CNMDCONMED Corp
Electromedical & Electrotherapeutic Apparatus
- Revenue
- $1.4B
- 5.2% YoY
- Operating margin
- 7.5%
- 51% YoY
- EBITDA
- $120M
- 45% YoY
- Market cap
- $1.3B
- Employees
- 3,900
- $352K revenue each
- Net debt / EBITDA
- 5.1×
- $610M net debt
- AI in 10-K
- 2.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo362% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo14% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo35% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$352K · 42nd pctBottom quartile of its SIC industry
- Quiet on AINo2.1 per 10K words · 56th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo5.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$161K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.0B | $1.2B | $1.3B | $1.4B | 5.2% |
| Operating income | $110M | $70M | $121M | $200M | $103M | 49% |
| Net income | $63M | −$81M | $65M | $132M | $47M | 64% |
| Operating cash flow | $112M | $33M | $125M | $167M | $171M | 2.2% |
| Capex | $15M | $22M | $19M | $13M | $20M | 51% |
| Stock-based comp | $16M | $22M | $24M | $26M | $28M | 11% |
| Dividends | $23M | $24M | $25M | $25M | $25M | 0.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $161K · 2
- Net
- −$161K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $3M | 38 | 127 |
| FY2024 | $7M | −$5M | 64 | 138 |
| FY2023 | $8M | $13M | 101 | 124 |
| FY2022 | $8M | −$8M | 81 | 114 |
| FY2021 | $9M | $23M | 129 | 140 |