CONMED Corporation announces Q4 and full-year 2023 financial results

CONMED Corporation announced financial results for the fourth quarter and full-year ended December 31, 2023.

Fourth quarter 2023 highlights

• Sales of $327.0 million increased 30.4% year over year as reported and 31.5% in constant currency
• Domestic revenue increased 33.3% year over year.
• International revenue increased 26.5% year over year as reported and 29.0% in constant currency.
• Diluted net earnings per share (GAAP) were $1.05 compared to diluted net earnings per share (GAAP) of $0.86 in the fourth quarter of 2022.
• Adjusted diluted net earnings per share were $1.06, an increase of 152.4% compared to the fourth quarter of 2022.

Full-Year 2023 highlights

• Sales of $1,244.7 million increased 19.1% year over year as reported and 20.9% in constant currency. Acquisitions contributed approximately 250 basis points of growth.
• Domestic revenue increased 20.9% year over year.
• International revenue increased 16.7% year over year as reported and 20.9% in constant currency.
• Diluted net earnings per share (GAAP) were $2.04 compared to diluted net loss per share (GAAP) of $2.68 in 2022.
• Adjusted diluted net earnings per share were $3.45, an increase of 30.2% compared to 2022.

“2023 was a great year for CONMED, and I am proud that our global business delivered record revenue in both the fourth quarter and for the full year,” commented Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. “The balanced growth we saw across our various businesses and geographies is a testament to the strength of the portfolio that we have built. As we shift our focus to 2024, we are very excited to continue delivering innovative technology solutions to our customers and patients across both the General Surgery and Orthopedics categories.”

2024 outlook
The Company expects full-year 2024 reported revenue between $1.340 billion and $1.365 billion. This represents year-over-year growth of approximately 8% to 10%.

The Company expects full-year 2024 adjusted diluted net earnings per share in the range of $4.30 to $4.40. This represents year-over-year growth of approximately 25% to 28%.

The impact of foreign currency exchange rates in 2024 is expected to be immaterial.