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ConMed Announces 2015 Q4 – Sales Down 2% To $191 Million

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CONMED Corporation (Nasdaq:CNMD) today announced financial results for the fourth quarter and fiscal year ended December 31, 2015.
Fourth Quarter 2015 Highlights

Sales were $191.0 million, a decrease of 2.0% compared to the fourth quarter of 2014. On a constant currency basis, sales increased 0.5% over the prior-year period.
Gross margin expanded 30 basis points year over year to 53.6%. Adjusted gross margin expanded 80 basis points year over year to 55.1%.
Diluted earnings per share (GAAP) were $0.28, compared to $0.41 in the fourth quarter of 2014. Adjusted diluted earnings per share were $0.52 versus $0.53 in the prior-year period.
Signed definitive agreement to acquire SurgiQuest, Inc., which significantly bolsters CONMED’s Advanced Surgical portfolio. The transaction closed on January 4, 2016.

Fiscal Year 2015 Highlights

Sales were $719.2 million, a decrease of 2.8% compared to the full-year 2014.

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ConMed’s Q1 Profit Down To $6.3 Million

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ConMed Corp. (NASDAQ: CNMD) reported net income of $6.3 million, in the first quarter, down nearly 27 percent from $8.6 million, in the year-ago period.
The Utica–based surgical-device maker’s reported net earnings included restructuring costs in both 2015 and 2014, along with charges for dealing with a patent dispute, activist shareholders, and New York state corporate-tax reform in 2014, the company said in its earnings release.
Excluding the impact of those items, ConMed’s adjusted net earnings of $11.8 million was down 13 percent and adjusted net earnings per share of 42 cents was off 14 percent from the year-prior period, ConMed said.
ConMed released its first-quarter financial report after the markets closed on Wednesday. Shares of the medical-device maker jumped $4.60, or 9.3 percent, to $53.95 in Thursday’s trading, as of 2:15 p.m., according to

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