2013 Q2 Form 10-Q Financial Statement

#000081695613000008 Filed on July 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $193.0M $189.7M
YoY Change 1.74% 3.52%
Cost Of Revenue $90.08M $89.96M
YoY Change 0.13% -1.98%
Gross Profit $102.9M $99.73M
YoY Change 3.19% 9.05%
Gross Profit Margin 53.33% 52.57%
Selling, General & Admin $77.17M $73.71M
YoY Change 4.7% 8.61%
% of Gross Profit 74.99% 73.91%
Research & Development $6.591M $7.192M
YoY Change -8.36% 5.81%
% of Gross Profit 6.4% 7.21%
Depreciation & Amortization $12.10M $11.30M
YoY Change 7.08% 16.49%
% of Gross Profit 11.76% 11.33%
Operating Expenses $87.26M $82.67M
YoY Change 5.55% 10.59%
Operating Profit $15.65M $17.06M
YoY Change -8.24% 2.16%
Interest Expense $1.383M $1.551M
YoY Change -10.83% -9.14%
% of Operating Profit 8.84% 9.09%
Other Income/Expense, Net
YoY Change
Pretax Income $14.27M $15.51M
YoY Change -7.98% 11.74%
Income Tax $4.736M $5.211M
% Of Pretax Income 33.19% 33.6%
Net Earnings $9.533M $10.30M
YoY Change -7.41% 18.62%
Net Earnings / Revenue 4.94% 5.43%
Basic Earnings Per Share $0.35 $0.36
Diluted Earnings Per Share $0.34 $0.36
COMMON SHARES
Basic Shares Outstanding 27.59M shares 28.33M shares
Diluted Shares Outstanding 27.98M shares 28.67M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.10M $16.20M
YoY Change 135.19% -33.33%
Cash & Equivalents $38.12M $16.25M
Short-Term Investments
Other Short-Term Assets $28.40M $25.90M
YoY Change 9.65% 18.26%
Inventory $148.7M $159.2M
Prepaid Expenses
Receivables $140.6M $136.1M
Other Receivables $2.800M $0.00
Total Short-Term Assets $358.6M $337.4M
YoY Change 6.27% -8.36%
LONG-TERM ASSETS
Property, Plant & Equipment $137.6M $140.8M
YoY Change -2.29% 0.03%
Goodwill $249.2M $234.8M
YoY Change 6.1%
Intangibles $186.8M $191.7M
YoY Change -2.56%
Long-Term Investments
YoY Change
Other Assets $150.8M $156.4M
YoY Change -3.58% 1563.83%
Total Long-Term Assets $724.4M $723.8M
YoY Change 0.09% 14.52%
TOTAL ASSETS
Total Short-Term Assets $358.6M $337.4M
Total Long-Term Assets $724.4M $723.8M
Total Assets $1.083B $1.061B
YoY Change 2.05% 6.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.22M $29.06M
YoY Change -6.31% 38.37%
Accrued Expenses $25.90M $24.40M
YoY Change 6.15% 5.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.093M $22.53M
YoY Change -95.15% -84.36%
Total Short-Term Liabilities $99.16M $135.2M
YoY Change -26.69% -35.69%
LONG-TERM LIABILITIES
Long-Term Debt $233.0M $145.4M
YoY Change 60.22% 375.28%
Other Long-Term Liabilities $60.55M $87.75M
YoY Change -30.99% 215.64%
Total Long-Term Liabilities $293.6M $233.2M
YoY Change 25.9% 299.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.16M $135.2M
Total Long-Term Liabilities $293.6M $233.2M
Total Liabilities $498.4M $467.8M
YoY Change 6.52% 21.99%
SHAREHOLDERS EQUITY
Retained Earnings $389.6M $366.2M
YoY Change 6.39%
Common Stock $313.0K $313.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.21M $66.53M
YoY Change 49.12%
Treasury Stock Shares
Shareholders Equity $584.7M $593.4M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $1.061B
YoY Change 2.05% 6.1%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $9.533M $10.30M
YoY Change -7.41% 18.62%
Depreciation, Depletion And Amortization $12.10M $11.30M
YoY Change 7.08% 16.49%
Cash From Operating Activities $17.70M $25.70M
YoY Change -31.13% 31.79%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$5.200M
YoY Change -21.15% 15.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$4.100M -$5.200M
YoY Change -21.15% 18.18%
FINANCING ACTIVITIES
Cash Dividend Paid $4.300M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.800M -22.90M
YoY Change -70.31% 151.65%
NET CHANGE
Cash From Operating Activities 17.70M 25.70M
Cash From Investing Activities -4.100M -5.200M
Cash From Financing Activities -6.800M -22.90M
Net Change In Cash 6.800M -2.400M
YoY Change -383.33% -140.0%
FREE CASH FLOW
Cash From Operating Activities $17.70M $25.70M
Capital Expenditures -$4.100M -$5.200M
Free Cash Flow $21.80M $30.90M
YoY Change -29.45% 28.75%

