CONMED (CNMD) - 2024 Q1 - Quarterly Results

Financial Performance - CONMED Corporation reported net sales of $312.3 million for Q1 2024, a 5.7% increase from$ 295.5 million in Q1 2023[6] - Gross profit for the quarter was $171.965 million, representing 55.1% of sales, compared to 52.6% in the same quarter last year[6] - Income from operations increased to$ 35.013 million, or 11.2% of sales, up from $12.699 million, or 4.3% of sales, in Q1 2023[6] - Net income for Q1 2024 was$ 19.709 million, significantly higher than $1.819 million in Q1 2023[6] - Basic EPS for the quarter was$ 0.64, compared to $0.06 in the prior year[6] - Diluted net earnings per share (GAAP) were$ 0.63, compared to $0.06 in Q1 2023[22] - Adjusted diluted net earnings per share increased by 19.7% to$ 0.79 compared to Q1 2023[22] - EBITDA for Q1 2024 was $53.051 million, with an EBITDA margin of 17.0%, up from 10.4% in Q1 2023[14] - Adjusted EBITDA for Q1 2024 was$ 56.301 million, with an adjusted EBITDA margin of 18.0%, compared to 17.3% in Q1 2023[14] Sales Performance - Domestic sales grew by 7.2% to $176.4 million, while international sales increased by 3.8% to$ 135.9 million[8] - The orthopedic surgery segment reported a 2.8% increase in sales, while general surgery sales rose by 8.0%[8] - Sales for Q1 2024 were $312.3 million, representing a 5.7% increase year-over-year and a 5.9% increase in constant currency[22] - Domestic revenue increased by 7.2% year-over-year, while international revenue increased by 3.8% as reported and 4.2% in constant currency[22] Future Guidance - The company expects full-year adjusted diluted EPS to be in the range of$ 4.25 to $4.35, down from the previous range of$ 4.30 to $4.40 due to foreign currency headwinds[1] - The company expects full-year reported revenue to be between$ 1.330 billion and $1.355 billion, down from previous guidance of$ 1.340 billion to $1.365 billion due to currency headwinds[23] Operational Adjustments - The company incurred severance costs and wrote off inventory related to the cancellation of a planned new product line in 2024[12] - The company recorded an accrual adjustment related to the termination of a distributor agreement in 2024[12] - The company continues to utilize non-GAAP financial measures to provide a clearer understanding of its operational performance[17] Growth Outlook - The company is well-positioned for continued growth with a diverse portfolio across its markets[1] - Research and development expenses increased to$ 13.594 million from $12.539 million year-over-year[6]