CNMD - Earnings call transcript Q1 2018

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Operator

Good afternoon, everyone.

Before we begin, let me remind you that during this call management will be making comments and statements regarding its financial outlook, which represent forward-looking statements that involve risks and uncertainties as those terms are defined under the federal securities laws. The company's actual results may differ materially from its current expectations. Please refer to the risk factors and other cautionary factors in today's press release as well as the company's SEC filings for more details on factors that may cause actual results to differ materially.

You will also hear management refer to certain non-GAAP adjusted measurements during this discussion.

and not figures for the against to financial from are will measurements, company's other figures regular performance these a use aid quarter-to-quarter medical these technology a for GAAP substitute management ongoing basis companies. While and on benchmarking year-to-year in monitoring operations. the its be charges net considered that Adjusted measure by and normal special company, the the earnings adjusted of income to or are of outside excluding ongoing share company per income credits for items in press specified adjusting release issued the These reconciliation in are the this afternoon.

I required announcements Executive turn these Mr. to With over opening Curt for CONMED's completed, Hartman? Chief will and the President call remarks. Hartmann, Officer,

Curt R. Hartman

and Thank President a brief for more call Officer. on guidance. call you, provide for provide the overview you questions. of our and Quarter will of and the Today, to financial afternoon Todd performance then our I'll highlights With for joining thank Todd open detailed the Garner, analysis that, Executive quarter. we'll discuss me Chief CONMED's is the Jonathan. Financial Vice XXXX us a XXXX Good your operating and First financial Earnings After Call. financial

a outlined press our we we strong release, year. As to start the had in very

to new continue profitable EBITDA and ability serve. And our growth make growth confirms for a our going in difference drive in people Our products and commitment adjusted the to forward. CONMED markets we the quarter

top increase will of in bottom All call. discuss later the detail our outlook and more the for us to confidence which in this line XXXX, Todd gives

new accounting was XXXX. quarter increased per in $XX.X adjusted XX.X% basis. X.X% and the $X.XX to earnings quarter increase earnings net adjusted constant standard as diluted of X.X% From when were and by driven categories net broad-based of Our $XXX.X revenue total compared the during million, of a first as quarter, growth first adjusted across our perspective earnings share sales currency increased an for and our XX.X% million the This an both for reported global year-over-year. the first on of of strength year-over-year, representing

you from let highlights non-financial update quarter. me Now, on few a the

to pleased approval for novo FDA for ever cavity, access the receive the First, the our platform. base, of approval this expands of and management we This first developed indications the we approval the advance clinical given AirSeal. receive substantial of procedures to strategy anatomy in indication technology an the acquisition and is This and of in procedural the approval the the data validates platform both were very order thoracic required at MIS application it and space. in thoracic time SurgiQuest de to

customer quarter, industry shows, and early and the where feedback AORN, on in at system new reception during the pleased system. products. Anchor opportunity Overall, with retrieval ACFAS, are showcase MicroFree by very shows the trade the the the SAGES market Second, and and we to AAOS, several were had we power participated we these encouraged we enthusiasm the

to innovative critical a even we progress the year. products our part and through as are introducing forward products look we New more future of

successfully and pleased we the productive smooth, was during and to both successful completed the and thank our personally quarter. Luke Overall, and that I'd Finally, note we're transition. Todd it accomplishments our a CFO put I they want to ensuring to effort very operating financial transition in for like with

innovative our remain to quarter first to Going and products forward, we upon new bring performance market. focused continue on building

guidance. provide the into Todd, discuss mid-teens call target financial our a will excess will and back analysis of performance over who have we'll sharp detailed now the prioritize growth we of order also financial our profitability, While growth. to earnings to drive I'll in top more our business of focus long-term XXXX any reinvestment line in a on turn Todd?

