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CONMED Corporation

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American medical equipment company For other uses of "ConMed", see ConMed (disambiguation).

CONMED Corporation
Company typePublic company
Traded as
Founded1970
Headquarters
Key people
  • Curt Hartman
  • (chairman of the board, President, and CEO)
RevenueIncrease US$1.05 billion (2022)
Operating incomeIncrease US$ -70.9 million (2022)
Net incomeDecrease US$ -80.6 million (2022)
Total assetsIncrease US$2.3 million (2022)
Total equityDecrease US$1.6 million (2022)
Number of employees4,100 (2022)
Websitewww.conmed.com
Footnotes / references

The CONMED Corporation is a publicly traded American manufacturer of medical equipment, primarily orthopedic, endoscopy, and general surgical tools. In 2021, orthopedics made up $550 million of its revenue. It is part of the S&P 600. It has manufacturing facilities in the United States and Mexico, and sales and distribution offices internationally.

Products made by CONMED include the Hyfrecator electrosurgical generator and insufflation systems.

History

In 1970, Eugene Corasanti (1930–2015) purchased a small medical supplied distributor in Utica, New York. He originally named the company Concor Enterprises, but later renamed it to Consolidated Medical Equipment, Inc. Its first product was a disposable ECG electrode. Corasanti served as CEO until 2006 and chairman of the board until 2014. By the time he retired, CONMED had grown to around $700 million of sales.

In May 2003 CONMED was cited by the FDA for violations at its Colorado plant. Later in 2003, it filed suit against Johnson & Johnson, alleging that Johnson & Johnson was illegally coercing hospitals into purchasing their surgical instruments. A financial analyst for Zacks in 2006 criticized CONMED for taking on the financial strain of this suit, combined with poor growth and debt from recent acquisitions.

Eugene's son Joseph J. Corasanti replaced him as CEO in late 2006, which was criticized by some as nepotism. At the time, the board had consisted entirely of Utica-area residents. Joseph stepped down in 2014.

In July 2022, CONMED moved its headquarters from Utica to Largo, Florida. Its plant in Utica remains open.

Acquisitions

  • 1989: Aspen Labs from Bristol-Myers Squibb
  • 1995: New Dimensions in Medicine Inc. and the Birtcher Corporation, manufacturer of the Hyfrecator
  • 1997: Linvatec Corp, from Bristol-Myers Squibb
  • 2002: ValMed and NorTrex Medical
  • 2003: Core Dynamics and Bionx Implants
  • 2004: Endoscopic unit of C R Bard Inc
  • 2012: Viking Systems
  • 2016: SurgiQuest
  • 2017: ExoShape ACL product line from MedShape
  • 2019: Buffalo Filter
  • 2022: In2Bones and Biorez

References

  1. ^ CONMED Corporation (2023). "2022 Annual Report".
  2. ^ Aronovich, Hanna (December 2007). "'In-Depth Coverage'". U.S. Business Review. Vol. 8, no. 12. pp. 92–93. ISSN 1552-6313. EBSCOhost 28832089.
  3. Zaheer, Aima (January 14, 2023). "15 Largest Orthopedic Companies in the World". Yahoo Finance. Retrieved May 12, 2023.
  4. "Locations". CONMED corporation. Retrieved May 4, 2023.
  5. "News and product update". Journal of Medical Engineering & Technology. 46 (1): 85–87. January 2, 2022. doi:10.1080/03091902.2021.2009694. ISSN 0309-1902. S2CID 246053832.
  6. "News and product update". Journal of Medical Engineering & Technology. 41 (6): 506–509. August 18, 2017. doi:10.1080/03091902.2017.1341245. ISSN 0309-1902. PMID 28795647. S2CID 37834557.
  7. Lathers, Steven; Krishnamoorthy, Mahesh; Vasdev, Nikhil; Tegan, Gary (January 2, 2023). "Distribution of surgical smoke particles within a simulated laparoscopic cavity utilizing an AirSeal® system". Journal of Medical Engineering & Technology. 47 (1): 12–28. doi:10.1080/03091902.2022.2096134. hdl:2299/25712. ISSN 0309-1902. PMID 35801978. S2CID 250358381.
  8. ^ "Meet Eugene "Gene" Corasanti, CONMED's Founder". www.linkedin.com. Retrieved May 4, 2023.
  9. "COMPANY NEWS; F.D.A. CITES VIOLATIONS AT CONMED, SURGICAL TOOLS MAKER". The New York Times. May 21, 2003. ISSN 0362-4331. Retrieved May 4, 2023.
  10. Walsh, Mary Williams (November 8, 2003). "Johnson & Johnson Is Sued By Rival Over Sales Methods". The New York Times. ISSN 0362-4331. Retrieved May 4, 2023.
  11. Armstrong, David (June 5, 2006). "Under the Knife". Forbes. Vol. 177, no. 12. EBSCOhost 21396346.
  12. "Noted..." WSJ. November 3, 2006. Retrieved May 12, 2023.
  13. "Voce Capital Demands Changes at CONMED Corporation". Business Wire. November 4, 2013. EBSCOhost bizwire.c51624434.
  14. Reinhardt, Eric (August 1, 2014). "ConMed moves forward with interim CEO after Corasanti steps down". Business Journal (Central New York). Vol. 28, no. 30. pp. 2–9B. ISSN 0894-5675. EBSCOhost 97514948.
  15. "Utica's ConMed moved headquarters to Largo, Florida". Utica Observer Dispatch. July 20, 2022. Retrieved May 4, 2023.
  16. ^ "MarketLine Company Profile: CONMED Corp". MarketLine. August 11, 2022. EBSCOhost 159347027.
  17. "Acquisition by Conmed". The New York Times. October 20, 1995. ISSN 0362-4331. Retrieved May 4, 2023.
  18. Christy, John H.; Waxler, Caroline (May 5, 1997). "Exit the E.R.". Forbes. Vol. 159, no. 9. p. 191. EBSCOhost 9704271568.
  19. O'Dell, John (January 19, 1995). "Birtcher to Cut 80% of Staff, Close Irvine Office if Merger OKd : Deal: The N.Y.-based competitor looking to acquire the firm wants its products and Mexican operation, not its workers. Employees expected the layoff announcement". Los Angeles Times. Retrieved November 30, 2021.
  20. "Bristol-Myers to Sell a Medical Devices Unit". The New York Times. November 28, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
  21. "COMPANY NEWS; CONMED SHARES UP ON DEAL WITH BRISTOL-MYERS". The New York Times. November 29, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
  22. "COMPANY NEWS; CONMED TO BUY BARD'S ENDOSCOPIC UNIT FOR $80 MILLION". The New York Times. August 19, 2004. ISSN 0362-4331. Retrieved May 4, 2023.
  23. Diakantonis, Demitri (November 16, 2015). "Conmed Adds Airseal Medical Device Maker SurgiQuest". Mergers & Acquisitions Report. EBSCOhost 111147785.
  24. Sean Whooley (June 14, 2022). "Conmed completes $145M In2Bones acquisition". MassDevice.
  • Pederson, Jay P., ed. (2007). International Directory of Company Histories. Vol. 87. St James Press. pp. 118–120. ISBN 9781558625914.

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