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Financial Analysis

Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data

Fundamentals

CONMED Corp CNMD

· Healthcare · Electromedical & Electrotherapeutic Apparatus

FY2025 10-K, filed 2026-02-17
SEC EDGAR

Filing evidence summary

Mixed evidenceCoverage 5/5 core metrics

Operating margin changed -7.9 percentage points from the prior annual period.

Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.

Evidence signals

  • Operating margin compressed

    Operating margin changed -7.9 percentage points from the prior annual period.

    Why this surfaced

    Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.

  • 1 filing risk check flagged

    Flagged areas: Solvency & liquidity.

    Why this surfaced

    The full financial analysis shows each value, threshold, and sector limitation.

  • Revenue expanded

    Latest reported annual revenue changed +5.2% from the prior reported annual observation.

    Why this surfaced

    Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.

  • Free cash flow was positive

    Latest reported free cash flow was $151M.

    Why this surfaced

    Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.

Core trend metrics

Latest annual revenue growth
+5.2%
as of 2025-12-31
Latest annual operating margin
7.5%
as of 2025-12-31
Free cash flow
$151M
as of 2025-12-31
Debt / equity
0.81x
as of 2025-12-31
ROIC snapshot
4.4%
period varies

Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.

Where to look next

Risk checks

1of 12 rule-based checks flagged
  • Solvency & liquidity

Financial movement

  • Cash→ flat
  • Long-term debt→ flat
  • Inventory→ flat
  • Receivables→ flat
  • Current assets→ flat

Source & freshness

Source
SEC EDGAR XBRL
Fetched
2026-09-06
Latest period end
2025-12-31
Filings
EDGAR ↗

Reported segment mix

figures as filed · share of the filed sum · change vs the prior period in the same filing
Fiscal year ending 2025-12-3110-K filed 2026-02-17prior period 2024-12-31 from the same filingView filing
By product or service
Revenue
  • General Surgery$800M
    58.2%
    +4.9% yoy
  • Orthopedic Surgery$575M
    41.8%
    +5.6% yoy

Members sum to the consolidated $1.37B for this period.

By geography
Revenue
  • United States$775M
    56.3%
    +3.5% yoy
  • EMEA$265M
    19.3%
    +8.9% yoy
  • Asia Pacific$209M
    15.2%
    +7.2% yoy
  • Americasexcludingthe United States$127M
    9.2%
    +4.7% yoy

Members sum to the consolidated $1.37B for this period.

Latest quarter
Quarter ending 2026-06-3010-Q filed 2026-07-29prior period 2025-06-30 from the same filingView filing
  • General Surgery$191M
    55.7%
    -5.2% yoy
  • Orthopedic Surgery$152M
    44.3%
    +8.2% yoy

Change is against the same quarter a year earlier, as reported in the same 10-Q.

Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.

Peer percentiles

latest fiscal year ending 2025-12-31 · among 4,007 US-listed filers · 318 in Healthcare
MetricValuevs all filersvs sector
Revenue
latest fiscal-year revenue as filed
$1.4B
60thof 3,301
middle third
68thof 291
top third
Revenue growth
latest fiscal-year revenue vs the prior fiscal year
5.2%
47thof 3,137
middle third
37thof 277
middle third
Gross margin
gross profit ÷ revenue
54.6%
70thof 1,603
top third
49thof 212
middle third
Operating margin
operating income ÷ revenue
7.5%
62ndof 2,819
middle third
70thof 280
top third
Net margin
net income ÷ revenue
3.4%
54thof 3,263
middle third
66thof 290
middle third
Free-cash-flow margin
(operating cash flow − |capex|) ÷ revenue
11.0%
68thof 2,679
top third
74thof 261
top third
Return on equity
net income ÷ stockholders' equity (positive equity only)
4.5%
51stof 3,576
middle third
65thof 291
middle third
Interest coverage
operating income ÷ interest expense (interest expense > 0)
3.3×
65thof 819
middle third
72ndof 76
top third
Stock comp ÷ revenue
stock-based compensation ÷ revenue · lower is ranked higher
2.1%
51stof 2,895
middle third
63rdof 272
middle third
Days sales outstanding
receivables ÷ revenue × 365 · lower is ranked higher
66 days
31stof 2,398
bottom third
34thof 266
middle third
Cash conversion
operating cash flow ÷ net income (net income > 0)
3.6×
85thof 1,737
top third
86thof 105
top third
Cash-flow accrual ratio
(net income − operating cash flow) ÷ average total assets · lower is ranked higher
-5.3%
57thof 2,382
middle third
47thof 172
middle third
Balance-sheet accrual ratio
change in net operating assets ÷ average net operating assets · lower is ranked higher
5.6%
50thof 2,004
middle third
46thof 148
middle third

Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.

