CONMED Corporation (Nasdaq: CNMD) today announced
financial results for the fourth quarter and full year ended
December 31, 2018.
Fourth Quarter 2018 Highlights
- Sales of $242.4 million increased 8.9%
year over year as reported and 10.8% in constant currency and as
adjusted(1).
- Domestic revenue increased 10.5% year
over year as reported and 12.9% as adjusted(1).
- International revenue increased 7.3% as
reported and 8.7% in constant currency.
- Diluted net earnings per share (GAAP)
were $0.54, compared to diluted net earnings per share (GAAP) of
$1.65 in the fourth quarter of 2017, a decrease of 67.3%. The
prior-year quarter benefitted from the initial recognition of U.S.
tax reform benefits.
- Adjusted diluted net earnings per
share(2) were $0.73 versus $0.69 in the fourth quarter of 2017, an
increase of 5.8%.
- Signed a definitive agreement to
acquire Buffalo Filter LLC, the leader in the high-growth smoke
evacuation market, to augment the Company’s existing General
Surgery portfolio. The transaction is expected to close during the
first quarter of 2019.
Fiscal Year 2018 Highlights
- Sales of $859.6 million increased 7.9%
as reported and 8.4% in constant currency and as adjusted(1)
compared to 2017.
- Domestic revenue increased 9.1% year
over year as reported and 11.4% as adjusted(1).
- International revenue increased 6.7% as
reported and 5.3% in constant currency.
- Diluted net earnings per share (GAAP)
were $1.41, compared to $1.97 in 2017, a decrease of 28.4%.
- Adjusted diluted net earnings per
share(2) were $2.18 versus $1.89 in 2017, an increase of
15.3%.
“2018 was a great year for CONMED. We delivered strong revenue
and earnings, continued our cadence of new product introductions
and further invested to strengthen our business,” commented Curt R.
Hartman, CONMED’s President and Chief Executive Officer. “We are
well positioned to build off this momentum in 2019 as we benefit
from the investments we have made in our Company
infrastructure.”
Sales Analysis
For the quarter ended December 31, 2018, domestic sales, which
represented 51.6% of total revenue, increased 10.5% on a reported
basis, with growth in both General Surgery and Orthopedics. On
January 1, 2018, the Company began adjusting its sales for
administrative fees by recording these fees as a reduction of
revenue under ASU No. 2014-09, Revenue from Contracts with
Customers (“ASC 606”). For the fourth quarter of 2017, these
administrative fees totaled $2.4 million. As a result, on an
adjusted(1) basis, domestic sales increased 12.9% year over year.
International sales, which represented 48.4% of total revenue,
increased 7.3% compared to the fourth quarter of 2017 on a reported
basis. Foreign currency exchange rates, including the effects of
the FX hedging program, had a negative impact of $1.6 million on
fourth quarter sales. In constant currency, international sales
increased 8.7% versus the prior-year period.
For the fiscal year ended December 31, 2018, domestic
sales, which represented 52.2% of total revenue, increased 9.1%,
with growth in both General Surgery and Orthopedics. International
sales, which represented 47.8% of total revenue, increased 6.7%
compared to 2017 on a reported basis. Foreign currency exchange
rates, including the effects of the FX hedging program, had a
positive impact of $5.1 million on fiscal year 2018
sales. In constant currency, international sales increased 5.3%
versus the prior-year period.
Earnings Analysis
For the quarter ended December 31, 2018, reported net income
totaled $15.7 million, compared to reported net income of $46.7
million a year ago. Reported diluted net earnings per share were
$0.54 in the quarter, compared to reported diluted net earnings per
share of $1.65 in the prior-year period. The Company excludes the
costs of special items, including acquisitions, restructurings,
legal matters, gains on the sale of assets, debt refinancings,
impairment charges, amortization of intangible assets, net of tax,
as well as adjustments to the December 2017 tax balances and
provisional income tax effects of the 2017 Tax Cuts and Jobs Act,
from its adjusted diluted net earnings per share. Excluding the
impact of these items, adjusted net income(3) of $21.2 million
increased 8.3% year over year, and adjusted diluted net earnings
per share(2) of $0.73 increased 5.8% year over year. The increase
in adjusted net income(3) resulted primarily from higher sales
during the quarter.
