0000816956-24-000015 | 10-Q | XBRL Viewer

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the notional contract amounts for forward contracts outstanding:


		As of
	FASB ASC Topic 815 Designation	June 30, 2024		December 31, 2023
Forward exchange contracts	Cash flow hedge	$	228,171	$	223,839
Forward exchange contracts	Non-designated	53,524		55,789

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income and our consolidated condensed balance sheets:


	Amount of Gain (Loss) Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income					Amount of Gain Reclassified from AOCI
	Three Months Ended June 30,
						Total Amount of Line Item Presented
Derivative Instrument	2024		2023		Location of amount reclassified	2024		2023		2024		2023

Foreign exchange contracts	$	(499)	$	2,753	Net Sales	$	332,097	$	317,652	$	1,349	$	915
					Cost of Sales	148,368		146,962		626		1,175
Pre-tax gain (loss)	$	(499)	$	2,753						$	1,975	$	2,090
Tax expense (benefit)	(121)		667							479		507
Net gain (loss)	$	(378)	$	2,086						$	1,496	$	1,583


	Amount of Gain Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income					Amount of Gain Reclassified from AOCI
	Six Months Ended June 30,
						Total Amount of Line Item Presented
Derivative Instrument	2024		2023		Location of amount reclassified	2024		2023		2024		2023

Foreign exchange contracts	$	6,759	$	5,291	Net Sales	$	644,371	$	613,121	$	1,990	$	1,490
					Cost of Sales	288,677		287,110		1,372		1,981
Pre-tax gain	$	6,759	$	5,291						$	3,362	$	3,471
Tax expense	1,639		1,281							815		842
Net gain	$	5,120	$	4,010						$	2,547	$	2,629

.

Derivatives Not Designated as Hedging Instruments

Net gains from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income were:


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Instrument	Location on Consolidated Condensed Statements of Comprehensive Income	2024		2023		2024		2023

Net gain on currency forward contracts	Selling and administrative expense	$	211	$	768	$	882	$	403
Net loss on currency transaction exposures	Selling and administrative expense	$	(965)	$	(1,355)	$	(2,210)	$	(1,279)

Schedule of Fair Value for Forward Foreign Exchange Contracts

The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2024 and December 31, 2023:


June 30, 2024	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	4,677	$	(1,258)	$	3,419
Foreign exchange contracts	Other assets	824		(692)		132
		$	5,501	$	(1,950)	$	3,551

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	7		(214)		(207)

Total derivatives		$	5,508	$	(2,164)	$	3,344


December 31, 2023	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	3,761	$	(3,197)	$	564
Foreign exchange contracts	Other long-term liabilities	24		(433)		(409)
		$	3,785	$	(3,630)	$	155

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	39		(209)		(170)

Total derivatives		$	3,824	$	(3,839)	$	(15)

Fair Value Measurement Inputs and Valuation Techniques

The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2024:


	Assumptions
Unobservable Input	In2Bones	Biorez

Discount rate	8.28%	13.31%
Revenue volatility	19.26%	22.15%
Projected year of payment	2024-2026	2024-2026

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2024 and 2023 are as follows:


	In2Bones				Biorez
	2024		2023		2024		2023
Balance as of January 1,	$	41,393	$	70,198	$	128,751	$	116,234

Payments	(3,028)		—		(36,401)		—
Changes in fair value of contingent consideration	(20,760)		136		5,541		3,663

Balance as of June 30,	$	17,605	$	70,334	$	97,891	$	119,897

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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, 2024						June 30, 2023
	Orthopedic Surgery		General Surgery		Total		Orthopedic Surgery		General Surgery		Total
Primary Geographic Markets
United States	$	52,125	$	133,242	$	185,367	$	52,339	$	122,328	$	174,667
Europe, Middle East & Africa	35,015		28,673		63,688		32,582		25,700		58,282
Asia Pacific	31,230		20,175		51,405		33,249		19,357		52,606
Americas (excluding the United States)	21,167		10,470		31,637		22,620		9,477		32,097
Total sales from contracts with customers	$	139,537	$	192,560	$	332,097	$	140,790	$	176,862	$	317,652

Timing of Revenue Recognition
Goods transferred at a point in time	$	128,875	$	190,317	$	319,192	$	130,274	$	175,025	$	305,299
Services transferred over time	10,662		2,243		12,905		10,516		1,837		12,353
Total sales from contracts with customers	$	139,537	$	192,560	$	332,097	$	140,790	$	176,862	$	317,652


	Six Months Ended						Six Months Ended
	June 30, 2024						June 30, 2023
	Orthopedic Surgery		General Surgery		Total		Orthopedic Surgery		General Surgery		Total
Primary Geographic Markets
United States	$	106,276	$	255,498	$	361,774	$	101,284	$	237,973	$	339,257
Europe, Middle East & Africa	68,220		56,325		124,545		65,702		48,596		114,298
Asia Pacific	57,458		38,334		95,792		63,370		35,343		98,713
Americas (excluding the United States)	42,495		19,765		62,260		41,610		19,243		60,853
Total sales from contracts with customers	$	274,449	$	369,922	$	644,371	$	271,966	$	341,155	$	613,121

Timing of Revenue Recognition
Goods transferred at a point in time	$	253,567	$	365,519	$	619,086	$	251,397	$	337,614	$	589,011
Services transferred over time	20,882		4,403		25,285		20,569		3,541		24,110
Total sales from contracts with customers	$	274,449	$	369,922	$	644,371	$	271,966	$	341,155	$	613,121

Contract liability balances related to the sale of extended warranties to customers are as follows:


	June 30, 2024		December 31, 2023

Contract liability	$	18,729	$	17,962

Revenue recognized during the six months ended June 30, 2024 and June 30, 2023 from amounts included in contract liabilities at the beginning of the periods were $8.5 million and $7.6 million, respectively. There were no material contract assets as of June 30, 2024 and December 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Entity File Number	001-39218
Entity Registrant Name	CONMED CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0977505
Entity Address, Address Line One	11311 Concept Blvd
Entity Address, City or Town	Largo,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33773
City Area Code	727
Local Phone Number	392-6464
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CNMD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,829,285
Entity Central Index Key	0000816956
Amendment Flag	false

Fair Value of Financial Instruments (Contingent Consideration) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Non-cash adjustments to fair value of contingent consideration liability	$ (15,219)	$ 3,799
Business Combination, Contingent Consideration, Liability, Current	36,900		$ 77,600
Business Combination, Contingent Consideration, Liability, Noncurrent	78,600		$ 92,500
In2Bones Global Inc
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Balance as of January 1,	41,393	70,198
Payments	(3,028)	0
Non-cash adjustments to fair value of contingent consideration liability	(20,760)	136
Balance as of June 30,	$ 17,605	70,334
In2Bones Global Inc \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Measurement Input, Discount Rate
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.0828
In2Bones Global Inc \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Measurement Input, Revenue Volatility
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.1926
Biorez Inc
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Balance as of January 1,	$ 128,751	116,234
Payments	(36,401)	0
Non-cash adjustments to fair value of contingent consideration liability	5,541	3,663
Balance as of June 30,	$ 97,891	$ 119,897
Biorez Inc \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Measurement Input, Discount Rate
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.1331
Biorez Inc \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Measurement Input, Revenue Volatility
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.2215

Fair Value of Financial Instruments (Foreign Currency Forward Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Net loss on currency transaction exposures	$ (965)	$ (1,355)	$ (2,210)	$ (1,279)
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value	5,508		5,508		$ 3,824
Liabilities Fair Value	(2,164)		(2,164)		(3,839)
Net Fair Value	3,344		3,344		(15)
Foreign Currency Forward Contracts
Derivative [Line Items]
Net gain on currency forward contracts	211	$ 768	882	$ 403
Derivatives designated as hedged instruments: \| Foreign Currency Forward Contracts
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value	5,501		5,501		3,785
Liabilities Fair Value	(1,950)		(1,950)		(3,630)
Net Fair Value	3,551		3,551		155
Derivatives designated as hedged instruments: \| Foreign Currency Forward Contracts \| Prepaid Expenses and Other Current Assets
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value	4,677		4,677		3,761
Liabilities Fair Value	(1,258)		(1,258)		(3,197)
Net Fair Value	3,419		3,419		564
Derivatives designated as hedged instruments: \| Foreign Currency Forward Contracts \| Other Noncurrent Assets
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value	824		824
Liabilities Fair Value	(692)		(692)
Net Fair Value	132		$ 132
Derivatives designated as hedged instruments: \| Foreign Currency Forward Contracts \| Other Noncurrent Liabilities
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value					24
Liabilities Fair Value					(433)
Net Fair Value					(409)
Derivatives not designated as hedging instruments: \| Foreign Currency Forward Contracts
Derivative [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge			1 month
Notional amount of cash flow hedges	53,524		$ 53,524		55,789
Derivatives not designated as hedging instruments: \| Foreign Currency Forward Contracts \| Other Current Liabilities
Derivative Assets and Liabilities at Fair Value [Abstract]
Asset Fair Value	7		7		39
Liabilities Fair Value	(214)		(214)		(209)
Net Fair Value	(207)		$ (207)		(170)
Cash flow hedge \| Foreign Currency Forward Contracts
Derivative [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge			2 years
Notional amount of cash flow hedges	228,171		$ 228,171		$ 223,839
Foreign Currency Cash Flow Hedge Gain to be Reclassified During Next 12 Months	$ 2,600		$ 2,600

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

We enter into derivative instruments for risk management purposes only. We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates and commodity prices. These fluctuations can increase the costs of financing, investing and operating the business. We use forward contracts, a type of derivative instrument, to manage certain foreign currency exposures.

