CONMED Corporation develops, manufactures and sells surgical devices and related equipment worldwide. Its Orthopedic Surgery and General Surgery product lines form one operating segment. Approximately 86% of 2025 revenue came from single-use products.
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A snapshot of what CONMED Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000816956-24-000003 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000816956-25-000004 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000816956-26-000009 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
CONMED’s consumable-heavy surgical business continued growing in 2025, but reported profit fell sharply as acquisition earnout accounting reversed direction and portfolio, consulting and transition costs increased. Operating cash flow held up better than earnings. Subsequent disclosures through July 29, 2026 show a different picture: gastroenterology exits depressed reported sales while the continuing portfolio grew, and tariff refunds supported both GAAP and adjusted earnings. The company completed a substantial convertible-note repurchase, replacing much of that exposure with secured floating-rate borrowing rather than materially reducing total debt. First-half cash generation weakened while buybacks and acquisition payments consumed cash. The central distinction is between continuing-product progress and improvements supported by accounting, refunds or portfolio changes; remaining debt service, regulatory access and supply continuity still constrain financial flexibility.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
CONMED supplies hospitals, surgery centers and clinicians with orthopedic implants, powered instruments, visualization equipment, insufflation systems, smoke evacuation and other surgical products. Capital equipment supports subsequent disposable purchases, but these purchases are not guaranteed subscriptions. Orthopedic Surgery and General Surgery are sales categories within one operating segment, not independently reported profit centers. Approximately 44% of 2025 sales were international. Hospital purchasing groups influence pricing, while equipment demand depends partly on capital budgets. Management is concentrating resources on minimally invasive surgery, smoke evacuation and orthopedic soft-tissue repair; individual platform profitability is not disclosed.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-04-29
For the year ended December 31, 2025, revenue reached $1,374.724 million, up a reported 5.2%. Single-use products grew while capital-product sales declined for a second year. Operating income fell to $102.622 million from $200.326 million and net income to $47.055 million from $132.423 million. A major explanation was the reversal from a $41.048 million noncash earnout gain in 2024 to a $22.951 million expense in 2025. Product write-offs, optimization work and former-CEO advisory compensation also weighed on results. A $9.9 million Gore termination benefit partly offset costs; it was not identified as recurring savings or cash received. The higher effective tax rate, 33.8% versus 18.8%, further weighed on net earnings, although the absolute income-tax provision decreased to $24.062 million from $30.606 million.
Sources: 10-K · 2025-12-31
2025 operating cash flow was $170.689 million versus $166.968 million in 2024, despite the profit decline. Noncash charges and accrual timing help explain the difference. Cash PP&E purchases were $19.806 million, while $33.760 million of acquisition earnout payments were classified as financing and therefore were not deducted from operating cash flow. In the six months ended June 30, 2026, operating cash flow fell to $50.567 million from $70.668 million as inventory, incentive payments, prepaid contracts and other working-capital uses absorbed cash. During that half, cash repurchases of shares were $43.221 million and earnout payments $28.853 million. These uses competed with debt service rather than representing operating expenses.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
After the annual filing, CONMED drew a $450 million Term A-2 loan on June 12, 2026 and repurchased $645.2 million principal of 2.25% convertible notes on June 15 for approximately $637.2 million. Revolver borrowing also funded the purchase. June 30 debt carrying value was $834.249 million, close to $834.942 million at year-end. Variable-rate bank debt reached $683 million, increasing exposure to interest rates. Cash was $37.328 million; the separate $455.5 million of undrawn revolver capacity was conditional financing availability, not cash. Remaining notes mature June 15, 2027. Management intends to use operating cash flow and the revolver, but that is a funding plan rather than completed repayment.
Sources: 8-K · 2026-05-27 · 8-K · 2026-06-03 · 10-Q · 2026-06-30
Second-quarter 2026 revenue was $343.488 million, up 0.3% reported but down 0.5% in constant currency. The company reported 6.0% organic constant-currency growth after excluding GI offerings from both periods. Those measures describe different business boundaries. Management said the strategic exits were completed, although a twelve-month manufacturing arrangement continued. Quarterly GAAP EPS of $0.77 and adjusted EPS of $1.38 both included a $0.21 tariff-refund benefit. On July 29, management forecast 2026 revenue of $1.358–$1.373 billion and adjusted EPS of $4.48–$4.60. These conditional forecasts are not annual results, and no quantitative forward GAAP EPS reconciliation was supplied.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
CONMED depends on qualified suppliers, third-party sterilization and regulatory approvals. Approximately 31% of 2025 revenue involved products sterilized with ethylene oxide; management had secured services, but further restrictions could disrupt supply. EU medical-device compliance adds costs, and Chinese procurement programs can reduce prices or exclude products. The DOJ closed the surgeon-royalty investigation on September 5, 2025 without requiring further company action; it should not be described as pending. Italian medical-device payback exposure continued for periods after 2018. Reported covenant compliance and effective controls are dated company conclusions, not guarantees of future liquidity or freedom from operational risk.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 1.374724 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.374724 bn | 5.2% |
| 2024 | USD 1.307015 bn | 5.0% |
| 2023 | USD 1.244744 bn | — |
Consolidated reported net sales, including net agency revenue and revenue-reducing amortization.
Sources: 10-K · 2025-12-31
USD 47.055 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 47.055 m | -64.5% |
| 2024 | USD 132.423 m | 105.4% |
| 2023 | USD 64.459 m | — |
Consolidated GAAP earnings after income taxes.
Sources: 10-K · 2025-12-31
USD 170.689 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 170.689 m | 2.2% |
| 2024 | USD 166.968 m | 33.2% |
| 2023 | USD 125.348 m | — |
GAAP operating cash flow; excludes acquisition earn-out payments classified as financing.
Sources: 10-K · 2025-12-31
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