For the fiscal year ended December 31, 2018, reported net
income totaled $40.9 million, compared to reported net income
of $55.5 million a year ago. Reported diluted net
earnings per share were $1.41, compared to $1.97 in
the prior-year period. Reported net income for 2017 included
restructuring costs, business acquisition costs, legal costs and
the tax benefit from the 2017 Tax Cuts and Jobs Act. Excluding the
impact of the special items as described above and as provided in
the reconciliation of GAAP to non-GAAP measures below, adjusted net
income(3) of $62.8 million increased 17.9% year over year
and adjusted diluted net earnings per
share(2) of $2.18 increased 15.3% from the prior
year.
2019 Outlook
The Company expects full-year 2019 constant-currency sales
growth in the range of 5.0% to 6.0%. Based on recent exchange
rates, the negative impact to 2019 sales from foreign exchange is
anticipated to be approximately 100 basis points.
The Company also forecasts full-year 2019 adjusted diluted net
earnings per share in the range of $2.42 to $2.47. This represents
growth over 2018 of approximately 11% to 13%. The adjusted diluted
net earnings per share estimates for 2019 exclude amortization of
intangible assets, which is estimated in the range of $18 to $20
million, net of tax, and the cost of special items, including
acquisition costs and restructuring costs.
This guidance excludes any potential impact from the pending
acquisition of Buffalo Filter LLC, expected to close in the first
quarter of 2019. The company’s current guidance also does not
include any impact from the additional financing required for the
acquisition. The company expects to provide updated financial
guidance for 2019 that includes the impact of the Buffalo Filter
LLC acquisition as part of its first quarter 2019 earnings release.
As previously disclosed, the Company expects the acquisition to be
neutral to adjusted diluted net earnings per share in 2019.
Supplemental Financial Disclosures
(1) Adjusted net sales growth is measured in constant currency
and is adjusted for administrative fees that the Company began
recording as a reduction of revenue under ASC 606, Revenue from
Contracts with Customers, effective January 1, 2018.
(2) A reconciliation of reported diluted net earnings per share
to adjusted diluted net earnings per share, a non-GAAP financial
measure, appears below.
(3) A reconciliation of reported net income to adjusted net
income, a non-GAAP financial measure, appears below.
Conference Call
The Company’s management will host a conference call today at
4:30 p.m. ET to discuss its fourth quarter and full-year 2018
results.
To participate in the conference call, dial 844-889-7792
(domestic) or 661-378-9936 (international) and refer to the
passcode 4781517.
This conference call will also be webcast and can be accessed
from the “Investors” section of CONMED's website at www.conmed.com.
The webcast replay of the call will be available at the same site
approximately one hour after the end of the call.
A recording of the call will also be available from 7:30 p.m. ET
on Tuesday, January 22, 2019, until 7:30 p.m. ET on Wednesday,
February 6, 2019. To hear this recording, dial 855-859-2056
(domestic) or 404-537-3406 (international) and enter the passcode
4781517.
About CONMED Corporation
CONMED is a medical technology company that provides surgical
devices and equipment for minimally invasive procedures. The
Company’s products are used by surgeons and physicians in a variety
of specialties, including orthopedics, general surgery, gynecology,
neurosurgery, thoracic surgery and gastroenterology. CONMED has a
direct selling presence in 19 countries, and international sales
constitute approximately 50% of the Company’s total sales.
Headquartered in Utica, New York, the Company employs approximately
3,100 people. For more information, visit www.conmed.com.
Forward-Looking Statements
This press release and today’s conference call may contain
forward-looking statements based on certain assumptions and
contingencies that involve risks and uncertainties, which could
cause actual results, performance, or trends to differ materially
from those expressed in the forward-looking statements herein or in
previous disclosures. For example, in addition to general industry
and economic conditions, factors that could cause actual results to
differ materially from those in the forward-looking statements may
include, but are not limited to, the risk factors discussed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, and listed under the heading Forward-Looking
Statements in the Company’s most recently filed Form 10-Q. Any and
all forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and relate to the Company’s performance on a going-forward basis.
The Company believes that all forward-looking statements made by it
have a reasonable basis, but there can be no assurance that
management’s expectations, beliefs or projections as expressed in
the forward-looking statements will actually occur or prove to be
correct.