By nature, all financial instruments involve market and credit risks. We enter into forward contracts with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties.

Foreign Currency Forward Contracts. We hedge forecasted intercompany sales denominated in foreign currencies through the use of forward contracts. We account for these forward contracts as cash flow hedges. To the extent these forward contracts meet hedge accounting criteria, changes in their fair value are not included in current earnings but are included in accumulated other comprehensive loss. These changes in fair value will be recognized into earnings as a component of sales or cost of sales when the forecasted transaction occurs.

We also enter into forward contracts to exchange foreign currencies for United States dollars in order to hedge our currency transaction exposures on intercompany receivables designated in foreign currencies. These forward contracts settle each month at month-end, at which time we enter into new forward contracts. We have not designated these forward contracts as hedges and have not applied hedge accounting to them.

The following table presents the notional contract amounts for forward contracts outstanding:


		As of
	FASB ASC Topic 815 Designation	June 30, 2024		December 31, 2023
Forward exchange contracts	Cash flow hedge	$	228,171	$	223,839
Forward exchange contracts	Non-designated	53,524		55,789

The remaining time to maturity as of June 30, 2024 is within two years for hedge designated foreign exchange contracts and approximately one month for non-hedge designated forward exchange contracts.

Statement of comprehensive income presentation

Derivatives designated as cash flow hedges


	Amount of Gain (Loss) Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income					Amount of Gain Reclassified from AOCI
	Three Months Ended June 30,
						Total Amount of Line Item Presented
Derivative Instrument	2024		2023		Location of amount reclassified	2024		2023		2024		2023

Foreign exchange contracts	$	(499)	$	2,753	Net Sales	$	332,097	$	317,652	$	1,349	$	915
					Cost of Sales	148,368		146,962		626		1,175
Pre-tax gain (loss)	$	(499)	$	2,753						$	1,975	$	2,090
Tax expense (benefit)	(121)		667							479		507
Net gain (loss)	$	(378)	$	2,086						$	1,496	$	1,583


	Amount of Gain Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income					Amount of Gain Reclassified from AOCI
	Six Months Ended June 30,
						Total Amount of Line Item Presented
Derivative Instrument	2024		2023		Location of amount reclassified	2024		2023		2024		2023

Foreign exchange contracts	$	6,759	$	5,291	Net Sales	$	644,371	$	613,121	$	1,990	$	1,490
					Cost of Sales	288,677		287,110		1,372		1,981
Pre-tax gain	$	6,759	$	5,291						$	3,362	$	3,471
Tax expense	1,639		1,281							815		842
Net gain	$	5,120	$	4,010						$	2,547	$	2,629

.

At June 30, 2024, $2.6 million of net unrealized gains on forward contracts accounted for as cash flow hedges, and included in accumulated other comprehensive loss, are expected to be recognized in earnings in the next twelve months.

Derivatives not designated as cash flow hedges

Net gains from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income were:


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Instrument	Location on Consolidated Condensed Statements of Comprehensive Income	2024		2023		2024		2023

Net gain on currency forward contracts	Selling and administrative expense	$	211	$	768	$	882	$	403
Net loss on currency transaction exposures	Selling and administrative expense	$	(965)	$	(1,355)	$	(2,210)	$	(1,279)

Balance sheet presentation

We record these forward foreign exchange contracts at fair value. The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2024 and December 31, 2023:


June 30, 2024	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	4,677	$	(1,258)	$	3,419
Foreign exchange contracts	Other assets	824		(692)		132
		$	5,501	$	(1,950)	$	3,551

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	7		(214)		(207)

Total derivatives		$	5,508	$	(2,164)	$	3,344


December 31, 2023	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	3,761	$	(3,197)	$	564
Foreign exchange contracts	Other long-term liabilities	24		(433)		(409)
		$	3,785	$	(3,630)	$	155

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	39		(209)		(170)

Total derivatives		$	3,824	$	(3,839)	$	(15)

Our forward foreign exchange contracts are subject to a master netting agreement and qualify for netting in the consolidated condensed balance sheets.

Fair Value Disclosure. FASB guidance defines fair value and establishes a framework for measuring fair value and related disclosure requirements. This guidance applies when fair value measurements are required or permitted. The guidance indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Fair value is defined based upon an exit price model.

Valuation Hierarchy. A valuation hierarchy was established for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no significant changes in the assumptions.

Valuation Techniques. Assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2024 consist of forward foreign exchange contracts and contingent consideration. The Company values its forward foreign exchange contracts using quoted prices for similar assets. The most significant assumption is quoted currency rates. The value of the forward foreign exchange contract assets and liabilities were valued using Level 2 inputs and are listed in the table above.

The Company values contingent consideration from the In2Bones, Global Inc. ("In2Bones") and Biorez, Inc. ("Biorez") acquisitions using Level 3 inputs. The contingent consideration was recorded at fair value at the date of acquisition based on the consideration expected to be transferred, estimated as the probability-weighted future cash flows, discounted back to present value. The fair value of contingent consideration is measured using projected payment dates, discount rates, revenue volatilities and projected revenues. The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2024:


	Assumptions
Unobservable Input	In2Bones	Biorez

Discount rate	8.28%	13.31%
Revenue volatility	19.26%	22.15%
Projected year of payment	2024-2026	2024-2026

Adjustments to the fair value of contingent consideration for In2Bones were driven by a delayed recovery from supply chain constraints, delays in product registrations and integration disruptions. Biorez adjustments to fair value of contingent consideration relate to the passage of time and changes in market assumptions. Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2024 and 2023 are as follows:


	In2Bones				Biorez
	2024		2023		2024		2023
Balance as of January 1,	$	41,393	$	70,198	$	128,751	$	116,234

Payments	(3,028)		—		(36,401)		—
Changes in fair value of contingent consideration	(20,760)		136		5,541		3,663

Balance as of June 30,	$	17,605	$	70,334	$	97,891	$	119,897

Contingent consideration of $36.9 million and $78.6 million is included in other current liabilities and other long-term liabilities, respectively, in the consolidated condensed balance sheet at June 30, 2024. Contingent consideration of $77.6 million and $92.5 million is included in other current liabilities and other long-term liabilities, respectively, in the consolidated condensed balance sheet at December 31, 2023.

The carrying amounts reported in our consolidated condensed balance sheets for cash and cash equivalents, accounts receivable, accounts payable and variable long-term debt approximate fair value.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the net carrying amount of goodwill for the six months ended June 30, 2024 are as follows:


Balance as of December 31, 2023	$	806,844



Foreign currency translation	(643)

Balance as of June 30, 2024	$	806,201

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.

Other intangible assets consist of the following:


	June 30, 2024					December 31, 2023
	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	$	369,840	$	(196,752)	$	369,930	$	(188,486)

Sales representation, marketing and promotional rights	25	149,376		(75,000)		149,376		(72,000)

Developed technology	18	320,204		(49,685)		320,204		(44,558)

Patents and other intangible assets	16	83,644		(54,927)		82,594		(54,120)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

		$	1,009,608	$	(376,364)	$	1,008,648	$	(359,164)

Customer and distributor relationships, trademarks and tradenames, developed technology and patents and other intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses. Sales representation, marketing and promotional rights represent intangible assets created under our agreement with Musculoskeletal Transplant Foundation (“MTF”).

Amortization expense related to intangible assets which are subject to amortization totaled $8.6 million and $8.8 million for the three months ended June 30, 2024 and 2023, respectively, and $17.2 million and $17.6 million for the six months ended June 30, 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 expense (for all other intangible assets) in the consolidated condensed statements of comprehensive income.

