UTICA, N.Y. — ConMed Corporation (NASDAQ: CNMD), a Utica–based surgical device maker, earned more than $1.9 million, or 7 cents per share, during the third quarter that ended Sept. 30.
The net income figures are down compared to the more than $5.6 million, or 20 cents per share, earned during the same period in 2013.
The company reported its third-quarter earnings in a news release posted to its website on Thursday.
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Costs associated with executive-management changes and shareholder-activism activities significantly affected earnings in the third quarter, the firm said in analyzing the figures.
ConMed generated revenue of $175 million during the third quarter, which was down more than 2 percent compared to the more than $179 million generated during the year-earlier quarter.
The company is “pleased” with the third-quarter results, which keep it on track to deliver on the full year revised revenue and earnings commitments, Curt Hartman, ConMed’s interim CEO, said in the news release.
“2014 has been a challenging year in which ConMed has undergone some significant changes. We are working diligently to enhance fundamental strengths of our business to reestablish top-line growth while continuing to deliver leveraged earnings growth,” said Hartman. “We thank our shareholders and employees alike who have shared important ideas focused on value creation for all ConMed stakeholders.”
The firm also noted that the board’s CEO search committee has retained an outside executive-search firm and is conducting interviews of potential candidates.
“Our search for a permanent CEO is well underway. Both the committee and the board are pleased with the progress being made and we are committed to identifying a permanent CEO as expeditiously as possible,” Mark Tryniski, chairman of the board and the search committee, said in the ConMed news release.
Shares of ConMed ended up $1.01, or 2 percent, at $41.03 per share after the close of trading on Friday.
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