Supplemental Information - Reconciliation of GAAP to Non-GAAP
Financial Measures
The Company supplements the reporting of its financial
information determined under accounting principles generally
accepted in the United States (GAAP) with certain non-GAAP
financial measures, including percentage sales growth in constant
currency and as adjusted for ASC 606; adjusted gross profit; cost
of sales excluding specified items; adjusted selling and
administrative expenses; adjusted research and development expense;
adjusted operating income; adjusted income tax expense; adjusted
effective income tax rate; adjusted net income and adjusted diluted
net earnings per share (EPS). The Company believes that these
non-GAAP measures provide meaningful information to assist
investors and shareholders in understanding its financial results
and assessing its prospects for future performance. Management
believes percentage sales growth as adjusted for ASC 606 and in
constant currency and the other adjusted measures described above
are important indicators of its operations because they exclude
items that may not be indicative of, or are unrelated to, its core
operating results and provide a baseline for analyzing trends in
the Company’s underlying business. Further, the presentation of
EBITDA is a non-GAAP measurement that management considers useful
for measuring aspects of the Company’s cash flow. Management uses
these non-GAAP financial measures for reviewing the operating
results and analyzing potential future business trends in
connection with its budget process and bases certain management
incentive compensation on these non-GAAP financial measures.
Net sales on an "adjusted" basis is a non-GAAP measure that
presents net sales in "constant currency" and adjusts for the
adoption impact of ASC 606. The Company analyzes net sales on a
constant currency basis to better measure the comparability of
results between periods. To measure percentage sales growth in
constant currency, the Company removes the impact of changes in
foreign currency exchange rates that affect the comparability and
trend of net sales. In addition, the Company adjusts for the
adoption impact of ASC 606. For GAAP purposes, the Company applied
the modified retrospective transition approach, which requires
certain costs previously included in selling and administrative
expense and principally related to administrative fees paid to
group purchasing organizations, to be recorded as a reduction of
revenue for periods subsequent to January 1, 2018. Amounts
reported in prior years remain unchanged with these administrative
fees included in selling and administrative expense. To
improve comparability between reporting periods, the Company
assumed ASC 606 had been applied as of January 1, 2017 thereby
reducing net sales by the administrative fees for both periods when
calculating adjusted sales growth, adjusted gross margin, adjusted
selling and administrative expense, adjusted research and
development expense and adjusted operating income. To measure
earnings performance on a consistent and comparable basis, the
Company excludes certain items that affect the comparability of
operating results and the trend of earnings. These adjustments are
irregular in timing, may not be indicative of past and future
performance and are therefore excluded to allow investors to better
understand underlying operating trends.
Because non-GAAP financial measures are not standardized, it may
not be possible to compare these financial measures with other
companies' non-GAAP financial measures having the same or similar
names. These adjusted financial measures should not be considered
in isolation or as a substitute for reported sales growth, gross
profit, cost of sales, selling and administrative expenses,
research and development expense, operating income, income tax
expense (benefit), effective income tax rate, net income and
