First Quarter 2021 Highlights<\/b><\/p>\n \n\u201cI am very pleased by our first-quarter performance, which is a direct result of our team\u2019s continued perseverance through a difficult operating environment,\u201d commented Curt R. Hartman, CONMED\u2019s Chair of the Board, President, and Chief Executive Officer. \u201cI believe that CONMED is well-positioned to capitalize on an improving surgical landscape over the course of this year, and I am confident in our team\u2019s ability to provide innovative solutions that will benefit both our customers and the patients in their care.\u201d\n<\/p>\n 2021 Outlook<\/b><\/p>\n \nBased on the first quarter results, the Company is increasing its guidance for full-year 2021 and now expects revenue between $1.0 billion and $1.03 billion, compared to its prior guidance of between $975 million and $1.02 billion. Based on recent exchange rates, the positive impact to 2021 sales from foreign exchange is now expected to be in the range of 50 to 100 basis.\n<\/p>\n \nThe Company now expects full-year 2021 adjusted diluted net earnings per share in the range of $3.05 to $3.20, compared to its prior range of $2.85 to $3.05.\n<\/p>\n Supplemental Financial Disclosures<\/b><\/p>\n (1)<\/sup> A reconciliation of reported diluted net earnings per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.\n<\/p>\n Conference Call <\/b><\/p>\n \nThe Company\u2019s management will host a conference call today at 4:30 p.m. ET to discuss its first quarter 2021 results.\n<\/p>\n \nTo participate in the conference call, dial 1-844-889-7792 (domestic) or +1-661-378-9936 (international) and refer to the passcode 1487002.\n<\/p>\n \nThis conference call will also be webcast and can be accessed from the \u201cInvestors\u201d section of CONMED’s website at www.conmed.com<\/a>. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.\n<\/p>\n \nA recording of the call will also be available from 7:30 p.m. ET on Wednesday, April 28, 2021, until 7:30 p.m. ET on Wednesday, May 5, 2021. To hear this recording, dial 1-855-859-2056 (domestic) or +1-404-537-3406 (international) and enter the passcode 1487002.\n<\/p>\n Consolidated Condensed Statements of Income<\/b><\/p>\n \n(in thousands, except per share amounts, unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n232,677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n214,010\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n104,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94,851\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross profit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n128,449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n119,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nSelling & administrative expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n95,867\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch & development expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,027\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,120\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome from operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,082\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,172\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n89\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,731\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,491\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBenefit from income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(129\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,436\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,860\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,927\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic EPS\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.34\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.21\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted EPS\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.31\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic shares\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,972\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,478\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,378\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,707\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Sales Summary<\/b><\/p>\n \n(in millions, unaudited)\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended March 31, <\/b><\/p>\n<\/td>\n<\/tr>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n Domestic<\/b><\/p>\n<\/td>\n International<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n As Reported<\/b><\/p>\n<\/td>\n Impact of Foreign Currency<\/b><\/p>\n<\/td>\n Constant Currency<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n As Reported<\/b><\/p>\n<\/td>\n As Reported<\/b><\/p>\n<\/td>\n Impact of Foreign Currency<\/b><\/p>\n<\/td>\n Constant Currency<\/b><\/p>\n<\/td>\n<\/tr>\n \nOrthopedic Surgery\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n107.2\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n99.3\n<\/p>\n<\/td>\n \n7.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-2.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n5.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-3.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n9.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral Surgery\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n114.7\n<\/p>\n<\/td>\n \n9.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-1.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n8.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n17.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-4.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n232.7\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n214.0\n<\/p>\n<\/td>\n \n8.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-1.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-3.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nSingle-use Products\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n187.4\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n177.7\n<\/p>\n<\/td>\n \n5.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-1.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n7.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-3.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nCapital Products\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36.3\n<\/p>\n<\/td>\n \n24.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-2.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n42.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-4.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n37.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n232.7\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n214.0\n<\/p>\n<\/td>\n \n8.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-1.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-3.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nDomestic\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n123.9\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n118.8\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \nInternational\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n95.2\n<\/p>\n<\/td>\n \n14.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-3.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n232.7\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n214.0\n<\/p>\n<\/td>\n \n8.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n-1.