Mr. Joseph J. Corasanti, Conmed president and CEO, attributed their success to growth in single-use product sales, favorable currency exchange rates and their customers returning to historic purchasing trends after the 2009 economic crisis.
During the second quarter of 2010, Conmed consolidated administrative functions and its Linvatec division as well as transferred product lines to its Mexican manufacturing facility. Severance and relocation costs were reported as $2 million in the second quarter. Conmed expects to add approximately $1.5 million in additional restructuring charges for the remainder of 2010.
International sales for the second quarter of 2010 were $87.9 million, representing 48.5 percent of total sales. Cash provided from operating activities outpaced net income, amounting to $18.5 million.
For the six month period ending on June 30, Conmed reported sales were $357.5 million compared to $328 million reported at the same time last year.
Read the release on the Conmed financial report.
Read other coverage on Conmed:
– CONMED Linvatec Releases Bullseye Anatomic Cruciate Reconstruction System
– Conmed Reports Lower Sales Than Last Year but Sees Rebound
– Conmed Linvatec Introduces New Sizes of Interference Screw
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