conmed Archives - Medical Design Sourcing

Conmed appoints new chief operating officer

Conmed (NYSE: CNMD) + announced that it promoted Patrick Beyer to the newly created role of COO.

Beyer previously served as president of international and global orthopedics at the Largo, Florida-based company. In his new role, his responsibilities include leading commercial businesses, plus operations, distribution, regulatory/quality and customer excellence.

“Pat has been invaluable in driving Conmed’s above-market growth and expanding our presence in key markets,” said Curt R. Hartman, Conmed chair, president, and CEO. “He is an experienced leader with a proven track record of commercial and operational excellence and delivering results, and I look forward to Pat’s continued impact on the organization.”

Beyer joined Conmed in 2014 as president of international. In October 2020, he received a promotion to the role of president of international and global orthopedics. He served in that post for nearly fou…

Medtech jobs: The world’s largest medical device companies are hiring

Medical device companies are trying to fill thousand of medtech jobs. [Photo by ijeab – stock.adobe.com]

The world’s largest medical device companies are still hiring for medtech jobs despite layoffs in tech and other industries.

Medtech developers — and medtech jobs — are resilient, with the industry’s COVID-19 pandemic performance only bolstering its recession-proof reputation.

That’s not to say there haven’t been job cuts in medtech, led by thousands of layoffs at Philips as it struggles with a massive recall of deadly respiratory devices. But most medical device manufacturers are still hiring, and in some cases they can’t attract enough candidates to fill every vacancy in a tight labor market.

Stryker, for example, grew to approximately 51,000 employees as of the end of 2022, increasing its headcount by nearly 11 percent last year. Boston Scientific reported nearl…

Warehouse problem causes big Q4 miss for Conmed

Conmed (NYSE: CNMD) released Q4 results that missed Wall Street projections by a wide margin due to a previously disclosed warehouse problem.

The Largo, Florida–based maker of surgical and patient monitoring products and services earned $26.6 million, or 86¢ per share, off of $250.9 million in sales for the quarter that ended Dec. 31, 2022. The results, posted yesterday evening, represented an 9% bottom-line gain and a top-line slide of 8%.

Adjusted to exclude one-time items, Conmed had earnings per share of 42¢. The amount was less than half of the 90¢ EPS consensus expected by Wall Street analysts, who predicted $302.51 million in sales.

Needham & Co. senior research analyst Mike Matson wrote in a report that Q4 miss shouldn’t have been a surprise because Conmed had previously disclosed the warehouse software implementation problems.

“While this was a disappointing quarter, we expect CNMD to recover in 2023, and we maintain our B…

Conmed pulls 2022 guidance due to software implementation

Conmed (NYSE:CNMD) announced today that it is withdrawing its full-year outlook over problems implementing software at its main distribution facility.

Largo, Florida-based Conmed last month issued its guidance with a reduction from previous projections. This came on the back of an underwhelming third-quarter performance that saw its stock dip by nearly 8%. However, shares of CNMD have been on the rise since then.

CNMD shares ticked up 1.3% at $90.24 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 6%.

More about Conmed pulling is 2022 guidance

In October, the company cut its now withdrawn guidance for the full year, with the high end of its EPS expectations falling particularly far. It projected adjusted EPS to fall between $3.21 and $3.28. The company previously projected a range of $3.25 to $3.45. However, the low end of its revenue guidance rose. T…

Conmed stock slides on Q3 revenue miss, slashed EPS guidance

Conmed (NYSE:CNMD) shares took a hit today on third-quarter results that missed the consensus revenue forecast.

CNMD shares fell 7.8% to $77.15 apiece in morning trading. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up more than 1%.

Despite the revenue miss and EPS guidance cut, Mike Matson of Needham & Co. stuck with his Buy rating for the minimally invasive medical device company: “We believe that CNMD can sustain high-single digit underlying revenue growth and that its EPS growth can accelerate as macro pressures ease.”

The Largo, Florida–based company posted profits of $46.2 million for the quarter. That equals $1.48 per share on sales of $275.1 million for the three months ended Sept. 30, 2022.

Conmed more than tripled its bottom line on sales growth of 10.5%.

Adjusted to exclude one-time items, earnings per share came to 77¢. That registers …

Conmed to acquire bioinductive scaffold startup Biorez

Conmed (NYSE:CNMD) this week announced a definitive agreement to acquire medtech startup Biorez.

The company will acquire Biorez to enhance its spots medicine soft tissue healing portfolio. It plans to acquire the company on a cash-free, debt-free basis, for cash consideration of $85 million at closing with up to an additional $165 million in growth-based earnest payments over a four-year period.

Conmed expects the acquisition to add approximately $1 million in revenue to its full-year 2022 revenue guidance.

“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” Conmed President and CEO Curt Hartman said in a news release. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for Conmed.” Read more

Conmed stock dips on lowered guidance despite Street-beating Q2

Conmed (NYSE:CNMD) shares were down this morning on second-quarter results that topped the consensus forecast.

