ConMed beats The Street with Q4 numbers, readies $275m debt offering

ConMed (NSDQ:CNMD) yesterday reported fourth-quarter numbers that topped the consensus forecast on Wall Street, but missed the mark for its full-year results.

The Utica, N.Y.-based company posted profits of $15.6 million, or 54¢ per share, on sales of $242.4 million for the three months ended Dec. 31, 2018, for a bottom-line slide of -66.5% on sales growth of 8.9% compared with Q4 2017.

Adjusted to exclude one-time items, earnings per share were 73¢, a full 21¢ ahead of The Street, where analysts were looking for sales of $213.3 million.

Full-year profits were down -26.4% to $40.9 million, or $1.41 per share, on sales growth of 7.9% to $859.6 million, compared with 2017. Adjusted EPS came in at $2.18, well below the $2.42 consensus on Wall Street, where analysts were anticipating revenues of $888.7 million.

“2018 was a great year for ConMed. We delivered strong revenue and earnings, continued our cadence of new product introductions and further invested to strengthen our business,” president & CEO Curt Hartman said in prepared remarks. “We are well-positioned to build off this momentum in 2019 as we benefit from the investments we have made in our company infrastructure.”

ConMed said it expects to log adjusted EPS of $2.42 to $2.47 this year on constant-currency sales growth of 5.0% to 6.0%.

In a separate release today, the company said it’s planning to raise $275 million via a debt offering.

The offering, of convertible senior debt notes due in 2024, includes a 13-day option on another $41.3 million worth of notes for initial purchasers, ConMed said.

The proceeds are earmarked for paying down some of its convertible note hedges and for financing its $365 million buyout of Buffalo filter.

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