Todd W. Garner

Curt. Thanks,

increased X, sales revenue and This first total change adjusted As quarter to XXXX, starting million constant X.X%. that $XXX.X over currency is X.X% mentioned, In a this that change. new quarterly of we've full call a our a impact increase annual relative will SG&A today accounting the roughly quarter provided expense, All we given standard. XXXX as remind we for year of also that will that still an like The fourth of adopted the expense reduction on the recorded income reconciliation first our a ASU January ago. million. of reported on adjusted and this year. by remind is our as SG&A growth I'll on will this viewed basis is meaning can year in and distributors currency first and website. the This in line sales with to fees be change we for XXXX, you a this impact quarter and GPOs XXXX-XX, $X it paid instead revenue will reported that last standard, revenue of top solid new offset of as be which EBIT unaffected. constant you be be was negative presentation where numbers on statement reference to this remaining a I in lower have the quarter on I'd

eighth of portfolio. Surgery prior internationally, time growth Domestically, first Surgery the up quarter Orthopedics. XX.X% quarter the X.X% in increased first driven saw in across long by revenue Our increased sales a strong increased X.X% period. grew XX.X%. back-to-back driven the General to and domestic by performances revenues Worldwide the versus increased product Surgery in quarter sales first period. the sales. quarter robust General for revenue Orthopedics X.X% in General driven prior Surgery revenues quarters quarter the and Internationally, increased International in by time solid increased was sales performances year revenue Orthopedics versus with Domestically, growth. first Worldwide growth in capital Orthopedics an year-over-year XX.X%, year and X.X% consecutive General and first X.X% both sales

basis adjusted gross ago. of components statement. year quarter XX.X%, a income Gross the points margin up first to other the to turning compared for margin Now XX was

While the our driven we excludes in coming expect basis, $XX.X this amortization, guidance to full XXXX. range XX.X% or principally total of compared full at XX the to impact XXX savings by points and gross in year end expect sales expenses adjusted for of XX.X% the basis year, the margin million were an adjusted XXXX and stronger which the we quarters was by of On performance quarter cost first low administrative selling the the provided improve to we initiatives. quarter for first of to continue

our early to And on given prior a expected be to strong, globally As investments increasing line first the million I already, our quarter our drive the as SG&A percentage total of were we of and be the sales. in X.X% XXXX. year first sales total in bottom reported the closer or the $X.X line mentioned infrastructure provide consistent year. outperformance in top ratios last longer-term. growth compares necessary for sales million expenses get we quarter in to total to call, customers of area or Research higher of order $X.X on will This development this to and than X.X%

in Adjusted continue X% margins EBITDA XX.X% range of the increasing first full to a this While year anticipate expense a the to start year in percentage XX.X% we quarter compared moving of the XXXX we range, ago. R&D of year and forward, XXXX expect investment to our X.X% total guidance full sales. was as year below was the of

Our XX.X% our on prior over year adjusted period, profitability. EBITDA increased the commitment grew delivering of

In first have XX.X%. the taxes in XX.X% to Excluding of quarterly effective equated reform, would non-GAAP $X.XX Without the a benefit, this in $X.X rate tax prior-year which Belgian first resulted the quarter reform, discreet our to quarter, XX.X% impact million EPS quarter. reduction benefit. of the in and of of recognized our tax from been tax effective benefit rate decreased tax we

So, But the XX% we going be effective forward, in XX% credit our to expect the between first due it XX% for year, to full be quarter. each to continue and now to rate we the quarter. between and sizable XX% adjusted tax expect

net or U.S. income diluted share of $X.XX XXXX inventory XXXX year or reported $XX.X primarily of GAAP First tax totaled a $X.XX impact related per on a loss share share diluted to of first expense reform million $X.X balances. $XXX,XXX quarter includes income or net our $X.XX million compared GAAP the net to quarter per ago. per

as acquisitions, restructurings, earnings in including As special today's we of on legal release, intangible tax discussed share. per of press and diluted previously we of net of matters, adjusted items other outlined assets, assets of gains from sales and also calculation cost amortization excluded our net refinancing debt

XX.X% in of reform, were EPS of impact net in per first earnings representing the our the quarter. cash period, year the share impact $X.XX XX.X%. versus have adjusted of diluted these growth would Even been excluding our Excluding tax quarter prior first $X.XX growth Belgian the items,

full able to the year being this provided to obviously, range us that above of we the and So puts it a in guidance business is well the strong for in where position needed. invest continue

at of months sheet, million quarter cash to the million down XX, a million paid compared March million Long-term days to at the at the ago. a $XX.X the as Inventory $XXX.X as end balance quarter XXX, XXXX XX XXXX debt as year first as of the December end end was debt Looking were of of as compared in the days the the XX quarter. we ago. of XXXX our balance was same days $XX.X ago. quarter $XXX.X were during Accounts XX, year same days three quarter versus receivable

