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Conmed - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Conmed (ISIN: US2074101013, WKN: 886793) Kursdatum: 21.07.2017 Kurs: 50,110 USD
Beschreibung Daten
Symbol CNMD
Marktkapitalisierung 1.401.276.032,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Gesundheitswesen
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2001-09-10 - 3:2 | 2001-01-17 - 10:7 |
Internet
Letztes Bilanz Update 27.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
59,71 36,66 1,60% 1,09 43,69 96,37 1,84 2,41

Firmenbeschreibung

Selected Quarterly Financial Data (Unaudited)Selected quarterly financial data for 2015 and 2014 are as follows: Three Months Ended March June September December2015       Net sales$177,940 $181,027 $169,184 $191,017Gross profit92,282 93,498 93,546 102,376Net income6,312 7,461 8,873 7,852EPS:       Basic$.23 $.27 $.32 $.28Diluted.23 .27 .32 .28 Three Months Ended March June September December2014       Net sales$181,941 $188,150 $174,961 $195,003Gross profit102,582 101,028 96,414 104,033Net income8,626 10,255 1,972 11,339EPS:       Basic$.32 $.38 $.07 $.41Diluted.31 .37 .07 .41Items Included In Selected Quarterly Financial Data:2015 First QuarterDuring the first quarter of 2015, we incurred $2.3 million in costs associated with the consolidation of our Centennial, Colorado manufacturing operations into other existing CONMED manufacturing facilities. These costs were charged to cost of sales and include severance and other charges associated with the consolidation – see Note 11.During the first quarter of 2015, we recorded a charge of $6.2 million to selling and administrative expense related to the restructuring of certain selling and administrative functions which includes severance costs and other related costs - see Note 11.Second QuarterDuring the second quarter of 2015, we incurred $1.5 million in costs associated with the consolidation of our Centennial, Colorado manufacturing operations into other existing CONMED manufacturing facilities. These costs were charged to cost of sales and include severance and other charges associated with the consolidation – see Note 11.During the second quarter of 2015, we recorded a charge of $2.2 million to selling and administrative expense related to the restructuring of certain selling and administrative functions which includes severance costs and other related costs - see Note 11.Third QuarterDuring the third quarter of 2015, we incurred $1.3 million in costs associated with the consolidation of our Centennial, Colorado manufacturing operations into other existing CONMED manufacturing facilities. These costs were charged to cost of sales and include severance and other charges associated with the consolidation – see Note 11.During the third quarter of 2015, we recorded a charge of $1.1 million to selling and administrative expense related to the restructuring of certain selling and administrative functions which includes severance costs and other related costs - see Note 11.Fourth QuarterDuring the fourth quarter of 2015, we incurred $2.8 million in costs associated with the consolidation of our Centennial, Colorado manufacturing operations into other existing CONMED manufacturing facilities. These costs were charged to cost of sales – see Note 11.During the fourth quarter of 2015, we recorded a charge of $4.3 million to selling and administrative expense related to the restructuring of certain selling and administrative functions which includes severance costs and other related costs - see Note 11.During the fourth quarter of 2015, we recorded a charge of $2.1 million to selling and administrative expense associated with the purchase of SurgiQuest, Inc and other acquisitions. - see Note 11 and Note 15.2014 First QuarterDuring the first quarter of 2014, we incurred $0.9 million in costs associated with the moving of additional product lines to our manufacturing facility in Chihuahua, Mexico; consolidation of our Finland operations into our Largo, Florida and Utica, New York manufacturing facilities; consolidation of our Westborough, Massachusetts operations into our Largo, Florida and Chihuahua, Mexico manufacturing facilities and the consolidation of our Centennial, Colorado manufacturing operations into other existing CONMED manufacturing facilities. These costs were charged to cost of sales – see Note 11.During the first quarter of 2014, we recorded a charge of $0.7 million to selling and administrative expense related to the restructuring of certain administrative functions - see Note 11.    During the first quarter of 2014, we recorded a charge of $1.9 million to selling and administrative expense related to legal fees associated with a patent infringement claim, including $0.9 million in settlement costs - see Note 11. During the first quarter of 2014, we recorded a charge of $0.6 million in selling and administrative expense for professional fees associated with shareholder activism - see Note 11.    In New York State, corporate tax reform enacted in March 2014 changed the tax rate of a manufacturing company such as CONMED to essentially 0%. Previously recorded New York State net deferred tax assets of $2.3 million have been written off as a non-cash charge to income tax expense - see Note 6.    Second QuarterDuring the second quarter of 2014, we incurred $1.4 million in costs associated with the moving of additional product lines to our manufacturing facility in Chihuahua, Mexico and the consolidation of our Centennial, Colorado manufacturing o

Firmenstrategie

Principles of consolidation The consolidated financial statements include the accounts of CONMED Corporation and its controlled subsidiaries.  All significant intercompany accounts and transactions have been eliminated.

RevenueRecognitionPolicyTextBlock

Revenue recognition


Revenue is recognized when title has been transferred to the customer which is at the time of shipment. The following policies apply to our major categories of revenue transactions:


Sales to customers are evidenced by firm purchase orders. Title and the risks and rewards of ownership are transferred to the customer when product is shipped under our stated shipping terms.  Payment by the customer is due under fixed payment terms and collectability is reasonably assured.