Earnings quality

latest fiscal year ending 2025-12-31 · accruals and cash conversion as filed
Cash conversion
3.63×
operating cash flow ÷ net income, latest fiscal year
Cash-flow accrual ratio
-5.3%
(net income − operating cash flow) ÷ average total assets
Balance-sheet accrual ratio
5.6%
change in net operating assets ÷ average net operating assets
Cash-backed years
5 of 5
fiscal years where operating cash flow met or exceeded net income
Mean cash conversion
2.16×
across the stored fiscal years with positive net income

Per fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.

Point-in-time ledger

first-reported vs latest filing · periods since 2020-01-01 · 0 changed periods

No period on file has changed between its first report and the latest filing carrying it.

First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.

Notes by disclosure type

debt, leases, revenue, segments, contingencies, taxes and more · the filer's own words
Latest annual report10-K FY2025 · filed 20260217View filing
Revenue disaggregation · 965 characters as filed

The following tables present revenue disaggregated by product line and timing of revenue recognition for the years ended December 31, 2025, 2024 and 2023: 2025 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 529,124 $ 789,735 $ 1,318,859 Services transferred over time 45,474 10,391 55,865 Total sales from contracts with customers $ 574,598 $ 800,126 $ 1,374,724 2024 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 502,336 $ 754,070 $ 1,256,406 Services transferred over time 41,652 8,957 50,609 Total sales from contracts with customers $ 543,988 $ 763,027 $ 1,307,015 2023 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 494,002 $ 704,041 $ 1,198,043 Services transferred over time 39,156 7,545 46,701 Total sales from contracts with customers $ 533,158 $ 711,586 $ 1,244,744

DisaggregationOfRevenueTableTextBlock

Goodwill and intangibles · 1,954 characters as filed

Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the years ended December 31, are as follows: 2025 2024 Balance as of January 1, $ 805,358 $ 806,844 Foreign currency translation and other adjustments 1,653 (1,486) Balance as of December 31, $ 807,011 $ 805,358 Total accumulated goodwill impairment losses aggregated $107.0 million at December 31, 2025 and 2024, respectively. Other intangible assets consist of the following: December 31, 2025 December 31, 2024 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets with definite lives: 22 Customer and distributor relationships 24 $ 370,068 $ (221,904) $ 369,774 $ (205,013) Sales representation, marketing and promotional rights 25 149,376 (84,000) 149,376 (78,000) Patents and other intangible assets 15 87,029 (57,685) 85,392 (55,802) Developed technology 18 317,904 (65,281) 320,204 (54,812) Intangible assets with indefinite lives : Trademarks and tradenames 86,544 86,544 $ 1,010,921 $ (428,870) $ 1,011,290 $ (393,627) Amortization expense related to intangible assets which are subject to amortization totaled $35.2 million, $34.7 million and $35.2 million for the years ending December 31, 2025, 2024 and 2023, respectively, and is included as a reduction of revenue (for amortization related to our sales representation, marketing and promotional rights) and in selling and administrative exp

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income taxes · 5,966 characters as filed

