UTICA, NY, Feb 05, 2009 (MARKET WIRE via COMTEX) — CONMED Corporation (NASDAQ: CNMD) today announced financial results for the fourth quarter and year-ended December 31, 2008.
For the fourth quarter ended December 31, 2008, sales were $179.2 million compared to $189.6 million in the same quarter of 2007. GAAP diluted earnings per share were $0.36 compared to $0.41 in the fourth quarter of 2007. Non-GAAP diluted earnings per share equaled $0.34 compared to non-GAAP diluted earnings per share of $0.44 in the 2007 fourth quarter. As discussed below under “Use of Non-GAAP Financial Measures,” the Company presents various non-GAAP financial measures in this release. Investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP. Please refer to the attached reconciliation between GAAP and non-GAAP financial measures.
Sales for the year-ended December 31, 2008 were $742.2 million, an increase of 6.9% compared to 2007. GAAP diluted earnings per share in 2008 grew to $1.52 compared to $1.43 in the prior year. On a non-GAAP basis, diluted earnings per share were $1.54, a 12.4% increase compared to $1.37 in 2007.