Conmed Corporation (CNMD) saw its loss widen to $4.54 million, or $0.16 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.26 million, or $0.08 a share. On the other hand, adjusted net income for the quarter stood at $10.60 million, or $0.38 a share compared with $11.62 million or $0.42 a share, a year ago.
Revenue during the quarter went up marginally by 2.96 percent to $186.57 million from $181.20 million in the previous year period. Gross margin for the quarter contracted 40 basis points over the previous year period to 53.54 percent. Operating margin for the quarter stood at negative 1.34 percent as compared to a positive 1.95 percent for the previous year period.
Operating loss for the quarter was $2.49 million, compared with an operating income of $3.54 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $30.35 million compared with $31.01 million in the prior year period. At the same time, adjusted EBITDA margin contracted 84 basis points in the quarter to 16.27 percent from 17.11 percent in the last year period.
"We are encouraged by our first quarter results, which exhibited continued strength across our key international markets, as well as solid performance within our U.S. General Surgery business. While our domestic Orthopedics business remains a challenge, the first quarter represents improved sequential performance, and we remain focused on returning this business to positive growth," commented Curt R. Hartman, CONMED’s president and chief executive officer.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.85 to $1.95 on adjusted basis.
Operating cash flow turns positiveConmed Corporation has generated cash of $15.30 million from operating activities during the quarter as against cash outgo of $16.56 million in the last year period. The company has spent $2.58 million cash to meet investing activities during the quarter as against cash outgo of $259.21 million in the last year period.
The company has spent $6.27 million cash to carry out financing activities during the quarter as against cash inflow of $222.44 million in the last year period.
Cash and cash equivalents stood at stood at $34.66 million as at Mar. 31, 2017.
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