CONMED Corporation
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]
| Type | Public company |
|---|---|
| Founded | 1970 |
| Headquarters |
|
Key people |
|
| Revenue |  US$1.05 billion (2022) |
| US$ -70.9 million (2022) | |
 US$ -80.6 million (2022) | |
| Total assets | US$2.3 million (2022) |
| Total equity | US$1.6 million (2022) |
Number of employees | 4,100 (2022) |
| Website | www |
| Footnotes / references [1] | |
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
- 1989: Aspen Labs from Bristol-Myers Squibb[16]
- 1995: New Dimensions in Medicine Inc.[17][18] and the Birtcher Corporation, manufacturer of the Hyfrecator[19]
- 1997: Linvatec Corp, from Bristol-Myers Squibb[20][21][16]
- 2002: ValMed and NorTrex Medical[16]
- 2003: Core Dynamics and Bionx Implants[16]
- 2004: Endoscopic unit of C R Bard Inc[22][16]
- 2012: Viking Systems[16]
- 2016: SurgiQuest[16][23]
- 2017: ExoShape ACL product line from MedShape[16]
- 2019: Buffalo Filter[16]
- 2022: In2Bones and Biorez[24][1]
References
- CONMED Corporation (2023). "2022 Annual Report".
- Aronovich, Hanna (December 2007). "'In-Depth Coverage'". U.S. Business Review. Vol. 8, no. 12. pp. 92–93. ISSN 1552-6313. EBSCOhost 28832089.
- Zaheer, Aima (January 14, 2023). "15 Largest Orthopedic Companies in the World". Yahoo Finance. Retrieved May 12, 2023.
- "Locations". CONMED corporation. Retrieved May 4, 2023.
- "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.
- "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.
- 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.
- "Meet Eugene "Gene" Corasanti, CONMED's Founder". www.linkedin.com. Retrieved May 4, 2023.
- "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.
- 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.
- Armstrong, David (June 5, 2006). "Under the Knife". Forbes. Vol. 177, no. 12. EBSCOhost 21396346.
- "Noted..." WSJ. November 3, 2006. Retrieved May 12, 2023.
- "Voce Capital Demands Changes at CONMED Corporation". Business Wire. November 4, 2013. EBSCOhost bizwire.c51624434.
- 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.
- "Utica's ConMed moved headquarters to Largo, Florida". Utica Observer Dispatch. July 20, 2022. Retrieved May 4, 2023.
- "MarketLine Company Profile: CONMED Corp". MarketLine. August 11, 2022. EBSCOhost 159347027.
- "Acquisition by Conmed". The New York Times. October 20, 1995. ISSN 0362-4331. Retrieved May 4, 2023.
- Christy, John H.; Waxler, Caroline (May 5, 1997). "Exit the E.R.". Forbes. Vol. 159, no. 9. p. 191. EBSCOhost 9704271568.
- 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.
- "Bristol-Myers to Sell a Medical Devices Unit". The New York Times. November 28, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
- "COMPANY NEWS; CONMED SHARES UP ON DEAL WITH BRISTOL-MYERS". The New York Times. November 29, 1997. ISSN 0362-4331. Retrieved May 4, 2023.
- "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.
- Diakantonis, Demitri (November 16, 2015). "Conmed Adds Airseal Medical Device Maker SurgiQuest". Mergers & Acquisitions Report. EBSCOhost 111147785.
- Sean Whooley (June 14, 2022). "Conmed completes $145M In2Bones acquisition". MassDevice.
- Pederson, Jay P., ed. (2007). International Directory of Company Histories. Vol. 87. St James Press. pp. 118–120. ISBN 9781558625914.