CONMED Corporation Announces Financial Results and CEO Transition

CONMED Corporation (NYSE: CNMD) recently released its third quarter financial results and made key announcements regarding its executive leadership. The company reported sales of $316.7 million for the third quarter ended September 30, 2024, marking a 4.0% increase from the same period last year. Diluted net earnings per share under GAAP were $1.57 compared to $0.50 in the third quarter of 2023, while adjusted diluted net earnings per share rose by 16.7%.

In a significant leadership transition, CONMED announced the appointment of Pat Beyer as President and CEO effective January 1, 2025. Beyer, who currently serves as the company’s Chief Operating Officer, will succeed Curt R. Hartman. Hartman will continue to serve as President and CEO until December 31, 2024, after which he will transition into a non-executive officer role and serve as a Special Advisor until March 3, 2027.

Beyer, age 59, has an extensive background, having served in various executive roles prior to joining CONMED, including CEO of ICNet and key positions at Stryker Corporation. The company also disclosed an amendment to Beyer’s service agreement, detailing his compensation package, including a base salary of $850,000 per annum and participation in incentive programs and benefit plans.

Additionally, CONMED entered into a letter agreement with Mr. Hartman outlining his compensation during the transition period and advisory role. The agreement includes a consulting fee for his services during the Initial Transition Period and the Advisory Period following his role change.

The company’s full-year revenue outlook is now expected to range between $1.300 billion and $1.305 billion, with adjusted diluted net earnings per share anticipated to be between $4.00 and $4.05.

Exhibit 99.1 attached to the filing provides a more detailed overview of the financial results and key agreements. Investors can access the full filing for additional information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CONMED’s 8K filing here.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.