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CONMED Corporation Announces First Quarter 2026 Financial Results

LARGO, Fla.–(BUSINESS WIRE)–CONMED Corporation (NYSE: CNMD) today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

• Sales of $317.0 million decreased 1.3% year-over-year as reported and 2.9% in constant currency. Net sales growth was impacted by a $15.5 million decrease in sales from the exit of certain GI products.

• Domestic revenue decreased 5.8% year-over-year. Domestic sales growth was impacted by a $15.2 million decrease in sales from the exit of certain GI products.

• International revenue increased 4.7% year-over-year as reported and 1.0% in constant currency. International sales growth was impacted by a $0.3 million decrease in sales from the exit of certain GI products.

• Diluted net earnings per share (GAAP) were $0.45, compared to diluted net earnings per share (GAAP) of $0.19 in the first quarter of 2025.

• Adjusted diluted net earnings per share⁽¹⁾ were $0.89, compared to adjusted diluted net earnings per share of $0.95 in the first quarter of 2025.

“Our 2025 momentum continued in the first quarter as we delivered revenue and adjusted earnings ahead of our expectations,” said Patrick J. Beyer, CONMED’s President and Chief Executive Officer. “We continue to concentrate our resources and investment on our higher-growth, higher-margin areas: minimally invasive surgery, smoke evacuation, and orthopedic soft tissue repair.”

2026 Outlook

Based on the Company’s first quarter performance, management is raising its outlook for full-year 2026 organic revenue growth on a constant currency basis. The Company now expects year-over-year organic constant currency revenue growth, which excludes gastroenterology product sales, of approximately 5.0% to 6.5% compared to the prior guidance range of 4.5% to 6.0%. Full-year 2026 reported revenue is now expected to be in the range of $1.350 billion to $1.375 billion, compared to prior guidance of $1.345 billion to $1.375 billion. The updated revenue outlook reflects an estimated 40 to 50 basis points of favorable foreign exchange impact, compared to the prior assumption of 0 to 50 basis points of favorable impact. This updated guidance also reflects an estimated $14.5 million to $17.5 million in revenue from gastroenterology products, reduced from the prior guidance of $21.0 million to $25.0 million due to the divestiture of the remaining gastroenterology portfolio.

The Company continues to expect full-year adjusted diluted net earnings per share⁽²⁾ in the range of $4.30 to $4.45. The reaffirmed outlook reflects stronger underlying operating performance, largely offset by higher-than-previously anticipated interest expense due to the planned refinancing of the Company’s debt during 2026.

Supplemental Financial Disclosures

⁽¹⁾ A reconciliation of reported diluted net earnings per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.

⁽²⁾ Information reconciling forward-looking adjusted diluted net earnings per share to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

Conference Call

The Company’s management will host a conference call today at 4:30 p.m. ET to discuss its first quarter 2026 results.

To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.

This conference call will also be webcast and can be accessed from the “Investors” section of CONMED’s website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

Consolidated Condensed Statements of Income
(in thousands except per share amounts, unaudited)
		Three Months Ended
		March 31,
			2026				2025
Net sales		$	317,046			$	321,256
Cost of sales			133,599				143,504
Gross profit			183,447				177,752
% of sales			57.9	%			55.3	%
Selling & administrative expense			141,699				148,847
Research & development expense			16,333				12,947
Income from operations			25,415				15,958
% of sales			8.0	%			5.0	%
Interest expense			7,060				8,286
Income before income taxes			18,355				7,672
Provision for income taxes			4,527				1,636
Net income		$	13,828			$	6,036
Basic EPS		$	0.45			$	0.19
Diluted EPS			0.45				0.19
Basic shares			30,588				30,973
Diluted shares			30,621				31,151

