Conmed Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 2 raised, 1 lowered, 1 kept. The quarter’s numbers.

Key takeaways

Sales fell 1.3% on GI exit: Sales were $317.0 million, down 1.3% as reported and 2.9% in constant currency. The company reported a $15.5 million decrease from exiting certain gastroenterology products. Source
Adjusted EPS $0.89 against $0.95: Adjusted diluted EPS was $0.89, compared with $0.95 a year earlier. GAAP diluted EPS was $0.45, against $0.19 in the first quarter of 2025. Source
Operating income rose to 8.0%: Income from operations was $25.4 million, or 8.0% of sales, against $16.0 million, or 5.0% of sales, a year earlier. Source
Orthopedics grew, general surgery fell: Orthopedic Surgery sales rose 6.8% to $147.7 million, or 4.5% in constant currency. General Surgery fell 7.4% to $169.3 million, or 8.5% in constant currency. Source
Gross margin rose to 57.9%: Gross profit was $183.4 million, or 57.9% of sales, against $177.8 million, or 55.3%, a year earlier. Adjusted gross margin was 57.4%, against 56.4%. Source
Gastroenterology assets sold at a gain: The company recorded a $3.9 million gain on sale of certain gastroenterology assets, excluded from adjusted results. Source

“Our 2025 momentum continued in the first quarter as we delivered revenue and adjusted earnings ahead of our expectations,”
Patrick J. Beyer, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Organic constant-currency revenue growth, excluding gastroenterology Source	Full year 2026	approximately 5.0% to 6.5%	Raised from 4.5% to 6.0%
Reported revenue Source	Full year 2026	$1.350 billion to $1.375 billion	Raised from $1.345 billion to $1.375 billion
Foreign exchange impact on revenue Source	Full year 2026	40 to 50 basis points favorable
Gastroenterology product revenue included in guidance Source	Full year 2026	$14.5 million to $17.5 million	Lowered from $21.0 million to $25.0 million
Adjusted diluted net earnings per share Source	Full year 2026	$4.30 to $4.45	Kept

What changed from last quarter

Guidance raised: Organic constant-currency revenue growth guidance, excluding gastroenterology, raised to 5.0% to 6.5% from 4.5% to 6.0%. Source
Guidance raised: Low end of the reported revenue range raised to $1.350 billion; high end unchanged at $1.375 billion. Source
Guidance lowered: Gastroenterology revenue included in 2026 guidance cut to $14.5 million to $17.5 million from $21.0 million to $25.0 million. Source
Guidance kept: Adjusted diluted EPS range of $4.30 to $4.45 held from the prior guidance. Source
Ended: The remaining gastroenterology portfolio was divested, as cited in the revised 2026 guidance. Source
New: The press release contact is now Dalton Henry, Investor Relations Analyst; the prior release listed Pat Beyer, Chief Executive Officer. Source

Results and growth drivers

Sales fell 1.3% on GI exit: Sales were $317.0 million, down 1.3% as reported and 2.9% in constant currency. The company reported a $15.5 million decrease from exiting certain gastroenterology products. Source
Adjusted EPS $0.89 against $0.95: Adjusted diluted EPS was $0.89, compared with $0.95 a year earlier. GAAP diluted EPS was $0.45, against $0.19 in the first quarter of 2025. Source
Operating income rose to 8.0%: Income from operations was $25.4 million, or 8.0% of sales, against $16.0 million, or 5.0% of sales, a year earlier. Source

Segments and regions

Orthopedics grew, general surgery fell: Orthopedic Surgery sales rose 6.8% to $147.7 million, or 4.5% in constant currency. General Surgery fell 7.4% to $169.3 million, or 8.5% in constant currency. Source
Domestic sales declined 5.8%: Domestic sales were $173.0 million, down 5.8% with no currency effect. The company attributed $15.2 million of the domestic decrease to the exit of certain GI products. Source
International sales rose 4.7%: International sales were $144.0 million, up 4.7% as reported and 1.0% in constant currency. The company reported a $0.3 million GI decrease in international sales. Source

“We continue to concentrate our resources and investment on our higher-growth, higher-margin areas: minimally invasive surgery, smoke evacuation, and orthopedic soft tissue repair.”
Patrick J. Beyer, President and Chief Executive Officer

Products and customers

Single-use sales declined 2.3%: Single-use product sales were $270.0 million, down 2.3% as reported and 3.9% in constant currency. Source
Capital products rose 4.6%: Capital product sales were $47.0 million, up 4.6% as reported and 3.1% in constant currency. Domestic capital sales rose 12.4%, while international capital sales fell 2.0% as reported. Source
International single-use sales grew: Domestic single-use sales fell 8.1%, while international single-use sales rose 6.2% as reported and 2.2% in constant currency. Source

