CNMD - Earnings call transcript Q4 2018

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Operator

Good afternoon, everyone.

Before the conference call begins, let me remind you that during this call, management will be making comments and statements regarding its financial outlook and its plans and objectives which represent forward-looking statements that involve risks and uncertainties as those terms are defined under the Federal Securities Laws. Investors are cautioned that any such forward-looking statements are not guarantees of future events, performance or results, and the company's actual results may differ materially from its current expectations. Please refer to the risks and other uncertainties disclosed under forward-looking information in today's press release as well as the company's SEC filings for more details on risks and uncertainties that may cause actual results to differ materially. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call, except as may be required by applicable law.

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

company normal These Further, constitute would are substitute the plans comments offer sale not income management figures or posted ongoing for Adjusted on year-to-year these of to that is may While company or are its a basis releases excluding regular figures illegal. not performance there quarter-to-quarter and aid call. on buy supporting on to financial nor website. or company's charges it such a technology any will refer uses operations. benchmarking any for against and you specified reconciliations and in be earnings solicitation where strategies to in the ongoing be monitoring company's the the from the and these earnings this measurements, other hear companies. items medical sell special company's per of jurisdiction adjusted considered the management to Any adjusting by or the securities, are income in outside net share any will be measure any the capital credits GAAP shall

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

Curt Hartman

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

results. Turning to our

finish and quarter X.X% increase as already as XX.X% highest in growth quarter million, year-over-year reported were currency comparable XXXX. Our the very representing the a This constant of fourth new have accounting was the total $XXX.X revenue up are a an extremely what for having and sales standard. fourth quarter to impact strong adjusted for for against increase very of teams The toughest with our was pleased good We're to-date. the in faced memory even CONMED, quarter globally. recent was we a an

the the $XXX.X of For currency million, began constant and the to remind we increase from consistent very quarter, teams X%. throughout earnings of reached income X% roughly the execution representing our quarter $XX.X growth X.X% from XX% year-over-year entire I'll million of guiding decreased around that adjusted. the and fourth XXXX. of year, full currency net as fourth The perspective increase an From a sales during impressive world the our you of constant X.X% as an have reported year the in year. been

that income X.X% and items comparability increased special adjusted of share discuss adjusted million Todd which our will our diluted earnings affected $X.XX X.X% year-over-year of per year-over-year. Excluding net $XX.X increased later, net

to compared a year, adjusted earnings CONMED beginning XXXX a stated net For per these goals. to growth the exceed pleased but able bottom-line by to I'm achieve, double-digit team, through only strong mid-single-digit report that not execution and achieve growth. to entire topline $X.XX we're in our were rate $X.XX was XX.X%. of the with full commitment diluted year XXXX, share growth defining

forward. Our that and difference make products factors continue solid people defining drive are growth and a and profitability to performance our moving proves continue sustainable to our wire-to-wire will that

the to capitalizing momentum generated and presents by performance committed on continue our XXXX profitability. driving XXXX are an to We opportunity

future. positions acquisition of organic of a recently of R&D and which product front in have as announced well including Filter We new solid pipeline for well cadence, integration us, our Buffalo several the exciting the projects as us

Filter to Buffalo of close of XXXX. track remains acquisition first during Our the quarter on

financial outstanding We X.X% are year forward, the to strengthening provide gain SurgiQuest Buffalo a product more made grow CONMED's is we same on Filter's market per moving detailed now team that net execution, I Filter combined the to the three guidance. and smoke CONMED on new in at the we while will believe excited profitability. we expanding products performance on this transaction. growth and earnings of diluted XX.X% financial We our focused continue the time you will exciting company. to adjusted for bringing existing discuss market and the with innovative integrate and growth opportunities profitability share this exceeded that both team increasing currency growth a turn ago, XXXX, in same summary, Todd? The to all did near ago outpace commitments over we of as believe and the are Buffalo marketplace, are job remain quickly to of CONMED long-term Todd an XXXX integrating us us the portfolio, adjusted and committed share to growth to call evacuation market. and topline channels, We positioned on will years capitalizing the about the bottom-line. who In delivered and will constant our analysis allow engine

Todd Garner

Thank you, Curt.

a know in refreshed our with let started, I we you slide conjunction have website wanted investor call. this deck on Before get posted I that to

for XX QX fourth of for new day sales accounting year. to adjusted and our XX the have prior currency XX.X% increase totaled constant as on ASC compared basis mentioned, reported in standard X.X% Curt $XXX.X extra million, did in XXX. which XXXX, the days shipping and As the in an a quarter We quarter one represents

release. totaled numbers year, constant press our as be ASC on X.X% included currency remaining currency represents and GAAP full as adjusted adjusted For in sales increase for reconciliation which reported to of XXX. million, X.X% given a All is sales I $XXX.X will an today the basis. reference and and The constant in numbers growth

grew increased the the Orthopedics Orthopedics revenue the Worldwide sales sales Worldwide General X.X%. in General sales the fourth X.X% revenue grew quarter. XXXX, the Orthopedics X.X%. a portfolio. fifth Domestic our consecutive increased the revenue posting prior by versus quarter International and Internationally, quarter, quarter period, of fourth For increased driven XX.X% increased performances X.X%, increased Surgery while fourth XX.X% domestic Surgery sales increased product General Surgery XX.X%. XX.X%, revenue quarter growth. Domestically, internationally across fourth strong in year

Turning now results. to full year

Surgery XXXX, Domestically, X.X% XX.X% internationally, increased XXXX General Surgery increased increased in increased Orthopedics portfolio. Orthopedics driven Our revenue by General revenue grew compared sales domestic while sales X.X% Surgery X.X%. internationally Domestic performances XXXX versus revenue Worldwide sales year-over-year. XXXX, the while and Orthopedics Worldwide X.X% XX.X% sales increased X.X%. increased General product XX.X% across XXXX revenue strong to grew International year-over-year.

