UTICA — ConMed Corp. (NASDAQ: CNMD), a Utica–based surgical-device maker, today reported that its first-quarter net income fell to $8.6 million, or 31 cents per share, from $10.4 million, or 37 cents, in the year-ago period.
Special items, including a non-cash New York state tax matter resulting from recent legislation, affected earnings per share, ConMed said in its earnings news release.
The company’s adjusted earnings per share, excluding those items, rose nearly 9 percent to 49 cents, from 45 cents in the prior-year period, the firm said. Analysts had been expecting 47 cents this quarter, according to Yahoo Finance/Capital IQ data.
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ConMed achieved this profit growth despite weaker capital product revenue, which represents 20 percent of its business but “can be volatile on a quarter to quarter basis,” Joseph Corasanti, president and CEO of ConMed, said in the news release.
“On a positive note, sales of single-use devices increased in international markets with Europe continuing with year-over-year growth and emerging markets delivering an 11 percent gain,” Corasanti said. “With the recent introduction of the IM8000 surgical-visualization system and the Hall 50 powered-surgical handpieces, we believe that we can drive growth in the capital-product portion of our business throughout the remaining quarters of 2014.”
ConMed generated total revenue of nearly $182 million in the first quarter, a decrease of more than 2 percent over the prior-year period. The firm contends “weaker” sales of capital products “principally” led to the reduced revenue figure.
The company’s revenue missed analysts’ consensus estimate of about $192 million, according to Yahoo Finance/Capital IQ.
Shares of ConMed were trading down $1.85, or 4 percent, at $44.84 per share as of about 2:35 p.m. today.
ConMed employs 3,600 people who distribute products worldwide from several manufacturing locations. The company 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.
Contact Reinhardt at ereinhardt@cnybj.com
