CONMED Corporation
Company typePublic company
Founded1970
Headquarters
Key people
  • Curt Hartman
  • (chairman of the board, President, and CEO)
RevenueIncrease US$1.05 billion (2022)
Increase US$ -70.9 million (2022)
Decrease US$ -80.6 million (2022)
Total assetsIncrease US$2.3 million (2022)
Total equityDecrease US$1.6 million (2022)
Number of employees
4,100 (2022)
Websitewww.conmed.com
Footnotes / references
[1]

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

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

History

In 1970, Eugene Corasanti (1930–2015) purchased a small medical supplied distributor in Utica, New York. He originally named the company Concor Enterprises, but later renamed it to Consolidated Medical Equipment, Inc.[8] Its first product was a disposable ECG electrode.[2] Corasanti served as CEO until 2006 and chairman of the board until 2014. By the time he retired, CONMED had grown to around $700 million of sales.[8]

In May 2003 CONMED was cited by the FDA for violations at its Colorado plant.[9] Later in 2003, it filed suit against Johnson & Johnson, alleging that Johnson & Johnson was illegally coercing hospitals into purchasing their surgical instruments.[10] A financial analyst for Zacks in 2006 criticized CONMED for taking on the financial strain of this suit, combined with poor growth and debt from recent acquisitions.[11]

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

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

Acquisitions

References

  1. ^ a b c CONMED Corporation (2023). "2022 Annual Report".
  2. ^ a b Aronovich, Hanna (December 2007). "'In-Depth Coverage'". U.S. Business Review. Vol. 8, no. 12. pp. 92–93. ISSN 1552-6313. EBSCOhost 28832089.
  3. ^ Zaheer, Aima (January 14, 2023). "15 Largest Orthopedic Companies in the World". Yahoo Finance. Retrieved May 12, 2023.
  4. ^ "Locations". CONMED corporation. Retrieved May 4, 2023.
  5. ^ "News and product update". Journal of Medical Engineering & Technology. 46 (1): 85–87. January 2, 2022. doi:10.1080/03091902.2021.2009694. ISSN 0309-1902. S2CID 246053832.
  6. ^ "News and product update". Journal of Medical Engineering & Technology. 41 (6): 506–509. August 18, 2017. doi:10.1080/03091902.2017.1341245. ISSN 0309-1902. PMID 28795647. S2CID 37834557.
  7. ^ Lathers, Steven; Krishnamoorthy, Mahesh; Vasdev, Nikhil; Tegan, Gary (January 2, 2023). "Distribution of surgical smoke particles within a simulated laparoscopic cavity utilizing an AirSeal® system". Journal of Medical Engineering & Technology. 47 (1): 12–28. doi:10.1080/03091902.2022.2096134. hdl:2299/25712. ISSN 0309-1902. PMID 35801978. S2CID 250358381.
  8. ^ a b "Meet Eugene "Gene" Corasanti, CONMED's Founder". www.linkedin.com. Retrieved May 4, 2023.
  9. ^ "COMPANY NEWS; F.D.A. CITES VIOLATIONS AT CONMED, SURGICAL TOOLS MAKER". The New York Times. May 21, 2003. ISSN 0362-4331. Retrieved May 4, 2023.
  10. ^ Walsh, Mary Williams (November 8, 2003). "Johnson & Johnson Is Sued By Rival Over Sales Methods". The New York Times. ISSN 0362-4331. Retrieved May 4, 2023.
  11. ^ Armstrong, David (June 5, 2006). "Under the Knife". Forbes. Vol. 177, no. 12. EBSCOhost 21396346.
  12. ^ "Noted..." WSJ. November 3, 2006. Retrieved May 12, 2023.
  13. ^ "Voce Capital Demands Changes at CONMED Corporation". Business Wire. November 4, 2013. EBSCOhost bizwire.c51624434.
  14. ^ Reinhardt, Eric (August 1, 2014). "ConMed moves forward with interim CEO after Corasanti steps down". Business Journal (Central New York). Vol. 28, no. 30. pp. 2–9B. ISSN 0894-5675. EBSCOhost 97514948.
  15. ^ "Utica's ConMed moved headquarters to Largo, Florida". Utica Observer Dispatch. July 20, 2022. Retrieved May 4, 2023.
  16. ^ a b c d e f g h i "MarketLine Company Profile: CONMED Corp". MarketLine. August 11, 2022. EBSCOhost 159347027.
  17. ^ "Acquisition by Conmed". The New York Times. October 20, 1995. ISSN 0362-4331. Retrieved May 4, 2023.
  18. ^ Christy, John H.; Waxler, Caroline (May 5, 1997). "Exit the E.R.". Forbes. Vol. 159, no. 9. p. 191. EBSCOhost 9704271568.
  19. ^ O'Dell, John (January 19, 1995). "Birtcher to Cut 80% of Staff, Close Irvine Office if Merger OKd : Deal: The N.Y.-based competitor looking to acquire the firm wants its products and Mexican operation, not its workers. Employees expected the layoff announcement". Los Angeles Times. Retrieved November 30, 2021.
  20. ^ "Bristol-Myers to Sell a Medical Devices Unit". The New York Times. November 28, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
  21. ^ "COMPANY NEWS; CONMED SHARES UP ON DEAL WITH BRISTOL-MYERS". The New York Times. November 29, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
  22. ^ "COMPANY NEWS; CONMED TO BUY BARD'S ENDOSCOPIC UNIT FOR $80 MILLION". The New York Times. August 19, 2004. ISSN 0362-4331. Retrieved May 4, 2023.
  23. ^ Diakantonis, Demitri (November 16, 2015). "Conmed Adds Airseal Medical Device Maker SurgiQuest". Mergers & Acquisitions Report. EBSCOhost 111147785.
  24. ^ Sean Whooley (June 14, 2022). "Conmed completes $145M In2Bones acquisition". MassDevice.

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