UTICA, N.Y., Aug. 19 /PRNewswire-FirstCall/ --
ConMed Corporation (Nasdaq: CNMD) announced today, that its subsidiary,
Linvatec Corporation has completed a co-exclusive distribution agreement with
DePuy Orthopaedics, Inc., a Johnson & Johnson company. DePuy will distribute
Linvatec's Hall(R) Surgical line of PowerPro(R) battery powered surgical
instruments in the United States. ConMed will also continue to distribute
these products through its own sales channels.
DePuy Orthopaedics is a leading provider of orthopedic implants for hip
and knee reconstruction. Its salesforce will begin marketing the PowerPro(R)
line of battery powered drills, saws and related accessories immediately.
The new PowerPro(R) battery powered surgical instruments are particularly
suited to reconstructive hip and knee implant procedures that are a major
focus of the DePuy salesforce. The addition of the PowerPro(R) battery
products to the DePuy product portfolio allows for synergy between the DePuy
implants and the powered instruments necessary for the reconstructive surgical
procedures.
Mr. Joseph J. Corasanti, President and COO of ConMed Corporation,
commented, "We are very excited about this relationship with DePuy because of
their market leadership and strong distribution. This agreement reaffirms our
belief that the PowerPro(R) Battery System is at the top of its class in
performance and that PowerPro(R) battery product sales will be a positive
force in our future powered instrument sales growth."
Mr. Corasanti added, "As we have anticipated securing this agreement, we
reiterate our current third quarter 2002 guidance for total Company sales in
the range of $108 - $113 million with earnings per diluted share of $.30 -
$.34. Our anticipated third and fourth quarter 2000 sales of powered surgical
instruments will include sales to DePuy for demonstration samples used by its
salesforce as well as sales for end-users. The sample sales will be at
margins less than our overall corporate margin. Our guidance for the full
year 2002 also remains unchanged, with expected diluted earnings per share to
be $1.37 to $1.42. For 2003 we believe our entire Powered Surgical Instrument
product sales will increase 9% over 2002 amounts, in part due to the
anticipated favorable effect of the agreement, as well as our own sales of our
powered instrument line."
CONMED is a medical technology company specializing in instruments,
implants, and video equipment for arthroscopic sports medicine, and powered
surgical instruments, such as drills and saws, for orthopedic, ENT,
neuro-surgery, and other surgical specialties. The Company is also a leading
developer, manufacturer and supplier of RF electrosurgery systems used
routinely to cut and cauterize tissue in nearly all types of all surgical
procedures worldwide, and endoscopy products such as trocars, clip appliers,
scissors, and surgical staplers. The Company also manufactures and sells a
full line of ECG electrodes for heart monitoring and other patient care
products. Headquartered in Utica, New York, the Company's 2,500 employees
distribute its products worldwide from eight manufacturing locations.
This press release contains forward-looking statements based on certain
assumptions and contingencies that involve risks and uncertainties. The
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and relate to the
Company's performance on a going-forward basis. The forward-looking
statements in this press release involve risks and uncertainties which could
cause actual results, performance or trends, including the above mentioned
anticipated revenues and earnings, to differ materially from those expressed
in the forward-looking statements herein or in previous disclosures. The
Company believes that all forward-looking statements made by it have a
reasonable basis, but there can be no assurance that management's
expectations, beliefs or projections as expressed in the forward-looking
statements will actually occur or prove to be correct. In addition to general
industry and economic conditions, factors that could cause actual results to
differ materially from those discussed in the forward-looking statements in
this press release include, but are not limited to: (i) the failure of any
one or more of the assumptions stated above, to prove to be correct; (ii) the
risks relating to forward-looking statements discussed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2001 and the
Prospectus dated May 22, 2002; (iii) cyclical purchasing patterns from
customers, end-users and dealers; (iv) timely release of new products, and
acceptance of such new products by the market; (v) the introduction of new
products by competitors and other competitive responses; (vi) the possibility
that any new acquisition or other transaction may require the Company to
reconsider its financial assumptions and goals/targets; and/or (vii) the
Company's ability to devise and execute strategies to respond to market
conditions.
SOURCE ConMed Corporation
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Related links:
http://www.conmed.com
Company News On-Call:
http://www.prnewswire.com/comp/201850.html
CONTACT:
Robert Shallish, Chief Financial Officer of
CONMED Corporation, +1-315-624-3206; or Lauren Levine, or Lanie
Fladell, Media, Dan Budwick, all of Morgen-Walke Associates,
+1-212-850-5600
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