CONMED Corporation Announces Preliminary 2014 Results Within Guidance Range and Issues 2015 Financial Guidance
Wednesday, January 14, 2015
CONMED Corporation (NASDAQ: CNMD) today announced preliminary 2014 results and issued financial guidance for 2015.
For the just completed 2014 calendar year, the Company expects that sales will be approximately $739 - $741 million with adjusted earnings per share expected to be approximately $1.90 - $1.94. "I am pleased that, based on our preliminary numbers, we expect to deliver results within the range of the guidance we provided last July," stated Mr. Curt Hartman, President and CEO. The Company expects it will issue final 2014 financial details on January 27, 2015.
For 2015, CONMED expects to achieve full year sales of $740 - $755 million and adjusted earnings per share of $1.92 - $2.02.
"Looking forward to 2015, I have announced a series of changes to the commercial structure of CONMED that we anticipate will reposition the Company for growth," continued Mr. Hartman. "In addition to the announced commercial management changes, we are combining the domestic Advanced Energy and Endomechanical organizations to take advantage of our broad product offering, to increase our account coverage, to focus our innovation efforts, and to leverage our infrastructure. While some of these changes will likely cause sales disruption in the short term, the goal of these changes is to position CONMED to grow at or above market rates in all the markets we serve."
The adjusted estimates for 2014 exclude the costs of special charges for, among other things, restructuring, shareholder activism and senior management changes. These costs will be reconciled in the Company's earnings release for the fourth quarter of 2014 anticipated to be issued on January 27, 2015. For 2015, the adjusted estimates for earnings per share exclude special charges for restructuring activities which cannot currently be quantified.