Costs and margins

Gross margin rose to 57.9%: Gross profit was $183.4 million, or 57.9% of sales, against $177.8 million, or 55.3%, a year earlier. Adjusted gross margin was 57.4%, against 56.4%. Source
Adjusted operating margin 13.1%: Adjusted operating income was $41.5 million, or 13.1% of sales, against $45.3 million, or 14.1%, a year earlier. Source
Operational optimization costs excluded: Operational optimization costs were $7.9 million within operating income, excluded from adjusted results and mostly in selling and administrative expense. Source
R&D rose on EU device compliance: Research and development expense was $16.3 million, against $12.9 million a year earlier. Costs to comply with EU Medical Device Regulations were $1.2 million, excluded from adjusted results. Source

Capital, cash and returns

Interest expense fell to $7.1 million: Interest expense was $7.1 million against $8.3 million a year earlier. Net income was $13.8 million against $6.0 million. Source
EBITDA and adjusted EBITDA reported: EBITDA was $44.3 million, a 14.0% margin, against $34.2 million. Adjusted EBITDA was $56.4 million, a 17.8% margin, against $61.3 million. Source
Diluted share count lower: Diluted shares were 30.6 million, against 31.2 million a year earlier, per the income statement. Source

Strategy and investment

Gastroenterology assets sold at a gain: The company recorded a $3.9 million gain on sale of certain gastroenterology assets, excluded from adjusted results. Source
Distribution agreement ended early: Early termination of an exclusive distribution agreement produced $1.9 million of income, which the company excluded from adjusted results. Source
Manufacturing consultant engaged: The company incurred costs for a consulting firm engaged to evaluate manufacturing improvements, shown in cost of sales and excluded from adjusted results. Source

People and leadership

Executive transition costs recorded: Executive transition costs were $3.3 million, for advisory services from a former Chief Financial Officer. The Q1 2025 comparable was $12.2 million, tied to a former Chief Executive Officer. Source
Patrick Beyer named as CEO: The release names Patrick J. Beyer as President and Chief Executive Officer, the same title given in the prior quarter's release. Source
Investor relations is the press contact: The release lists Dalton Henry, Investor Relations Analyst, as the contact, replacing the chief executive as the named contact. Source

Risks management discussed

Financial: Management said higher interest expense from the planned 2026 refinancing largely offsets underlying operating performance in the reaffirmed adjusted EPS guidance. Source

Earlier plans management reported on

Not stated: Management said it continues to expect the adjusted diluted EPS range it gave earlier for 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CONMED Corporation Announces First Quarter 2026 Financial Results

Largo, Florida, April 29, 2026 - CONMED Corporation (NYSE: CNMD) today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Sales of $317.0 million decreased 1.3% year-over-year as reported and 2.9% in constant currency. Net sales growth was impacted by a $15.5 million decrease in sales from the exit of certain GI products.
Domestic revenue decreased 5.8% year-over-year. Domestic sales growth was impacted by a $15.2 million decrease in sales from the exit of certain GI products.
International revenue increased 4.7% year-over-year as reported and 1.0% in constant currency. International sales growth was impacted by a $0.3 million decrease in sales from the exit of certain GI products.
Diluted net earnings per share (GAAP) were $0.45, compared to diluted net earnings per share (GAAP) of $0.19 in the first quarter of 2025.
Adjusted diluted net earnings per share were $0.89, compared to adjusted diluted net earnings per share of $0.95 in the first quarter of 2025.

“Our 2025 momentum continued in the first quarter as we delivered revenue and adjusted earnings ahead of our expectations,” said Patrick J. Beyer, CONMED’s President and Chief Executive Officer. “We continue to concentrate our resources and investment on our higher-growth, higher-margin areas: minimally invasive surgery, smoke evacuation, and orthopedic soft tissue repair.”

2026 Outlook

Based on the Company’s first quarter performance, management is raising its outlook for full-year 2026 organic revenue growth on a constant currency basis. The Company now expects year-over-year organic constant currency revenue growth, which excludes gastroenterology product sales, of approximately 5.0% to 6.5% compared to the prior guidance range of 4.5% to 6.0%. Full-year 2026 reported revenue is now expected to be in the range of $1.350 billion to $1.375 billion, compared to prior guidance of $1.345 billion to $1.375 billion. The updated revenue outlook reflects an estimated 40 to 50 basis points of favorable foreign exchange impact, compared to the prior assumption of 0 to 50 basis points of favorable impact. This updated guidance also reflects an estimated $14.5 million to $17.5 million in revenue from gastroenterology products, reduced from the prior guidance of $21.0 million to $25.0 million due to the divestiture of the remaining gastroenterology portfolio.