diluted net earnings per share, the most directly comparable GAAP
financial measures. These non-GAAP financial measures are an
additional way of viewing aspects of the Company’s operations that,
when viewed with GAAP results and the reconciliations to
corresponding GAAP financial measures below, provide a more
complete understanding of the business. The Company strongly
encourages investors and shareholders to review its financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or jurisdiction, in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Consolidated Condensed Statements of
Income
(in thousands, except per share amounts,
unaudited)
Three Months Ended Year
Ended December 31, December 31, 2018
2017 2018 2017 Net sales $ 242,444 $
222,555 $ 859,634 $ 796,392 Cost of sales 109,789
98,597 390,524 365,351
Gross profit 132,655 123,958
469,110 431,041 % of sales 54.7 % 55.7 % 54.6
% 54.1 % Selling and administrative expense 96,462 92,405 355,617
351,799 Research & development expense 10,371
8,378 42,188 32,307
Income from operations 25,822 23,175
71,305 46,935 % of sales 10.7 % 10.4 %
8.3 % 5.9 % Interest expense 5,529 4,879
20,652 18,203 Income before
income taxes 20,293 18,296 50,653 28,732 Provision (benefit) for
income taxes 4,640 (28,400 ) 9,799
(26,755 ) Net income $ 15,653 $ 46,696
$ 40,854 $ 55,487 Basic EPS $ 0.56 $ 1.67 $
1.45 $ 1.99 Diluted EPS 0.54 1.65 1.41 1.97 Basic shares
28,131 27,980 28,118 27,939 Diluted shares 28,901 28,297 28,890
28,171
Sales Summary
(in millions, unaudited)
Three Months Ended December 31,
% Change Domestic
International 2018 2017
As Reported
ASC 606 Impact
Impact of Foreign
Currency
Adjusted (1)
As Reported
ASC 606 Impact
Adjusted (1)
As Reported
Impact of Foreign
Currency
Adjusted (1) Orthopedic Surgery $ 124.8 $ 121.0 3.1 %
0.6 % 0.9 % 4.6 % 5.2 % 1.5 % 6.7 % 1.9 % 1.4 % 3.3 % General
Surgery 117.6 101.6 15.9 % 2.0 % 0.5 % 18.4 % 14.2 %
3.0 % 17.2 % 19.1 % 1.5 % 20.6 % $ 242.4 $ 222.6 8.9 % 1.2 % 0.7 %
10.8 % 10.5 % 2.4 % 12.9 % 7.3 % 1.4 % 8.7 % Single-use
Products $ 188.1 $ 174.6 7.8 % 1.5 % 0.7 % 10.0 % 7.1 % 2.8 % 9.9 %
8.6 % 1.4 % 10.0 % Capital Products 54.3 48.0 13.1 %
0.0 % 0.8 % 13.9 % 25.8 % 0.0 % 25.8 % 3.4 % 1.5 % 4.9 % $ 242.4 $
222.6 8.9 % 1.2 % 0.7 % 10.8 % 10.5 % 2.4 % 12.9 % 7.3 % 1.4 % 8.7
% Domestic $ 125.2 $ 113.3 10.5 % 2.4 % 0.0 % 12.9 %
International 117.2 109.3 7.3 % 0.0 % 1.4 % 8.7 % $
242.4 $ 222.6 8.9 % 1.2 % 0.7 % 10.8 %
(1) Adjusted net sales growth is measured in constant currency
and is adjusted for administrative fees that the Company started to
record as a reduction of revenue under ASC 606, Revenue from
Contracts with Customers ("ASC 606"), on January 1, 2018.
Sales Summary
(in millions, unaudited)
Year Ended December 31, %
Change Domestic
International 2018 2017
As Reported
ASC 606 Impact
Impact of Foreign
Currency
Adjusted (1)
As Reported
ASC 606 Impact
Adjusted (1)
As Reported
Impact of Foreign
Currency
Adjusted (1) Orthopedic Surgery $ 446.7 $ 428.9 4.1 %
0.7 % -0.9 % 3.9 % 2.9 % 1.6 % 4.5 % 4.9 % -1.4 % 3.5 % General
Surgery 412.9 367.5 12.4 % 1.7 % -0.3 % 13.8 % 13.5 %
2.6 % 16.1 % 10.3 % -1.0 % 9.3 % $ 859.6 $ 796.4 7.9 % 1.2 % -0.7 %
8.4 % 9.1 % 2.3 % 11.4 % 6.7 % -1.4 % 5.3 % Single-use
Products $ 681.1 $ 637.0 6.9 % 1.4 % -0.7 % 7.6 % 7.8 % 2.7 % 10.5
% 5.9 % -1.4 % 4.5 % Capital Products 178.5 159.4
12.0 % 0.0 % -0.5 % 11.5 % 15.1 % 0.0 % 15.1 % 9.2 % -0.9 % 8.3 % $
859.6 $ 796.4 7.9 % 1.2 % -0.7 % 8.4 % 9.1 % 2.3 % 11.4 % 6.7 %
-1.4 % 5.3 % Domestic $ 448.6 $ 411.0 9.1 % 2.3 % 0.0 % 11.4
% International 411.0 385.4 6.7 % 0.0 % -1.4 % 5.3 %
$ 859.6 $ 796.4 7.9 % 1.2 % -0.7 % 8.4 %
(1) Adjusted net sales growth is measured in constant currency
and is adjusted for administrative fees that the Company started to
record as a reduction of revenue under ASC 606, Revenue from
Contracts with Customers ("ASC 606"), on January 1, 2018.