"Income Taxes The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consists of the following: 2025 2024 2023 Current tax expense: Federal $ 5,732 $ 4,084 $ 2,066 State 2,053 2,875 3,826 Foreign 12,754 11,445 9,777 20,539 18,404 15,669 Deferred income tax expense (benefit): Federal 3,966 10,351 2,826 State 953 681 (893) Foreign (1,396) 1,170 (1,233) 3,523 12,202 700 Provision for income taxes $ 24,062 $ 30,606 $ 16,369 A reconciliation between income taxes computed at the statutory federal rate and the provision for income taxes for the years ended December 31, 2025, 2024 and 2023 follows: 2025 2024 2023 Amount Percent (c) Amount Percent (c) Amount Percent (c) U.S. Federal Statutory Tax Rate $ 14,935 21.0 % $ 34,236 21.0 % $ 16,974 21.0 % State and Local Income Taxes, Net of Federal Income Tax Effect (a) 2,571 3.6 2,743 1.7 2,160 2.7 Foreign Tax Effects 3,204 4.5 3,234 2.0 3,389 4.2 Effect of Cross-Border Tax Laws (1,743) (2.5) (2,822) (1.7) (2,323) (2.9) Tax Credits (1,886) (2.7) (2,413) (1.5) (2,440) (3.0) Changes in Valuation Allowances (424) (0.5) Nontaxable or Nondeductible Items: Contingent consideration 2,370 3.3 (7,526) (4.6) (1,430) (1.8) Other (b) 5,840 8.2 3,321 2.0 1,080 1.3 Changes in Unrecognized Tax Benefits (684) (1.0) (350) (0.2) Other Adjustments (545) (0.8) 183 0.1 (617) (0.8) Total $ 24,062 33.8 % $ 30,606 18.8 % $ 16,369 20.3 % (a) Florida, Illinois, Texas, & New Jersey made up greater than 50 percent of the tax effect in

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal matters · 8,452 characters as filed

"Legal Proceedings From time to time, the Company may receive an information request, subpoena or warrant from a government agency such as the Securities and Exchange Commission, U.S. Department of Justice (""DOJ""), Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the U.S. Food and Drug Administration (""FDA""), the Department of Labor, the Treasury Department or other federal and state agencies or foreign governments or government agencies. These information requests, subpoenas or warrants may or may not be routine inquiries, or may begin as routine inquiries and over time develop into enforcement actions of various types. Additionally, if we receive reports of alleged misconduct from employees or third parties, we investigate as appropriate. Manufacturers of medical devices have been the subject of various investigations and enforcement actions relating to interactions with healthcare providers domestically or internationally whereby companies are claimed to have provided healthcare providers with inappropriate incentives to purchase their products. Similarly, the Foreign Corrupt Practices Act (""FCPA"") prohibits U.S. companies and their representatives from offering or making payments to foreign officials for the purpose of securing an improper business advantage; and in many countries, the healthcare professionals with whom we regularly interact may meet the definition of a foreign government official for purposes of this law.

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Leases · 2,051 characters as filed

Leases Lease costs for the years ended December 31, consist of the following: 2025 2024 2023 Operating lease cost: Straight-line lease cost $ 11,001 $ 8,933 $ 8,118 Right-of-use asset impairment cost 606 Total operating lease cost 11,001 9,539 8,118 Finance lease cost: Depreciation 365 380 344 Interest on lease liabilities 74 101 55 Total finance lease cost 439 481 399 Total lease cost $ 11,440 $ 10,020 $ 8,517 Supplemental balance sheet information related to leases as of December 31, is as follows: 2025 2024 Operating leases Other assets $ 48,988 $ 39,839 Other current liabilities $ 8,612 $ 8,093 Other long-term liabilities 43,932 33,282 Total operating lease liabilities $ 52,544 $ 41,375 Finance leases Property, plant and equipment, gross $ 3,024 $ 3,015 Accumulated depreciation (1,049) (676) Property, plant and equipment, net $ 1,975 $ 2,339 Current portion of long-term debt $ 712 $ 715 Long-term debt 521 1,159 Total finance lease liabilities $ 1,233 $ 1,874 Weighted average remaining lease term (in years) Operating leases 7.47 years 7.48 years Finance leases 1.93 years 2.88 years Weighted average discount rate Operating leases 5.75 % 5.65 % Finance leases 4.86 % 4.86 % Supplemental cash flow information related to leases for the years ended December 31, was as follows: 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,835 $ 8,532 $ 8,178 Financing cash flows from finance leases 715 725 43

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-term debt · 8,244 characters as filed

"Long-Term Debt Long-term debt consists of the following at December 31: 2025 2024 Revolving line of credit $ $ Term loan, net of deferred debt issuance costs of $218 and $354 in 2025 and 2024, respectively 39,782 114,234 2.250% convertible notes, net of deferred debt issuance costs of $6,073 and $10,327 in 2025 and 2024, respectively 793,927 789,673 Finance leases 1,233 1,874 Total debt 834,942 905,781 Less: Current portion 712 715 Total long-term debt $ 834,230 $ 905,066 Eighth Amended and Restated Senior Credit Agreement On June 10, 2025, we entered into an eighth amended and restated senior credit agreement consisting of: (a) a $100.0 million term loan facility and (b) a $650.0 million revolving credit facility. The revolving credit facility will terminate and the loans outstanding under the term loan facility will expire on June 10, 2030. The term loan was payable in quarterly installments increasing over the term of the facility with the remaining outstanding balance due at maturity. During 2025, we made $60.0 million in prepayments on the term loan facility resulting in the elimination of such quarterly payments. Proceeds from the term loan facility and borrowings under the revolving credit facility were used to repay the then existing senior credit agreement. Interest rates are at the Term Secured Overnight Financing Rate (""Term SOFR"") (3.938% at December 31, 2025) plus an interest rate margin of 1.125% (5.063% at December 31, 2025). For borrowings where we elect to

