$CNMD

CONMED CORP

CIK:0000816956|SEC Filings

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net sales	$ 343,488	$ 342,345	$ 660,534	$ 663,600
Cost of sales	146,030	154,025	279,629	297,529
Gross profit	197,458	188,320	380,905	366,071
Selling and administrative expense	145,553	136,021	287,252	284,868
Research and development expense	15,500	14,138	31,833	27,084
Operating expenses	161,053	150,159	319,085	311,952
Income from operations	36,405	38,161	61,820	54,119
Interest expense	7,883	7,824	14,943	16,110
Other (income) / expense	(2,825)	418	(2,825)	418
Income before income taxes	31,347	29,919	49,702	37,591
Provision for income taxes	8,276	8,498	12,803	10,134
Net income	23,071	21,421	36,899	27,457
Comprehensive income	$ 24,386	$ 25,835	$ 39,822	$ 33,336
Per share data:
Basic (in dollars per share)	$ 0.77	$ 0.69	$ 1.22	$ 0.89
Diluted (in dollars per share)	$ 0.77	$ 0.69	$ 1.22	$ 0.88
Weighted average common shares:
Basic (in shares)	30,069	30,949	30,315	31,011
Diluted (in shares)	30,117	31,054	30,357	31,142

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 36,899	$ 27,457
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,253	8,701
Amortization of deferred debt issuance costs	2,330	2,831
Amortization	29,630	28,123
Stock-based compensation	10,732	18,766
Deferred income taxes	3,683	(975)
Gain on sale of product offerings, net	(1,512)	0
Non-cash adjustments to fair value of contingent consideration liability	610	2,163
(Gain) loss on early extinguishment of debt, net	(4,597)	363
Increase (decrease) in cash flows from changes in assets and liabilities:
Accounts receivable	7,255	11,147
Inventories	(13,706)	(13,026)
Accounts payable	6,232	(1,614)
Accrued compensation and benefits	(11,706)	930
Other assets	(16,683)	(9,874)
Other liabilities	(6,853)	(4,324)
Net cash provided by operating activities	50,567	70,668
Cash flows from investing activities:
Proceeds from sale of product offerings	21,500	0
Purchases of property, plant and equipment	(5,826)	(9,508)
Other	0	850
Net cash provided by (used in) investing activities	15,674	(8,658)
Cash flows from financing activities:
Payments on term loan	0	(54,821)
Proceeds from term loan	450,000	25,234
Payments on revolving line of credit	(402,000)	(337,432)
Proceeds from revolving line of credit	595,000	341,432
Repurchases of common stock	(43,221)	0
Payments to repurchase convertible notes	(637,176)	0
Payments related to contingent consideration	(28,853)	(14,094)
Payments related to debt issuance costs	(3,547)	(2,897)
Dividends paid on common stock	0	(12,366)
Other, net	1,010	19
Net cash used in financing activities	(68,787)	(54,925)
Effect of exchange rate changes on cash and cash equivalents	(943)	2,391
Net increase (decrease) in cash and cash equivalents	(3,489)	9,476
Cash and cash equivalents at beginning of period	40,817	24,459
Cash and cash equivalents at end of period	37,328	33,935
Non-cash financing activities:
Dividends payable	$ 0	$ 6,189

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 37,328	$ 40,817
Accounts receivable, net	239,770	247,830
Inventories	360,179	355,544
Prepaid expenses and other current assets	38,388	28,669
Total current assets	675,665	672,860
Property, plant and equipment, net	110,144	113,331
Goodwill	796,902	807,011
Other intangible assets, net	564,416	582,051
Other assets	153,179	150,496
Total assets	2,300,306	2,325,749
Current liabilities:
Current portion of long-term debt	177,199	712
Accounts payable	101,017	93,648
Accrued compensation and benefits	70,417	82,139
Other current liabilities	106,766	138,542
Total current liabilities	455,399	315,041
Long-term debt	657,050	834,230
Deferred income taxes	84,583	79,530
Other long-term liabilities	61,884	63,851
Total liabilities	1,258,916	1,292,652
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $.01 per share; authorized 500,000 shares; none outstanding	0	0
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2026 and 2025, respectively	313	313
Paid-in capital	513,464	503,200
Retained earnings	625,665	588,766
Accumulated other comprehensive loss	(43,372)	(46,295)
Less: 1,312,367 and 328,097 shares of common stock in treasury, at cost, in 2026 and 2025, respectively	(54,680)	(12,887)
Total shareholders’ equity	1,041,390	1,033,097
Total liabilities and shareholders’ equity	$ 2,300,306	$ 2,325,749