times. was $XX.X compared in cash quarter $XX.X to million XXXX March in flow million ratio operations XX, XXXX prior prior And leverage compared from X.X $XX.X period. flow first free to period. in year Our of the the Cash at QX the of year in XXXX $XX was million was million

trends, and XXXX impact Based X.X% exchange X%. XXXX to our in earnings X.X% We acquisition XXXX million of guidance net to to to estimated million to Based the growth tax, special share XXXX for over XX% previous which assets, range be XXXX the full of costs the we on range represents approximately of currency now points. We positive range guidance from recent are of now exclude range forecast items, the the amortization tax. per increasing diluted range we basis to full million expect cost compared financial $X.XX. rates, year guidance. of the constant to current exchange our in adjusted of share $XX The estimated which $X.XX to of range of intangible of including our in $XX of is This and to $X net XX%. and to restructuring XXX X% $X.XX estimates financial continue costs, the foreign to our compared to adjusted net previous $X sales in moving of year earnings between Now to million business $X.XX, on per net are XXX previously sales issued guidance. diluted project growth

So, reform. the to on strong to provided obviously, benefit with year start around Belgian choices us sales the and tax the overachievement the with of what do the

remaining As growth discussed into drive shareholders shareholders for invest the back fourth to to XXXX XXXX, call, and top most EPS we The we future years. believe strengthen strong maximize to XX% actions are the increased profitability our to our growth can business to on and our revenue take the the to longer-term growth. outperformance sustainable, cash above provide to but quarter that valuable XX% we not and line are engine in sustainable of market EPS is the in profitability goal

improving to We on our pipeline. will R&D focus continue

strengthen contracts and accelerate closer customers and in will sales U.S. our C-suite We also to our efforts group get the to

tax improving first infrastructure XXXX later global years, differently like expect to business. than are support prior for second manage given quarter. Because our quarterly growing investment and play the the and quarter guidance increased item a we year, of we'd also efficiently to discrete the and out our cadence more to in provide the this We systems

$XXX.X between and be second million. expect to revenue We quarter $XXX.X million

questions, business. that be adjusted EPS over back XX% earnings to second expect the we it we'd I'll the cash to and higher quarter, second in the quarter, open that, With the to Jonathan. into your For amount and to back turn prior than year growth call like looking approximately we'll any invest

Operator

Certainly.

from Matson Mike & of question line the Needham comes Company. first Our from

question, Your please.

Mike Matson

business you certain about upside. questions. that It reinvest. to Yeah, areas? investment in I've do to feel guess mean this approach – Obviously, good reinvesting has why like well. you the performing need and be thanks seems why position But upside to around guys potentially just first be for really to I talk of the I I do have taking pretty it's some start in kind you guess you accelerated. really to my But is a still wanted guidance I feel additional the heard with to commentary

Todd W. Garner

quarter, had we double-digit that a currency we reached in remind it growth inflection thought basis Sure. where point revenue sustainable company last can Mike, constant this growth, talked now on we the you mid-single-digit right. deliver about I'll and earnings when

those and continue higher model the growth. in mid-teens, are at And So with. this than few XXXX, that we We're that invest deliver on profitability a right, XXXX longer-term a on the is in growth to and deliver to stronger actually the point, a side, so starting on pennies pennies to the the that's we're view numbers XX% our that line, now earnings that top simply make better it's basis. in so position higher XXXX can XX% rather to

Mike Matson

that Okay. question. into kind second Thanks. of leads And my

less by upside So the the than going the EPS up quarter. in guidance is

why of essentially to might otherwise you because going upside have is that reinvest I So the to you're some choose had? mean

Todd W. Garner

right. exactly That's

Mike Matson

All lot. right. a Thanks

Todd W. Garner

Thanks, Mike.

Operator

you. Thank

question from of Stewart Kristen the Bank. comes from next line Deutsche Our

question, please. Your

Kristen Stewart

congratulations quarter. taking for a my thanks Hi, question on and good

Curt R. Hartman

Thanks, Kristen.