Reconciliation of Reported Net Income
to Adjusted Net Income
(in thousands, except per share amounts,
unaudited)
Three Months Ended December 31, 2018
Net Sales
Gross Profit
Selling & Administrative
Expense
Research & Development
Expense
Operating Income
TaxExpense/
(Benefit)
Effective Tax Rate
Net Income
Diluted EPS
As reported $ 242,444 $ 132,655 $ 96,462
$ 10,371 $ 25,822 $ 4,640 22.9 % $
15,653 $ 0.54 % of sales 54.7 % 39.8 % 4.3 % 10.7 %
Business acquisition costs (1) - - (1,299 ) - 1,299 896 403 0.02
Tax reform (2) - - -
- - (363 ) 363
0.01 $ 242,444 $ 132,655 $
95,163 $ 10,371 $ 27,121 $ 5,173 $ 16,419 $ 0.57 Gross profit %
54.7 % Amortization of intangible assets $ 1,500 (4,497 )
- 5,997 1,255
4,742 0.16
Adjusted net income $
90,666 $ 10,371 $ 33,118 $ 6,428 23.3 %
$ 21,161 $ 0.73 % of sales 37.4 % 4.3 % 13.7 %
Three Months Ended December 31, 2017 Net Sales
Gross Profit
Selling & Administrative
Expense
Research & Development
Expense
Operating Income
TaxExpense/
(Benefit)
Effective Tax Rate
Net Income
Diluted EPS
As reported $ 222,555 $ 123,958 $ 92,405
$ 8,378 $ 23,175 $ (28,400 ) -155.2 % $ 46,696
$ 1.65 % of sales 55.7 % 41.5 % 3.8 % 10.4 % Adoption
of ASC 606 (3) (2,406 ) (2,406 ) (2,406 ) - - - - - Restructuring
costs (4) - 125 - - 125 42 83 0.00 Business acquisition costs (1) -
- (1,316 ) - 1,316 477 839 0.03 Legal matters (5) - - (439 ) - 439
143 296 0.01 Tax reform (2) - -
- - - 32,058
(32,058 ) (1.13 ) $ 220,149 $ 121,677
$ 88,244 $ 8,378 $ 25,055 $ 4,320 $ 15,856 $ 0.56 Adjusted
gross profit % (3) 55.3 % Amortization of intangible assets $ 1,500
(4,198 ) - 5,698 2,015
3,683 0.13
Adjusted
net income (3) $ 84,046 $ 8,378 $ 30,753
$ 6,335 24.5 % $ 19,539 $ 0.69 % of
sales (3) 38.2 % 3.8 % 14.0 % (1) In 2018, the Company
recorded consulting, legal and other costs associated with the
planned acquisition of Buffalo Filter, LLC. In 2017, the Company
incurred integration related costs associated with the acquisition
of SurgiQuest, Inc. (2) In 2018 and 2017, the Company recorded tax
expense (benefit) resulting from the 2017 Tax Cuts and Jobs Act.
The 2018 amounts are adjustments to the initial December 2017
deferred tax balances. (3) This guidance requires certain costs
previously recorded in selling and administrative expense and
principally related to administrative fees paid to group purchasing
organizations, to be recorded as a reduction of revenue beginning
in 2018. For GAAP purposes, 2017 costs remain in selling and
administrative expense. For comparative purposes, the Company
assumed ASC 606 had been applied as of January 1, 2017 thereby
reducing net sales by the administrative fees for both periods when
calculating adjusted gross profit, adjusted selling and
administrative expense, adjusted research and development expense
and adjusted operating income as a percent of sales. (4) In 2017,
the Company incurred costs associated with the restructuring of
certain operating functions. (5) In 2017, the Company incurred
litigation fees as a result of the unfavorable verdict in the
Lexion vs. SurgiQuest, Inc. case and other legal matters.
