Q3 2024 Conmed Corp Earnings Call Transcript
Key Points
- Conmed Corp (CNMD) reported a year-over-year increase in total sales by 4.3% in constant currency for the third quarter of 2024.
- Adjusted net income increased by 15% year-over-year, and adjusted diluted net earnings per share rose by 16.7%.
- The company's U.S. sales increased by 7.4%, indicating strong domestic performance.
- Conmed Corp (CNMD) has made progress in improving its orthopedic business supply chain, which is expected to continue in the fourth quarter.
- The company has a solid cash flow, with cash flow from operations in the quarter reaching $51.2 million, up from $46.1 million in the third quarter of 2023.
- International sales growth was minimal at 0.2%, indicating challenges in markets outside the U.S.
- The company faced manufacturing slowdowns due to hurricanes, impacting production and potentially delaying recovery in the fourth quarter.
- General surgery revenue internationally declined by 5.0%, reflecting a weaker performance compared to the previous year.
- Inventory days increased to 224 from 196 at the end of June, indicating potential inefficiencies in inventory management.
- The company is still working on resolving supply chain issues in its orthopedic business, which were exacerbated by recent hurricanes.
Good day and thank you for standing by Welcome to CONMEDâs third quarter, fiscal 2024 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded before the conference call begins. Let me remind you that during this call management will be making comments and statements regarding its financial outlook, its plans and objectives. These statements represent the forward-looking statements that involve risks and uncertainties as those terms are defined under the Federal Securities laws.
Investors are cautioned that any such forward-looking statements are not guarantees of future events, performance or results. The company's actual results may differ materially from its current expectations. Please refer to the risk and other uncertainties disclosed under the forward-looking information in today's press release as well as the company's SEC filings for more details on the risks and uncertainties that may cause actual results to differ Materially.
The company disclaims any obligation to
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