Sales Summary
(in millions, unaudited)
		Three Months Ended March 31,
								% Change
																	Domestic			International
		2026			2025			As Reported			Impact of Foreign Currency			Constant Currency			As Reported			As Reported			Impact of Foreign Currency			Constant Currency
Orthopedic Surgery		$	147.7		$	138.3		6.8	%		-2.3	%		4.5	%		5.5	%		7.6	%		-3.7	%		3.9	%
General Surgery			169.3			183.0		-7.4	%		-1.1	%		-8.5	%		-10.4	%		0.1	%		-3.9	%		-3.8	%
		$	317.0		$	321.3		-1.3	%		-1.6	%		-2.9	%		-5.8	%		4.7	%		-3.7	%		1.0	%
Single-use Products		$	270.0		$	276.3		-2.3	%		-1.6	%		-3.9	%		-8.1	%		6.2	%		-4.0	%		2.2	%
Capital Products			47.0			45.0		4.6	%		-1.5	%		3.1	%		12.4	%		-2.0	%		-2.8	%		-4.8	%
		$	317.0		$	321.3		-1.3	%		-1.6	%		-2.9	%		-5.8	%		4.7	%		-3.7	%		1.0	%
Domestic		$	173.0		$	183.8		-5.8	%		0.0	%		-5.8	%
International			144.0			137.5		4.7	%		-3.7	%		1.0	%
		$	317.0		$	321.3		-1.3	%		-1.6	%		-2.9	%

Reconciliation of Reported Net Income to Adjusted Net Income
(in thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026
		Gross Profit				Selling & Administrative Expense				Research & Development Expense				Operating Income				Interest Expense				Tax Expense				Effective Tax Rate			Net Income				Diluted EPS
As reported		$	183,447			$	141,699			$	16,333			$	25,415			$	7,060			$	4,527			24.7	%		$	13,828			$	0.45
% of sales			57.9	%			44.7	%			5.2	%			8.0	%
Operational optimization costs(1)			379				(7,526	)			–				7,905				–				1,801							6,104
Executive transition costs(2)			–				(3,342	)			–				3,342				–				761							2,581
EU medical device regulations(3)			–				–				(1,167	)			1,167				–				266							901
Contingent consideration fair value adjustments(4)			–				(722	)			–				722				–				164							558
Termination of distribution agreement(5)			(1,864	)			–				–				(1,864	)			–				(425	)						(1,439	)
Gain on sale of product line(6)			–				3,916				–				(3,916	)			–				(892	)						(3,024	)
		$	181,962			$	134,025			$	15,166			$	32,771			$	7,060			$	6,202						$	19,509
Adjusted gross profit %			57.4	%
Amortization(7)		$	1,500				(7,261	)			–				8,761				(1,276	)			2,442							7,595
As adjusted						$	126,764			$	15,166			$	41,532			$	5,784			$	8,644			24.2	%		$	27,104			$	0.89
% of sales							40.0	%			4.8	%			13.1	%
Three Months Ended March 31, 2025
		Gross Profit				Selling & Administrative Expense				Research & Development Expense				Operating Income				Interest Expense				Tax Expense				Effective Tax Rate			Net Income				Diluted EPS
As reported		$	177,752			$	148,847			$	12,947			$	15,958			$	8,286			$	1,636			21.3	%		$	6,036			$	0.19
% of sales			55.3	%			46.3	%			4.0	%			5.0	%
Operational optimization costs(1)			3,410				(490	)			–				3,900				–				901							2,999
Executive transition costs(2)			–				(12,165	)			–				12,165				–				2,812							9,353
Contingent consideration fair value adjustments(4)			–				(3,962	)			–				3,962				–				916							3,046
Gain on sale of product line(6)			–				354				–				(354	)			–				(82	)						(272	)
Legal matters(8)			–				(1,037	)			–				1,037				–				240							797
		$	181,162			$	131,547			$	12,947			$	36,668			$	8,286			$	6,423						$	21,959
Adjusted gross profit %			56.4	%
Amortization(7)		$	1,500				(7,172	)			–				8,672				(1,443	)			2,455							7,660
As adjusted						$	124,375			$	12,947			$	45,340			$	6,843			$	8,878			23.1	%		$	29,619			$	0.95
% of sales							38.7	%			4.0	%			14.1	%

(1) In 2026 and 2025, the Company incurred costs related to the engagement of a consulting firm to evaluate and propose improvements to our manufacturing operations which are included in cost of sales. In addition, we incurred consulting fees, legal fees and other charges related to operational optimization which are included in selling & administrative expense.

(2) The Company incurred cash and stock-based compensation costs related to advisory services provided by our former Chief Financial Officer and Chief Executive Officer in 2026 and 2025, respectively.

(3) In 2026, the Company incurred costs to comply with the European Union’s Medical Device Regulations (MDR).

(4) In 2026 and 2025, the Company recorded expense related to the fair value adjustments of contingent consideration.

(5) In 2026, the Company incurred income related to the early termination of an agreement granting the Company exclusive distribution rights.

(6) In 2026, the Company recognized a gain on the sale of certain assets related to gastroenterology products. In 2025, the Company recognized a gain on the sale of a product line.

