UTICA — ConMed Corp. (NASDAQ: CNMD), a Utica–based surgical-device maker, today reported that its fourth quarter net income fell to $10.2 million, or 37 cents per share, from $10.8 million, or 38 cents, in the year-ago period.
Excluding the medical-device excise tax (MDET), the company earned 40 cents per share in the fourth quarter of 2013, the company said in its earnings news release.
Adjusted diluted earnings per share were 53 cents in the fourth quarter, compared with 52 cents in the same quarter of 2012. Analysts had expected ConMed to produce earnings of 48 cents a share, according to Capital IQ/Yahoo Finance data.
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Excluding the MDET, ConMed’s adjusted earnings per share was 57 cents in the fourth quarter.
For the entire year, ConMed’s net income slipped to nearly $36 million, or $1.30 per share, down from $40.4 million, or $1.43 million per share, in 2012, according to the firm’s earnings report.
ConMed reported earnings per share of $1.28 in 2013, down from $1.41 in 2012. Excluding the MDET, the firm earned $1.41 per share in 2013.
Adjusted earnings per share totaled $1.81 in 2013, compared with $1.80 in 2012. Excluding the MDET, the adjusted earnings per share was $1.94 in 2013, the company said.
ConMed generated sales of more than $203 million in the fourth quarter, which is up 2 percent on a constant-currency basis compared with the fourth quarter of 2012, the company said.
ConMed reported special charges in relation to on-going consolidation of certain administrative functions and manufacturing activities in the fourth quarter. The company also incurred costs associated with patent litigation.
In addition, the firm also incurred a non-cash expense from the settlement of pension obligations. Expenses associated with these activities, including severance and relocation costs, totaled $4.7 million, net of tax, in the fourth quarter.
The firm ended 2013 with “strong” sales and earnings that exceeded the high end of its guidance for both metrics, Joseph Corasanti, ConMed president and CEO, said in the news release.
Shares of ConMed were trading up $1.16 at $44.77 per share, as of 3:20 pm today. The company reported its earnings before the open of trading.
Looking ahead, its sales-growth acceleration in 2013 has ConMed “encouraged,” particularly in its single-use surgical devices, said Corasanti. The firm is also optimistic that the “positive trends” in surgical-procedure growth in both the domestic and international markets will support the firm’s “continued progress,” he added.
In the first quarter of 2014, ConMed expects sales between $191 million and $196 million and adjusted earnings per share between 45 cents and 49 cents.
For the entire year, ConMed anticipates sales between $770 million and $780 million with adjusted earnings per share between $1.90 and $2, the company said.
ConMed employs 3,600 people who distribute products worldwide from several manufacturing locations.
ConMed has a direct selling presence in 16 countries outside the U.S., and international sales make up about 50 percent of the firm’s total sales, the company said.
Contact Reinhardt at ereinhardt@cnybj.com
