cnmd-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended			Commission File Number
June 30, 2025			001-39218

CONMED CORPORATION

(Exact name of the registrant as specified in its charter)


Delaware			16-0977505
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

11311 Concept Blvd	Largo,	Florida	33773
(Address of principal executive offices)			(Zip Code)

(727) 392-6464

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	CNMD	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of registrant's common stock, as of July 28, 2025 is 30,954,963 shares.

CONMED CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2025


PART I FINANCIAL INFORMATION
Item Number		Page

Item 1.	Financial Statements (unaudited)

	– Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	1

	– Consolidated Condensed Balance Sheets as of June 30, 2025 and December 31, 2024	2

	– Consolidated Condensed Statements of Shareholders' Equity for the six months ended June 30, 2025 and 2024	3

	– Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024	5

	– Notes to Consolidated Condensed Financial Statements	6


Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.	Controls and Procedures	28

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 5.	Other Information	28

Item 6.	Exhibits	29


Signatures		30

Table of Contents

PART I FINANCIAL INFORMATION

Item 1.

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands except per share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net sales	$	342,345	$	332,097	$	663,600	$	644,371

Cost of sales	154,025		148,368		297,529		288,677

Gross profit	188,320		183,729		366,071		355,694

Selling and administrative expense	136,021		122,524		284,868		245,881

Research and development expense	14,138		14,098		27,084		27,692

Operating expenses	150,159		136,622		311,952		273,573

Income from operations	38,161		47,107		54,119		82,121

Interest expense	7,824		9,593		16,110		19,188

Other expense	418		—		418		—

Income before income taxes	29,919		37,514		37,591		62,933

Provision for income taxes	8,498		7,538		10,134		13,248

Net income	$	21,421	$	29,976	$	27,457	$	49,685

Comprehensive income	$	25,835	$	25,343	$	33,336	$	45,421


Per share data:

Net income
Basic	$	0.69	$	0.97	$	0.89	$	1.61
Diluted	0.69		0.96		0.88		1.59

Weighted average common shares
Basic	30,949		30,813		31,011		30,792
Diluted	31,054		31,106		31,142		31,170

See notes to consolidated condensed financial statements.

Table of Contents

CONMED CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited, in thousands except share and per share amounts)


	June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	33,935	$	24,459
Accounts receivable, net	234,148		237,733
Inventories	362,252		346,719
Prepaid expenses and other current assets	27,445		31,096
Total current assets	657,780		640,007
Property, plant and equipment, net	116,863		115,793
Goodwill	806,926		805,358
Other intangible assets, net	601,817		617,663
Other assets	145,072		127,426
Total assets	$	2,328,458	$	2,306,247




LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	714	$	715
Accounts payable	101,054		102,248
Accrued compensation and benefits	67,949		65,368
Other current liabilities	125,121		109,799
Total current liabilities	294,838		278,130

Long-term debt	881,111		905,066
Deferred income taxes	69,818		74,076
Other long-term liabilities	79,821		86,294
Total liabilities	1,325,588		1,343,566

Commitments and contingencies

Shareholders' equity:
Preferred stock, par value $0.01 per share;
authorized 500,000 shares; none outstanding	—		—
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2025 and 2024, respectively	313		313
Paid-in capital	494,037		476,575
Retained earnings	575,359		560,277
Accumulated other comprehensive loss	(52,978)		(58,857)
Less: 352,904 and 397,860 shares of common stock in treasury, at cost, in 2025 and 2024, respectively	(13,861)		(15,627)
Total shareholders’ equity	1,002,870		962,681
Total liabilities and shareholders’ equity	$	2,328,458	$	2,306,247

See notes to consolidated condensed financial statements.

Table of Contents

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited, in thousands except per share amounts)


	Common Stock			Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Shareholders’ Equity
	Shares	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Shareholders’ Equity
Balance at December 31, 2024	31,299	$	313	$	476,575	$	560,277	$	(58,857)	$	(15,627)	$	962,681
Common stock issued under employee plans

SEC Form 10-Q filed by CONMED Corporation