UTICA — Sales and profit rose in the third quarter at ConMed Corp. (NASDAQ: CNMD), surpassing analysts’ estimates.
The Utica–based medical-device manufacturer reported net income of $9.32 million, or 32 cents per diluted share, on sales of $181.9 million for the quarter, up from net income of $8.2 million, or 29 cents a share, on sales of $172.8 million a year earlier.
Excluding unusual items, ConMed reported net income of $12.38 million, or 43 cents a diluted share, in the third quarter, compared to $9.45 million, or 29 cents, in the year-ago period. That beat the consensus analyst estimate of 40 cents a share, according to data from Capital IQ and Yahoo Finance.
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“We are pleased with the operating results to date,” ConMed President and CEO Joseph Corasanti said during an Oct. 25 conference call with investors and the media. ConMed generated strong sales of its single-use products, which grew 7 percent over last year. The company continued its strong earnings and cash-flow trends of the first two quarters of the year, he said.
Overall sales grew 5.3 percent, including an organic increase of 1.2 percent, to $181.9 million during the quarter. Single-use product sales totaled 79.7 percent of total sales. The company’s capital products, which include operating room video systems, declined 1.1 percent during the quarter.
Headquartered at 525 French Road, Utica, ConMed (www.conmed.com) manufactures surgical devices and equipment for minimally invasive procedures and patient monitoring. The company employs about 3,400 people worldwide.
For more on this story, see the next issue of The Mohawk Valley Business Journal.
Contact DeLore at tdelore@tmvbj.com
