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Company Research20 Mar 2024
Companies That Had Their IPO in 1987: From Optimism to Black Monday
An overview of 1987's IPO landscape and stock market sentiment, as conditions turned from unabridged optimism to panic in the wake of Black Monday.
CONMED
CONMED (CNMD) investor relations material
CONMED Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Fourth quarter 2025 sales reached $373.2 million, up 7.9% year-over-year as reported and 7.1% in constant currency; full-year sales were $1,374.7 million, up 5.2% as reported and 5.1% in constant currency.
Adjusted diluted EPS for Q4 2025 was $1.43, up 6.7% year-over-year; full-year adjusted EPS was $4.59, up 10.1%.
Orthopedic sales led growth, increasing 12.1% in Q4 and 5.5% for the year in constant currency; general surgery sales rose 3.8% in Q4 and 4.7% for the year.
International revenue growth outpaced domestic, with Q4 international revenue up 15.4%–17.0% year-over-year.
Announced $150 million share repurchase program and strategic exit from gastroenterology product lines to focus on high-growth, high-margin platforms.
Financial highlights
Q4 adjusted gross margin was 56.6%, down 100 bps year-over-year due to tariffs; full-year adjusted gross margin was 56.4%.
Q4 GAAP net income was $16.7 million ($0.54 EPS), down from $33.8 million ($1.08 EPS) last year; full-year GAAP net income was $47.1 million ($1.51 EPS), down from $132.4 million ($4.25 EPS) in 2024.
Adjusted EBITDA for 2025 was $275.9 million, up from $265.6 million in 2024.
Cash flow from operations was $46.3 million in Q4 and $170.7 million for the year; free cash flow conversion reached 105% in 2025.
Year-end cash balance was $40.8 million; long-term debt was $834.2 million; leverage ratio at 2.9x.
Outlook and guidance
2026 revenue guidance: $1.345–$1.375 billion, representing 4.5–6% constant currency organic growth, excluding gastroenterology product sales.
Adjusted gross margin expected to improve 50–100 bps in 2026 despite 100–110 bps tariff headwinds.
Adjusted SG&A to be 38.0–38.5% of sales; adjusted R&D to be 4.5–5% of sales in 2026.
Adjusted EPS guidance for 2026: $4.30–$4.45, including headwinds from GI exit and tariffs, and a $0.10 currency tailwind.
2026 operating cash flow expected at $145–$155 million; capex $20–$30 million; adjusted EBITDA $255–$265 million.
Beyond GI, any further portfolio exits planned?
AirSeal growth confidence despite ASC/cost?
Supply chain progress for sustained ortho growth
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Next CONMED earnings date
Q1 202629 Apr, 2026
CONMED
Next CONMED earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
CONMED Corporation develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, such as powered surgical instruments for use in arthroscopic and reconstructive orthopedic surgeries; sports medicine products; electrosurgical products that include generators, electrodes, and accessories; video equipment to facilitate visualization of the surgical field during minimally invasive procedures; and disposable fluid management systems to support various surgical procedures.
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