10-Q Filing

CONMED CORP CIK: 816956 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000816956-23-000007`
Period End Date	20230331
Filing Date	20230427
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cnmd-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 32 Cash Flow Statement 60 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`	$28.94M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.49M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.85M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.86M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$213.18M	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$191.34M	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`	$335.37M	USD	Point-in-time
Inventories	`InventoryNet`	$332.32M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$35.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$28.62M	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
Total current assets	`AssetsCurrent`	$610.09M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	811,532.00	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	738,718.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$581.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$115.36M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$115.61M	USD	Point-in-time
Goodwill	`Goodwill`	$815.43M	USD	Point-in-time
Goodwill	`Goodwill`	$815.50M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$681.80M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$673.54M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$105.64M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$103.53M	USD	Point-in-time
Total assets	`Assets`	$2.32B	USD	Point-in-time
Total assets	`Assets`	$2.30B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$69.75M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$69.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$76.68M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$54.73M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$49.38M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$124.94M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$98.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$296.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$320.69M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$985.08M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$995.28M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$65.55M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$66.72M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$203.69M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$186.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.55B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.57B	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 2023 and 2022, 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 2023 and 2022, respectively	`CommonStockValue`	$313.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$419.52M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$413.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$408.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$412.63M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-57.86M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-54.98M	USD	Point-in-time
Less: 738,718 and 811,532 shares of common stock in treasury, at cost, in 2023 and 2022, respectively	`TreasuryStockCommonValue`	$20.73M	USD	Point-in-time
Less: 738,718 and 811,532 shares of common stock in treasury, at cost, in 2023 and 2022, respectively	`TreasuryStockCommonValue`	$22.78M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$745.54M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$752.45M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$789.55M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$785.43M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.32B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.30B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$242.33M	USD	1 Quarter
Net sales	`Revenues`	$295.47M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$106.34M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$140.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$135.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$155.32M	USD	1 Quarter
Selling and administrative expense	`SellingGeneralAndAdministrativeExpense`	$130.08M	USD	1 Quarter
Selling and administrative expense	`SellingGeneralAndAdministrativeExpense`	$102.88M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$12.54M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$10.67M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$142.62M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$113.55M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$12.70M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$22.44M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.26M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.45M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.47M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$625.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.82M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.41M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$4.70M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	30.51M	shares	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.43M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.20M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.16M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.82M	USD	1 Quarter
Depreciation	`Depreciation`	$4.03M	USD	1 Quarter
Depreciation	`Depreciation`	$4.06M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$1.51M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$880.00K	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$13.88M	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$12.80M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.73M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.46M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$177.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.14M	USD	1 Quarter
Non-cash adjustment to fair value of contingent consideration liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$4.44M	USD	1 Quarter
Non-cash adjustment to fair value of contingent consideration liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.67M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$163.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.02M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$21.86M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.21M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.70M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.72M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-14.97M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$11.37M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.13M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$3.95M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.09M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.85M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$328.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.69M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.69M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.25M	USD	1 Quarter
Payments on term loan	`RepaymentsOfSeniorDebt`	$2.98M	USD	1 Quarter
Payments on term loan	`RepaymentsOfSeniorDebt`	-	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLinesOfCredit`	$99.00M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLinesOfCredit`	$164.00M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$110.00M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$173.00M	USD	1 Quarter
Payments related to contingent consideration	`PaymentsForContingentConsideration`	-	USD	1 Quarter
Payments related to contingent consideration	`PaymentsForContingentConsideration`	$798.00K	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$5.87M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$6.10M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$2.45M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$6.14M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.35M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.49M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$303.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-113.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.45M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.02M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.85M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.49M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.86M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.94M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.85M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.49M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.86M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.94M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$6.11M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$5.90M	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`	$745.54M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$752.45M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$789.55M	USD	Point-in-time
Balance at period start	`StockholdersEquity`	$785.43M	USD	Point-in-time
Common stock issued under employee plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$6.25M	USD	1 Quarter
Common stock issued under employee plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.60M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.73M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.46M	USD	1 Quarter
Dividends on common stock ($0.20 per share)	`DividendsCommonStockCash`	$5.90M	USD	1 Quarter
Dividends on common stock ($0.20 per share)	`DividendsCommonStockCash`	$6.11M	USD	1 Quarter
Cash flow hedging gain, net	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$1.08M	USD	1 Quarter
Cash flow hedging gain, net	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$877.00K	USD	1 Quarter
Pension liability, net of income tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-521.00K	USD	1 Quarter
Pension liability, net of income tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-403.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-163.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.82M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$4.70M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.41M	USD	1 Quarter
Balance at period end	`StockholdersEquity`	$745.54M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$752.45M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$789.55M	USD	Point-in-time
Balance at period end	`StockholdersEquity`	$785.43M	USD	Point-in-time

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