Kristen Stewart

that was You're have that you to in could trajectory give you the going. I that's little if so bit more indication, just color been maybe welcome. mentioned think you new know the of you on could And I a talk growth the of how that of just maybe terms mean and in quarter wondering the what just business. SurgiQuest performance

Curt R. Hartman

Sure.

quarters with We AirSeal, have inclusive endoscopic portfolio, platform. the XXXX. and AirSeal the strengthening some continued in and the SurgiQuest XXXX. continue through pleased I legacy and first that it's businesses business in been for – quarter advanced but General the point strengthen. is our where would (XX:XX:XX) really sits platform electrode surgical. out to All then technologies ECG to of Surgery quarter very came here the of also And the And together platform be AirSeal inclusive of three and everything previous us the in the acquisition has those

remained of So a AirSeal basis. part we had really a has platform which, important strong the global Surgery performance, on General very

thoracic there. encouraged really everybody remained we're Surgical is about a And relationship I that. So year playing what indication continuing benefited us about there's as your that technology has continue optimistic this to. with have But strong. XXX,XXX procedures do robotics volume can we their from a We've that We the is this thoracic be Intuitive to placement out. it, think aware there's we to into think second question, technology certain is applicable about branch annual

the not ramp the be will It'll bit it. expanding driving that because just it but box the for up the that market a place little go us. We walk But rapidly. opportunity It's only count. slower expanding is disposables a with iFS to not newer procedural it's

just do take it to when other So into was we we'd on which deal do think we the continues applications. said technology closed this we what

So long it, we're the about definitely its part excited but of game.

Kristen Stewart

to quarter? add Okay. from on you Great. It's Orthopedic can do this further the nice business are continuing just to And that well a of that see performance there. the perspective then anything color trends

Curt R. Hartman

portfolio nice new had the earlier event. happy a the new the We from Yeah, traction think there products start of a up. in the a to few and go to But launch Academy. ramp Everything MicroFree results I little at new getting a had a We globally product not we're new the products. that are January stability direction go, products one-time year and I other in hand products we're of call, and Orthopedics products like. hand XXXX good to for think the bit as with with we'd the businesses this with We time takes on as little be year a little But and cadence. volume. getting global more with loaded continuing quarter a the bigger year. backend will bit third we new the trend product basis And more more a said a those in second, see are new

Kristen Stewart

thanks Okay. Perfect. again. And

Operator

you. Thank

Our next of Newitter the Richard from line question Partners. comes from Leerink

please. question Your

Dylan J. Gantley

Kristen up ortho again those on Hey, this contribution U.S. Richard the products for to of was for this follow and is you year? Dylan cadence Can new Gantley Hey, walk saying. us wanted what I on through Newitter.

Curt R. Hartman

here, cadence got new think quarters contribution from candidly. contribution build understand the I the many we marketplace. year – is to introduced product of Because question to I that items your up. a It's last Dylan, if you competitive strongest takes

almost to and clinician wait line patients. in got to your that's you've first turn something got going them the to You with their demonstrate that help

You then go and through process. just the it's value analysis a committee, longer

year now all Obviously, of introducing products So future for periods. that we they last as we're the as products important kind on build each other. introduced are are

a to MicroFree applications. to portfolio attention pretty is it's out this introduced and we're there's broadening which last our put to platform. the you So that to see the about in RF resection rounding technology, what our and Academy and it's point We've the probe the continued floor years. customers' of we hip for if had us year, land, out We on attention But new I a two for specifically a excited promised take not and the good ablation walked good We our expand would offering, going couple year. we up offering very that market continuation or line been the to as reception portfolio had one the that. the to shaver Edge

addresses add the So to things overall business Hopefully, up these kind your of that all make question. better.

Dylan J. Gantley

thanks. Yeah,

of contribution So should here? we as acceleration we year going think through an about model rest the the that

Curt R. Hartman

I'd sure acceleration. go not to I'm

results. products. of basis performance cannibalization think continuing cadence global steady existing new influence are with on to I of it's the some And state these kind product a of remember,

a if you faster So being of capital uptake, dollar There's it's sell. working predict of the a will. the evaluation. you're item, just a every we And through tradeoff it's cycles. hard to contribution probes, Edge for capital bit a clinician some a budget it's others. MicroFree again dollar about little than timing new net not of trial

to on we little overall the product predict a new So the side, the better hard but more results the to be. cadence have tend

Dylan J. Gantley

Thank last for comps and a one want to understandable. That's little you're slowdown you. of One anything XQ here? here. a year for bit sales specific easier are XX there call XQ, in guide increasing out the points only Sure, here, get especially the as basis the of rest you

Todd W. Garner

couple we've row or when I quarters good in think, us got a we've look, a a Dylan, back couple more. No, got here. Check of with

Dylan J. Gantley

much. you enough. very Sure Thank

Operator

you. Thank

next Our of Jaffray. O'Brien from question from Piper comes the line Matt

question, Your please?