Reconciliation of Reported Net Income
to Adjusted Net Income
(in thousands, except per share amounts,
unaudited)
Year Ended December 31, 2018 Net
Sales
Gross Profit
Selling & Administrative
Expense
Research & Development
Expense
Operating Income
TaxExpense/
(Benefit)
Effective Tax Rate
Net Income
Diluted EPS
As reported $ 859,634 $ 469,110 $ 355,617
$ 42,188 $ 71,305 $ 9,799 19.3 % $
40,854 $ 1.41 % of sales 54.6 % 41.4 % 4.9 % 8.3 %
Impairment charges (1) - - - (4,212 ) 4,212 2,117 2,095 0.07
Business acquisition costs (2) - - (2,372 ) - 2,372 1,155 1,217
0.05 Tax reform (3) - - -
- - (912 ) 912
0.03 $ 859,634 $ 469,110 $
353,245 $ 37,976 $ 77,889 $ 12,159 $ 45,078 $ 1.56 Gross profit %
54.6 % Amortization of intangible assets $ 6,000 (17,174 )
- 23,174 5,413
17,761 0.62
Adjusted net income
$ 336,071 $ 37,976 $ 101,063 $ 17,572
21.9 % $ 62,839 $ 2.18 % of sales 39.1 % 4.4 % 11.8 %
Year Ended December 31, 2017 Net Sales
Gross Profit
Selling & Administrative
Expense
Research & Development
Expense
Operating Income
TaxExpense/
(Benefit)
Effective Tax Rate
Net Income
Diluted EPS
As reported $ 796,392 $ 431,041 $ 351,799
$ 32,307 $ 46,935 $ (26,755 ) -93.1 % $ 55,487
$ 1.97 % of sales 54.1 % 44.2 % 4.1 % 5.9 % Adoption
of ASC 606 (4) (8,231 ) (8,231 ) (8,231 ) - - - - - Restructuring
costs (5) - 2,903 (1,347 ) - 4,250 1,419 2,831 0.10 Business
acquisition costs (2) - - (2,336 ) - 2,336 847 1,489 0.05 Legal
matters (6) - - (17,480 ) - 17,480 5,681 11,799 0.42 Tax reform (3)
- - - -
- 32,058 (32,058 )
(1.14 ) $ 788,161 $ 425,713 $ 322,405 $ 32,307 $
71,001 $ 13,250 $ 39,548 $ 1.40 Adjusted gross profit % (4) 54.0 %
Amortization of intangible assets $ 6,000 (15,295 ) -
21,295 7,530
13,765 0.49
Adjusted net income
(4) $ 307,110 $ 32,307 $ 92,296 $
20,780 28.0 % $ 53,313 $ 1.89 % of sales (4)
39.0 % 4.1 % 11.7 % (1) In 2018, the Company recorded impairment
charges mainly related to an in-process research and development
asset, net of release of accrued contingent consideration,
associated with a prior acquisition. (2) In 2018, the Company
incurred consulting, legal and other costs associated with the
planned acquisition of Buffalo Filter, LLC. In addition, in 2018,
the Company recorded a charge related to a vacant leased facility
and in 2017 incurred integration related costs associated with the
acquisition of SurgiQuest, Inc. (3) In 2018 and 2017, the Company
recorded tax expense (benefit) resulting from the 2017 Tax Cuts and
Jobs Act. The 2018 amounts are adjustments to the initial December
2017 deferred tax balances. (4) This guidance requires certain
costs previously recorded in selling and administrative expense and
principally related to administrative fees paid to group purchasing
organizations, to be recorded as a reduction of revenue beginning
in 2018. For GAAP purposes, 2017 costs remain in selling and
administrative expense. For comparative purposes, the Company
assumed ASC 606 had been applied as of January 1, 2017 thereby
reducing net sales by the administrative fees for both periods when
calculating adjusted gross profit, adjusted selling and
administrative expense, adjusted research and development expense
and adjusted operating income as a percent of sales. (5) In 2017,
the Company restructured certain operating, sales, marketing and
administrative functions and incurred severance, product
discontinuation and other related costs. (6) In 2017, the Company
incurred litigation fees as a result of the unfavorable verdict in
the Lexion vs. SurgiQuest, Inc. case and other legal matters.
Reconciliation of Reported Net Income
to EBITDA & Adjusted EBITDA
(in thousands, unaudited)
Three Months Ended Year
Ended December 31, December 31, 2018
2017 2018 2017 Net income $ 15,653
$ 46,696 $ 40,854 $ 55,487 Provision
(benefit) for income taxes 4,640 (28,400 ) 9,799 (26,755 ) Interest
expense 5,529 4,879 20,652 18,203 Depreciation 4,648 5,086 18,529
20,079 Amortization 10,683 10,139
42,231 37,427 EBITDA $ 41,153 $
38,400 $ 132,065 $ 104,441 Stock based
compensation 2,571 2,132 10,037 8,472 Impairment charges - - 4,212
- Business acquisition costs 1,299 1,316 2,372 2,336 Restructuring
costs - 125 - 4,250 Legal matters - 439
- 17,480 Adjusted EBITDA $ 45,023
$ 42,412 $ 148,686 $ 136,979
EBITDA Margin EBITDA 17.0 % 17.3 % 15.4 % 13.1 %
Adjusted EBITDA 18.6 % 19.3 % 17.3 % 17.4 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190122005851/en/
CONMED CorporationTodd GarnerChief Financial
Officer315-624-3317ToddGarner@conmed.com
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