The estimated intangible asset amortization expense remaining for the year ending December 31, 2024 and for each of the five succeeding years is as follows:


	Amortization included in expense		Amortization recorded as a reduction of revenue		Total
Remaining, 2024	$	14,475	$	3,000	$	17,475
2025	29,381		6,000		35,381
2026	29,476		6,000		35,476
2027	30,534		6,000		36,534
2028	33,662		6,000		39,662
2029	32,877		6,000		38,877

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Standards, Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation in specified categories as well as information on income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. This ASU should be applied on a prospective basis with retrospective application permitted. We expect this ASU to only impact our disclosures with no impact to the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an annual and interim basis, and provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied retrospectively to all prior periods presented. We expect this ASU to only impact our disclosures with no impact to the consolidated financial statements. Recently Issued SEC Rules In March 2024, the SEC adopted the final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The disclosure requirements follow a phase-in timeline, with initial requirements beginning with the filing of the 2025 Form 10-K. We are currently evaluating the final rule to determine the impact on our disclosures. On April 4, 2024, the SEC issued an order staying the final rule pending the completion of judicial review of the petitions challenging the final rule filed in six different circuit courts, which have been consolidated for review by the U.S. Court of Appeals for the Eighth Circuit.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 12, 2024, Curt Hartman, the Chair of the Board, President & Chief Executive Officer, adopted a trading plan with respect to 148,300 stock appreciation rights granted to Mr. Hartman as equity compensation (the "Hartman Plan"). The Hartman Plan is intended to satisfy the affirmative defense of Rule 105b-1(c), under the Securities Exchange Act of 1934, and terminates on February 27, 2025, the same date the grant expires.
Name	Curt Hartman
Title	Chair of the Board, President & Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	June 12, 2024
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	148,300

Comprehensive Income (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Accumulated other comprehensive income (loss) [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (50,170)

Accumulated Other Comprehensive Income (Loss), Net of Tax

(54,434)

Accumulated Other Comprehensive Loss

Accumulated other comprehensive income (loss) [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(50,170)

$ (57,858)

Other comprehensive income (loss) before reclassifications, net of tax

(2,320)

6,734

Amounts reclassified from accumulated other comprehensive income (loss) before tax

^[1]

(2,565)

(2,407)

Reclassification from AOCI, Current Period, Tax

621

584

Net current-period other comprehensive income (loss)

(4,264)

4,911

Accumulated Other Comprehensive Income (Loss), Net of Tax

(54,434)

(52,947)

Cash Flow Hedging Gain (Loss)

Accumulated other comprehensive income (loss) [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

117

2,497

Other comprehensive income (loss) before reclassifications, net of tax

5,120

4,010

Amounts reclassified from accumulated other comprehensive income (loss) before tax

^[1]

(3,362)

(3,471)

Reclassification from AOCI, Current Period, Tax

815

842

Net current-period other comprehensive income (loss)

2,573

1,381

Accumulated Other Comprehensive Income (Loss), Net of Tax

2,690

3,878

Pension Liability

Accumulated other comprehensive income (loss) [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(18,766)

(23,749)

Other comprehensive income (loss) before reclassifications, net of tax

Amounts reclassified from accumulated other comprehensive income (loss) before tax

^[1]

797

1,064

Reclassification from AOCI, Current Period, Tax

(194)

(258)

Net current-period other comprehensive income (loss)

603

806

Accumulated Other Comprehensive Income (Loss), Net of Tax

(18,163)

(22,943)

Cumulative Translation Adjustments

Accumulated other comprehensive income (loss) [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(31,521)

(36,606)

Other comprehensive income (loss) before reclassifications, net of tax

(7,440)

2,724

Amounts reclassified from accumulated other comprehensive income (loss) before tax

^[1]

Reclassification from AOCI, Current Period, Tax

Net current-period other comprehensive income (loss)

(7,440)

2,724

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (38,961)

$ (33,882)

[1]	The cash flow hedging gain (loss) and pension liability accumulated other comprehensive loss components are included in sales or cost of sales and as a component of net periodic pension cost, respectively. Refer to Note 6 and Note 12, respectively, for further details.

Consolidated Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at period start (in shares) at Dec. 31, 2022		31,299
Balance at period start at Dec. 31, 2022	$ 745,545	$ 313	$ 413,235	$ 412,631	$ (57,858)	$ (22,776)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under employee plans	2,600		556			2,044
Stock-based compensation	5,726		5,726
Dividends on common stock ($0.20 per share)	(6,113)			(6,113)
Comprehensive income:
Cash flow hedging gain (loss), net of income tax					877
Pension liability, net of income tax					403
Foreign currency translation adjustments					1,596
Net income				1,819
Comprehensive income	4,695
Balance at period end (in shares) at Mar. 31, 2023		31,299
Balance at period end at Mar. 31, 2023	752,453	$ 313	419,517	408,337	(54,982)	(20,732)
Balance at period start (in shares) at Dec. 31, 2022		31,299
Balance at period start at Dec. 31, 2022	745,545	$ 313	413,235	412,631	(57,858)	(22,776)
Comprehensive income:
Cash flow hedging gain (loss), net of income tax	1,381
Pension liability, net of income tax	806
Foreign currency translation adjustments	2,724
Net income	15,551
Comprehensive income	20,462
Balance at period end (in shares) at Jun. 30, 2023		31,299
Balance at period end at Jun. 30, 2023	780,194	$ 313	432,780	415,924	(52,947)	(15,876)
Balance at period start (in shares) at Mar. 31, 2023		31,299
Balance at period start at Mar. 31, 2023	752,453	$ 313	419,517	408,337	(54,982)	(20,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under employee plans	11,697		6,841			4,856
Stock-based compensation	6,422		6,422
Dividends on common stock ($0.20 per share)	(6,145)			(6,145)
Comprehensive income:
Cash flow hedging gain (loss), net of income tax	503				503
Pension liability, net of income tax	403				403
Foreign currency translation adjustments	1,129				1,129
Net income	13,732			13,732
Comprehensive income	15,767
Balance at period end (in shares) at Jun. 30, 2023		31,299
Balance at period end at Jun. 30, 2023	780,194	$ 313	432,780	415,924	(52,947)	(15,876)
Balance at period start (in shares) at Dec. 31, 2023		31,299
Balance at period start at Dec. 31, 2023	834,222	$ 313	446,535	452,531	(50,170)	(14,987)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under employee plans	282		(562)			844
Stock-based compensation	6,240		6,240
Dividends on common stock ($0.20 per share)	(6,158)			(6,158)
Settlement of convertible notes hedge transactions	0		10,980			(10,980)
Shares issued for the settlement of convertible notes	0		(5,169)			5,169
Comprehensive income:
Cash flow hedging gain (loss), net of income tax					4,448
Pension liability, net of income tax					301
Foreign currency translation adjustments					(4,380)
Net income				19,709
Comprehensive income	20,078
Balance at period end (in shares) at Mar. 31, 2024		31,299
Balance at period end at Mar. 31, 2024	854,664	$ 313	458,024	466,082	(49,801)	(19,954)
Balance at period start (in shares) at Dec. 31, 2023		31,299
Balance at period start at Dec. 31, 2023	834,222	$ 313	446,535	452,531	(50,170)	(14,987)
Comprehensive income:
Cash flow hedging gain (loss), net of income tax	2,573
Pension liability, net of income tax	603
Foreign currency translation adjustments	(7,440)
Net income	49,685
Comprehensive income	45,421
Balance at period end (in shares) at Jun. 30, 2024		31,299
Balance at period end at Jun. 30, 2024	881,832	$ 313	464,795	489,895	(54,434)	(18,737)
Balance at period start (in shares) at Mar. 31, 2024		31,299
Balance at period start at Mar. 31, 2024	854,664	$ 313	458,024	466,082	(49,801)	(19,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under employee plans	1,014		(203)			1,217
Stock-based compensation	6,974		6,974
Dividends on common stock ($0.20 per share)	(6,163)			(6,163)
Comprehensive income:
Cash flow hedging gain (loss), net of income tax	(1,874)				(1,874)
Pension liability, net of income tax	301				301
Foreign currency translation adjustments	(3,060)				(3,060)
Net income	29,976			29,976
Comprehensive income	25,343
Balance at period end (in shares) at Jun. 30, 2024		31,299
Balance at period end at Jun. 30, 2024	$ 881,832	$ 313	$ 464,795	$ 489,895	$ (54,434)	$ (18,737)

Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:


	June 30, 2024		December 31, 2023
Revolving line of credit	$	62,000	$	2,000
Term loan, net of deferred debt issuance costs of $421 and $524 in 2024 and 2023, respectively	114,167		114,064
2.625% convertible notes	—		70,000
2.250% convertible notes, net of deferred debt issuance costs of $12,454 and $14,581 in 2024 and 2023, respectively	787,546		785,419
Finance leases	2,177		2,365
Total debt	965,890		973,848
Less: Current portion	716		708
Total long-term debt	$	965,174	$	973,140

Schedule of Maturities of Long-Term Debt

The scheduled maturities of long-term debt outstanding at June 30, 2024 are as follows:


Remaining, 2024	$	—
2025	—
2026	176,588
2027	800,000
2028	—
2029	—

The above amounts exclude deferred debt issuance costs and finance leases.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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+ Details

Fair Value of Financial Instruments (Amounts Recorded In and Reclassified From AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain [Line Items]
Net sales	$ 332,097	$ 317,652	$ 644,371	$ 613,121
Cost of sales	148,368	146,962	288,677	287,110
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(499)	2,753	6,759	5,291
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(121)	667	1,639	1,281
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(378)	2,086	5,120	4,010
Other Comprehensive Income, Cash Flow Hedge, Gain, Reclassification, before Tax	1,975	2,090	3,362	3,471
Other Comprehensive Income, Cash Flow Hedge, Gain, Reclassification, Tax	479	507	815	842
Other Comprehensive Income, Cash Flow Hedge, Gain, Reclassification, after Tax	1,496	1,583	2,547	2,629
Revenues
Derivative Instruments, Gain [Line Items]
Other Comprehensive Income, Cash Flow Hedge, Gain, Reclassification, before Tax	1,349	915	1,990	1,490
Cost of Sales
Derivative Instruments, Gain [Line Items]
Other Comprehensive Income, Cash Flow Hedge, Gain, Reclassification, before Tax	$ 626	$ 1,175	$ 1,372	$ 1,981