(7) Includes amortization of intangible assets and deferred financing fees.

(8) In 2025, the Company incurred costs for third party services pertaining to potential issues with certain royalty payments to design surgeons.

Reconciliation of Reported Net Income to EBITDA & Adjusted EBITDA
(in thousands, unaudited)
		Three Months Ended
		March 31,
			2026				2025
Net income		$	13,828			$	6,036
Provision for income taxes			4,527				1,636
Interest expense			7,060				8,286
Depreciation			4,174				4,235
Amortization			14,663				14,018
EBITDA		$	44,252			$	34,211
Stock based compensation			4,783				6,381
Operational optimization costs			7,905				3,900
Executive transition costs			3,342				12,165
EU medical device regulations			1,167				–
Contingent consideration fair value adjustments			722				3,962
Termination of distribution agreement			(1,864	)			–
Gain on sale of product line			(3,916	)			(354	)
Legal matters			–				1,037
Adjusted EBITDA		$	56,391			$	61,302
EBITDA Margin
EBITDA			14.0	%			10.6	%
Adjusted EBITDA			17.8	%			19.1	%

About CONMED Corporation

CONMED is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, and thoracic surgery. For more information, visit www.conmed.com.

Forward-Looking Statements

This press release and associated conference call may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to the risk factors discussed in the Company’s Annual Report on Form 10-K for the full year ended December 31, 2025 and other risks and uncertainties, which may be detailed from time to time in reports filed by CONMED with the SEC. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.

Supplemental Information – Reconciliation of GAAP to Non-GAAP Financial Measures

The Company supplements the reporting of its financial information determined under generally accepted accounting principles in the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; adjusted gross profit; cost of sales excluding specified items; adjusted selling and administrative expenses; adjusted research and development expense; adjusted operating income; adjusted interest expense; adjusted income tax expense; adjusted effective income tax rate; adjusted net income and adjusted diluted net earnings per share (EPS). The Company believes that these non-GAAP measures provide meaningful information to assist investors and shareholders in understanding its financial results and assessing its prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of its operations because they exclude items that may not be indicative of, or are unrelated to, its core operating results and provide a baseline for analyzing trends in the Company’s underlying business. Further, the presentation of EBITDA is a non-GAAP measurement that management considers useful for measuring aspects of the Company’s cash flow. Management uses these non-GAAP financial measures for reviewing the operating results and analyzing potential future business trends in connection with its budget process and bases certain management incentive compensation on these non-GAAP financial measures.

Net sales on a constant currency basis is a non-GAAP measure. The Company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. To measure percentage sales growth in constant currency, the Company removes the impact of changes in foreign currency exchange rates that affect the comparability and trend of net sales. To measure earnings performance on a consistent and comparable basis, the Company excludes certain items that affect the comparability of operating results and the trend of earnings. These adjustments are irregular in timing, may not be indicative of past and future performance and are therefore excluded to allow investors to better understand underlying operating trends.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, cost of sales, selling and administrative expenses, research and development expense, operating income, interest expense, income tax expense, effective income tax rate, net income and diluted net earnings per share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures above, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

We are unable to present a quantitative reconciliation of our expected diluted net earnings per share to expected adjusted diluted net earnings per share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of acquisition, integration and other charges. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our consolidated condensed statements of income.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429949862/en/

CONMED Corporation

Dalton Henry

Investor Relations Analyst

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Biotechnology General Health Surgery Medical Devices Health

MEDIA:

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Spok Reports First Quarter 2026 Results

Year-Over-Year Software Managed Services Revenue Growth of Nearly 57%

Company Reiterates 2026 Financial Guidance

PLANO, Texas–(BUSINESS WIRE)–
Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the first quarter ended March 31, 2026. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on June 24, 2026, to stockholders of record on May 26, 2026.

