CONMED Corporation reported a consolidated net sales increase of 5.0% for the fiscal year ended December 31, 2024, reaching $1.307 billion, compared to $1.245 billion in 2023. The growth was driven by a 2.0% increase in orthopedic surgery sales, attributed to the success of its sports medicine and BioBrace® product lines, and a 7.2% rise in general surgery sales, primarily from the AirSeal® and biliary product offerings. The company's gross profit margin improved to 56.1% from 54.3% in the previous year, reflecting a favorable product mix and the absence of amortization costs related to the In2Bones acquisition that impacted 2023.
In terms of profitability, CONMED's net income rose significantly to $132.4 million, or $4.29 per share, compared to $64.5 million, or $2.10 per share, in 2023. This increase in net income was supported by a reduction in selling and administrative expenses, which decreased to 36.6% of net sales from 40.4% in the prior year. The company also reported a decrease in interest expenses, contributing to the overall improvement in profitability.
Strategically, CONMED has focused on acquisitions to enhance its product offerings and market presence. The company completed the acquisitions of In2Bones Global, Inc. and Biorez, Inc. in 2022, which have contributed to its growth trajectory. As of December 31, 2024, CONMED's workforce comprised approximately 3,900 employees, with a significant portion dedicated to operations, sales, and research and development. The company continues to emphasize geographic expansion, with international sales accounting for approximately 43% of total net sales in 2024.
Operationally, CONMED has faced challenges related to inflation and supply chain disruptions, which have impacted manufacturing and operating costs. The company has engaged a consulting firm to evaluate and propose improvements in its manufacturing operations to address these challenges. Looking ahead, CONMED anticipates continued growth in 2025, driven by ongoing product development and strategic initiatives, although it remains cautious about potential economic downturns and regulatory changes that could affect its business.
Overall, CONMED's financial performance in 2024 reflects a solid recovery and growth strategy, supported by strategic acquisitions and a focus on operational efficiency, while navigating the complexities of the current economic landscape.
About CONMED Corp
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