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n Reconciliation of Reported Net Income to Adjusted Net Income <\/b><\/p>\n \n(in thousands, except per share amounts, unaudited)\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended March 31, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/b><\/p>\n<\/td>\n Selling &<\/b><\/p>\n Administrative<\/b><\/p>\n Expense<\/b><\/p>\n<\/td>\n Operating <\/b><\/p>\n Income<\/b><\/p>\n<\/td>\n Interest Tax (Benefit)<\/b><\/p>\n<\/td>\n Effective <\/b><\/p>\n Tax Rate<\/b><\/p>\n<\/td>\n Net <\/b><\/p>\n Income<\/b><\/p>\n<\/td>\n Diluted EPS<\/b><\/p>\n<\/td>\n<\/tr>\n As reported<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n128,449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n98,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20,082\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(129\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n-1.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,860\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.31\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \nRestructuring and related costs (1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(414\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n414\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n109\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n305\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n128,449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n97,926\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20,496\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(20\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,165\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.33\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted gross profit %\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \nAmortization(4)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,838\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,338\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,561\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,969\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,930\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.30\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net income<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n91,088\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,834\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,790\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,949\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n19,095\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.63\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares outstanding\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,193\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional potential dilutive shares from in-the-money convertible notes(5)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,185\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares, as reported\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,378\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConvertible note hedges(6)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,014\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares, as adjusted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,364\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended March 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/b><\/p>\n<\/td>\n Selling & <\/b><\/p>\n Administrative <\/b><\/p>\n Expense<\/b><\/p>\n<\/td>\n Operating <\/b><\/p>\n Income<\/b><\/p>\n<\/td>\n Interest Tax (Benefit)<\/b><\/p>\n<\/td>\n Effective <\/b><\/p>\n Tax Rate<\/b><\/p>\n<\/td>\n Net <\/b><\/p>\n Income <\/b><\/p>\n<\/td>\n Diluted EPS<\/b><\/p>\n<\/td>\n<\/tr>\n As reported<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n119,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n95,867\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,172\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(2,436\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n-69.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,927\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \nAcquisition and integration costs (2)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n805\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(754\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n955\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.03\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nManufacturing consolidation costs (3)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,785\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,785\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n693\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,092\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n121,749\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n95,113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,516\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,139\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n7,974\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.27\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted gross profit %\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \nAmortization(4)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,999\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,499\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,084\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,494\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,089\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.24\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net income <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n88,114\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25,015\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15,063\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.51\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares outstanding\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,572\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional potential dilutive shares from in-the-money convertible notes(5)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n135\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares, as reported\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,707\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConvertible note hedges(6)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(135\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares, as adjusted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,572\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(1) In 2021, the Company incurred restructuring costs related to restructuring of our sales force.\n<\/p>\n<\/td>\n<\/tr>\n \n(2) In 2020, the Company incurred inventory adjustments associated with a prior acquisition and integration and severance costs mainly related to the acquisition of Buffalo Filter, LLC.\n<\/p>\n<\/td>\n<\/tr>\n \n(3) In 2020, the Company incurred costs related to the consolidation of certain manufacturing operations. These costs related to winding down operations at certain locations and moving production lines to other facilities.\n<\/p>\n<\/td>\n<\/tr>\n \n(4) Includes amortization of intangible assets, deferred financing fees and debt discount.\n<\/p>\n<\/td>\n<\/tr>\n \n(5) In Q1 2021 and 2020, the Company’s average share price exceeded the conversion price of our 2.625% convertible notes due in 2024 (the “Notes”) resulting in additional potential diluted shares.\n<\/p>\n<\/td>\n<\/tr>\n \n(6) Non-GAAP adjusted dilutive weighted average shares outstanding exclude dilution that is expected to be offset by the Company’s convertible note hedge transactions.\n<\/p>\n<\/td>\n<\/tr>\n\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n
\n
Expense<\/b><\/p>\n<\/td>\n\n
\n
Expense<\/b>\/ <\/b><\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n
\n
Expense<\/b><\/p>\n<\/td>\n\n
\n
Expense\/ <\/b><\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210428005914\/en\/841403\/3\/ConMed_Corp_LogoPMS3005_RGB.jpg\")
<\/td>\n<\/tr>\n