UTICA — Sales grew less than 1 percent in the fourth quarter at ConMed Corp., sparking a $25.1 million net loss for the period at the medical-device manufacturer, according to results released today.
That compares with net income of $6.9 million for the fourth quarter of 2010.
Sales grew 0.8 percent to $185.6 million, but a non-cash goodwill impairment charge in the company’s patient-care division heavily affected the quarter, company officials said in a news release.
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During the quarter, the company also recorded a positive income-tax adjustment of $1.3 million that boosted earnings per share by 5 cents. For the quarter, ConMed (NASDAQ: CNMD) reported a loss per share of 90 cents, compared with earnings of 25 cents per share a year ago.
For the full year in 2011, net sales grew 1.6 percent from $713.7 million to $725.1 million, while earnings per share fell from $1.06 in 2010 to 3 cents in 2011.
The company held a webcast to discuss the results at 10 a.m. today and felt confident enough in 2011’s overall performance to increase its earnings-per-share forecast for 2012 from $1.60 to $1.70 to $1.75 to $1.88.
“For the first quarter of 2012, we anticipate sales will approximate $190 to $195 million and adjusted earnings per share are forecasted to be 42 cents to 47 cents,” Joseph Corasanti, ConMed’s president and CEO, said in the release.
Headquartered in 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.
Contact DeLore at tgregory@tmvbj.com