Recent Highlights:

• Spok recently announced a strategic realignment designed to further reduce operating expenses and deliver in excess of $6.0 million in anticipated annual cost savings, along with an approximately 10% workforce reduction

• First-quarter software operations bookings included 17 six-figure customer contracts

• Software backlog totaled $55.3 million at March 31, 2026, as the Company continues to focus on multi-year and managed services bookings

• First quarter 2026 wireless average revenue per unit (ARPU) was $8.29, up 0.6% on a year-over-year basis

• Capital returned to stockholders in the first quarter of 2026 totaled $8.0 million

• Research and development costs totaled $3.5 million in the first quarter of 2026, supporting Spok’s investment in the Company’s industry-leading solutions to fuel future growth

• Spok is excited about the significant potential for artificial intelligence to drive further operational efficiencies across the organization, with a particular focus on accelerating product development timelines and reducing time to market for new Care Connect® Suite capabilities

• Cash and cash equivalents balance of $17.1 million at March 31, 2026, and no debt

“Our focus continues to be on generating cash flow and returning capital to stockholders, while responsibly investing for future growth,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “We are confident that the strategic realignment that we announced a couple of weeks ago will create significant value for stockholders, while continuing both our investment in our Care Connect® Suite and our quarterly dividend, which currently represents a yield in excess of 10%.

“In the first quarter, we were able to deliver a nearly 57% year-over-year increase in software managed services revenue as well as a continued increase in the wireless average revenue per unit. Additionally, we generated nearly $2 million of net income and $5.3 million of adjusted EBITDA. Our ability to generate net income in various economic environments results from the financial platform our team has created. With over 80% of our revenues generated from re-occurring revenue streams, including software maintenance and subscription contracts, managed services, and wireless pager revenue, and a debt free balance sheet, we can mitigate the impact of timing issues and seasonality on bookings levels.

“Based on our recent announcement, and our visibility into our product sales pipeline, we are reiterating our previously provided full year 2026 financial guidance estimates for revenue and adjusted EBITDA, with the midpoint of our adjusted EBITDA guidance also being up from 2025. We are also very excited about the potential for artificial intelligence to add further efficiency across our operations and meaningfully reduce time to market on our product development goals and timelines, an opportunity we believe will create significant additional value for our customers and stockholders alike,” concluded Kelly.

Financial Highlights:

	For the three months ended March 31,
(Dollars in thousands)	2026			2025			Change (%)
Revenue
Wireless revenue
Paging revenue	$	16,569		$	17,607		(5.9	)%
Product and other revenue		917			867		5.8	%
Total wireless revenue	$	17,486		$	18,474		(5.3	)%
Software revenue
License	$	1,362			2,631		(48.2	)%
Professional services – projects		3,328		$	4,471		(25.6	)%
Professional services – managed services		2,059			1,315		56.6	%
Hardware		186			321		(42.1	)%
Maintenance and subscription		8,805			9,082		(3.0	)%
Total software revenue	$	15,740		$	17,820		(11.7	)%
Total revenue	$	33,226		$	36,294		(8.5	)%
	For the three months ended March 31,
(Dollars in thousands)	2026			2025			Change (%)
GAAP
Operating expenses	$	30,782		$	30,276		1.7	%
Net income	$	1,987		$	5,196		(61.8	)%
Cash and cash equivalents (as of period end)	$	17,078		$	19,873		(14.1	)%
Capital returned to stockholders	$	7,963		$	7,947		0.2	%
Non-GAAP
Adjusted operating expenses	$	29,468		$	29,360		0.4	%
Adjusted EBITDA	$	5,259		$	8,204		(35.9	)%
	For the three months ended March 31,
(Dollars in thousands, excluding units in service and ARPU)	2026			2025			Change (%)
Key Statistics
Wireless units in service (000’s) (as of period end)		657			705		(6.8	)%
Wireless average revenue per unit (ARPU)	$	8.29		$	8.24		0.6	%
Software operations bookings(1)	$	4,939		$	8,337		(40.8	)%
Software backlog (as of period end)(2)	$	55,290		$	63,152		(12.4	)%
(1) Software operations bookings includes net new (i.e., new customers or incremental add-on sales to existing customers) sales of license, professional services, equipment, and first-year maintenance.
(2) Software backlog excludes $14.8 million and $5.0 million of contractual obligations that are deemed cancellable by the customer without significant penalty as of March 31, 2026 and 2025, respectively.

Financial Outlook:

The Company also reiterated its prior financial guidance and expects the following for the full year 2026:

		Current Guidance
(Unaudited and in millions)		Full Year 2026
		From			To
Revenue
Wireless		$	68.0		$	71.0
Software		$	68.0		$	72.0
Total Revenue		$	136.0		$	143.0
Adjusted EBITDA		$	27.5		$	32.5

2026 First Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Wednesday, April 29, 2026, at 5:00 p.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.