Long Term Debt Additional Information (Details) $ / shares in Units, shares in Millions				3 Months Ended		6 Months Ended
	Feb. 07, 2024 USD ($) shares	Jun. 06, 2022 USD ($) $ / shares shares	Jan. 29, 2019 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 16, 2021 USD ($)
Debt Instrument [Line Items]
Payments to redeem convertible notes						$ 70,000,000	$ 0
Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt				$ 114,167,000		114,167,000		$ 114,064,000
Term Loan Facility \| Amended and Restated Senior Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount									$ 233,500,000
Repayments of Senior Debt		$ 90,000,000
Long-term Debt, Gross				114,600,000		114,600,000
Line of Credit
Debt Instrument [Line Items]
Long-term Debt				62,000,000		62,000,000		$ 2,000,000
Line of Credit \| Amended and Restated Senior Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity									$ 585,000,000
Line of Credit Facility, Remaining Borrowing Capacity				521,400,000		521,400,000
Letters of Credit Outstanding, Amount				1,600,000		1,600,000
Convertible Notes Payable \| 2.625 Percent Convertible Notes Due 2024
Debt Instrument [Line Items]
Debt instrument, face amount		70,000,000.0	$ 345,000,000.0
Interest rate, stated percentage			2.625%
Debt Instrument, Convertible, Conversion Ratio			11.2608
Conversion price (in dollars per share) \| $ / shares			$ 88.80
Payments to redeem convertible notes	$ 70,000,000.0	$ 275,000,000.0
Debt Conversion, Converted Instrument, Shares Issued \| shares	0.1	0.9
Interest Expense, Debt					$ 500,000	200,000	900,000
Option Contract Indexed to Equity, Settlement, Number of Shares \| shares	0.1
Convertible Notes Payable \| 2.250 Percent Convertible Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount		$ 800,000,000.0
Interest rate, stated percentage		2.25%
Debt Instrument, Convertible, Conversion Ratio		6.8810
Conversion price (in dollars per share) \| $ / shares		$ 145.33
Interest Expense, Debt				4,500,000	$ 4,500,000	9,000,000.0	$ 9,000,000.0
Debt Instrument, Fair Value Disclosure				$ 716,200,000		$ 716,200,000
Convertible Notes Payable \| 2.250 Percent Convertible Notes Due 2027 \| Warrant
Debt Instrument [Line Items]
Option indexed to issuer's equity, strike price (in dollars per share) \| $ / shares		$ 251.53
Long-term Debt \| Amended and Restated Senior Credit Agreement
Debt Instrument [Line Items]
Term SOFR Interest Rate Spread Adjustment				0.114%		0.114%
Adjusted Term SOFR Interest Rate				5.489%		5.489%
Effective Interest Rate				6.614%		6.614%
Long-term Debt \| Amended and Restated Senior Credit Agreement \| Adjusted Term SOFR Interest Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.125%
Long-term Debt \| Amended and Restated Senior Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Long-term Debt \| Amended and Restated Senior Credit Agreement \| Adjusted Term SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.00%
Call Option \| Convertible Notes Payable \| 2.625 Percent Convertible Notes Due 2024
Debt Instrument [Line Items]
Hedge and warrant transactions, net cash paid			$ 21,000,000.0
Call Option \| Convertible Notes Payable \| 2.250 Percent Convertible Notes Due 2027
Debt Instrument [Line Items]
Hedge and warrant transactions, net cash paid		$ 115,600,000

Operations	6 Months Ended
Operations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations	Operations CONMED Corporation (“CONMED”, the “Company”, “we” or “us”) is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery and gastroenterology.

Guarantees

6 Months Ended

Jun. 30, 2024

Guarantees [Abstract]

Guarantees

We provide warranties on certain of our products at the time of sale and sell extended warranties. The standard warranty period for our capital equipment is generally one year and our extended warranties typically vary from one to three years. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant.

Changes in the liability for standard warranties for the six months ended June 30, are as follows:


	2024		2023
Balance as of January 1,	$	1,802	$	1,944

Provision for warranties	109		304
Claims made	(363)		(377)

Balance as of June 30,	$	1,548	$	1,871

Costs associated with extended warranty repairs are recorded as incurred and amounted to $2.6 million for both the six months ended June 30, 2024 and 2023.

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,299,194	31,299,194
Treasury stock, shares (in shares)	477,030	534,000

Business Segment (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales Information by Product Line

These product lines' net sales are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Orthopedic surgery	$	139,537	$	140,790	$	274,449	$	271,966
General surgery	192,560		176,862		369,922		341,155
Consolidated net sales	$	332,097	$	317,652	$	644,371	$	613,121

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	June 30, 2024		December 31, 2023
Raw materials	$	103,140	$	107,262
Work-in-process	31,104		29,463
Finished goods	188,113		181,599
Total	$	322,357	$	318,324

Long Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following:


	June 30, 2024		December 31, 2023
Revolving line of credit	$	62,000	$	2,000
Term loan, net of deferred debt issuance costs of $421 and $524 in 2024 and 2023, respectively	114,167		114,064
2.625% convertible notes	—		70,000
2.250% convertible notes, net of deferred debt issuance costs of $12,454 and $14,581 in 2024 and 2023, respectively	787,546		785,419
Finance leases	2,177		2,365
Total debt	965,890		973,848
Less: Current portion	716		708
Total long-term debt	$	965,174	$	973,140

Seventh Amended and Restated Senior Credit Agreement

On July 16, 2021, we entered into a seventh amended and restated senior credit agreement consisting of: (a) a $233.5 million term loan facility and (b) a $585.0 million revolving credit facility. The revolving credit facility will terminate and the loans outstanding under the term loan facility will expire on July 16, 2026. The term loan was payable in quarterly installments increasing over the term of the facility. During 2022, we made a $90.0 million prepayment on the term loan facility resulting in the elimination of such quarterly payments with the remaining balance due upon the expiration of the term loan facility. Proceeds from the term loan facility and borrowings under the revolving credit facility were used to repay the then existing senior credit agreement. On July 19, 2024, we amended our seventh amended and restated senior credit agreement to exclude from the calculation of consolidated fixed charges the $70.0 million payment we made in February 2024 of our then-outstanding 2.625% Notes. Interest rates are at the Term Secured Overnight Financing Rate plus 0.114% ("Adjusted Term SOFR") (5.489% at June 30, 2024) plus an interest rate margin of 1.125% (6.614% at June 30, 2024). For borrowings where we elect to use the alternate base rate, the initial base rate is the greatest of (i) the Prime Rate, (ii) the Federal Funds Rate plus 0.50% or (iii) the one-month Adjusted Term SOFR plus 1.00%, plus, in each case, an interest rate margin.

There were $114.6 million in borrowings outstanding on the term loan facility as of June 30, 2024. There were $62.0 million in borrowings outstanding under the revolving credit facility as of June 30, 2024. Our available borrowings on the revolving credit facility at June 30, 2024 were $521.4 million with approximately $1.6 million of the facility set aside for outstanding letters of credit. The carrying amounts of the term loan and revolving credit facility approximate fair value.

The seventh amended and restated senior credit agreement is collateralized by substantially all of our personal property and assets. The seventh amended and restated senior credit agreement contains covenants and restrictions which, among other things, require the maintenance of certain financial ratios and restrict dividend payments and the incurrence of certain indebtedness and other activities, including acquisitions and dispositions. We were in full compliance with these covenants and restrictions as of June 30, 2024. We are also required, under certain circumstances, to make mandatory prepayments from net cash proceeds from any issuance of equity and asset sales.

2.625% Convertible Notes

On January 29, 2019, we issued $345.0 million aggregate principal amount of 2.625% convertible notes that were due in 2024 (the "2.625% Notes"). Interest was payable semi-annually in arrears on February 1 and August 1 of each year, commencing August 1, 2019. The 2.625% Notes were scheduled to mature on February 1, 2024, unless earlier repurchased or converted.

The 2.625% Notes represented subordinated unsecured obligations and were convertible under certain circumstances, as defined in the indenture, into a combination of cash and CONMED common stock. The 2.625% Notes could have been converted at an initial conversion rate of 11.2608 shares of our common stock per $1,000 principal amount of 2.625% Notes (equivalent to an initial conversion price of approximately $88.80 per share of common stock). Holders of the 2.625% Notes could have converted the 2.625% Notes at their option at any time on or after November 1, 2023 through the second scheduled trading day preceding the maturity date. Holders of the 2.625% Notes also had the right to convert the 2.625% Notes prior to November 1, 2023, but only upon the occurrence of specified events. The conversion rate was subject to anti-dilution adjustments if certain events occurred. A portion of the net proceeds from the offering of the 2.625% Notes was used as part of the financing for the Buffalo Filter acquisition and $21.0 million were used to pay the cost of certain convertible notes hedge transactions as further described below.