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us-gaap Nature Of Operations
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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 orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.</font></div></div>
us-gaap Net Cash Provided By Used In Financing Activities
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CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q2 us-gaap Preferred Stock Shares Authorized
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CY2012Q4 us-gaap Preferred Stock Shares Outstanding
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CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Repayments Of Convertible Debt
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us-gaap Repayments Of Convertible Debt
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227000 USD
us-gaap Repayments Of Secured Debt
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515000 USD
us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Senior Debt
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32063000 USD
us-gaap Repayments Of Senior Debt
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0 USD
CY2012Q2 us-gaap Research And Development Expense
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7192000 USD
us-gaap Research And Development Expense
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CY2013Q2 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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us-gaap Restructuring Charges
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CY2013Q2 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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CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
389620000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
192993000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
189695000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2012Q2 us-gaap Selling General And Administrative Expense
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CY2013Q2 us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
ShareBasedCompensation
2496000 USD
us-gaap Share Based Compensation
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2574000 USD
CY2012Q4 us-gaap Stockholders Equity
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CY2013Q2 us-gaap Stockholders Equity
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CY2013Q2 us-gaap Treasury Stock Number Of Shares Held
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CY2012Q4 us-gaap Treasury Stock Number Of Shares Held
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2925801 shares
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
67963000 USD
CY2013Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
398000 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
345000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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399000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 cnmd Excise Tax Medical
ExciseTaxMedical
1406000 USD
cnmd Excise Tax Medical
ExciseTaxMedical
0 USD
CY2012Q2 cnmd Excise Tax Medical
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0 USD
cnmd Excise Tax Medical
ExciseTaxMedical
2986000 USD
CY2012Q4 cnmd Goodwill As Reported
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CY2013Q2 cnmd Intangible Assets Gross Excluding Goodwill
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CY2013Q2 cnmd Joint Development And Distribution Agreement Accumulated Amortization
JointDevelopmentAndDistributionAgreementAccumulatedAmortization
9000000 USD
CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Amount
JointDevelopmentAndDistributionAgreementConditionalPaymentAmount
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CY2013Q2 cnmd Joint Development And Distribution Agreement Conditional Payment Amount Accrued
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CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Period
JointDevelopmentAndDistributionAgreementConditionalPaymentPeriod
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CY2013Q2 cnmd Joint Development And Distribution Agreement Gross Carrying Amount
JointDevelopmentAndDistributionAgreementGrossCarryingAmount
149400000 USD
CY2012Q1 cnmd Joint Development And Distribution Agreement Up Front Payment
JointDevelopmentAndDistributionAgreementUpFrontPayment
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cnmd Payments For Contingent Payments
PaymentsForContingentPayments
34000000 USD
cnmd Payments For Contingent Payments
PaymentsForContingentPayments
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cnmd Payments Related To Distribution Agreement
PaymentsRelatedToDistributionAgreement
0 USD
cnmd Payments Related To Distribution Agreement
PaymentsRelatedToDistributionAgreement
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CY2013Q2 cnmd Product Liability Contingency Insurance Aggregate Annual Amount
ProductLiabilityContingencyInsuranceAggregateAnnualAmount
25000000 USD
CY2013Q2 cnmd Product Liability Contingency Insurance Amount Per Incident
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25000000 USD
cnmd Product Warranty Accrual Term
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000816956
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27490288 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
CONMED CORP

Files In Submission

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