2013 Q1 Form 10-Q Financial Statement

#000081695613000006 Filed on April 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $187.0M $194.3M
YoY Change -3.76% 5.92%
Cost Of Revenue $84.33M $93.41M
YoY Change -9.71% 6.46%
Gross Profit $102.7M $100.9M
YoY Change 1.76% 5.43%
Gross Profit Margin 54.91% 51.93%
Selling, General & Admin $77.73M $74.81M
YoY Change 3.9% 6.75%
% of Gross Profit 75.69% 74.13%
Research & Development $5.694M $7.095M
YoY Change -19.75% -7.63%
% of Gross Profit 5.55% 7.03%
Depreciation & Amortization $4.619M $4.688M
YoY Change -1.47% 6.16%
% of Gross Profit 4.5% 4.65%
Operating Expenses $86.81M $83.89M
YoY Change 3.48% 6.93%
Operating Profit $15.87M $17.02M
YoY Change -6.77% -1.4%
Interest Expense $1.366M $1.437M
YoY Change -4.94% -20.39%
% of Operating Profit 8.61% 8.44%
Other Income/Expense, Net
YoY Change
Pretax Income $14.24M $15.59M
YoY Change -8.62% 8.5%
Income Tax $3.749M $5.617M
% Of Pretax Income 26.33% 36.04%
Net Earnings $10.49M $9.968M
YoY Change 5.26% 10.82%
Net Earnings / Revenue 5.61% 5.13%
Basic Earnings Per Share $0.37 $0.36
Diluted Earnings Per Share $0.37 $0.35
COMMON SHARES
Basic Shares Outstanding 28.13M shares 28.03M shares
Diluted Shares Outstanding 28.50M shares 28.48M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.40M $19.50M
YoY Change 66.15% 8.94%
Cash & Equivalents $32.36M $19.45M
Short-Term Investments
Other Short-Term Assets $27.20M $26.10M
YoY Change 4.21% 20.83%
Inventory $156.9M $163.4M
Prepaid Expenses
Receivables $135.6M $142.4M
Other Receivables $2.000M $0.00
Total Short-Term Assets $354.0M $351.3M
YoY Change 0.77% -1.88%
LONG-TERM ASSETS
Property, Plant & Equipment $138.4M $141.0M
YoY Change -1.86% -0.05%
Goodwill $249.2M $234.8M
YoY Change 6.12%
Intangibles $188.8M $193.6M
YoY Change -2.5%
Long-Term Investments
YoY Change
Other Assets $152.6M $155.8M
YoY Change -2.05% 1473.74%
Total Long-Term Assets $729.0M $725.3M
YoY Change 0.51% 14.33%
TOTAL ASSETS
Total Short-Term Assets $354.0M $351.3M
Total Long-Term Assets $729.0M $725.3M
Total Assets $1.083B $1.077B
YoY Change 0.6% 8.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.05M $27.09M
YoY Change -7.54% 12.4%
Accrued Expenses $24.50M $20.90M
YoY Change 17.22% -1.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.050M $54.22M
YoY Change -98.06% -51.37%
Total Short-Term Liabilities $97.18M $165.8M
YoY Change -41.41% -8.12%
LONG-TERM LIABILITIES
Long-Term Debt $224.8M $139.0M
YoY Change 61.78% 93.53%
Other Long-Term Liabilities $61.23M $89.25M
YoY Change -31.39% 214.25%
Total Long-Term Liabilities $286.0M $228.2M
YoY Change 25.34% 127.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.18M $165.8M
Total Long-Term Liabilities $286.0M $228.2M
Total Liabilities $485.4M $489.8M
YoY Change -0.9% 25.15%
SHAREHOLDERS EQUITY
Retained Earnings $384.2M $360.2M
YoY Change 6.67%
Common Stock $313.0K $313.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $86.05M $71.99M
YoY Change 19.53%
Treasury Stock Shares
Shareholders Equity $597.6M $586.7M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $1.077B
YoY Change 0.6% 8.48%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $10.49M $9.968M
YoY Change 5.26% 10.82%
Depreciation, Depletion And Amortization $4.619M $4.688M
YoY Change -1.47% 6.16%
Cash From Operating Activities $5.472M $7.629M
YoY Change -28.27% -63.14%
INVESTING ACTIVITIES
Capital Expenditures $4.130M $6.424M
YoY Change -35.71% 55.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$64.10M
YoY Change -100.0% 64000.0%
Cash From Investing Activities -$4.130M -$70.54M
YoY Change -94.15% 1573.55%
FINANCING ACTIVITIES
Cash Dividend Paid $4.300M
YoY Change
Common Stock Issuance & Retirement, Net $25.73M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.634M $55.82M
YoY Change -86.32% -576.53%
NET CHANGE
Cash From Operating Activities $5.472M $7.629M
Cash From Investing Activities -$4.130M -$70.54M
Cash From Financing Activities $7.634M $55.82M
Net Change In Cash $8.976M -$7.095M
YoY Change -226.51% -248.68%
FREE CASH FLOW
Cash From Operating Activities $5.472M $7.629M
Capital Expenditures $4.130M $6.424M
Free Cash Flow $1.342M $1.205M
YoY Change 11.37% -92.72%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CONMED Corporation (&#8220;CONMED&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;us&#8221;) is a medical technology company with an emphasis on surgical devices and equipment for minimally invasive procedures and monitoring.&#160;&#160;The Company&#8217;s products are used by surgeons and physicians in a variety of specialties including </font><font style="font-family:inherit;font-size:10pt;">orthopedics, general surgery, gynecology, neurosurgery and gastroenterology</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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CY2013Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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2127000 USD
CY2012Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2176000 USD
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-1706000 USD
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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4130000 USD
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2012Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2012Q4 us-gaap Preferred Stock Value
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0 USD
CY2013Q1 us-gaap Preferred Stock Value
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0 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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50000000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
64000000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2012Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
5345000 USD
CY2012Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
809000 USD
CY2013Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2012Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3696000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3636000 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3431000 USD
