UTICA — Surgical-device maker ConMed Corp. (NASDAQ: CNMD) today reported fourth-quarter profit of $10.9 million, or 38 cents a share, as sales increased more than 8 percent to $201 million.
The figures are an improvement over the year-ago period when Utica–based ConMed reported a net loss of $25.1 million, or 90 cents per share, on sales of nearly $186 million.
Excluding restructuring and unusual items, earnings per share increased 13 percent to 52 cents in the latest quarter from 46 cents in the fourth quarter of 2011.
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Free cash flow for the fourth quarter of 2012 totaled $28.4 million, more than twice the net income in the quarter, the company noted.
“Strong earnings and cash flow were the hallmarks of ConMed’s fourth quarter results, completing 2012 with the best quarterly performance of the year,” Joseph J. Corasanti, president and CEO, said in a news release.
Sales of single-use products, which accounted for more than 80 percent of ConMed’s total revenue, increased 8.5 percent in the latest quarter.
ConMed outlook
ConMed said its outlook for 2013 is unchanged from the forecast it made last October, projecting $1.80 to $1.90 in earnings per share on estimated sales of $785 million to $795 million for the full year.
“This guidance recognizes the negative effects of the 2.3 percent excise tax on medical devices and foreign currency exchange rates lower than the FX rates at which we hedged our sales in 2012. These headwinds amount to approximately [25 cents] per share and would have resulted in adjusted EPS growth of 14 percent to 19 percent without their deleterious effects,” Corasanti said in the release.
“Effectively, these external matters have caused us to re-set the base from which management will target earnings growth of approximately 15 percent annually in-line with our strategic plan,” he added. For the first quarter of 2013, the company expects sales will total about $192 million to $198 million and earnings per share will range between 42 cents and 47 cents.
ConMed shares rose 68 cents, or 2.5 percent, to $30.12 in afternoon trading, as of 2:45 p.m. At that price, the stock was up almost 8 percent year to date.
ConMed is a medical technology company providing surgical devices and equipment for minimally invasive procedures. Its products are used by surgeons and physicians in a variety of specialties including orthopedics, general surgery, gynecology, neurosurgery, and gastroenterology. The company’s 3,600 employees distribute its products worldwide from several manufacturing locations. ConMed says it has a direct selling presence in 16 countries outside the United States and notes that international sales make up about half of its total sales.
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