cnmd-20260331

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
March 31, 2026			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 April 27, 2026 is 30,109,194 shares.

CONMED CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026


PART I FINANCIAL INFORMATION
Item Number		Page

Item 1.	Financial Statements (unaudited)

	– Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	1

	– Consolidated Condensed Balance Sheets as of March 31, 2026 and December 31, 2025	2

	– Consolidated Condensed Statements of Shareholders' Equity for the three months ended March 31, 2026 and 2025	3

	– Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025	4

	– Notes to Consolidated Condensed Financial Statements	5


Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 5.	Other Information	26

Item 6.	Exhibits	27


Signatures		28

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PART I FINANCIAL INFORMATION

Item 1.

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands except per share amounts)


	Three Months Ended
	March 31,
	2026		2025
Net sales	$	317,046	$	321,256

Cost of sales	133,599		143,504

Gross profit	183,447		177,752

Selling and administrative expense	141,699		148,847

Research and development expense	16,333		12,947

Operating expenses	158,032		161,794

Income from operations	25,415		15,958

Interest expense	7,060		8,286



Income before income taxes	18,355		7,672

Provision for income taxes	4,527		1,636

Net income	$	13,828	$	6,036

Comprehensive income	$	15,436	$	7,501


Per share data:

Net income
Basic	$	0.45	$	0.19
Diluted	0.45		0.19

Weighted average common shares
Basic	30,588		30,973
Diluted	30,621		31,151

See notes to consolidated condensed financial statements.

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CONMED CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

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


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	35,030	$	40,817
Accounts receivable, net	228,661		247,830
Inventories	366,106		355,544
Prepaid expenses and other current assets	40,794		28,669
Total current assets	670,591		672,860
Property, plant and equipment, net	111,964		113,331
Goodwill	806,858		807,011
Other intangible assets, net	573,804		582,051
Other assets	151,725		150,496
Total assets	$	2,314,942	$	2,325,749




LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	711	$	712
Accounts payable	105,416		93,648
Accrued compensation and benefits	60,886		82,139
Other current liabilities	125,703		138,542
Total current liabilities	292,716		315,041

Long-term debt	860,157		834,230
Deferred income taxes	81,376		79,530
Other long-term liabilities	63,020		63,851
Total liabilities	1,297,269		1,292,652

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 2026 and 2025, respectively	313		313
Paid-in capital	508,494		503,200
Retained earnings	602,594		588,766
Accumulated other comprehensive loss	(44,687)		(46,295)
Less: 1,155,488 and 328,097 shares of common stock in treasury, at cost, in 2026 and 2025, respectively	(49,041)		(12,887)
Total shareholders’ equity	1,017,673		1,033,097
Total liabilities and shareholders’ equity	$	2,314,942	$	2,325,749

See notes to consolidated condensed financial statements.

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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
Balance at December 31, 2025	31,299	$	313	$	503,200	$	588,766	$	(46,295)	$	(12,887)	$	1,033,097
Common stock issued under employee plans				(208)						1,233		1,025
Stock-based compensation				5,502								5,502
Repurchases of common stock (a)										(37,387)		(37,387)




Comprehensive income:
Cash flow hedging gain, net								3,061
Pension liability, net								213
Foreign currency translation adjustments								(1,666)
Net income						13,828
Total comprehensive income												15,436

Balance at March 31, 2026	31,299	$	313	$	508,494	$	602,594	$	(44,687)	$	(49,041)	$	1,017,673

(a) Inclusive of excise taxes


	Common Stock			Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Shareholders’ Equity
	Shares	Amount
Balance at December 31, 2024	31,299	$	313	$	476,575	$	560,277	$	(58,857)	$	(15,627)	$	962,681
Common stock issued under employee plans				(1,340)						1,117		(223)
Stock-based compensation				13,863								13,863
Dividends on common stock ($0.20 per share)						(6,186)						(6,186)


Comprehensive income:
Cash flow hedging loss, net								(3,669)
Pension liability, net								268
Foreign currency translation adjustments								4,866
Net income						6,036
Total comprehensive income												7,501

Balance at March 31, 2025	31,299	$	313	$	489,098	$	560,127	$	(57,392)	$	(14,510)	$	977,636

See notes to consolidated condensed financial statements.

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CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


	Three Months Ended
	March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	13,828	$	6,036
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,174		4,235

Amortization of deferred debt issuance costs	1,276		1,443
Amortization	14,663		14,018
Stock-based compensation	5,502		13,863

Deferred income taxes	1,535		(2,659)
Gain on sale of a product line	(3,916)		—
Non-cash adjustments to fair value of contingent consideration liability	722		3,962



Increase (decrease) in cash flows from changes in assets and liabilities:
Accounts receivable	18,606		18,984
Inventories	(12,269)		(7,475)
Accounts payable	10,480		(7,317)
Accrued compensation and benefits	(21,153)		(8,181)
Other assets	(17,215)		(5,422)
Other liabilities	(2,761)		10,047
Net cash provided by operating activities	13,472		41,534

Cash flows from investing activities:
Proceeds from sale of a product line	7,000		—
Purchases of property, plant and equipment	(2,892)		(3,779)

Other	—		850
Net cash provided by (used in) investing activities	4,108		(2,929)

