Conmed Corp

conmed.com

What Do They Do?

Sells surgical devices and equipment, including tools and systems for orthopedic and general surgery, to surgeons and other healthcare professionals.

How Do They Make Money?

General Surgery customers buy surgical products when shipped; CONMED also earns extended-warranty revenue over the warranty term. Orthopedic sales include shipped products and fees for marketing sports medicine allograft tissue over time.

revenue

Segment	Share	Revenue
Orthopedic Surgery	42% FY2022: 44%
General Surgery	58% FY2022: 56%

Who Are Their Customers?

Hospitals, surgery centers and other healthcare institutions buy directly from CONMED or through medical specialty distributors. Some hospitals use independent distributors for inventory management; sales also reach hospital networks and purchasing groups through large account relationships.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

7% of revenue

▼ −49% vs FY2024 ($200.3M, 15%)

Net income, FY2025

3% of revenue

▼ −64% vs FY2024 ($132.4M, 10%)

Free cash flow, FY2025

11% of revenue

▼ −2% vs FY2024 ($153.9M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ 0%; vs $342.3M in Q2 FY2025
Net income: ▲ +8%; vs $21.4M in Q2 FY2025

General Surgery share of revenue vs 58.9% in Q2 FY2025

Jul 29, 2026 Raised adjusted EPS guidance and narrowed sales guidance Adjusted diluted EPS guidance increased to $4.48–$4.60 from $4.30–$4.45; net sales guidance narrowed to $1,358–$1,373 million.
Jun 17, 2026 John Gallagher appointed chief financial officer He succeeds Todd Garner, effective July 15, 2026; Garner remains in an advisory role through November 2, 2026.

Growing. Revenue grew 36% in 4 years, from $1B in FY2021 to $1.4B in FY2025, about 8% a year.

Gastroenterology exit The older report described an active gastroenterology product line; the latest says CONMED ended its Gore biliary-stent distribution agreement and intends to exit its remaining gastroenterology products.

Revenue over time

Orthopedic Surgery General Surgery

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Smith & Nephew, Arthrex, Stryker, Johnson & Johnson, Zimmer Biomet, Globus Medical, Treace Medical Concepts, Medtronic, Olympus, ERBE Elektromedizin, Applied Medical Resources, Boston Scientific, Cook Medical, Merit Medical, STERIS, Cantel Medical, Cardinal Health, and 3M

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