Utica, N.Y.-based Conmed yesterday reported profits of $46.7 million, or $1.65 per share, on sales of $222.6 million for the three months ended Dec. 31, 2017. That’s a whopping 596.1% addition to the bottom line on sales growth of 9.0% compared with Q4 2016, thanks to a $32.1 million tax benefit during the quarter.
And even when you back out one-time items such as the tax benefit, adjusted earnings per share hit 69¢, 4¢ above the best guess on Wall Street, where analysts were looking for sales of $212.2 million.
Full-year profits were $55.8 million, or $1.97 per share, on sales of $796.4 million, for a 278.4% profit gain on top-line growth of 4.3% compared with 2016. Adjusted EPS came in at $1.89, 3¢ ahead of the Street.
“We are very pleased with our fourth-quarter results, which included the continued acceleration of our top line, expanded gross margins and improved earnings. The quarterly and full-year results are the culmination of our strategic focus and the hard work of the entire Conmed team,” president & CEO Curt Hartman said in prepared remarks. “We believe that our continued investments in people and innovative products position us well to drive further market penetration with an improved profitability profile going forward.”
Conmed said it expects to report adjusted EPS of $2.11 to $2.17 on constant-currency sales growth of 4.0% to 5.0% this year.