On June 6, 2022, the Company repurchased and extinguished $275.0 million principal amount of the 2.625% Notes for aggregate consideration consisting of $275.0 million in cash and approximately 0.9 million shares of the Company's common stock. Concurrently, the Company entered into a Supplemental Indenture related to the remaining $70.0 million in 2.625% Notes, in which the Company irrevocably elected to settle the principal value of those 2.625% Notes in cash. In February 2024, the Company repaid the remaining $70.0 million then outstanding of the 2.625% Notes through borrowings on our revolving credit facility and issued 0.1 million shares of the Company's common stock.

For the three months ended June 30, 2023, we have recorded interest expense on the 2.625% Notes of $0.5 million, and for the six months ended June 30, 2024 and 2023, we have recorded interest expense on the 2.625% Notes of $0.2 million and $0.9 million, respectively, at the contractual coupon rate of 2.625%.

2.250% Convertible Notes

On June 6, 2022, we issued $800.0 million aggregate principal amount of 2.250% Notes. Interest is payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2022. The 2.250% Notes will mature on June 15, 2027, unless earlier repurchased or converted. The 2.250% Notes represent subordinated unsecured obligations and are convertible under certain circumstances, as defined in the indenture, into a combination of cash and CONMED common stock, with the principal required to be paid in cash. The 2.250% Notes may be converted at an initial conversion rate of 6.8810 shares of our common stock per $1,000 principal amount of the 2.250% Notes (equivalent to an initial conversion price of approximately $145.33 per share of common stock). Holders of the 2.250% Notes may convert the 2.250% Notes at their option at any time on or after March 15, 2027 through the second scheduled trading day preceding the maturity date. Holders of the 2.250% Notes will also have the right to convert the 2.250% Notes prior to March 15, 2027, but only upon the occurrence of specified events. The conversion rate is subject to anti-dilution adjustments if certain events occur. A portion of these proceeds were used to repurchase and extinguish a portion of the 2.625% Notes, pay off our then outstanding balance on our revolving line of credit, pay down of $90.0 million of our term loan and partially pay for the In2Bones acquisition. In addition, approximately $115.6 million of the proceeds were used to pay the cost of certain convertible notes hedge transactions related to the 2.250% Notes.

For both the three months ended June 30, 2024 and 2023, we have recorded interest expense on the 2.250% Notes of $4.5 million, and for both the six months ended June 30, 2024 and 2023, we have recorded interest expense on the 2.250% Notes of $9.0 million, at the contractual coupon rate of 2.250%

The estimated fair value of the 2.250% Notes was approximately $716.2 million as of June 30, 2024 based on a market approach which represents a Level 2 valuation in the fair value hierarchy. The estimated fair value was determined based on the estimated or actual bids and offers of the 2.250% Notes in an over-the-counter market transaction on the last business day of the period.

Convertible Notes Hedge Transactions

In connection with the offerings of the 2.625% and 2.250% Notes, we entered into convertible notes hedge transactions with a number of financial institutions (each, an “option counterparty”). The convertible notes hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the respective Notes, the number of shares of our common stock underlying the 2.625% and 2.250% Notes. Concurrent with entering into the convertible notes hedge transactions, we also entered into separate warrant transactions with each option counterparty whereby we sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, the same number of shares of our common stock.

In connection with the repurchase and extinguishment of $275.0 million principal amount of the 2.625% Notes, the Company entered into agreements with the option counterparties to terminate a corresponding portion of the hedges on the 2.625% Notes. Upon maturity in February 2024 of the remaining 2.625% Notes and settlement of the related hedges, the Company received 0.1 million shares from the option counterparties.

The convertible notes hedge transactions are expected generally to reduce the potential dilution upon conversion of the Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the convertible notes hedge transactions, is greater than the strike price of the convertible notes hedge transactions, which initially corresponds to the conversion price of the Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Notes. If, however, the market price per share of our common stock, as measured under the terms of the warrant transactions, exceeds the strike price ($251.53 for the 2.250% Notes) of the warrants, there would nevertheless be dilution to the extent that such market price exceeds the strike price of the warrants, unless we elect to settle the warrants in cash.

The scheduled maturities of long-term debt outstanding at June 30, 2024 are as follows:


Remaining, 2024	$	—
2025	—
2026	176,588
2027	800,000
2028	—
2029	—

The above amounts exclude deferred debt issuance costs and finance leases.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Net income	$	29,976	$	13,732	$	49,685	$	15,551

Basic weighted average shares outstanding	30,813		30,662		30,792		30,587

Stock compensation	293		874		378		751

Warrants	—		45		—		22

Convertible notes	—		214		—		139

Diluted weighted average shares outstanding	31,106		31,795		31,170		31,499

Net income (per share)
Basic	$	0.97	$	0.45	$	1.61	$	0.51
Diluted	0.96		0.43		1.59		0.49

New Accounting Pronouncements (Policies)	6 Months Ended
New Accounting Pronouncements (Policies)	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	Recently Issued Accounting Standards, Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation in specified categories as well as information on income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. This ASU should be applied on a prospective basis with retrospective application permitted. We expect this ASU to only impact our disclosures with no impact to the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an annual and interim basis, and provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied retrospectively to all prior periods presented. We expect this ASU to only impact our disclosures with no impact to the consolidated financial statements. Recently Issued SEC Rules In March 2024, the SEC adopted the final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The disclosure requirements follow a phase-in timeline, with initial requirements beginning with the filing of the 2025 Form 10-K. We are currently evaluating the final rule to determine the impact on our disclosures. On April 4, 2024, the SEC issued an order staying the final rule pending the completion of judicial review of the petitions challenging the final rule filed in six different circuit courts, which have been consolidated for review by the U.S. Court of Appeals for the Eighth Circuit.

Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Business Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 332,097	$ 317,652	$ 644,371	$ 613,121
Orthopedic Surgery
Segment Reporting Information [Line Items]
Net sales	139,537	140,790	274,449	271,966
General Surgery
Segment Reporting Information [Line Items]
Net sales	$ 192,560	$ 176,862	$ 369,922	$ 341,155

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 103,140	$ 107,262
Work-in-process	31,104	29,463
Finished goods	188,113	181,599
Total inventory	$ 322,357	$ 318,324

Revenues (Customer Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability	$ 18,729		$ 17,962
Revenue recognized	$ 8,500	$ 7,600

Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pension Plan (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 180	$ 194	$ 360	$ 388
Interest cost on projected benefit obligation	863	911	1,726	1,822
Expected return on plan assets	(1,101)	(1,032)	(2,202)	(2,064)
Net amortization and deferral	398	532	797	1,064
Net periodic pension cost	$ 340	$ 605	$ 681	$ 1,210

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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, 2024						June 30, 2023
	Orthopedic Surgery		General Surgery		Total		Orthopedic Surgery		General Surgery		Total
Primary Geographic Markets
United States	$	52,125	$	133,242	$	185,367	$	52,339	$	122,328	$	174,667
Europe, Middle East & Africa	35,015		28,673		63,688		32,582		25,700		58,282
Asia Pacific	31,230		20,175		51,405		33,249		19,357		52,606
Americas (excluding the United States)	21,167		10,470		31,637		22,620		9,477		32,097
Total sales from contracts with customers	$	139,537	$	192,560	$	332,097	$	140,790	$	176,862	$	317,652

Timing of Revenue Recognition
Goods transferred at a point in time	$	128,875	$	190,317	$	319,192	$	130,274	$	175,025	$	305,299
Services transferred over time	10,662		2,243		12,905		10,516		1,837		12,353
Total sales from contracts with customers	$	139,537	$	192,560	$	332,097	$	140,790	$	176,862	$	317,652


	Six Months Ended						Six Months Ended
	June 30, 2024						June 30, 2023
	Orthopedic Surgery		General Surgery		Total		Orthopedic Surgery		General Surgery		Total
Primary Geographic Markets
United States	$	106,276	$	255,498	$	361,774	$	101,284	$	237,973	$	339,257
Europe, Middle East & Africa	68,220		56,325		124,545		65,702		48,596		114,298
Asia Pacific	57,458		38,334		95,792		63,370		35,343		98,713
Americas (excluding the United States)	42,495		19,765		62,260		41,610		19,243		60,853
Total sales from contracts with customers	$	274,449	$	369,922	$	644,371	$	271,966	$	341,155	$	613,121

Timing of Revenue Recognition
Goods transferred at a point in time	$	253,567	$	365,519	$	619,086	$	251,397	$	337,614	$	589,011
Services transferred over time	20,882		4,403		25,285		20,569		3,541		24,110
Total sales from contracts with customers	$	274,449	$	369,922	$	644,371	$	271,966	$	341,155	$	613,121

Contract with Customer, Asset and Liability

Contract liability balances related to the sale of extended warranties to customers are as follows:


	June 30, 2024		December 31, 2023

Contract liability	$	18,729	$	17,962

Long Term Debt Maturities of Long Term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
Remaining, 2024	$ 0
2025	0
2026	176,588
2027	800,000
2028	0
2029	$ 0

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


	June 30, 2024		December 31, 2023
Raw materials	$	103,140	$	107,262
Work-in-process	31,104		29,463
Finished goods	188,113		181,599
Total	$	322,357	$	318,324

Guarantees (Tables)

6 Months Ended

Jun. 30, 2024

Guarantees [Abstract]

Changes in the Carrying Amount of Service and Product Warranties

Changes in the liability for standard warranties for the six months ended June 30, are as follows:


	2024		2023
Balance as of January 1,	$	1,802	$	1,944

Provision for warranties	109		304
Claims made	(363)		(377)

Balance as of June 30,	$	1,548	$	1,871

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Comprehensive Income

Comprehensive income consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	29,976	$	13,732	$	49,685	$	15,551

Other comprehensive income (loss):
Cash flow hedging gain (loss), net of income tax (income tax expense (benefit) of $(600) and $161 for the three months ended June 30, 2024 and 2023, respectively, and $823 and $442 for the six months ended June 30, 2024 and 2023, respectively)	(1,874)		503		2,573		1,381
Pension liability, net of income tax (income tax expense of $97 and $129 for the three months ended June 30, 2024 and 2023, respectively, and $194 and $258 for the six months ended June 30, 2024 and 2023, respectively)	301		403		603		806
Foreign currency translation adjustment	(3,060)		1,129		(7,440)		2,724

Comprehensive income	$	25,343	$	15,767	$	45,421	$	20,462

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following:


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	117	$	(18,766)	$	(31,521)	$	(50,170)

Other comprehensive income (loss) before reclassifications, net of tax	5,120		—		(7,440)		(2,320)
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	(3,362)		797		—		(2,565)
Income tax	815		(194)		—		621

Net current-period other comprehensive income (loss)	2,573		603		(7,440)		(4,264)

Balance, June 30, 2024	$	2,690	$	(18,163)	$	(38,961)	$	(54,434)


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2022	$	2,497	$	(23,749)	$	(36,606)	$	(57,858)

Other comprehensive income before reclassifications, net of tax	4,010		—		2,724		6,734
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	(3,471)		1,064		—		(2,407)
Income tax	842		(258)		—		584

Net current-period other comprehensive income	1,381		806		2,724		4,911

Balance, June 30, 2023	$	3,878	$	(22,943)	$	(33,882)	$	(52,947)

(a) The cash flow hedging gain (loss) and pension liability accumulated other comprehensive loss components are included in sales or cost of sales and as a component of net periodic pension cost, respectively. Refer to Note 6 and Note 12, respectively, for further details.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 29,976	$ 13,732	$ 49,685	$ 15,551

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Interim Reporting (Policies)	6 Months Ended
Interim Reporting (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated condensed financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments which affect the reported amounts of assets, liabilities and related disclosures of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period.

Consolidated Condensed Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 28,869	$ 24,296
Accounts receivable, net	239,222	242,279
Inventories	322,357	318,324
Prepaid expenses and other current assets	33,385	30,750
Total current assets	623,833	615,649
Property, plant and equipment, net	117,089	120,722
Goodwill	806,201	806,844
Other intangible assets, net	633,244	649,484
Other assets	105,249	107,322
Total assets	2,285,616	2,300,021
Current liabilities:
Current portion of long-term debt	716	708
Accounts payable	101,286	88,224
Accrued compensation and benefits	55,269	70,069
Other current liabilities	109,141	151,728
Total current liabilities	266,412	310,729
Long-term debt	965,174	973,140
Deferred income taxes	64,944	60,902
Other long-term liabilities	107,254	121,028
Total liabilities	1,403,784	1,465,799
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $.01 per share; authorized 500,000 shares; none outstanding	0	0
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 31,299,194 shares issued in 2024 and 2023, respectively	313	313
Paid-in capital	464,795	446,535
Retained earnings	489,895	452,531
Accumulated other comprehensive loss	(54,434)	(50,170)
Less: 477,030 and 534,000 shares of common stock in treasury, at cost, in 2024 and 2023, respectively	(18,737)	(14,987)
Total shareholders’ equity	881,832	834,222
Total liabilities and shareholders’ equity	$ 2,285,616	$ 2,300,021

Pension Plan

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Pension Plan

Net periodic pension cost consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	180	$	194	$	360	$	388

Interest cost on projected benefit obligation	863		911		1,726		1,822

Expected return on plan assets	(1,101)		(1,032)		(2,202)		(2,064)

Net amortization and deferral	398		532		797		1,064

Net periodic pension cost	$	340	$	605	$	681	$	1,210

We do not expect to make any pension contributions during 2024. Non-service pension cost was immaterial for the three and six months ended June 30, 2024 and 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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-Topic 715
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares.

The following tables set forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Net income	$	29,976	$	13,732	$	49,685	$	15,551

Basic weighted average shares outstanding	30,813		30,662		30,792		30,587

Stock compensation	293		874		378		751

Warrants	—		45		—		22

Convertible notes	—		214		—		139

Diluted weighted average shares outstanding	31,106		31,795		31,170		31,499

Net income (per share)
Basic	$	0.97	$	0.45	$	1.61	$	0.51
Diluted	0.96		0.43		1.59		0.49

The shares used in the calculation of diluted EPS exclude stock options and stock appreciation rights to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 3.4 million and 2.7 million for the three and six months ended June 30, 2024, respectively, and 1.8 million and 1.7 million for the three and six months ended June 30, 2023, respectively.

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 332,097	$ 317,652	$ 644,371	$ 613,121
Cost of sales	148,368	146,962	288,677	287,110
Gross profit	183,729	170,690	355,694	326,011
Selling and administrative expense	122,524	129,700	245,881	259,784
Research and development expense	14,098	13,572	27,692	26,110
Operating expenses	136,622	143,272	273,573	285,894
Income from operations	47,107	27,418	82,121	40,117
Interest expense	9,593	9,997	19,188	20,252
Income before income taxes	37,514	17,421	62,933	19,865
Provision for income taxes	7,538	3,689	13,248	4,314
Net income	29,976	13,732	49,685	15,551
Comprehensive income	$ 25,343	$ 15,767	$ 45,421	$ 20,462
Per share data:
Basic (in dollars per share)	$ 0.97	$ 0.45	$ 1.61	$ 0.51
Diluted (in dollars per share)	$ 0.96	$ 0.43	$ 1.59	$ 0.49
Weighted average common shares:
Basic (in shares)	30,813	30,662	30,792	30,587
Diluted (in shares)	31,106	31,795	31,170	31,499

Guarantees (Details) - USD ($) $ in Thousands	6 Months Ended
Guarantees (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Guarantees [Abstract]
Standard warranty period (in years)	1 year
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of January 1,	$ 1,802	$ 1,944
Provision for warranties	109	304
Claims made	(363)	(377)
Balance as of June 30,	1,548	1,871
Extended Product Warranty Disclosure [Abstract]
Product extended warranty expense	$ 2,600	$ 2,600

Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Intangible assets, Gross carrying amount	$ 1,009,608		$ 1,009,608		$ 1,008,648
Intangible assets, Accumulated amortization	(376,364)		(376,364)		(359,164)
Amortization expense	8,600	$ 8,800	17,200	$ 17,600
Future amortization expense [Abstract]
Remaining, 2024	17,475		17,475
2025	35,381		35,381
2026	35,476		35,476
2027	36,534		36,534
2028	39,662		39,662
2029	38,877		38,877
Amortization included in expense
Future amortization expense [Abstract]
Remaining, 2024	14,475		14,475
2025	29,381		29,381
2026	29,476		29,476
2027	30,534		30,534
2028	33,662		33,662
2029	32,877		32,877
Amortization recorded as a reduction of revenue
Future amortization expense [Abstract]
Remaining, 2024	3,000		3,000
2025	6,000		6,000
2026	6,000		6,000
2027	6,000		6,000
2028	6,000		6,000
2029	6,000		6,000
Trademarks & tradenames
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Unamortized intangible assets, Gross carrying amount	86,544		86,544		86,544
Customer and distributor relationships
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Amortized intangible assets, Gross carrying amount	369,840		369,840		369,930
Intangible assets, Accumulated amortization	(196,752)		(196,752)		(188,486)
Sales representation, marketing and promotional rights
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Amortized intangible assets, Gross carrying amount	149,376		149,376		149,376
Intangible assets, Accumulated amortization	(75,000)		(75,000)		(72,000)
Developed technology
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Amortized intangible assets, Gross carrying amount	320,204		320,204		320,204
Intangible assets, Accumulated amortization	(49,685)		(49,685)		(44,558)
Patents and other intangible assets
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Amortized intangible assets, Gross carrying amount	83,644		83,644		82,594
Intangible assets, Accumulated amortization	$ (54,927)		$ (54,927)		$ (54,120)
Weighted Average
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Finite-lived intangible asset useful life (in years)	22 years		22 years
Weighted Average \| Customer and distributor relationships
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Finite-lived intangible asset useful life (in years)	24 years		24 years
Weighted Average \| Sales representation, marketing and promotional rights
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Finite-lived intangible asset useful life (in years)	25 years		25 years
Weighted Average \| Developed technology
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Finite-lived intangible asset useful life (in years)	18 years		18 years
Weighted Average \| Patents and other intangible assets
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items]
Finite-lived intangible asset useful life (in years)	16 years		16 years

Comprehensive Income

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Comprehensive Income

Comprehensive income consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	29,976	$	13,732	$	49,685	$	15,551

