cnmd-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended			Commission File Number
September 30, 2025			001-39218

CONMED CORPORATION

(Exact name of the registrant as specified in its charter)


Delaware			16-0977505
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

11311 Concept Blvd	Largo,	Florida	33773
(Address of principal executive offices)			(Zip Code)

(727) 392-6464

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	CNMD	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of registrant's common stock, as of November 3, 2025 is 30,967,954 shares.

CONMED CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025


PART I FINANCIAL INFORMATION
Item Number		Page

Item 1.	Financial Statements (unaudited)

	– Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	1

	– Consolidated Condensed Balance Sheets as of September 30, 2025 and December 31, 2024	2

	– Consolidated Condensed Statements of Shareholders' Equity for the nine months ended September 30, 2025 and 2024	3

	– Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	5

	– Notes to Consolidated Condensed Financial Statements	6


Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.	Controls and Procedures	28

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 5.	Other Information	28

Item 6.	Exhibits	29


Signatures		30

Table of Contents

PART I FINANCIAL INFORMATION

Item 1.

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net sales	$	337,926	$	316,701	$	1,001,526	$	961,071

Cost of sales	171,807		137,706		469,336		426,383

Gross profit	166,119		178,995		532,190		534,688

Selling and administrative expense	140,339		99,730		425,207		345,611

Research and development expense	13,901		13,558		40,985		41,250

Operating expenses	154,240		113,288		466,192		386,861

Income from operations	11,879		65,707		65,998		147,827

Interest expense	7,606		9,252		23,716		28,440

Other expense	—		—		418		—

Income before income taxes	4,273		56,455		41,864		119,387

Provision for income taxes	1,414		7,471		11,548		20,719

Net income	$	2,859	$	48,984	$	30,316	$	98,668

Comprehensive income	$	6,605	$	48,701	$	39,941	$	94,121


Per share data:

Net income
Basic	$	0.09	$	1.59	$	0.98	$	3.20
Diluted	0.09		1.57		0.97		3.17

Weighted average common shares
Basic	30,955		30,856		31,027		30,815
Diluted	31,050		31,112		31,145		31,148

See notes to consolidated condensed financial statements.

Table of Contents

CONMED CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited, in thousands except share and per share amounts)


	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	38,929	$	24,459
Accounts receivable, net	224,943		237,733
Inventories	364,355		346,719
Prepaid expenses and other current assets	33,931		31,096
Total current assets	662,158		640,007
Property, plant and equipment, net

SEC Form 10-Q filed by CONMED Corporation