2014 Q2 Form 10-Q Financial Statement

#000081695614000009 Filed on July 25, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $188.2M $193.0M
YoY Change -2.51% 1.74%
Cost Of Revenue $87.12M $90.08M
YoY Change -3.28% 0.13%
Gross Profit $101.0M $102.9M
YoY Change -1.83% 3.19%
Gross Profit Margin 53.7% 53.33%
Selling, General & Admin $78.23M $77.17M
YoY Change 1.37% 4.7%
% of Gross Profit 77.44% 74.99%
Research & Development $6.854M $6.591M
YoY Change 3.99% -8.36%
% of Gross Profit 6.78% 6.4%
Depreciation & Amortization $11.40M $12.10M
YoY Change -5.79% 7.08%
% of Gross Profit 11.28% 11.76%
Operating Expenses $85.09M $87.26M
YoY Change -2.49% 5.55%
Operating Profit $15.94M $15.65M
YoY Change 1.84% -8.24%
Interest Expense $1.571M $1.383M
YoY Change 13.59% -10.83%
% of Operating Profit 9.86% 8.84%
Other Income/Expense, Net
YoY Change
Pretax Income $14.37M $14.27M
YoY Change 0.7% -7.98%
Income Tax $4.114M $4.736M
% Of Pretax Income 28.63% 33.19%
Net Earnings $10.26M $9.533M
YoY Change 7.57% -7.41%
Net Earnings / Revenue 5.45% 4.94%
Basic Earnings Per Share $0.38 $0.35
Diluted Earnings Per Share $0.37 $0.34
COMMON SHARES
Basic Shares Outstanding 27.26M shares 27.59M shares
Diluted Shares Outstanding 27.75M shares 27.98M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.40M $38.10M
YoY Change 58.53% 135.19%
Cash & Equivalents $60.41M $38.12M
Short-Term Investments
Other Short-Term Assets $27.90M $28.40M
YoY Change -1.76% 9.65%
Inventory $157.0M $148.7M
Prepaid Expenses
Receivables $135.1M $140.6M
Other Receivables $4.900M $2.800M
Total Short-Term Assets $385.3M $358.6M
YoY Change 7.45% 6.27%
LONG-TERM ASSETS
Property, Plant & Equipment $137.8M $137.6M
YoY Change 0.11% -2.29%
Goodwill $248.4M $249.2M
YoY Change -0.29% 6.1%
Intangibles $312.9M $186.8M
YoY Change 67.48% -2.56%
Long-Term Investments
YoY Change
Other Assets $12.90M $150.8M
YoY Change -91.45% -3.58%
Total Long-Term Assets $712.0M $724.4M
YoY Change -1.71% 0.09%
TOTAL ASSETS
Total Short-Term Assets $385.3M $358.6M
Total Long-Term Assets $712.0M $724.4M
Total Assets $1.097B $1.083B
YoY Change 1.32% 2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.76M $27.22M
YoY Change -1.7% -6.31%
Accrued Expenses $28.20M $25.90M
YoY Change 8.88% 6.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.187M $1.093M
YoY Change 8.6% -95.15%
Total Short-Term Liabilities $104.6M $99.16M
YoY Change 5.52% -26.69%
LONG-TERM LIABILITIES
Long-Term Debt $244.8M $233.0M
YoY Change 5.07% 60.22%
Other Long-Term Liabilities $28.39M $60.55M
YoY Change -53.12% -30.99%
Total Long-Term Liabilities $273.2M $293.6M
YoY Change -6.93% 25.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.6M $99.16M
Total Long-Term Liabilities $273.2M $293.6M
Total Liabilities $495.2M $498.4M
YoY Change -0.64% 6.52%
SHAREHOLDERS EQUITY
Retained Earnings $403.8M $389.6M
YoY Change 3.65% 6.39%
Common Stock $313.0K $313.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $111.1M $99.21M
YoY Change 11.98% 49.12%
Treasury Stock Shares
Shareholders Equity $602.2M $584.7M
YoY Change
Total Liabilities & Shareholders Equity $1.097B $1.083B
YoY Change 1.32% 2.05%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $10.26M $9.533M
YoY Change 7.57% -7.41%
Depreciation, Depletion And Amortization $11.40M $12.10M
YoY Change -5.79% 7.08%
Cash From Operating Activities $7.900M $17.70M
YoY Change -55.37% -31.13%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$4.100M
YoY Change 9.76% -21.15%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$4.500M -$4.100M
YoY Change 9.76% -21.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -6.800M
YoY Change -98.53% -70.31%
NET CHANGE
Cash From Operating Activities 7.900M 17.70M
Cash From Investing Activities -4.500M -4.100M
Cash From Financing Activities -100.0K -6.800M
Net Change In Cash 3.300M 6.800M
YoY Change -51.47% -383.33%
FREE CASH FLOW
Cash From Operating Activities $7.900M $17.70M
Capital Expenditures -$4.500M -$4.100M
Free Cash Flow $12.40M $21.80M
YoY Change -43.12% -29.45%

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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 and gastroenterology.</font></div></div>
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CY2013Q4 us-gaap Preferred Stock Value
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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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CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q2 us-gaap Professional Fees
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us-gaap Professional Fees
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CY2014Q2 us-gaap Property Plant And Equipment Net
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CY2013Q4 us-gaap Property Plant And Equipment Net
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138985000 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
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us-gaap Repayments Of Secured Debt
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CY2014Q2 us-gaap Research And Development Expense
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13764000 USD
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us-gaap Restructuring Charges
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q2 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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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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us-gaap Share Based Compensation
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CY2013Q4 us-gaap Stockholders Equity
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CY2014Q2 us-gaap Treasury Stock Number Of Shares Held
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CY2013Q4 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
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CY2013Q4 us-gaap Treasury Stock Value
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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398000 shares
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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27753000 shares
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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27983000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q2 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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CY2013Q2 cnmd Excise Tax Medical
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1406000 USD
cnmd Excise Tax Medical
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2986000 USD
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cnmd Excise Tax Medical
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CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Amount
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84000000 USD
CY2012Q1 cnmd Joint Development And Distribution Agreement Conditional Payment Period
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P4Y
CY2012Q1 cnmd Joint Development And Distribution Agreement Up Front Payment
JointDevelopmentAndDistributionAgreementUpFrontPayment
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CY2014Q2 cnmd Joint Developmentand Distribution Agreement Conditional Payment Amount Accrued
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33300000 USD
cnmd Payments For Contingent Payments
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34000000 USD
cnmd Payments For Contingent Payments
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16667000 USD
CY2014Q2 cnmd Product Liability Contingency Insurance Aggregate Annual Amount
ProductLiabilityContingencyInsuranceAggregateAnnualAmount
25000000 USD
CY2014Q2 cnmd Product Liability Contingency Insurance Amount Per Incident
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cnmd Product Warranty Accrual Term
ProductWarrantyAccrualTerm
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cnmd Restructuring Charges Administrative
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cnmd Restructuringand Related Activities Completion Period
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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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000816956
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27344609 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
CONMED CORP

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