The Company continues to expect full-year adjusted diluted net earnings per share in the range of $4.30 to $4.45. The reaffirmed outlook reflects stronger underlying operating performance, largely offset by higher-than-previously anticipated interest expense due to the planned refinancing of the Company's debt during 2026.

Supplemental Financial Disclosures

A reconciliation of reported diluted net earnings per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.

Information reconciling forward-looking adjusted diluted net earnings per share to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

Conference Call

The Company’s management will host a conference call today at 4:30 p.m. ET to discuss its first quarter 2026 results.

To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.

This conference call will also be webcast and can be accessed from the “Investors” section of CONMED's website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

	Three Months Ended
	March 31,
	2026	2025
Consolidated Condensed Statements of Income
(in thousands except per share amounts, unaudited)
Net sales	$317,046	$321,256
Cost of sales	133,599	143,504
Gross profit	183,447	177,752
% of sales	57.9%	55.3%
Selling & administrative expense	141,699	148,847
Research & development expense	16,333	12,947
Income from operations	25,415	15,958
% of sales	8.0%	5.0%
Interest expense	7,060	8,286
Income before income taxes	18,355	7,672
Provision for income taxes	4,527	1,636
Net income	$13,828	$6,036
Basic EPS	$0.45	$0.19
Diluted EPS	0.45	0.19
Basic shares	30,588	30,973
Diluted shares	30,621	31,151

	Three Months Ended March 31,
			% Change
						Domestic	International
	2026	2025	As Reported	Impact of Foreign Currency	Constant Currency	As Reported	As Reported	Impact of Foreign Currency	Constant Currency
Sales Summary
(in millions, unaudited)
Orthopedic Surgery	$147.7	$138.3	6.8%	-2.3%	4.5%	5.5%	7.6%	-3.7%	3.9%
General Surgery	169.3	183.0	-7.4%	-1.1%	-8.5%	-10.4%	0.1%	-3.9%	-3.8%
	$317.0	$321.3	-1.3%	-1.6%	-2.9%	-5.8%	4.7%	-3.7%	1.0%
Single-use Products	$270.0	$276.3	-2.3%	-1.6%	-3.9%	-8.1%	6.2%	-4.0%	2.2%
Capital Products	47.0	45.0	4.6%	-1.5%	3.1%	12.4%	-2.0%	-2.8%	-4.8%
	$317.0	$321.3	-1.3%	-1.6%	-2.9%	-5.8%	4.7%	-3.7%	1.0%
Domestic	$173.0	$183.8	-5.8%	0.0%	-5.8%
International	144.0	137.5	4.7%	-3.7%	1.0%
	$317.0	$321.3	-1.3%	-1.6%	-2.9%

	Gross Profit	Selling & Administrative Expense	Research & Development Expense	Operating Income	Interest Expense	Tax Expense	Effective Tax Rate	Net Income	Diluted EPS
Reconciliation of Reported Net Income to Adjusted Net Income
(in thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026
As reported	$183,447	$141,699	$16,333	$25,415	$7,060	$4,527	24.7%	$13,828	$0.45
% of sales	57.9%	44.7%	5.2%	8.0%
Operational optimization costs	379	(7,526)	-	7,905	-	1,801		6,104
Executive transition costs	-	(3,342)	-	3,342	-	761		2,581
EU medical device regulations	-	-	(1,167)	1,167	-	266		901
Contingent consideration fair value adjustments	-	(722)	-	722	-	164		558
Termination of distribution agreement	(1,864)	-	-	(1,864)	-	(425)		(1,439)
Gain on sale of product line	-	3,916	-	(3,916)	-	(892)		(3,024)
	$181,962	$134,025	$15,166	$32,771	$7,060	$6,202		$19,509
Adjusted gross profit %	57.4%
Amortization	$1,500	(7,261)	-	8,761	(1,276)	2,442		7,595
As adjusted		$126,764	$15,166	$41,532	$5,784	$8,644	24.2%	$27,104	$0.89
% of sales		40.0%	4.8%	13.1%
Three Months Ended March 31, 2025
	Gross Profit	Selling & Administrative Expense	Research & Development Expense	Operating Income	Interest Expense	Tax Expense	Effective Tax Rate	Net Income	Diluted EPS
As reported	$177,752	$148,847	$12,947	$15,958	$8,286	$1,636	21.3%	$6,036	$0.19
% of sales	55.3%	46.3%	4.0%	5.0%
Operational optimization costs	3,410	(490)	-	3,900	-	901		2,999
Executive transition costs	-	(12,165)	-	12,165	-	2,812		9,353
Contingent consideration fair value adjustments	-	(3,962)	-	3,962	-	916		3,046
Gain on sale of product line	-	354	-	(354)	-	(82)		(272)
Legal matters	-	(1,037)	-	1,037	-	240		797
	$181,162	$131,547	$12,947	$36,668	$8,286	$6,423		$21,959
Adjusted gross profit %	56.4%
Amortization	$1,500	(7,172)	-	8,672	(1,443)	2,455		7,660
As adjusted		$124,375	$12,947	$45,340	$6,843	$8,878	23.1%	$29,619	$0.95
% of sales		38.7%	4.0%	14.1%