Conference Call Details

Date/Time:	Wednesday, April 29, 2026, at 5:00 p.m. ET
Webcast:	https://www.webcast-eqs.com/registration/Spok_Q1_2026
U.S. Toll-Free Dial In:	877-407-0890
International Dial In:	1-201-389-0918

To access the call, please dial in approximately ten minutes before the start of the call. For those unable to join the live call, an OnDemand version of the webcast will be available following the call under the URL link and on the investor relations website.

* * * * * * * * *

About Spok

Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Plano, Texas, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on the Spok Care Connect® platform to enhance workflows for clinicians and support administrative compliance. Our customers send over 70 million messages each month through their Spok® solutions. Spok enables smarter, faster clinical communication. For more information, visit spok.com.

Spok is a trademark of Spok Holdings, Inc. Spok Care Connect and Spok Mobile are trademarks of Spok, Inc.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation and accretion expense, impairment of intangible assets and severance and restructuring costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets, legal costs unrelated to core business activities and non-recurring in nature, and severance and restructuring. With respect to our expectations under “Financial Outlook” above, reconciliation of adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and uncertainty with respect to certain items included in net income that are excluded from adjusted EBITDA, in particular, income tax benefit/expense, stock-based compensation expenses, impairment of intangible assets, severance and restructuring and other non-recurring expenses. These items can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot be reasonably predicted.

We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok’s financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan. This allows us to assess the underlying performance of our core business under this new strategic business plan.

We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principle of these non-GAAP financial measures is that they exclude significant amounts that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.

Safe Harbor Statement under the Private Securities Litigation Reform Act

Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; our ability to identify potential acquisitions, finance, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; economic conditions, such as recessionary economic cycles, the impact of trade disputes, tariffs and other trade protection measures, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on the United States healthcare industry; long sales cycle of our software solutions and services; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for material litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; our reliance on data centers and other computer systems, hardware, software and satellite networks and telecommunications systems infrastructure (collectively, “IT Systems”) and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties; cyberattacks, data breaches, system disruptions or other compromises to our or our critical third parties’ IT Systems, data, products or services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission. Although Spok believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Spok disclaims any intent or obligation to update any forward-looking statements.

Tables to Follow

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands except share, per share amounts and ARPU)
		For the three months ended
		3/31/2026				3/31/2025
Revenue:
Wireless		$	17,486			$	18,474
Software			15,740				17,820
Total revenue			33,226				36,294
Operating expenses:
Cost of revenue (exclusive of items shown separately below)			7,729				7,284
Research and development			3,457				3,094
Technology operations			6,162				6,190
Selling and marketing			4,488				4,925
General and administrative			7,632				7,867
Depreciation and accretion			992				859
Severance and restructuring			322				57
Total operating expenses			30,782				30,276
% of total revenue			92.6	%			83.4	%
Operating income			2,444				6,018
% of total revenue			7.4	%			16.6	%
Interest income			174				219
Other income			5				22
Income before income taxes			2,623				6,259
Provision for income taxes			(636	)			(1,063	)
Net income		$	1,987			$	5,196
Basic net income per common share		$	0.10			$	0.25
Diluted net income per common share		$	0.09			$	0.25
Basic weighted average common shares outstanding			20,770,505				20,440,306
Diluted weighted average common shares outstanding			21,141,838				20,656,794
Cash dividends declared per common share			0.3125				0.3125

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
		3/31/2026				12/31/2025
ASSETS		(Unaudited)
Current assets:
Cash and cash equivalents		$	17,078			$	25,280
Accounts receivable, net			19,774				22,644
Prepaid expenses			9,734				8,909
Other current assets			636				1,051
Total current assets			47,222				57,884
Non-current assets:
Property and equipment, net			5,503				5,723
Operating lease right-of-use assets			5,776				6,477
Goodwill			99,175				99,175
Deferred income tax assets, net			36,001				36,530
Other non-current assets			216				322
Total non-current assets			146,671				148,227
Total assets		$	193,893			$	206,111
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	4,932			$	3,975
Accrued compensation and benefits			3,435				7,361
Deferred revenue			28,405				30,452
Operating lease liabilities			2,508				2,676
Other current liabilities			4,166				4,645
Total current liabilities			43,446				49,109
Non-current liabilities:
Asset retirement obligations			4,905				4,902
Operating lease liabilities			3,701				4,263
Other non-current liabilities			877				1,458
Total non-current liabilities			9,483				10,623
Total liabilities			52,929				59,732
Commitments and contingencies
Stockholders’ equity:
Preferred stock		$	—			$	—
Common stock			2				2
Additional paid-in capital			107,612				108,212
Accumulated other comprehensive loss			(1,764	)			(1,756	)
Retained earnings			35,114				39,921
Total stockholders’ equity			140,964				146,379
Total liabilities and stockholders’ equity		$	193,893			$	206,111

