UTICA — ConMed (NASDAQ: CNMD), a Utica–based surgical-device maker, today reported net income of nearly $10.5 million, or 37 cents a share, in the first quarter, up 5 percent from just under $10 million, or 35 cents in the year-ago period.
Excluding unusual charges associated with consolidation, litigation costs for a patent dispute, and costs for amending credit terms, ConMed’s adjusted earnings per share increased 4.7 percent to 45 cents in the latest quarter from 43 cents in the first quarter of 2012. However, the company says it would have grown its earnings per share by 14 percent if not for the medical-device excise tax, a component of the national health-care reform law, that went into effect at the start of the year.
Sales at ConMed fell nearly 4 percent to $187 million in the first quarter from $194.3 million in the year-earlier period. ConMed CEO Joseph J. Corasanti partially blamed the decline on adverse foreign-currency exchange rates and fewer selling days in the quarter. Specifically, 2012 had an extra day due to leap year and the Easter/Passover holidays fell in the first quarter this year instead of the second quarter, like last year.
He added that sales in major European countries have been hurt by government spending controls and lower than expected medical-procedure growth. Also, health-care utilization in the U.S. has been flat.
Looking ahead, ConMed reiterated its forecast for 2013 profit of $1.80 to $1.90 per share, but the company reduced its sales forecast for this year by $15 million to a range of $770 million to $780 million.
In the second quarter, ConMed expects to produce sales of $191 million to $196 million and adjusted earnings per share of 41 cents to 46 cents, according to Corasanti.
ConMed shares were trading up 7 cents to $32.69 as of 12:20 p.m. today. Through Wednesday, the company’s stock price is up almost 17 percent year to date.
ConMed makes surgical devices and equipment for minimally invasive procedures and employs 3,600 people worldwide. Surgeons and physicians in a variety of specialties including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology use the company’s products.
Contact Rombel at arombel@cnybj.com
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