Other comprehensive income (loss):
Cash flow hedging gain (loss), net of income tax (income tax expense (benefit) of $(600) and $161 for the three months ended June 30, 2024 and 2023, respectively, and $823 and $442 for the six months ended June 30, 2024 and 2023, respectively)	(1,874)		503		2,573		1,381
Pension liability, net of income tax (income tax expense of $97 and $129 for the three months ended June 30, 2024 and 2023, respectively, and $194 and $258 for the six months ended June 30, 2024 and 2023, respectively)	301		403		603		806
Foreign currency translation adjustment	(3,060)		1,129		(7,440)		2,724

Comprehensive income	$	25,343	$	15,767	$	45,421	$	20,462

Accumulated other comprehensive loss consists of the following:


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	117	$	(18,766)	$	(31,521)	$	(50,170)

Other comprehensive income (loss) before reclassifications, net of tax	5,120		—		(7,440)		(2,320)
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	(3,362)		797		—		(2,565)
Income tax	815		(194)		—		621

Net current-period other comprehensive income (loss)	2,573		603		(7,440)		(4,264)

Balance, June 30, 2024	$	2,690	$	(18,163)	$	(38,961)	$	(54,434)


	Cash Flow Hedging Gain (Loss)		Pension Liability		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance, December 31, 2022	$	2,497	$	(23,749)	$	(36,606)	$	(57,858)

Other comprehensive income before reclassifications, net of tax	4,010		—		2,724		6,734
Amounts reclassified from accumulated other comprehensive income (loss) before taxa	(3,471)		1,064		—		(2,407)
Income tax	842		(258)		—		584

Net current-period other comprehensive income	1,381		806		2,724		4,911

Balance, June 30, 2023	$	3,878	$	(22,943)	$	(33,882)	$	(52,947)

Interim Financial Information	6 Months Ended
Interim Financial Information	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary to fairly present the results for the periods presented. The consolidated condensed financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated. Results for the period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated condensed financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2023 included in our Annual Report on Form 10-K. Use of Estimates The preparation of the consolidated condensed financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments which affect the reported amounts of assets, liabilities and related disclosures of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. While there has been uncertainty and disruption in the global economy and financial markets, we are not aware of any specific event or circumstance that would require an update to our estimates or judgments or a revision of the carrying value of our assets or liabilities as of August 1, 2024, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Legal Proceedings	6 Months Ended
Legal Proceedings	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	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, Department of Justice, Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the United States Food and Drug Administration, 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. Likewise, 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 health care providers domestically or internationally whereby companies are claimed to have provided health care 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 a 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. Similar anti-bribery laws are in effect in many of the countries in which we operate. The FCPA also imposes obligations on manufacturers listed on U.S. stock exchanges to maintain accurate books and records, and maintain internal accounting controls sufficient to provide assurance that transactions are accurately recorded, lawful and in accordance with management’s authorization. The FCPA can pose unique challenges for manufacturers that operate in foreign cultures where conduct prohibited by the FCPA may not be viewed as illegal in local jurisdictions, and because, in some cases, a United States manufacturer may face risks under the FCPA based on the conduct of third parties (e.g., distributors) over whom the manufacturer may not have complete control. While CONMED has not experienced any material enforcement action to date, there can be no assurance that the Company will not be subject to a material enforcement action in the future, or that the Company will not incur costs including, in the form of fees for lawyers and other consultants, that are material to the Company’s results of operations in the course of responding to a future inquiry or investigation. In addition, as a manufacturer of U.S. FDA-approved devices reimbursable by federal healthcare programs, we are subject to the Physician Payments Sunshine Act, which requires us to annually report certain payments and other transfers of value we make to U.S.-licensed physicians or U.S. teaching hospitals. Any failure to comply with these laws and regulations could subject us or our officers and employees to criminal and civil financial penalties. Manufacturers of medical products may face exposure to significant product liability claims, as well as patent infringement and other claims incurred in the ordinary course of business. To date, we have not experienced any claims that have been material to our financial statements or financial condition, but any such claims arising in the future could have a material adverse effect on our business, results of operations or cash flows. We currently maintain commercial product liability insurance of $35 million per incident and $35 million in the aggregate annually, which we believe is adequate. This coverage is on a claims-made basis. There can be no assurance that claims will not exceed insurance coverage, that the carriers will be solvent or that such insurance will be available to us in the future at a reasonable cost. Our operations are subject, and in the past have been subject, to a number of environmental laws and regulations governing, among other things, air emissions; wastewater discharges; the use, handling and disposal of hazardous substances and wastes; soil and groundwater remediation and employee health and safety. Likewise, the operations of our suppliers and sterilizers are subject to similar environmental laws and regulations. In some jurisdictions, environmental requirements may be expected to become more stringent in the future. In the United States, certain environmental laws can impose liability for the entire cost of site restoration upon each of the parties that may have contributed to conditions at the site regardless of fault or the lawfulness of the party’s activities. While we do not believe that the present costs of environmental compliance and remediation are material, there can be no assurance that future compliance or remedial obligations would not have a material adverse effect on our financial condition, results of operations or cash flows. CONMED has been defending two Georgia State Court actions. The first action was filed in Cobb County by various employees, former employees, contract workers and others against CONMED and against a contract sterilizer (the "Cobb County Action"). Plaintiffs alleged personal injury and related claims purportedly arising from or relating to exposure to Ethylene Oxide, a chemical used to sterilize certain products. CONMED’s motion to dismiss action was heard on January 10, 2022, and the Court issued a ruling on June 15, 2022 dismissing 44 of the 51 plaintiffs' claims as precluded by the exclusive workers' compensation remedy, as well as one claim from a non-employee plaintiff. The remaining plaintiffs voluntarily dismissed their claims against CONMED such that all claims against CONMED in the Cobb County Action have now been dismissed and CONMED is no longer a named party to this case. The second action was filed in Douglas County against CONMED’s landlord (the "Landlord Defendants") and other allegedly related entities (the "Douglas County Action"). Plaintiff alleged the same injuries as the Cobb County Action. Discovery closed in November 2023. The Landlord Defendants filed a Motion for Summary Judgment in March 2024 and oral arguments will occur in August 2024. As with any litigation, there are risks, including the risk that the Landlord defendants may not prevail with respect to the defense of the underlying claims, and that CONMED may not prevail in securing the adequate insurance to cover the indemnification of any judgment. CONMED submitted the foregoing claims for insurance coverage. One insurer is providing coverage for certain of the claims asserted directly against the Company. CONMED litigated two lawsuits in the United States District Court for the Northern District of New York ("the Northern District") with Federal Insurance Company (“Chubb”): one involving CONMED’s claim for coverage for the indemnification claims arising from the Cobb County Action, and the other concerning CONMED’s claim for coverage for the indemnification claims arising from the Douglas County Action. On March 10, 2022, the Court ruled in favor of CONMED with respect to coverage for the indemnification claims arising from the Cobb County Action. Chubb's motion for reconsideration was denied, and Chubb filed a notice of appeal. On August 9, 2022, CONMED won a similar ruling finding in its favor and against Chubb as to the coverage case concerning the Douglas County Action. Chubb appealed that decision as well. Chubb subsequently withdrew its appeal in connection with a settlement between the parties. Chubb disputes the amount it owes in fees incurred by the Company's attorneys defending the Douglas County action going forward. Accordingly, CONMED has commenced a third action against Chubb in the Northern District to enforce the terms of the settlement agreement in the Douglas County Action. The court denied CONMED’s motion on pleading. The parties are now proceeding to define the scope of the discovery. In addition, one of CONMED’s contract sterilizers, which is defending toxic tort claims asserted by various residents in the areas around its processing facility, has placed CONMED on notice of a claim for indemnification relating to some of those claims. CONMED reviewed the notice and reached out to the contract sterilizer for more information. At this time, the contract sterilizer has not responded. The government of Italy passed a law in late 2015 to tax medical device companies on revenue derived from sales to public hospitals. The tax is calculated and based on provincial spending over and above certain thresholds. The Italy medical device tax represents variable consideration in the form of a retroactive discount potentially owed to the customer, which is ultimately the Italian government. Since the law was enacted through September 2022, the Italian government essentially made no effort to administer or collect the tax. A lack of interpretative guidance and the complexity of the law resulted in uncertainty as to the actual amount of liability. In September 2022, the Italian government passed a further decree which, amongst other provisions, delegated administration and collection to the provincial level for the years 2015 – 2018. The Company challenged the imposition of the medical device tax in Italy, as did many other medical device companies, on the grounds that the law was never implemented properly with regulations. On July 22, 2024, the Italian Constitutional Court determined the tax to be constitutional, however, a 52% discount on amounts due for the years 2015-2018 was granted as part of the ruling. The Company has used its best estimate to record reserves related to the tax. No amounts have been remitted to date. In December 2023, the Company voluntarily informed the U.S. Department of Justice (“DOJ”) of potential issues with certain royalty payments related to design surgeons. The Company is fully cooperating with the DOJ and their review of the matter. From time to time, we are also subject to negligence and other claims arising out of the ordinary conduct of our business, including, for example, automobile or other accidents our employees may experience within the course of their employment or otherwise and which may, on occasion, involve potentially significant personal injuries or other exposures. We record reserves sufficient to cover probable and estimable losses associated with any such pending claims. With respect to the matters described above, except as noted related to the medical device tax in Italy, the Company is unable to estimate a range of possible loss at this time, nor does it believe any potential loss is probable, and as a result has not recorded any reserves related to the potential outcomes in connection with these matters. 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.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 29,976	$ 13,732	$ 49,685	$ 15,551
Basic-weighted average shares outstanding (in shares)	30,813	30,662	30,792	30,587
Stock compensation	293	874	378	751
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares)	0	45	0	22
Convertible notes	0	214	0	139
Diluted- weighted average shares outstanding (in shares)	31,106	31,795	31,170	31,499
Basic (in dollars per share)	$ 0.97	$ 0.45	$ 1.61	$ 0.51
Diluted (in dollars per share)	$ 0.96	$ 0.43	$ 1.59	$ 0.49
Antidilutive securities excluded from computation of earnings per share (in shares)	3,400	1,800	2,700	1,700

Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Lease, Liability	$ 2,177	$ 2,365
Long-term Debt and Lease Obligation, Including Current Maturities	965,890	973,848
Current portion of long-term debt	716	708
Long-term debt	965,174	973,140
Line of Credit
Debt Instrument [Line Items]
Long-term Debt	62,000	2,000
Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt	114,167	114,064
Unamortized Debt Issuance Expense	421	524
2.625 Percent Convertible Notes Due 2024 \| Convertible Notes Payable
Debt Instrument [Line Items]
Convertible Debt	0	70,000
2.250 Percent Convertible Notes Due 2027 \| Convertible Notes Payable
Debt Instrument [Line Items]
Convertible Debt	787,546	785,419
Unamortized Debt Issuance Expense	$ 12,454	$ 14,581

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 49,685	$ 15,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,211	8,222
Amortization of deferred debt issuance costs	2,813	3,012
Amortization	27,666	27,777
Stock-based compensation	13,214	12,148
Deferred income taxes	3,106	(607)
Non-cash adjustments to fair value of contingent consideration liability	(15,219)	3,799
Increase (decrease) in cash flows from changes in assets and liabilities:
Accounts receivable	6	(35,184)
Inventories	(5,795)	4,468
Accounts payable	13,300	4,453
Accrued compensation and benefits	(13,970)	(253)
Other assets	(7,586)	(11,907)
Other liabilities	(3,004)	(8,653)
Net cash provided by operating activities	72,427	22,826
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,625)	(8,783)
Other	0	(1,000)
Net cash used in investing activities	(5,625)	(9,783)
Cash flows from financing activities:
Payments on revolving line of credit	(398,000)	(347,000)
Proceeds from revolving line of credit	458,000	331,000
Payments to redeem convertible notes	(70,000)	0
Payments related to contingent consideration	(39,429)	0
Dividends paid on common stock	(12,311)	(12,208)
Other, net	641	13,771
Net cash used in financing activities	(61,099)	(14,437)
Effect of exchange rate changes on cash and cash equivalents	(1,130)	300
Net increase (decrease) in cash and cash equivalents	4,573	(1,094)
Cash and cash equivalents at beginning of period	24,296	28,942
Cash and cash equivalents at end of period	28,869	27,848
Non-cash financing activities:
Dividends payable	$ 6,163	$ 6,145

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the net carrying amount of goodwill for the six months ended June 30, 2024 are as follows:


Balance as of December 31, 2023	$	806,844



Foreign currency translation	(643)

Balance as of June 30, 2024	$	806,201

Schedule of Finite-Lived Intangible Assets

Other intangible assets consist of the following:


	June 30, 2024					December 31, 2023
	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	$	369,840	$	(196,752)	$	369,930	$	(188,486)

Sales representation, marketing and promotional rights	25	149,376		(75,000)		149,376		(72,000)

Developed technology	18	320,204		(49,685)		320,204		(44,558)

Patents and other intangible assets	16	83,644		(54,927)		82,594		(54,120)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

		$	1,009,608	$	(376,364)	$	1,008,648	$	(359,164)

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets consist of the following:


	June 30, 2024					December 31, 2023
	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	$	369,840	$	(196,752)	$	369,930	$	(188,486)

Sales representation, marketing and promotional rights	25	149,376		(75,000)		149,376		(72,000)

Developed technology	18	320,204		(49,685)		320,204		(44,558)

Patents and other intangible assets	16	83,644		(54,927)		82,594		(54,120)

Intangible assets with indefinite lives:

Trademarks and tradenames		86,544		—		86,544		—

		$	1,009,608	$	(376,364)	$	1,008,648	$	(359,164)

Schedule of Estimated Amortization Expense

The estimated intangible asset amortization expense remaining for the year ending December 31, 2024 and for each of the five succeeding years is as follows:


	Amortization included in expense		Amortization recorded as a reduction of revenue		Total
Remaining, 2024	$	14,475	$	3,000	$	17,475
2025	29,381		6,000		35,381
2026	29,476		6,000		35,476
2027	30,534		6,000		36,534
2028	33,662		6,000		39,662
2029	32,877		6,000		38,877

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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+ Details

Business Segment

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment

We are accounting and reporting 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. Our chief operating decision maker (the CEO) 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 due to shared infrastructure and resources. 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 surgery procedures and fees related to the 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 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Orthopedic surgery	$	139,537	$	140,790	$	274,449	$	271,966
General surgery	192,560		176,862		369,922		341,155
Consolidated net sales	$	332,097	$	317,652	$	644,371	$	613,121

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Net income	$ 29,976		$ 13,732		$ 49,685	$ 15,551
Cash flow hedging gain (loss), net of income tax	(1,874)		503		2,573	1,381
Pension liability, net of income tax	301		403		603	806
Foreign currency translation adjustments	(3,060)		1,129		(7,440)	2,724
Comprehensive income	25,343	$ 20,078	15,767	$ 4,695	45,421	20,462
Cash flow hedging gain (loss), tax	(600)		161		823	442
Pension liability, tax	$ 97		$ 129		$ 194	$ 258

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenues (Disaggregated Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 332,097	$ 317,652	$ 644,371	$ 613,121
Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Sales	319,192	305,299	619,086	589,011
Services transferred over time
Disaggregation of Revenue [Line Items]
Net Sales	12,905	12,353	25,285	24,110
Orthopedic Surgery
Disaggregation of Revenue [Line Items]
Net Sales	139,537	140,790	274,449	271,966
Orthopedic Surgery \| Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Sales	128,875	130,274	253,567	251,397
Orthopedic Surgery \| Services transferred over time
Disaggregation of Revenue [Line Items]
Net Sales	10,662	10,516	20,882	20,569
General Surgery
Disaggregation of Revenue [Line Items]
Net Sales	192,560	176,862	369,922	341,155
General Surgery \| Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Sales	190,317	175,025	365,519	337,614
General Surgery \| Services transferred over time
Disaggregation of Revenue [Line Items]
Net Sales	2,243	1,837	4,403	3,541
United States
Disaggregation of Revenue [Line Items]
Net Sales	185,367	174,667	361,774	339,257
United States \| Orthopedic Surgery
Disaggregation of Revenue [Line Items]
Net Sales	52,125	52,339	106,276	101,284
United States \| General Surgery
Disaggregation of Revenue [Line Items]
Net Sales	133,242	122,328	255,498	237,973
Americas (excluding the United States)
Disaggregation of Revenue [Line Items]
Net Sales	31,637	32,097	62,260	60,853
Americas (excluding the United States) \| Orthopedic Surgery
Disaggregation of Revenue [Line Items]
Net Sales	21,167	22,620	42,495	41,610
Americas (excluding the United States) \| General Surgery
Disaggregation of Revenue [Line Items]
Net Sales	10,470	9,477	19,765	19,243
Europe, Middle East & Africa
Disaggregation of Revenue [Line Items]
Net Sales	63,688	58,282	124,545	114,298
Europe, Middle East & Africa \| Orthopedic Surgery
Disaggregation of Revenue [Line Items]
Net Sales	35,015	32,582	68,220	65,702
Europe, Middle East & Africa \| General Surgery
Disaggregation of Revenue [Line Items]
Net Sales	28,673	25,700	56,325	48,596
Asia Pacific
Disaggregation of Revenue [Line Items]
Net Sales	51,405	52,606	95,792	98,713
Asia Pacific \| Orthopedic Surgery
Disaggregation of Revenue [Line Items]
Net Sales	31,230	33,249	57,458	63,370
Asia Pacific \| General Surgery
Disaggregation of Revenue [Line Items]
Net Sales	$ 20,175	$ 19,357	$ 38,334	$ 35,343

Legal Proceedings (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Product liability insurance, aggregate annual amount	$ 35
Product liability insurance, amount per incident	$ 35

Pension Plan (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Cost

Net periodic pension cost consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	180	$	194	$	360	$	388

Interest cost on projected benefit obligation	863		911		1,726		1,822

Expected return on plan assets	(1,101)		(1,032)		(2,202)		(2,064)

Net amortization and deferral	398		532		797		1,064

Net periodic pension cost	$	340	$	605	$	681	$	1,210

Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 806,844
Foreign currency translation	(643)
Ending balance	806,201
Goodwill [Line Items]
Goodwill	$ 806,201

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details