10-Q Filing

CONMED CORP CIK: 816956 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000816956-21-000008`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cnmd-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 26

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`	$25.86M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.31M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.77M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.36M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$177.15M	USD	Point-in-time
Common stock, par value (dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$163.95M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventories	`InventoryNet`	$205.80M	USD	Point-in-time
Inventories	`InventoryNet`	$194.87M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.30M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.85M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.30M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.28M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.22M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.41M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$416.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$424.37M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$109.38M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$111.41M	USD	Point-in-time
Goodwill	`Goodwill`	$618.44M	USD	Point-in-time
Goodwill	`Goodwill`	$618.10M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$501.54M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$493.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$100.86M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$103.64M	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$18.41M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$20.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$53.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$55.78M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$50.17M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$40.91M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$68.31M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$65.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$182.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$190.20M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$725.32M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$735.22M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$57.88M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$56.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$59.34M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$56.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.04B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.02B	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 $0.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2021 and 2020, respectively	`CommonStockValue`	$313.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2021 and 2020, respectively	`CommonStockValue`	$313.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$382.63M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$388.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$461.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$457.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-62.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-63.68M	USD	Point-in-time
Less: 2,222,233 and 2,410,045 shares of common stock in treasury, at cost in 2021 and 2020, respectively	`TreasuryStockValue`	$67.64M	USD	Point-in-time
Less: 2,222,233 and 2,410,045 shares of common stock in treasury, at cost in 2021 and 2020, respectively	`TreasuryStockValue`	$62.37M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$725.57M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$701.63M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$710.47M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$709.04M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$214.01M	USD	1 Quarter
Net sales	`Revenues`	$232.68M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$104.23M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$94.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$119.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$128.45M	USD	1 Quarter
Selling and administrative expense	`SellingGeneralAndAdministrativeExpense`	$95.87M	USD	1 Quarter
Selling and administrative expense	`SellingGeneralAndAdministrativeExpense`	$98.34M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$10.12M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$10.03M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$105.99M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$108.37M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.17M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$20.08M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.35M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.59M	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$89.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.73M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.49M	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-2.44M	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-129.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.86M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$10.74M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-1.12M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.97M	shares	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.48M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.38M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.71M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.86M	USD	1 Quarter
Depreciation	`Depreciation`	$4.76M	USD	1 Quarter
Depreciation	`Depreciation`	$4.65M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$2.50M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$2.26M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$819.00K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$1.06M	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$13.78M	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$13.52M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.39M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.69M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.74M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-11.96M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.06M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$11.64M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.71M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.80M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-18.40M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.96M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$7.26M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.78M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-6.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$22.34M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.72M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.83M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.11M	USD	1 Quarter
Payments related to business and asset acquisitions, net of cash acquired	`Paymentsrelatedtobusinessacquisitionsandassetacquisitions`	-	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`	$-3.11M	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`	$3.31M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLinesOfCredit`	$41.00M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLinesOfCredit`	$72.00M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$64.00M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$59.00M	USD	1 Quarter
Payments related to contingent consideration	`PaymentsForContingentConsideration`	$1.13M	USD	1 Quarter
Payments related to contingent consideration	`PaymentsForContingentConsideration`	-	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$5.68M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$5.78M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$8.22M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-5.13M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.74M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.87M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-950.00K	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`	$9.41M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.55M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.77M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.36M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.86M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.77M	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`	$27.36M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.86M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$5.70M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$5.81M	USD	Point-in-time

Stockholders Equity 26 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`	$725.57M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$701.63M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$710.47M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$709.04M	USD	Point-in-time
Common stock issued under employee plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$8.21M	USD	1 Quarter
Common stock issued under employee plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-5.04M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.03M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.39M	USD	1 Quarter
Dividends on common stock ($0.20 per share)	`DividendsCommonStockCash`	$5.70M	USD	1 Quarter
Dividends on common stock ($0.20 per share)	`DividendsCommonStockCash`	$5.81M	USD	1 Quarter
Cash flow hedging gain, net of income tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$2.40M	USD	1 Quarter
Cash flow hedging gain, net of income tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$3.93M	USD	1 Quarter
Pension liability, net of income tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-631.00K	USD	1 Quarter
Pension liability, net of income tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-535.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-9.99M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.86M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$10.74M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-1.12M	USD	1 Quarter
Balance at period end	`StockholdersEquity`	$725.57M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$701.63M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$710.47M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$709.04M	USD	Point-in-time

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