J.P. McKim

for afternoon. – growth Thanks wanted just taking another here for start, I This At the is where on think look the U.S. that we second in the the of with quarter much J.P. of we Hi, top remainder kind contribute take should Matt. X% starting Is at to range? question. that when where segment, to of throughout How can good and much that year organic can that's to Orthopedic, that to to of how X.X% that? forward? should the out we ramping year about line X% leverage you given going see the that how contributes of growth, kind

Curt R. Hartman

we what And saying came to the think really out were they said the business to back long what now Step growth. guidance, should X.X%. for to from X.X% started the the rate to was into two categories we've transition, X% to the is time overall, is going X% we we each year Look, just to get I mid-single-digit, our figure back to going one of be step grow market term.

a The than couple repair got there. little to we've to of X% different Orthopedics, Resection slower categories platforms X% power video tools, to grower. pure about soft probably X% a is Sports tissue that. X% probably specifically Anchor a X% the grow X%, think the procedure, grower. bit is medicine a you probably If

probably on some and elements lower. portfolio, of the you about global some CONMED grower with being basis Orthopedics think if kind that of overall So, a a mid-single-digits it's higher being

that new our their we're dollars, think move trying new traction customers products. So to with we with the products growth as purchasing walk we and vote just it all continue forward rate the get should to forward. And

dictate So how new numbers, of to forward. products will going fast give the that moves I'm specific not but cadence

J.P. McKim

saw SurgiQuest of General But, is the XX.X% between be that Okay. really close General and Surgery should year of driving it below then in another the X.X% the and in growth Surgery bulk we at general, delta in or XXXX? going Orthopedics, year throughout to

Curt R. Hartman

our good – is part about outlook good but portfolio. the really feel And it General important feel entirety really is we of obviously, Well, that, of Surgery we here. about that AirSeal an

little get that business to new as a make working of has has the on progress think year to they're So unfolds. in favor and its Orthopedics longer But lot a things we cadence out. got going still products

J.P. McKim

in then know more I the but would if me put you there, for of just And you and some full EPS out investments one the margins what Okay. year. all and out for here? for XXXX you and we've the whether got And we focus that this can put guidance expect a tax guidance. onto on think EBITDA get revenue you the to given that expand just year to going can target the on movements

Curt R. Hartman

on not increased that, through get with better too get prescriptive to year Yeah, move the and going we we I'm as definitely even expect do investment. that but the to

single-digit So our a I be, minimum EBITDA kind high think, growth. of margins at should

me that Let more say clearly.

than should margins they Our to growth expect single-digit were better you for and the see year. year high EBITDA EBITDA last should be

J.P. McKim

you. Thank helpful. very Okay,

Operator

Thank you.

comes KeyBanc. from question line Mishan next the Our from Matthew of

please? question, Your

Matthew Mishan

Todd, taking Great, thanks questions. Curt, for the

Curt R. Hartman

bet. You

Matthew Mishan

sales go AirSeal sorry But just are and, seeing moving gross a why margin of your all the of moving could back mix leverage wanted the growth? and not be through volume the didn't lift pieces you gross missed with facilities more the margin of kind like a getting little from it. should of you the you and year-over-year of bit in I guess, if pieces and to I I in catch I'm walk kind I to script

Todd W. Garner

coming that quarters, Yeah, of I think Matt. in we will see more the

price driven gross As improvements. FX really margin, other far of offset of this pieces cost quarter. and it was as the by kind each

better only we as progresses. that expect bps is from you're cost XX to the improvements the get really, so, that and seeing And year really

Matthew Mishan

guess was flat and it. reinvesting I have How more – and guys an first that R&D guess like then begin to XXXX. moving XXXX R&D flat to versus are on like XXXX. potentially I some towards put in some dollars in a area, R&D got dollars you of investment XQ XXXX And versus again versus ready you Okay, sales? quarter

