CONMED Corporation reported third quarter 2024 financial results, with net sales reaching $316.7 million, an increase of 4.0% year-over-year as reported and 4.3% in constant currency. Diluted net earnings per share (GAAP) were $1.57, a significant rise from $0.50 in the third quarter of 2023. Adjusted diluted net earnings per share stood at $1.05, marking a 16.7% increase compared to the prior year's third quarter.
The company updated its full-year 2024 outlook, revising reported revenue expectations to between $1.300 billion and $1.305 billion, a slight reduction from the previous guidance range of $1.305 billion to $1.315 billion. Conversely, full-year adjusted diluted net earnings per share guidance was raised to a range of $4.00 to $4.05, up from the prior range of $3.95 to $4.02.
In a significant leadership announcement, CONMED stated that Curt R. Hartman will retire as President and Chief Executive Officer, effective January 1, 2025. Patrick Beyer, the current Chief Operating Officer, will succeed Mr. Hartman as President and CEO and will also be appointed as a member of the Company’s board, effective the same date.
As part of the transition, Lead Independent Director Martha Goldberg Aronson will assume the position of Chair of the Board on October 31, 2024. Mr. Hartman will continue to serve as a Director through December 31, 2024, and will remain with CONMED as an advisor through March of 2027, ensuring a smooth leadership handover.
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