LongTermDebtTextBlock · excerpt; the full note is in the filing

New accounting pronouncements · 2,475 characters as filed

"New Accounting Pronouncements Recently Adopted Accounting Standards In December 2023, the FASB issued Accounting Standards Update (""ASU"") 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entitys effective tax rate reconciliation in specified categories as well as information on income taxes paid. The Company adopted this ASU as of December 31, 2025 and applied it on a retrospective basis. Refer to Note 8 for the disclosures related to Income Tax. Recently Issued Accounting Standards, Not Yet Adopted In September 2025, the FASB issued ASU 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. We are currently eva

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pensions and post-retirement benefits · 8,027 characters as filed

Employee Benefit Plans We sponsor an employee savings plan (401(k) plan) covering substantially all of our United States based employees. We also sponsor a defined benefit pension plan (the pension plan) that was frozen in 2009. It covered substantially all our United States based employees at the time it was frozen. Total employer contributions to the 401(k) plan were $7.6 million, $8.0 million and $8.2 million during the years ended December 31, 2025, 2024 and 2023, respectively. We use a December 31 measurement date for our pension plan. Cumulative gains and losses in excess of 10% of the greater of the benefit obligation or the market-related value of assets are amortized on a straight-line basis over the lesser of the expected average remaining life expectancy of the plan's participants or 10.47 and 10.85 years at December 31, 2025 and 2024, respectively. The limits of 10.47 and 10.85 years, respectively, are adjusted to reflect the percentage change in the average remaining service period for the plan's active membership. The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31: 2025 2024 Accumulated benefit obligation $ 70,718 $ 69,235 Change in benefit obligation Projected benefit obligation at beginning of year $ 69,235 $ 70,588 Service cost 656 721 Interest cost 3,529 3,452 Actuarial (gain)/loss 1,878 (1,373) Benefits paid (3,311) (3,112) Settlements (1,269) (1,041) Projected

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue recognition · 1,551 characters as filed

Revenues The following tables present revenue disaggregated by product line and timing of revenue recognition for the years ended December 31, 2025, 2024 and 2023: 2025 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 529,124 $ 789,735 $ 1,318,859 Services transferred over time 45,474 10,391 55,865 Total sales from contracts with customers $ 574,598 $ 800,126 $ 1,374,724 2024 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 502,336 $ 754,070 $ 1,256,406 Services transferred over time 41,652 8,957 50,609 Total sales from contracts with customers $ 543,988 $ 763,027 $ 1,307,015 2023 Orthopedic Surgery General Surgery Total Timing of Revenue Recognition Goods transferred at a point in time $ 494,002 $ 704,041 $ 1,198,043 Services transferred over time 39,156 7,545 46,701 Total sales from contracts with customers $ 533,158 $ 711,586 $ 1,244,744 Revenue disaggregated by primary geographic market where the products are sold is included in Note 11. Contract liability balances related to the sale of extended warranties to customers are as follows: December 31, 2025 December 31, 2024 Contract Liability $ 21,967 $ 18,424 Revenue recognized during years ended December 31, 2025, 2024 and 2023 from amounts included in contract liabilities at the beginning of the period were $14.4 million, $13.9 million and $12.5 million, respectively. There were no material contract as

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment reporting · 6,113 characters as filed

"Business Segment and Geographic Areas We account and report for our business as a single operating segment entity engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company derives revenue globally and manages the business on a consolidated basis due to shared infrastructure and resources. Our chief operating decision maker (""CODM""), the President and Chief Executive Officer, evaluates the various global product portfolios on a net sales basis and evaluates profitability, investment, cash flow metrics and allocates resources on a consolidated worldwide basis. Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgical procedures and fees related to sales representation, promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines' net sales and primary geographic market where the products are sold, are as follows for the years ended December 31, 2025, 2024 and 2023: 2025 Orthopedic Su