We place certain of our capital equipment with customers on a loaned basis in return for commitments to purchase related single-use products over time periods generally ranging from one to three years.  In these circumstances, no revenue is recognized upon capital equipment shipment as the equipment is loaned and subject to return if certain minimum single-use purchases are not met.  Revenue is recognized upon the sale and shipment of the related single-use products.  The cost of the equipment is amortized over its estimated useful life.


We recognize revenues related to the promotion and marketing of sports medicine allograft tissue in accordance with the contractual terms of our agreement with Musculoskeletal Transplant Foundation (“MTF”) on a net basis as our role is limited to that of an agent earning a commission or fee. MTF records revenue when the tissue is shipped to the customer. Our services are completed at this time and net revenues for the “Service Fee” for our promotional and marketing efforts are then recognized based on a percentage of the net amounts billed by MTF to its customers. The timing of revenue recognition is determined through review of the net billings made by MTF each month. Our net commission Service Fee is based on the contractual terms of our agreement and is currently 50%. This percentage can vary over the term of the agreement but is contractually determinable. Our Service Fee revenues are recorded net of amortization of the acquired assets, which are being expensed over the expected useful life of 25 years.


Product returns are only accepted at the discretion of the Company and in accordance with our “Returned Goods Policy”.  Historically, the level of product returns has not been significant.  We accrue for sales returns, rebates and allowances based upon an analysis of historical customer returns and credits, rebates, discounts and current market conditions.


Our terms of sale to customers generally do not include any obligations to perform future services.  Limited warranties are provided for capital equipment sales and provisions for warranty are provided at the time of product sale based upon an analysis of historical data.


Amounts billed to customers related to shipping and handling have been included in net sales.  Shipping and handling costs included in selling and administrative expense were $12.6 million, $13.6 million and $12.6 million for 2015, 2014 and 2013, respectively.


We sell to a diversified base of customers around the world and, therefore, believe there is no material concentration of credit risk.


We assess the risk of loss on accounts receivable and adjust the allowance for doubtful accounts based on this risk assessment.  Historically, losses on accounts receivable have not been material.  Management believes that the allowance for doubtful accounts of $1.3 million at December 31, 2015 is adequate to provide for probable losses resulting from accounts receivable.


SegmentReportingDisclosureTextBlock

Business Segments and Geographic Areas

    

We are accounting and reporting for our business as a single operating segment entity engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Our chief operating decision maker (the CEO) evaluates the various global product portfolios on a net sales basis and evaluates profitability, investment and cash flow metrics on a consolidated worldwide basis due to shared infrastructure and resources.


Our product lines consist of orthopedic surgery, general surgery and surgical visualization. Orthopedic surgery consists of sports medicine instrumentation and small bone, large bone and specialty powered surgical instruments and service fees related to the promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. Surgical visualization consists of imaging systems for use in minimally invasive orthopedic and general surgery procedures including 2DHD and 3DHD vision technologies. These product lines' net sales are as follows:

 

 
2015
 
2014
 
2013
 
 
 
 
 
 
Orthopedic surgery
$
388,948

 
$
402,750

 
$
410,171

General surgery
274,190

 
279,356

 
286,747

Surgical visualization
56,030

 
57,949

 
65,786

Consolidated net sales
$
719,168

 
$
740,055

 
$
762,704



Net sales information for geographic areas consists of the following:

 

 
2015
 
2014
 
2013
 
 
 
 
 
 
United States
$
361,452

 
$
360,960

 
$
375,473

Canada
57,629

 
63,686

 
73,457

United Kingdom
26,703

 
30,496

 
28,471

Japan
37,809

 
37,230

 
36,705

Australia
33,810

 
38,711

 
38,752

All other countries
201,765

 
208,972

 
209,846

Total
$
719,168

 
$
740,055

 
$
762,704



Sales are attributed to countries based on the location of the customer. There were no significant investments in long-lived assets located outside the United States at December 31, 2015 and 2014.  No single customer represented over 10% of our consolidated net sales for the years ended December 31, 2015, 2014 and 2013.

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Earnings per share


Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding resulting from employee stock options, restricted stock units, performance share units and stock appreciation rights during the period. The following table sets forth the computation of basic and diluted earnings per share at December 31, 2015, 2014 and 2013, respectively: 

 
2015
 
2014
 
2013
 
 
 
 
 
 
Net income
$
30,498

 
$
32,192

 
$
35,939

 
 
 
 
 
 
Basic-weighted average shares outstanding
27,653

 
27,401

 
27,722

 
 
 
 
 
 
Effect of dilutive potential securities
205

 
368

 
392

 
 
 
 
 
 
Diluted-weighted average shares outstanding
27,858

 
27,769

 
28,114

 
 
 
 
 
 
Basic EPS
$
1.10

 
$
1.17

 
$
1.30

 
 
 
 
 
 
Diluted EPS
$
1.09

 
$
1.16

 
$
1.28



The shares used in the calculation of diluted EPS exclude options and SARs to purchase shares where the exercise price was greater than the average market price of common shares for the year and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 0.5 million, 0.0 million and 0.0 million at December 31, 2015, 2014 and 2013, respectively.