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
	For the three months ended
	3/31/2026				3/31/2025
Operating activities:
Net income	$	1,987			$	5,196
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and accretion		992				859
Deferred income tax expense		528				962
Stock-based compensation		1,471				1,270
Provisions for credit losses, service credits and other		401				220
Changes in assets and liabilities:
Accounts receivable		2,471				1,050
Prepaid expenses and other assets		(303	)			446
Net operating lease liabilities		(29	)			(8	)
Accounts payable and other liabilities		(2,882	)			(6,160	)
Deferred revenue		(2,193	)			(1,582	)
Net cash provided by operating activities		2,443				2,253
Investing activities:
Purchases of property and equipment		(604	)			(745	)
Net cash used in investing activities		(604	)			(745	)
Financing activities:
Cash distributions to stockholders		(7,963	)			(7,947	)
Purchase of common stock for tax withholding on vested equity awards		(2,070	)			(2,843	)
Net cash used in financing activities		(10,033	)			(10,790	)
Effect of exchange rate on cash and cash equivalents		(8	)			10
Net decrease in cash and cash equivalents		(8,202	)			(9,272	)
Cash and cash equivalents, beginning of period		25,280				29,145
Cash and cash equivalents, end of period	$	17,078			$	19,873
Supplemental disclosure:
Income taxes refunded	$	(1	)		$	(4	)

SPOK HOLDINGS, INC.
UNITS IN SERVICE, MARKET SEGMENTS,
AND AVERAGE REVENUE PER UNIT (ARPU)
(Unaudited and in thousands)
		For the three months ended
		3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				6/30/2024
Account size ending units in service (000’s)
1 to 100 units			35				36				37				38				39				40				41				42
101 to 1,000 units			110				112				113				116				121				120				125				128
>1,000 units			512				527				534				540				545				560				564				577
Total			657				675				684				694				705				720				730				747
Market segment as a percent of total ending units in service
Healthcare			83.6	%			83.6	%			84.1	%			85.7	%			85.5	%			85.6	%			85.7	%			85.8	%
Government			5.0	%			4.9	%			5.0	%			4.0	%			4.0	%			4.0	%			4.1	%			4.4	%
Large enterprise			3.7	%			3.8	%			3.7	%			3.8	%			3.8	%			3.9	%			4.0	%			4.0	%
Other(1)			7.7	%			7.7	%			7.2	%			6.5	%			6.7	%			6.5	%			6.2	%			5.8	%
Total			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Account size ARPU
1 to 100 units		$	13.21			$	13.26			$	12.92			$	12.88			$	13.04			$	13.08			$	12.70			$	12.51
101 to 1,000 units			9.95				9.97				9.83				9.72				9.64				9.60				9.19				9.06
>1,000 units			7.61				7.56				7.51				7.54				7.59				7.50				7.33				7.21
Total		$	8.29			$	8.26			$	8.19			$	8.20			$	8.24			$	8.16			$	7.95			$	7.84
(1) Other includes hospitality, resort and indirect units

RECONCILIATION OF ADJUSTED OPERATING EXPENSES
(Unaudited and in thousands)
		For the three months ended
		3/31/2026				3/31/2025
Operating expenses		$	30,782			$	30,276
Add back:
Depreciation and accretion			(992	)			(859	)
Severance and restructuring			(322	)			(57	)
Adjusted operating expenses		$	29,468			$	29,360

RECONCILIATION OF ADJUSTED EBITDA
(Unaudited and in thousands)
		For the three months ended
		3/31/2026				3/31/2025
Net income		$	1,987			$	5,196
Add back:
Provision for income taxes			636				1,063
Other income			(5	)			(22	)
Interest income			(174	)			(219	)
Depreciation and accretion			992				859
EBITDA		$	3,436			$	6,877
Adjustments:
Stock-based compensation			1,431				1,270
Severance and restructuring			322				57
Legal costs unrelated to core business activities and non-recurring in nature		$	70			$	—
Adjusted EBITDA		$	5,259			$	8,204

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429742230/en/

Al Galgano

952-224-6096

[email protected]

KEYWORDS: Texas District of Columbia United States North America

INDUSTRY KEYWORDS: Telecommunications Software Practice Management Health Data Management Hospitals Health Technology Technology

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Glaukos Announces First Quarter 2026 Financial Results

ALISO VIEJO, Calif.–(BUSINESS WIRE)–
Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced financial results for the first quarter ended March 31, 2026. Key highlights include:

• Record net sales of $150.6 million in Q1 2026 increased 41% year-over-year on a reported basis and 39% year-over-year on a constant currency basis.

