares 1 Quarter
Cash Flow Statement 76 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $5.93M USD 1 Quarter
Net income NetIncomeLoss $1.02M USD 1 Quarter
Depreciation Depreciation $4.65M USD 1 Quarter
Depreciation Depreciation $4.44M USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $1.51M USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $2.26M USD 1 Quarter
Amortization of deferred debt issuance costs AmortizationOfFinancingCosts $697.00K USD 1 Quarter
Amortization of deferred debt issuance costs AmortizationOfFinancingCosts $819.00K USD 1 Quarter
Amortization OtherAmortizationOfDeferredCharges $13.78M USD 1 Quarter
Amortization OtherAmortizationOfDeferredCharges $12.21M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.70M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.03M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.74M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-4.70M USD 1 Quarter
Loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-300.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-19.06M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-13.73M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $12.31M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $11.97M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.78M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.71M USD 1 Quarter
Accrued compensation and benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-13.70M USD 1 Quarter
Accrued compensation and benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-18.40M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $10.05M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $7.26M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-6.79M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.65M USD 1 Quarter
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-2.21M USD 1 Quarter
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-4.94M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-3.92M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $3.72M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.02M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.83M USD 1 Quarter
Payments related to business and asset acquisitions, net of cash acquired Paymentsrelatedtobusinessacquisitionsandassetacquisitions $364.93M USD 1 Quarter
Payments related to business and asset acquisitions, net of cash acquired Paymentsrelatedtobusinessacquisitionsandassetacquisitions $3.85M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-368.95M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.68M USD 1 Quarter
Payments on term loan RepaymentsOfLongTermDebt $3.31M USD 1 Quarter
Payments on term loan RepaymentsOfLongTermDebt $144.38M USD 1 Quarter
Proceeds from term loan ProceedsFromIssuanceOfSeniorLongTermDebt $265.00M USD 1 Quarter
Proceeds from term loan ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Payments on revolving line of credit RepaymentsOfLinesOfCredit $342.00M USD 1 Quarter
Payments on revolving line of credit RepaymentsOfLinesOfCredit $41.00M USD 1 Quarter
Proceeds from revolving line of credit ProceedsFromLinesOfCredit $299.00M USD 1 Quarter
Proceeds from revolving line of credit ProceedsFromLinesOfCredit $59.00M USD 1 Quarter
Proceeds from convertible notes ProceedsFromConvertibleDebt $345.00M USD 1 Quarter
Proceeds from convertible notes ProceedsFromConvertibleDebt - USD 1 Quarter
Payments related to contingent consideration PaymentsforContingentConsiderationRelatedtoAssetAcquisition $2.86M USD 1 Quarter
Payments related to contingent consideration PaymentsforContingentConsiderationRelatedtoAssetAcquisition $1.13M USD 1 Quarter
Payments related to debt issuance costs PaymentsOfDebtIssuanceCosts $16.21M USD 1 Quarter
Payments related to debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Dividends paid on common stock PaymentsOfDividendsCommonStock $5.68M USD 1 Quarter
Dividends paid on common stock PaymentsOfDividendsCommonStock $5.63M USD 1 Quarter
Purchases of convertible notes hedges PurchasesofConvertibleNotesHedges - USD 1 Quarter
Purchases of convertible notes hedges PurchasesofConvertibleNotesHedges $51.20M USD 1 Quarter
Proceeds from issuance of warrants ProceedsFromIssuanceOfWarrants $30.57M USD 1 Quarter
Proceeds from issuance of warrants ProceedsFromIssuanceOfWarrants - USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-5.13M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $1.66M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $2.74M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $378.95M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-188.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-1.33M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.55M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $5.90M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $24.31M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.86M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.41M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.51M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $24.31M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.86M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.41M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.51M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $5.70M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $5.64M USD Point-in-time
Stockholders Equity 29 line items
Line Item Tag Value Unit Period
Dividends per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.20 USD 1 Quarter
Dividends per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.20 USD 1 Quarter
Balance at period start StockholdersEquity $710.47M USD Point-in-time
Balance at period start StockholdersEquity $701.63M USD Point-in-time
Balance at period start StockholdersEquity $662.27M USD Point-in-time
Balance at period start StockholdersEquity $693.06M USD Point-in-time
Common stock issued under employee plans StockIssuedDuringPeriodValueShareBasedCompensation $1.75M USD 1 Quarter
Common stock issued under employee plans StockIssuedDuringPeriodValueShareBasedCompensation $-5.04M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.70M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.03M USD 1 Quarter
Dividends on common stock ($0.20 per share) DividendsCommonStockCash $5.64M USD 1 Quarter
Dividends on common stock ($0.20 per share) DividendsCommonStockCash $5.70M USD 1 Quarter
Convertible notes discount (net of income tax expense) AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt $39.15M USD 1 Quarter
Convertible notes hedge, (net of income tax benefit) AdjustmentstoAdditionalPaidinCapitalConvertibleNoteHedgeNetofIncomeTax $-38.83M USD 1 Quarter
Issuance of warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued $30.57M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-9.99M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-578.00K USD 1 Quarter
Pension liability, net of income tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-535.00K USD 1 Quarter
Pension liability, net of income tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-547.00K USD 1 Quarter
Cash flow hedging gain (loss), net of income tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $2.40M USD 1 Quarter
Cash flow hedging gain (loss), net of income tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $106.00K USD 1 Quarter
Net income NetIncomeLoss $5.93M USD 1 Quarter
Net income NetIncomeLoss $1.02M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.12M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $1.10M USD 1 Quarter
Balance at period end StockholdersEquity $710.47M USD Point-in-time
Balance at period end StockholdersEquity $701.63M USD Point-in-time
Balance at period end StockholdersEquity $662.27M USD Point-in-time
Balance at period end StockholdersEquity $693.06M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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