(1) In 2026 and 2025, the Company incurred costs related to the engagement of a consulting firm to evaluate and propose improvements to our manufacturing operations which are included in cost of sales. In addition, we incurred consulting fees, legal fees and other charges related to operational optimization which are included in selling & administrative expense.

(2) The Company incurred cash and stock-based compensation costs related to advisory services provided by our former Chief Financial Officer and Chief Executive Officer in 2026 and 2025, respectively.

(3) In 2026, the Company incurred costs to comply with the European Union's Medical Device Regulations (MDR).

(4) In 2026 and 2025, the Company recorded expense related to the fair value adjustments of contingent consideration.

(5) In 2026, the Company incurred income related to the early termination of an agreement granting the Company exclusive distribution rights.

(6) In 2026, the Company recognized a gain on the sale of certain assets related to gastroenterology products. In 2025, the Company recognized a gain on the sale of a product line.

(7) Includes amortization of intangible assets and deferred financing fees.

(8) In 2025, the Company incurred costs for third party services pertaining to potential issues with certain royalty payments to design surgeons.

	Three Months Ended
	March 31,
	2026	2025
Reconciliation of Reported Net Income to EBITDA & Adjusted EBITDA
(in thousands, unaudited)
Net income	$13,828	$6,036
Provision for income taxes	4,527	1,636
Interest expense	7,060	8,286
Depreciation	4,174	4,235
Amortization	14,663	14,018
EBITDA	$44,252	$34,211
Stock based compensation	4,783	6,381
Operational optimization costs	7,905	3,900
Executive transition costs	3,342	12,165
EU medical device regulations	1,167	-
Contingent consideration fair value adjustments	722	3,962
Termination of distribution agreement	(1,864)	-
Gain on sale of product line	(3,916)	(354)
Legal matters	-	1,037
Adjusted EBITDA	$56,391	$61,302
EBITDA Margin
EBITDA	14.0%	10.6%
Adjusted EBITDA	17.8%	19.1%

About CONMED Corporation

CONMED is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, and thoracic surgery. For more information, visit www.conmed.com.

Forward-Looking Statements

Forward-looking statements notice

This press release and associated conference call may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to the risk factors discussed in the Company's Annual Report on Form 10-K for the full year ended December 31, 2025 and other risks and uncertainties, which may be detailed from time to time in reports filed by CONMED with the SEC. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.

Supplemental Information - Reconciliation of GAAP to Non-GAAP Financial Measures

The Company supplements the reporting of its financial information determined under generally accepted accounting principles in the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; adjusted gross profit; cost of sales excluding specified items; adjusted selling and administrative expenses; adjusted research and development expense; adjusted operating income; adjusted interest expense; adjusted income tax expense; adjusted effective income tax rate; adjusted net income and adjusted diluted net earnings per share (EPS). The Company believes that these non-GAAP measures provide meaningful information to assist investors and shareholders in understanding its financial results and assessing its prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of its operations because they exclude items that may not be indicative of, or are unrelated to, its core operating results and provide a baseline for analyzing trends in the Company’s underlying business. Further, the presentation of EBITDA is a non-GAAP measurement that management considers useful for measuring aspects of the Company’s cash flow. Management uses these non-GAAP financial measures for reviewing the operating results and analyzing potential future business trends in connection with its budget process and bases certain management incentive compensation on these non-GAAP financial measures.

Net sales on a constant currency basis is a non-GAAP measure. The Company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. To measure percentage sales growth in constant currency, the Company removes the impact of changes in foreign currency exchange rates that affect the comparability and trend of net sales. To measure earnings performance on a consistent and comparable basis, the Company excludes certain items that affect the comparability of operating results and the trend of earnings. These adjustments are irregular in timing, may not be indicative of past and future performance and are therefore excluded to allow investors to better understand underlying operating trends.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, cost of sales, selling and administrative expenses, research and development expense, operating income, interest expense, income tax expense, effective income tax rate, net income and diluted net earnings per share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures above, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

We are unable to present a quantitative reconciliation of our expected diluted net earnings per share to expected adjusted diluted net earnings per share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of acquisition, integration and other charges. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our consolidated condensed statements of income.

Contacts
CONMED Corporation
Dalton Henry
Investor Relations Analyst
ir@conmed.com