• Glaucoma record net sales of $129.3 million in Q1 2026 increased 47% year-over-year.

• U.S. Glaucoma record net sales of $93.5 million in Q1 2026 increased 58% year-over-year.

• Gross margin of approximately 78% and non-GAAP gross margin of approximately 84% in Q1 2026.

• Raised 2026 net sales guidance to $620 million to $635 million, compared to $600 million to $620 million previously.

“Our record first quarter results reflect successful global execution across our key global commercial and development priorities, leaving us well positioned to sustain our strong growth momentum driven by two transformational growth drivers in iDose TR and Epioxa,” said Thomas Burns, Glaukos chairman and chief executive officer. “We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”

First Quarter 2026 Financial Results

Net sales in the first quarter of 2026 of $150.6 million increased 41% on a reported basis, or 39% on a constant currency basis, compared to $106.7 million in the same period in 2025.

Gross margin for the first quarter of 2026 was approximately 78%, compared to approximately 77% in the same period in 2025. Non-GAAP gross margin for the first quarter of 2026 was approximately 84%, compared to approximately 82% in the same period in 2025.

Selling, general and administrative (SG&A) expenses for the first quarter of 2026 increased 32% to $92.9 million, compared to $70.7 million in the same period in 2025. Non-GAAP SG&A expenses for the first quarter of 2026 increased 31% to $92.2 million, compared to $70.7 million in the same period in 2025.

GAAP and non-GAAP research and development (R&D) expenses for the first quarter of 2026 increased 36% to $44.1 million, compared to $32.4 million in the same period in 2025.

Loss from operations in the first quarter of 2026 was $19.9 million, compared to operating loss of $20.7 million in the first quarter of 2025. Non-GAAP loss from operations in the first quarter of 2026 was $10.5 million, compared to non-GAAP operating loss of $15.2 million in the first quarter of 2025.

Net loss in the first quarter of 2026 was $19.8 million, or ($0.34) per diluted share, compared to net loss of $18.1 million, or ($0.32) per diluted share, in the first quarter of 2025. Non-GAAP net loss in the first quarter of 2026 was $10.4 million, or ($0.18) per diluted share, compared to non-GAAP net loss of $12.6 million, or ($0.22) per diluted share, in the first quarter of 2025.

The company ended the first quarter of 2026 with approximately $280.5 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.

2026 Revenue Guidance

The company expects 2026 net sales to be in the range of $620 million to $635 million based on the latest foreign currency exchange rates.

Webcast & Conference Call

The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company’s financial outlook. A link to the webcast is available on the company’s website at http://investors.glaukos.com. To participate in the conference call, please dial 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 1333241. A replay of the webcast will be archived on the company’s website following completion of the call.

Quarterly Summary Document

The company has posted a document on its Investor Relations website under the “Financials & Filings – Quarterly Results” section titled “Quarterly Summary.” This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company’s business objectives and strategies, and any forward statements or guidance the company may make. This document is provided alongside the company’s earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. It is the company’s goal that this format will make its quarterly earnings process more efficient and impactful for the investment community.

About Glaukos

Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose^® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management’s current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers’ expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, and our Quarterly Report on Form 10-Q for the year ended March 31, 2026, which we expect to file on or before May 11, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

Statement Regarding Use of Non-GAAP Financial Measures

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company’s industry to enhance comparability of the Company’s financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) (“Non-GAAP Purposes”). The Company uses the term “Non-GAAP” to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See “GAAP to Non-GAAP Reconciliations” for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure.

In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See “Reported Sales vs. Prior Periods” for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.

GLAUKOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
	Three Months Ended
	March 31,
		2026				2025
Net sales	$	150,571			$	106,664
Cost of sales		33,339				24,316
Gross profit		117,232				82,348
Operating expenses:
Selling, general and administrative		92,943				70,673
Research and development		44,145				32,353
Total operating expenses		137,088				103,026
Loss from operations		(19,856	)			(20,678	)
Non-operating income:
Interest income		2,431				3,076
Interest expense		(1,125	)			(1,163	)
Other (expense) income, net		(749	)			945
Total non-operating income		557				2,858
Loss before taxes		(19,299	)			(17,820	)
Income tax provision		484				326
Net loss	$	(19,783	)		$	(18,146	)
Basic and diluted net loss per share	$	(0.34	)		$	(0.32	)
Weighted-average shares outstanding used to compute
basic and diluted net loss per share		58,022				56,637

GLAUKOS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
	March 31,				December 31,
		2026				2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	104,249			$	90,813
Short-term investments		172,436				187,947
Accounts receivable, net		119,691				108,608
Inventory		62,384				63,564
Prepaid expenses and other current assets		26,993				24,052
Total current assets		485,753				474,984
Restricted cash		3,834				3,834
Property and equipment, net		112,432				113,253
Operating lease right-of-use asset		31,025				31,527
Finance lease right-of-use asset		38,800				39,404
Intangible assets, net		133,028				141,916
Goodwill		66,710				66,710
Deposits and other assets		21,744				21,859
Total assets	$	893,326			$	893,487
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	19,153			$	24,624
Accrued liabilities		70,262				76,651
Total current liabilities		89,415				101,275
Operating lease liability		35,313				35,767
Finance lease liability		67,743				68,109
Deferred tax liability, net		441				441
Other liabilities		29,486				31,740
Total liabilities		222,398				237,332
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares
issued and outstanding as of March 31, 2026 and December 31, 2025		–				–
Common stock, $0.001 par value; 150,000 shares authorized; 58,387
and 57,539 shares issued and 58,359 and 57,511 shares outstanding
at March 31, 2026 and December 31, 2025, respectively		58				58
Additional paid-in capital		1,621,272				1,586,056
Accumulated other comprehensive income		2,643				3,303
Accumulated deficit		(952,913	)			(933,130	)
Less treasury stock (28 shares as of March 31, 2026 and December 31, 2025)		(132	)			(132	)
Total stockholders’ equity		670,928				656,155
Total liabilities and stockholders’ equity	$	893,326			$	893,487

GLAUKOS CORPORATION
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
(unaudited)
		Q1 2026												Q1 2025
		GAAP				Adjustments				Non-GAAP				GAAP				Adjustments				Non-GAAP
Cost of sales		$	33,339			$	(8,675	)	(a)(b)	$	24,664			$	24,316			$	(5,523	)	(a)	$	18,793
Gross Margin			77.9	%			5.7	%			83.6	%			77.2	%			5.2	%			82.4	%
Operating expenses:
Selling, general and administrative		$	92,943			$	(693	)	(c)	$	92,250			$	70,673			$	–			$	70,673
Loss from operations		$	(19,856	)		$	9,368			$	(10,488	)		$	(20,678	)		$	5,523			$	(15,155	)
Net loss		$	(19,783	)		$	9,368		(d)	$	(10,415	)		$	(18,146	)		$	5,523		(d)	$	(12,623	)
Basic and diluted net loss per share		$	(0.34	)		$	0.16			$	(0.18	)		$	(0.32	)		$	0.10			$	(0.22	)

(a)		Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $8.2 million in Q1 2026 and $5.5 million in Q1 2025.
(b)		Mobius acquisition-related amortization expense of developed intellectual property of $0.5 million.
(c)		Expenses related to the Company’s trade secrets litigation and related matters.
(d)		Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company’s U.S. taxable loss positions in both 2026 and 2025.

Reported Sales vs. Prior Periods (in thousands)
										Year-over-Year Percent Change			Quarter-over-Quarter Percent Change
		1Q 2026			1Q 2025			4Q 2025		Reported	Operations (1)	Currency (2)	Reported	Operations (1)	Currency (2)
International Glaucoma	$	35,808		$	29,009		$	32,779		23.4%	15.7%	7.7%	9.2%	8.2%	1.0%
Total Net Sales	$	150,571		$	106,664		$	143,121		41.2%	39.1%	2.1%	5.2%	5.0%	0.2%

(1)		Operational growth excludes the effect of translational currency
(2)		Calculated by converting the current period numbers using the prior period’s average foreign exchange rates

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429247646/en/

Chris Lewis

Vice President, Investor Relations & Corporate Affairs

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Surgery Health Pharmaceutical Optical Health Technology

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