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Latest quarterly report10-Q FY2026 Q2 · filed 20260729View filing
Revenue disaggregation · 1,879 characters as filed

The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition: Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 Orthopedic Surgery General Surgery Total Orthopedic Surgery General Surgery Total Primary Geographic Markets United States $ 51,653 $ 123,732 $ 175,385 $ 51,687 $ 138,925 $ 190,612 Europe, Middle East & Africa 40,305 35,842 76,147 35,588 32,189 67,777 Asia Pacific 36,561 20,596 57,157 31,736 20,345 52,081 Americas (excluding the United States) 23,796 11,003 34,799 21,723 10,152 31,875 Total sales from contracts with customers $ 152,315 $ 191,173 $ 343,488 $ 140,734 $ 201,611 $ 342,345 Timing of Revenue Recognition Goods transferred at a point in time $ 139,852 $ 188,205 $ 328,057 $ 129,382 $ 199,065 $ 328,447 Services transferred over time 12,463 2,968 15,431 11,352 2,546 13,898 Total sales from contracts with customers $ 152,315 $ 191,173 $ 343,488 $ 140,734 $ 201,611 $ 342,345 Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 Orthopedic Surgery General Surgery Total Orthopedic Surgery General Surgery Total Primary Geographic Markets United States $ 107,587 $ 240,854 $ 348,441 $ 104,702 $ 269,672 $ 374,374 Europe, Middle East & Africa 78,789 66,495 145,284 70,795 60,658 131,453 Asia Pacific 67,398 31,716 99,114 60,860 34,934 95,794 Americas (excluding the United States) 46,204 21,491 67,695 42,667 19,312 61,979 Total sales from contr

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Goodwill and intangibles · 2,971 characters as filed

Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the six months ended June 30, 2026 are as follows: Balance as of December 31, 2025 $ 807,011 Write-off related to sale of a business (9,778) Foreign currency translation (331) Balance as of June 30, 2026 $ 796,902 Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. During the quarter ended June 30, 2026, the Company completed the sale of additional assets, which constituted a business, related to the gastroenterology product offerings for $14.0 million. As this transaction was determined to be the sale of a business, we wrote off $9.8 million of goodwill, which resulted in a $4.4 million loss on the sale recorded to selling and administrative expense. Other intangible assets consist of the following: June 30, 2026 December 31, 2025 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets with definite lives: 22 Customer and distributor relationships 24 $ 365,103 $ (224,933) $ 370,068 $ (221,904) Sales representation, marketing and promotional rights 25 149,376 (87,000) 149,376 (84,000) Developed technology 18 317,904 (70,781) 317,904 (65,281) Patents and other intangible assets 15 85,153 (56,550) 87,029 (57,6

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Legal matters · 1,745 characters as filed

Legal Proceedings In the ordinary course of business, we are involved in various legal actions involving product liability, employment, intellectual property and commercial disputes, stockholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations. We do not expect that the resolution of any pending claims, investigations or reports of alleged misconduct will have a material adverse effect on our financial condition, results of operations or cash flows. There can be no assurance, however, that future claims, investigations, or reports of alleged misconduct, or the costs associated with responding to such claims, investigations or reports of alleged misconduct, especially when not covered by insurance, will not have a material adverse effect on our financial condition, results of operations or cash flows. We record reserves sufficient to cover probable and estimable losses associated with pending claims. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is recorded. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded and actual results may differ from these estimates. The amounts accrued are based on the full amount of the estimated loss before considering insurance proceeds and do not include an estimate for legal fees expected to be incurred in connection with th

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Long-term debt · 9,708 characters as filed

