ConMed Corp. (NYSE: CNMD) on Wednesday reported that its net sales rose 10.6 percent to $275.1 million in the third quarter, boosted by acquisitions it made earlier in the year, but still lowered its revenue forecast for the full year.
“I’m proud that our third-quarter results delivered strong top-line growth in a tougher-than-expected environment,” ConMed President/CEO Curt R. Hartman said in the earnings report. “During the quarter, we closed on our acquisition of Biorez, and I am pleased that both our In2Bones and Biorez integrations are off to fantastic starts. I am confident that both of these businesses will add to our future outlook of sustained growth in revenue and profitability.”
The medical-device manufacturer, with roots in the Mohawk Valley, closed in August on its acquisition of Biorez, Inc., on a cash-free, debt-free basis for cash consideration of $85 million, financed through the company’s existing credit facility.
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Biorez is a medical-device startup based in New Haven, Connecticut, with its proprietary BioBrace Implant technology that reinforces soft tissue and facilitates healing.
At the time, ConMed officials said BioBrace helps the company advance into the next generation of sports medicine and will help drive ConMed’s long-term vision.
The acquisition is expected to add $1 million in revenue to ConMed’s full-year guidance for 2022.
ConMed on Wednesday narrowed its revenue guidance for the full year to between $1.1 billion and $1.115 billion, compared with prior guidance of between $1.095 billion and $1.14 billion. The medical-technology company expects net earnings per share in the range of $3.21 to $3.28, down from a range of $3.23 to $3.45.
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.
