In spite of increased sales, the company reported a net loss of $168.3 million for the quarter, compared with net income of $13.3 million a year ago, primarily due to paying off most of 2024 convertible notes the company held. Company officials stated ConMed refinanced a portion of outstanding debt during the quarter, issuing new convertible notes from the proceeds to pay off a majority of the existing 2024 notes. The move locked in an interest rate of 2.25 percent through May 2027.
ConMed reported a loss per share of $5.65 compared with earnings per share of 41 cents for the same quarter last year.
The company closed June 13 on its $145-million acquisition of In2Bones, a Memphis-based medical-device manufacturer and distributer specializing in products for the hand, wrist, elbow, foot, and ankle.
Citing changes in foreign exchange rates, ConMed lowered its revenue guidance for the full year, now forecasting revenue between $1.095 billion and $1.140 billion instead of its prior guidance of between $1.105 billion and $1.150 billion. It forecasts earnings per share in the range of $3.40 to $3.55, down from a range of $3.50 to $3.65.
For the third quarter, ConMed forecasts revenue between $275 million and $290 million with earnings per share between 78 cents and 84 cents.
ConMed manufactures surgical devices and equipment for minimally invasive procedures for surgical areas including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology. The company moved its corporate headquarters from 525 French Road in New Hartford to Largo, Florida in 2021. It maintains manufacturing, finance, human resources, legal, and other corporate functions at the New Hartford facility.