Conmed Q1 Profit Rises, Lifts FY22 Outlook

(RTTNews) - Conmed Corporation (CNMD) Wednesday reported first-quarter net income of $14.98 million or $0.47 per share, up from $9.86 million or $0.31 per share last year.

Adjusted earnings for the quarter were $0.70 per share, up from $0.63 per share last year.

Sales for the quarter increased 4.1% to $242.33 million from 232.68 million for the quarter. Domestic revenue increased 5.9% year over year, while international revenue increased 2.2% year over year.

Analysts polled by Thomson Reuters expected earnings of $0.62 per share on revenues of $235.77 million for the quarter.

CEO Curt Hartman said, "While we are facing larger than anticipated inflationary pressures, we remain confident in our longer-term prospects for both top and bottom-line growth."

Looking forward, the company now expects full-year 2022 adjusted earnings of $3.50 to $3.65 per share, up from prior estimate of $3.60 to $3.85 per share.

The company also raised its revenue guidance for the full year 2022 and now expects revenue between $1.105 billion and $1.150 billion, compared to its prior guidance of between $1.075 billion and $1.125 billion.

Analysts currently estimate earnings of $3.69 per share on revenues of $1.09 billion for the year.

Separately, Conmed announced that it has agreed to acquire privately-held In2Bones Global, Inc. on a cash-free, debt-free basis, for cash consideration of $145 million at closing and up to an additional $110 million in growth-based earnout payments over a four-year period.

The transaction is subject to customary closing conditions, including receipt of U.S. regulatory approval, and is expected to close late in the second quarter or early in the third quarter of 2022.