In a recent filing with the Securities and Exchange Commission, CONMED Corporation (NYSE:CNMD) disclosed the upcoming departure of a key executive. Stanley W. (Bill) Peters, President of Advanced Surgical & Advanced Endoscopic Technologies, is set to leave the company on August 31, 2024.
The filing, dated today, indicates that Peters' exit will be treated as a non-change in control qualifying termination, as per the terms outlined in CONMED's Executive Severance Plan. This plan was detailed in the company's Proxy Statement filed on April 8, 2024. Although the specific compensation and benefits were not disclosed in this report, they are expected to be consistent with the company's existing severance policies.
CONMED, headquartered in Largo, FL, operates within the electromedical and electrotherapeutic apparatus sector, under the industrial classification code 3845. The company is incorporated in Delaware and has been a fixture in the medical technology industry.
The news of Peters' departure does not introduce any immediate changes to CONMED's operations or strategic direction as reported. The company has not yet announced a successor or any interim leadership plans for the Advanced Surgical & Advanced Endoscopic Technologies division.
In other recent news, CONMED Corporation announced a quarterly dividend of $0.20 per share, reflecting the company's ongoing commitment to its investors and its financial stability. In addition, the company reported a 4.5% increase in second-quarter fiscal 2024 sales, totaling $332 million, along with a significant rise in GAAP net income to $30 million.
Despite facing supply constraints in the orthopedic segment, CONMED experienced strong demand in general surgery and early success with its new AirSeal surgical robot.
However, due to these supply constraints, CONMED revised its full-year revenue guidance downward to between $1.305 billion and $1.315 billion, with adjusted EPS growth expectations ranging from 14.5% to 16.5%. Amid these recent developments, CEO Curt Hartman expects supply chain issues to be resolved by the fourth quarter.
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