The (LOCATION)-based company posted losses of $168.3 million, or $5.65 per share, on sales of $277.2 million for the three months ended June 30, 2022, for a massive bottom-line slide deep into the red on sales growth of 8.6%.

Adjusted to exclude one-time items, earnings per share were 76¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $274.2 million.

During the quarter, on June 14, the company announced that it completed its $145 million acquisition of In2Bones.

“I’m proud that our team drove strong revenue growth in the second quarter while also refinancing our debt and closing the acquisition of In2Bones,” Conmed Chair, President and CEO Curt R. Hartman said in a news release. “We continue navigating the challenges of hospital staffing and inflation while remaining committed to enhancing the company’s long-term growt…

Conmed completes $145M In2Bones acquisition

Conmed (NYSE:CNMD) announced today that it completed its previously announced acquisition of In2Bones Global.

Largo, Florida-based Conmed announced last month that it intended to acquire upper extremities device maker In2Bones Global for $145 million.

The $145 million figure was floated for the closing of the acquisition, with up to an additional $110 million in growth-based earnout payments laid out over a four-year period. Conmed said at the time that it expects approximately $20 million in revenue in the back half of the year related to the acquisition of In2Bones.

In2Bones develops, manufactures and distributes medical devices for the treatment of disorders and injuries of the upper (hand, wrist, elbow) and lower (foot and ankle) extremities, with its portfolio including implants, fracture systems, biologics and related hardware.

According to a news release, Conmed financed the transaction through a combination of the net proceeds of its 2.25%…

Conmed beats The Street in Q1, announces $145M deal to acquire In2Bones

Conmed (NSDQ:CNMD) this week announced that it will acquire In2Bones Global for more than $145 million after it posted first-quarter results that beat the overall consensus on Wall Street.

The Largo, Florida-based minimally invasive medical device company reported profits of $14.96 million, or 47¢ per share, on sales of $242.3 million for the three months ended March 31, for a bottom-line gain of 51.9% on sales growth of 4.15% compared with Q1 2021.

Adjusted to exclude one-time items, earnings per share were 63¢, 1¢ ahead of The Street, where analysts were looking for sales of $242.3 million.

“I am pleased with our start to the year as we generated momentum and finished the quarter on a strong note,” CEO Curt Hartman said in a news release. “While we are facing larger than anticipated inflationary pressures, we remain confident in our longer-term prospects for both top and bottom-line growth.”

Conmed expects revenue for fiscal year 2022 to be in t…

The best places to work for medtech sales reps in 2022

Teleflex (NYSE:TFX), ConMed (NSDQ:CNMD) and Medtronic (NYSE:MDT) topped the list of best places to work in medtech sales in 2022, according to a MedReps.com survey of medical sales representatives.

The 11th annual MedReps survey polled over 2,300 MedReps professionals to determine which medtech sales companies are most sought-after in the industry.

Overall, pay and leadership were the most important considerations in an employer, followed closely by culture, according to the survey.

“Given the continued challenges medical sales reps faced in 2021, valuing leadership and culture in their place of work isn’t a surprise – and it’s important to recognize employers, like these companies on this list, that are doing much to support their employees,” MedReps CEO Josh Goodwin said in a news release. “We’re thrilled to highlight deserving employers to our community of medical sales professionals.”

Diversity, equity, inclusion and belonging was ranked as im…

The best places to work for medtech sales reps in 2022

Teleflex (NYSE:TFX), ConMed (NSDQ:CNMD) and Medtronic (NYSE:MDT) topped the list of best places to work in medtech sales in 2022, according to a MedReps.com survey of medical sales representatives.

The 11th annual MedReps survey polled over 2,300 MedReps professionals to determine which medtech sales companies are most sought-after in the industry.

Overall, pay and leadership were the most important considerations in an employer, followed closely by culture, according to the survey.

“Given the continued challenges medical sales reps faced in 2021, valuing leadership and culture in their place of work isn’t a surprise – and it’s important to recognize employers, like these companies on this list, that are doing much to support their employees,” MedReps CEO Josh Goodwin said in a news release. “We’re thrilled to highlight deserving employers to our community of medical sales professionals.”

Diversity, equity, inclusion and belonging was ranked as im…

Conmed posts mixed-bag Q3 results

ConMed (NSDQ:CNMD) this week posted third-quarter results that beat the earning consensus on Wall Street but missed on revenue estimates.

The Largo, Florida-based minimally invasive surgical device company reported profits of $14.9 million, or 47¢ per share, on sales of $248.8 million for the three months ended September 30, for a bottom-line gain of 118.2% on sales growth of 4.62% compared with Q3 2020.

Adjusted to exclude one-time items, earnings per share were 80¢, 5¢ ahead of The Street, where analysts were looking for sales of $255.3 million.

“We faced a more challenging macro environment during the third quarter than anticipated, but our organizational resilience enabled us to grow revenue over the third quarters of both 2020 and 2019,” president and CEO Curt Hartman said in a news release. “Our team remains focused on serving our customers and helping them navigate a difficult environment while driving continued product innovation to support long-…