"Long-Term Debt Long-term debt consists of the following: June 30, 2026 December 31, 2025 Revolving line of credit $ 193,000 $ Term A-1 Loan, net of deferred debt issuance costs of $168 and $218 in 2026 and 2025, respectively 39,832 39,782 Term A-2 Loan, net of deferred debt issuance costs of $3,474 in 2026 446,526 2.250% convertible notes, net of deferred debt issuance costs of $768 and $6,073 in 2026 and 2025, respectively 153,990 793,927 Finance leases 901 1,233 Total debt 834,249 834,942 Less: Current portion 177,199 712 Total long-term debt $ 657,050 $ 834,230 Eighth Amended and Restated Senior Credit Agreement On June 10, 2025, we entered into an eighth amended and restated senior credit agreement consisting of: (a) a $100.0 million term loan facility (""Term A-1 Loan"") and (b) a $650.0 million revolving credit facility. On May 27, 2026, we entered into the first amendment to the eighth amended and restated senior credit agreement to obtain additional commitments for a senior secured delayed draw term loan facility of $450 million (""Term A-2 Loan""). The revolving credit facility will terminate and the loans outstanding under both term loan facilities will expire on June 10, 2030. The Term A-1 Loan was payable in quarterly installments increasing over the term of the facility with the remaining outstanding balance due at maturity. During 2025, we made $60 million in prepayments on the Term A-1 Loan facility resulting in the elimination of such quarterly payments. Proc

LongTermDebtTextBlock · excerpt; the full note is in the filing

New accounting pronouncements · 1,974 characters as filed

"Recently Issued Accounting Standards, Not Yet Adopted In September 2025, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. We are currently evaluating the impact this ASU will have on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) as clarified by ASU 2025-01. The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes on an annual and interim basis. Any relevant expense caption presented on the face of the income st

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pensions and post-retirement benefits · 573 characters as filed

Pension Plan Net periodic pension cost consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Service cost $ 123 $ 164 $ 246 $ 328 Interest cost on projected benefit obligation 818 882 1,636 1,764 Expected return on plan assets (1,154) (1,091) (2,308) (2,182) Net amortization and deferral 282 354 564 708 Net periodic pension cost $ 69 $ 309 $ 138 $ 618 We do not expect to make any pension contributions during 2026. Non-service pension cost/(benefit) was immaterial for the three and six months ended June 30, 2026 and 2025.

PensionAndOtherPostretirementBenefitsDisclosureTextBlock

Revenue recognition · 2,346 characters as filed

Revenues The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition: Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 Orthopedic Surgery General Surgery Total Orthopedic Surgery General Surgery Total Primary Geographic Markets United States $ 51,653 $ 123,732 $ 175,385 $ 51,687 $ 138,925 $ 190,612 Europe, Middle East & Africa 40,305 35,842 76,147 35,588 32,189 67,777 Asia Pacific 36,561 20,596 57,157 31,736 20,345 52,081 Americas (excluding the United States) 23,796 11,003 34,799 21,723 10,152 31,875 Total sales from contracts with customers $ 152,315 $ 191,173 $ 343,488 $ 140,734 $ 201,611 $ 342,345 Timing of Revenue Recognition Goods transferred at a point in time $ 139,852 $ 188,205 $ 328,057 $ 129,382 $ 199,065 $ 328,447 Services transferred over time 12,463 2,968 15,431 11,352 2,546 13,898 Total sales from contracts with customers $ 152,315 $ 191,173 $ 343,488 $ 140,734 $ 201,611 $ 342,345 Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 Orthopedic Surgery General Surgery Total Orthopedic Surgery General Surgery Total Primary Geographic Markets United States $ 107,587 $ 240,854 $ 348,441 $ 104,702 $ 269,672 $ 374,374 Europe, Middle East & Africa 78,789 66,495 145,284 70,795 60,658 131,453 Asia Pacific 67,398 31,716 99,114 60,860 34,934 95,794 Americas (excluding the United States) 46,204 21,491 67,695 42,667 19,312 61,979 Total sales f

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment reporting · 4,176 characters as filed

"Business Segment We operate and report our business as a single operating segment entity engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company derives revenue globally and manages the business on a consolidated basis due to shared infrastructure and resources. Our chief operating decision maker (""CODM""), the President and Chief Executive Officer, evaluates the various global product portfolios on a net sales basis and evaluates profitability, investment, cash flow metrics and allocates resources on a consolidated worldwide basis. Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgical procedures and fees related to sales representation, promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic procedures, clinical insufflation, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines' net sales are as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Orthopedic surgery $ 152,315 $ 140,734 $ 299,978 $ 279,024 General surgery 191,

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Source: SEC DERA Financial Statement and Notes data sets (txt.tsv), excerpts of the filer's own note text; the full note is in the linked filing. Excerpts are the first part of each note exactly as tagged in the filing; open the filing for the full text and the tables. Descriptive and educational, not advice.

Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.

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