CONMED Corporation

Last updated

CONMED Corporation
TypePublic company
Founded1970
Headquarters
Key people
  • Curt Hartman
  • (chairman of the board, President, and CEO)
RevenueIncrease2.svg US$1.05 billion (2022)
Increase2.svg US$ -70.9 million (2022)
Decrease2.svg US$ -80.6 million (2022)
Total assets Increase2.svg US$2.3 million (2022)
Total equity Decrease2.svg US$1.6 million (2022)
Number of employees
4,100 (2022)
Website www.conmed.com
Footnotes /references
[1]

The CONMED Corporation is a publicly traded American manufacturer of medical equipment, primarily orthopedic, endoscopy, and general surgical tools. [2] In 2021, orthopedics made up $550 million of its revenue. [3] It is part of the S&P 600. It has manufacturing facilities in the United States and Mexico, and sales and distribution offices internationally. [1] [4]

Contents

Products made by CONMED include the Hyfrecator electrosurgical generator [5] and insufflation systems. [6] [7]

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. [8] Its first product was a disposable ECG electrode. [2] 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. [8]

In May 2003 CONMED was cited by the FDA for violations at its Colorado plant. [9] Later in 2003, it filed suit against Johnson & Johnson, alleging that Johnson & Johnson was illegally coercing hospitals into purchasing their surgical instruments. [10] 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. [11]

Eugene's son Joseph J. Corasanti replaced him as CEO in late 2006, [12] which was criticized by some as nepotism. At the time, the board had consisted entirely of Utica-area residents. [13] Joseph stepped down in 2014. [14]

In July 2022, CONMED moved its headquarters from Utica to Largo, Florida. Its plant in Utica remains open. [15]

Acquisitions

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References

  1. 1 2 3 CONMED Corporation (2023). "2022 Annual Report".
  2. 1 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. 1 2 "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. 1 2 3 4 5 6 7 8 9 "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.


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