CY2011Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3618000 USD
CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2012Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
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908000 USD
CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
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1125000 USD
CY2012Q1 us-gaap Profit Loss
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CY2013Q1 us-gaap Profit Loss
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CY2013Q1 us-gaap Property Plant And Equipment Net
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CY2012Q4 us-gaap Property Plant And Equipment Net
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139041000 USD
CY2013Q1 us-gaap Repayments Of Senior Debt
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CY2012Q1 us-gaap Repayments Of Senior Debt
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CY2012Q1 us-gaap Research And Development Expense
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CY2013Q1 us-gaap Restructuring Charges
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CY2013Q1 us-gaap Restructuring Reserve
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CY2012Q4 us-gaap Restructuring Reserve
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CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
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377907000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
384210000 USD
CY2013Q1 us-gaap Sales Revenue Net
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187014000 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2012Q1 us-gaap Selling General And Administrative Expense
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CY2013Q1 us-gaap Selling General And Administrative Expense
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77725000 USD
CY2012Q1 us-gaap Share Based Compensation
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1183000 USD
CY2013Q1 us-gaap Share Based Compensation
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CY2012Q4 us-gaap Stockholders Equity
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
597580000 USD
CY2013Q1 us-gaap Treasury Stock Number Of Shares Held
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3455985 shares
CY2012Q4 us-gaap Treasury Stock Number Of Shares Held
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CY2012Q4 us-gaap Treasury Stock Value
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67963000 USD
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
86045000 USD
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
373000 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
455000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28484000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28500000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28127000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28029000 shares
CY2013Q1 cnmd Excise Tax Medical
ExciseTaxMedical
1580000 USD
CY2012Q1 cnmd Excise Tax Medical
ExciseTaxMedical
0 USD
CY2012Q4 cnmd Goodwill As Reported
GoodwillAsReported
256821000 USD
CY2012Q4 cnmd Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
278446000 USD
CY2013Q1 cnmd Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
278434000 USD
CY2013Q1 cnmd Joint Development And Distribution Agreement Accumulated Amortization
JointDevelopmentAndDistributionAgreementAccumulatedAmortization
7500000 USD
CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Amount
JointDevelopmentAndDistributionAgreementConditionalPaymentAmount
84000000 USD
CY2013Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Amount Accrued
JointDevelopmentAndDistributionAgreementConditionalPaymentAmountAccrued
50000000 USD
CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Period
JointDevelopmentAndDistributionAgreementConditionalPaymentPeriod
P4Y
CY2013Q1 cnmd Joint Development And Distribution Agreement Gross Carrying Amount
JointDevelopmentAndDistributionAgreementGrossCarryingAmount
149400000 USD
CY2013Q1 cnmd Joint Development And Distribution Agreement Term
JointDevelopmentAndDistributionAgreementTerm
P25Y
CY2012Q1 cnmd Joint Development And Distribution Agreement Up Front Payment
JointDevelopmentAndDistributionAgreementUpFrontPayment
63000000 USD
CY2013Q1 cnmd Payments For Contingent Payments
PaymentsForContingentPayments
34000000 USD
CY2012Q1 cnmd Payments For Contingent Payments
PaymentsForContingentPayments
0 USD
CY2012Q1 cnmd Payments Related To Distribution Agreement
PaymentsRelatedToDistributionAgreement
64116000 USD
CY2013Q1 cnmd Payments Related To Distribution Agreement
PaymentsRelatedToDistributionAgreement
0 USD
CY2013Q1 cnmd Product Liability Contingency Insurance Aggregate Annual Amount
ProductLiabilityContingencyInsuranceAggregateAnnualAmount
25000000 USD
CY2013Q1 cnmd Product Liability Contingency Insurance Amount Per Incident
ProductLiabilityContingencyInsuranceAmountPerIncident
25000000 USD
CY2013Q1 cnmd Product Warranty Accrual Term
ProductWarrantyAccrualTerm
P1Y
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000816956
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27732070 shares
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
CONMED CORP

Files In Submission

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0000816956-13-000006-index-headers.html Edgar Link pending
0000816956-13-000006-index.html Edgar Link pending
0000816956-13-000006.txt Edgar Link pending
0000816956-13-000006-xbrl.zip Edgar Link pending
cnmd-20130331.xml Edgar Link completed
cnmd-20130331.xsd Edgar Link pending
cnmd-20130331_cal.xml Edgar Link unprocessable
cnmd-20130331_def.xml Edgar Link unprocessable
cnmd-20130331_lab.xml Edgar Link unprocessable
cnmd-20130331_pre.xml Edgar Link unprocessable
cnmd3311310-q.htm Edgar Link pending
cnmd33113ex311.htm Edgar Link pending
cnmd33113ex312.htm Edgar Link pending
cnmd33113ex321.htm Edgar Link pending
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