Cash flows from financing activities:
Payments on term loan	—		(14,588)

Payments on revolving line of credit	(155,000)		(166,000)
Proceeds from revolving line of credit	180,000		166,000
Repurchases of common stock	(37,017)		—


Payments related to contingent consideration	(11,364)		(7,166)

Dividends paid on common stock	—		(6,180)




Other, net	828		(464)
Net cash used in financing activities	(22,553)		(28,398)

Effect of exchange rate changes on cash and cash equivalents	(814)		819

Net increase (decrease) in cash and cash equivalents	(5,787)		11,026

Cash and cash equivalents at beginning of period	40,817		24,459

Cash and cash equivalents at end of period	$	35,030	$	35,485

Non-cash financing activities:


Dividends payable	$	—	$	6,186

See notes to consolidated condensed financial statements.

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CONMED CORPORATION

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited, in thousands except per share amounts)

Note 1 - Operations

CONMED Corporation (“CONMED”, the “Company”, “we” or “us”) is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, and thoracic surgery.

During the quarter ended March 31, 2026, the Company sold certain assets related to our gastroenterology product lines for $7.0 million. We recorded a gain of $3.9 million on this sale to selling and administrative expense.

Note 2 - Interim Financial Information

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary to fairly state the results for the periods presented. The consolidated condensed financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated. Results for the period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The consolidated condensed financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2025 included in our Annual Report on Form 10-K.

Use of Estimates

The preparation of the consolidated condensed financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments which affect the reported amounts of assets, liabilities and related disclosures of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. While there has been uncertainty and disruption in the global economy and financial markets, we are not aware of any specific event or circumstance that would require an update to our estimates or judgments or a revision of the carrying value of our assets or liabilities as of April 30, 2026, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Note 3 - New Accounting Pronouncements

Recently Issued Accounting Standards, Not Yet Adopted

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. We are currently evaluating the impact this ASU will have on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) as clarified by ASU 2025-01. The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes on an annual and interim basis. Any relevant expense caption presented on the face of the income statement within continuing operations are required to be disaggregated by the following natural expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation, and (4) intangible asset

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amortization. This ASU can be adopted prospectively or retrospectively and is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We expect this ASU to only impact our disclosures with no impact to the consolidated financial statements.

Note 4 - Revenues

The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition:


	Three Months Ended						Three Months Ended
	March 31, 2026						March 31, 2025
	Orthopedic Surgery		General Surgery		Total		Orthopedic Surgery		General Surgery		Total
Primary Geographic Markets
United States	$	55,933	$	117,122	$	173,055	$	53,016	$	130,746	$	183,762
Europe, Middle East & Africa	38,485		30,652		69,137		35,207		28,469		63,676
Asia Pacific	30,837		11,121		41,958		29,123		14,589		43,712
Americas (excluding the United States)	22,408		10,488		32,896		20,944		9,162		30,106
Total sales from contracts with customers	$	147,663	$	169,383	$	317,046	$	138,290	$	182,966	$	321,256

Timing of Revenue Recognition
Goods transferred at a point in time	$	136,784	$	166,490	$	303,274	$	127,548	$	180,517	$	308,065
Services transferred over time	10,879		2,893		13,772		10,742		2,449		13,191
Total sales from contracts with customers	$	147,663	$	169,383	$	317,046	$	138,290	$	182,966	$	321,256

Contract liability balances related to the sale of extended warranties to customers are as follows:


	March 31, 2026		December 31, 2025

Contract liability	$	23,405	$	21,967

Revenue recognized during the three months ended March 31, 2026 and March 31, 2025 from amounts included in contract liabilities at the beginning of the periods were $5.3 million and $5.0 million, respectively. There were no material contract assets as of March 31, 2026 and December 31, 2025.

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Note 5 - Comprehensive Income

Comprehensive income consists of the following:


	Three Months Ended March 31,
	2026		2025
Net income	$	13,828	$	6,036

Other comprehensive income (loss):
Cash flow hedging gain (loss), net of income tax (income tax expense (benefit) of $980 and $(1,173) for the three months ended March 31, 2026 and 2025, respectively)	3,061		(3,669)
Pension liability, net of income tax (income tax expense of $69 and $86 for the three months ended March 31, 2026 and 2025, respectively)	213		268
Foreign currency translation adjustment	(1,666)		4,866

Comprehensive income	$	15,436	$	7,501

Accumulated other comprehensive loss consists of the following:


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2025	$	(905)	$	(14,287)	$	(31,103)	$	(46,295)

Other comprehensive income (loss) before reclassifications, net of tax	3,001		—		(1,666)		1,335
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	80		282		—		362
Income tax	(20)		(69)		—		(89)

Net current-period other comprehensive income (loss)	3,061		213		(1,666)		1,608

Balance, March 31, 2026	$	2,156	$	(14,074)	$	(32,769)	$	(44,687)


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2024	$	4,297	$	(16,880)	$	(46,274)	$	(58,857)

Other comprehensive gain (loss) before reclassifications, net of tax	(2,786)		—		4,866		2,080
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	(1,165)		354		—		(811)
Income tax	282		(86)		—

SEC Form 10-Q filed by CONMED Corporation