CONMED Corp 2024年度报告

~CONMED Contents Introduction4 CompanyFinancialSnapshot5 Letter toStockholders6 FeaturedSpotlights10 BoardofDirectors&Executive LeadershipTeam18 AdditionalInformation20 GAAP to Non-GAAPReconciliations22 CONMED10-K24 ~CONMED Foundationsofthe Future AtCONMED,we believethatstrong foundations drivelastingprogress.We havebuilta company rooted in innovation,operat1onalexcellence,and a commitmentto improvingpatientoutcomes.ln2024,we reinforced these foundations, strengthening ourportfolio,advancing ourtechnology,and positioningourselves forlong-term success in anevolvinghealthcarelandscape. Thisyearhasbeen oneofboth progress and transformation. We expandedourpresenceinhigh-growth markets, strengthenedoursupplychain, and continuedinvestmg1ngroundbreakingsolutions.Ourcommitment to empoweringhealthcareprovidersworldwideremains steadfast,asdoesour focusondeliveringvalueforallstakeholders Aswelookto the future,ourfoundation isstrong.Thestrategic decisions wemaketoday-whether through innovation,operationalimprovements,ordeepening customer relationships-are shaping thenextchapterofourcompany. Bystaying true to ourv1s1on,we arebuildmga future whereCONMEDcontinues tolead,evolve,and improvelives. CompanyFinanc1alSnapshot ~Company Snapshot GeneralSurgery @ Productsused in the areasofadvancedsurgicaland advanced endoscopictechnologies. OrthopedicSurgery @Surgicaldevicesincludingcapital,single-use,andimplantsused in the repairofsoft tissue and j ointinj uries. ~CONMEDZOZ¥ANNUALREPORT Letterto Stockholders MarthaGoldbergAronson DearFellowStockholdersofCONMEDCorporation: Sincethe Company's founding in 1970,CONMEDhasdevelopeda diverseportfolioofclinicallydifferentiatedproducts through both strategic acquisitions andinternaldevelopment,with the aim ofproviding innovativesolutionsto a dynamichealthcareindustry and topositivelyimpact patient outcomes. During2024,ourglobalCONMEDteam worked together to serveourcustomers,whi lenavigatingcomplexandchallengingenvironmentsworldwide.CONMEDemerged from 2024stronger and better positioned todeliveron thepotential ofourportfolioand ourvision to "Empowerhealthcare providers worldwide to deliver exceptional outcomes forpatients." Asweexecuteonour vision, we remain focused on drivingstockholdervaluebyevolvingourproductmixtoward higher-growth, higher-margin offerings, increasingourmarketshareinlargeand attractive markets,and advancingoursupplychain initiatives. As we execute on these focus areas, we are confidentthatwe candeliverabove-market revenue andprofitabilitygrowth over thelongterm. In2024,ourdiversifiedportfoliogenerated revenueof$1.31billion,representing growthof5.0%asreportedand 5 .3%in constantcurrency'.OurGeneralSurgery productlineperformedwellwith constantcurrency'salesgrowthof7.5%. WithinGeneralSurgery,AirSealhad another yearofstrongdouble-digitsalesgrowth with bothrecordcapitalanddisposablesales. SalesforourOrthopedics productlineincreased 2.5%on a constantcurrency'basis,belowmarket growthdue to ongoingsupplychain challenges.Whilewe made progress on these supplychallengesthroughouttheyear,weacknowledgethatadditionalactionsareneeded to turn oursupplychain intoanareaofstrength.Aswe look to2025,we aretaking swift action and arekeenlyfocused on strengthening our supplychainand optimizing inventory, and weareconfident that wewillfinishtheyearina much stronger position toreliablymeet customer demand. 2024wasmarked by a mixofsuccesses and setbacks.Whi leouroverallsalesgrowthwaswithin the expectedrangeofourclinicallydifferentiatedportfol io,we are focused on thelongterm opportunity to grow fasterthanour peers in revenue andprofitabil ity.We wereableto offset someofthetop-lineheadwinds with improvedprofitability,driven by product mix and operatingleverage.Ouradjusted operatingmargin·for2024was15.5%,animprovementof150basis points over 2023.Thisoperating margin expansion contributed to strong growthinadjusteddi lutednet earnings pershare·,which fin ished the year up 20.9% to $4.17. Looking Forward We are laser focused onresolving the remaining supplychallenges within our O rthopedics product line andstrengtheningouroperations in 2025.Oursales force has returned to offense in ou r Foot and Ankle productoffering, although thereisstillworkongoingin other areasofOrthopedics. We have engaged a top-tier consult ingfirm thatishelping us drive change more rapid ly and turnouroperations from an areaofweakness intoanareaofstrength.Weremain focused on maximizing thepotential of the key growth drivers acrossour portfol io, includingAirSeaJ®, Buffalo Filter®, BioBrace®and ou r Foot and Ankle portfolio. AirSeal® recorded another recordsalesyearin 2024.Weare confidentthat AirSeal®will remain a double-d igitgrower for many years, supported by physiciandemandforbetter patient outcomes that benefitnotonly patients buthospitalsaswell. These benefits include a reduction in post-operative pain and quicker recovery times forpatients,resulting in shorter hospital staysand enabl inghos