ConMed reports Q1 profit amid COVID-19 impact

UTICA, N.Y. — ConMed Corp. (NYSE: CNMD) has reported net income of more than $5.9 million, or 20 cents a share, in this year’s first quarter.

That’s up from more than $1 million, or 4 cents a share, in the year-ago quarter.

The Utica–based surgical-device maker reported adjusted net income of more than $15 million, or 51 cents per share, in the first quarter, down from adjusted net income of more than $16 million, or 57 cents, in the same period in 2019.

ConMed said it incurred costs in both 2019 and 2020 related to its 2019 acquisition of Buffalo Filter, LLC.

The firm also reported that its domestic revenue increased 1.6 percent year over year. However, its international revenue fell 6.1 percent as reported and 3.4 percent in constant currency.

“Our first quarter results were meaningfully impacted by the global COVID-19 pandemic, particularly during the second half of the quarter,” Curt Hartman, ConMed’s president and CEO, said. “While the current environment is challenging, we have taken decisive actions to protect our employees, solidify the financial security of the company, and fortify the future of ConMed. Although we anticipate continued pressure in the near term, we believe our actions have positioned us to respond effectively when demand recovers.”

2020 outlook

Health-care providers around the globe have shifted their attention to caring for victims of the COVID-19 pandemic and preventing the spread of the virus, which has resulted in in steep drops in elective-surgery volumes.

“Due to the uncertainty created by this evolving dynamic, management has withdrawn its previously provided 2020 guidance, as announced on March 20, 2020, and is unable to provide reliable guidance at this time,” ConMed said.

ConMed’s stock price nosedived from more than $100 to just under $40 during the broader stock-market selloff that occurred from late February to late March. The company’s stock price has since rebounded to more than $70.