Curt R. Hartman

of been to those here finding the more customer and come has we're ramping up want. as put of the engineers marketing teams. investments. the traction products as been by teams is recently. the purchases, happy make finding with has products of offense Part We've and to the in of I has the those R&D rebuild concerted proven people market that R&D the challenge been And on out, right cadence R&D out part a we think the effort of the successful new have

we their think people lined up. We'll ramp the chairs those in spend year projects get up. see So unfolds, the as and that are

We've and forward lined So We move place. of cadence a spend. just we're things just ready to those we we people And had feel make the priorities haven't start been that up. higher spend. in the guiding as falling to

Matthew Mishan

All other right. as of Intuitive then product I the with sort can last surgery. one well in it and Does does is sneak believe does abdominal on an also in, Surgical for one AirSeal if as as in work Intuitive it just surgeries? I And the indication thoracic with working

Curt R. Hartman

to needs benefit appendage AirSeal the AirSeal system is and access clinical to lower your call there for very where So Because only our clinical pressure insufflation specific a is to there's all use the and stable addition for with in in that of word AirSeal insufflation. smoke it goal the class in of evacuation that regard to a We're and the purpose. enable insufflation form pneumo. enables platform

together clinical system. and to benefit benefit that health So provider health put studies care leads and all care patient, that you it

And insufflation so whether robot, to else's and it's procedure, all procedure. Intuitive standard the it that clinical it's system the the brings robots, about somebody laparoscopic

with around MIS specific thing So say and I access insufflation clinical wouldn't we're procedures. one designing in beyond mind sitting to

Matthew Mishan

All very right. much. Thank you

Operator

you. Thank

Deutsche Stewart the is line Our Bank. from from next follow-up a of Kristen question

question Your please?

Kristen Stewart

follow-up. Hi, follow-on, thanks had taking R&D for a the the on I just to question.

on I in for a you was talked us people in can place. you've now But going any terms what So in us just areas that is the it are increasing R&D Thank terms can give some mentioned are of basis? priorities of share the you you. that spending about plan and a wondering it you Orthopedics, and doing what more granular to R&D on while you Surgery your have of for color or just General you more with

Curt R. Hartman

Yeah, would from has day a I obviously that been say orthopedics priority one.

to of those Given there's leaders, a work innovation marketing call, number year unfold come see going that and into Surgery, the, in each unfolds a little front working what's business again well. those encouraged what by on the there us. are portfolio And lot on We'll years. I are see lack aggressively on leaders, in their General market of a starting in the that later had as in the bit and R&D going leaders, for as the of of are year. been there With there would we'll said, we're portfolios very products that of

one R&D their of because overall send portfolio it business. really and driving the other the piece business So best serve message serve the on it's each the needs that customers is and I the over lining of calling business a don't plans that want to to they're up

front pure projects that's Orthopedics, is Orthopedics. pretty at pretty little heavily the of in number I number to toward us, in it's So even of more right list might General terms now, a the weighted projects. be but Surgery Dollars and of between split if of look even

Kristen Stewart

going? investment some of you have you're line? to comfortable think, get also And level extent well? a leverage with? that Where perspective, M&A that Okay. area you Could of be then on just on that investments an you better do mentioned, see guys kind the from Should upside I as we X.X balance sheet that a of times. you. the top Thank the consider that Is

Todd W. Garner

Well, we platforms first Kristen. around. the portfolio for cash it gives is strategic use and M&A, right, priority strengthens that can that of was us And our build

changed. hasn't So that

think to choice our I we're will opportunities come think comfortable and would times, pay available X.X at think to probably Obviously, strategically continue that debt I are down the second I down. it there. be

know, dividend probably but priorities. As that's pay you do the a we modest

Kristen Stewart

very good a night. much. Thanks Okay. Have

Curt R. Hartman

Thank you.

Todd W. Garner

Thank you.

Operator

Thank session Hartman hand remarks. you. to I'd This does the conclude program the to for Curt back of program. question-and-answer further like any today's

Curt R. Hartman

you for catching you. And quarter with us Thank future. at upcoming And look on again tonight. you, thank will the with we'll announced our date or Thank in conferences everybody you the to being be on The either call second at call. later forward Jonathan. a up point

Operator

gentlemen, today's and for conference. conclude program. participation This your ladies does you, Thank in the

You now may Good day. disconnect.

CONMED (CNMD) 25 Apr 182018 Q1 Earnings call transcript