X% expect As we rates. and XXXX, currency look we headwind basis X% to company with a approximately revenue being currency points based current XXX growth worldwide between of constant on exchange total the

to side statement. income the expense move the of let's Now

P&L the deferred I which to gross tax. reform For fourth amortization the performance special in discuss included balances tax matters, XX.X%. of impairments, acquisitions, comparative release. our impact excluding to of is intangible include on will quarter charges tax related was Adjusted GAAP reconciliation for A press purposes, assets legal of margin and numbers XXXX items, the restructurings, net

for a year to basis against and XXX in of in XX of backdrop when year XX.X% new in fourth a of high adjusted margins variances in can improvement pipeline million of XXXX, causing in points basis the the at improvements year improve XXXX against when pipeline. our a the abnormally X.X% to create gross compared recognized full basis year and line. that in increased same given of occurred to Research in XXXX. product The the point period. we $X.X occasionally lumpiness favorable quarter for manufacturing backdrop remains fourth The sales, was an were or the teams, and XX the expect aberration active by and priority started to variances, total case ago is XXXX. that quarter margins an $XX.X prior margin a manufacturing a compared margin XXXX gross operations the we XX.X% increase million gross in period. expenses quarter points for sequentially over which Our increasing every development gross culminating The to the an development This of trend again execution be amount the timing

year the full for our the adjusted over increased year XX.X% expense of For X.X% we prior the by sales R&D at year. XXXX, and full came in

that adjusted customers points at year. forward, have Looking X.X% R&D increased between to increase continue XXXX, basis million basis investments X% sales, XXXX. XX and to SG&A which getting in due increased compared adjusted XX.X% an sales, and XXXX. in the of XXXX an was we sales Full to aimed year throughout line discussed SG&A investments will QX reflecting to $XX.X or of total were on slightly expect expenses closer compared our to of be the Fourth quarter of to the improvement XX.X% that we

we million. can leverage improve for the forward, our percentage SG&A year and infrastructure by sales XX we Looking now as Interest basis on expense was approximately to in sales a full of expect XXXX. points XXXX higher $XX.X

flow the in guidance more debt to to of Our expected us year. total than the allowed cash pay expense original rates at down for the rising our half be of caused upper but year, the beginning the

from this Buffalo $XX.X XXXX, the incremental And to is related Filter acquisition. look $XX.X we between the clear and pending to be be expect the million expense interest million. As impact to we debt to excluding

the tax forecasted of was due in than on we the deferred year our impact tax quarter items. rate XX.X% some to a to resolution Excluding was This of the the effective in tax XXXX balances expenses, and compared period. reform open had little fourth non-GAAP adjusted better XX.X% prior

XX.X% in effective year, For tax adjusted XX.X% the the XXXX. compared to was rate full

tailwind positively first Belgian As quarter. from rate in tax the our we a XXXX by impacted the was received tax reform reminder,

expect $X.XX quarter and net year by share $XX.X rate positively totaled forward diluted XX% we share compared or between diluted which year income impacted to our million XX%. Bill. $XX.X Reform was the reported income adjusted look we Fourth per $X.XX a ago, to million or effective to As a of per XXXX, be Tax full tax GAAP

XXXX adjusted items full our were quarter EPS fourth special per share guidance versus forecast representing to adjusted $X.XX $X.XX, year $X.XX of XX%. $X.XX, adjusted year representing over year, year impact of growth the growth to of for period, XXXX. above the to for diluted original cash approximately earnings prior in quarter. brings Excluding earnings We $X.XX earlier, full share of cash in That prior of range net the XX.X% the diluted the growth representing X.X% discussed per XX% our which the was

have we As less QX day XXXX, the prior we year selling at quarter. one do look than

our be single-digits. benefit from sizable Due be the the to a reform adjusted in our first the than diluted it of full lower our revenue resolutions of tax the to the in We to annual the first would we XXXX guidance. low growth QX little expect quarter of EPS Belgian don't timing to due a we be ago. again lower was the as the QX quarter to average than during cash So, do expect potential of growth XXXX, tax would organic year rate expect be rate items, to we but as year tax outstanding little expect recognized a

$XX that XXXX minimum exclude diluted a we and during tax of call. of company, impact of guidance for restructuring The is guidance is Filter includes share clear, would special So, costs. you acquisition that QX net adjusted to revenue our growth which Buffalo of is a earnings and on charges cash expected engine. our in intangible growth amortization To of mid-single-digit assets, and estimates $XX guidance and updated estimated validation cost a our a cash quarter this related range to told which XXXX. from providing the acquisitions XXXX ago be and XXXX double-digit continuation any per at year million EPS be earnings that of including from close Filter We Buffalo anticipate excludes items the first impact to for million the CONMED

are and $X.XX. we the from XXXX expected EPS to are transaction adjusted change. XXXX of be be between neutral As this a purchase to to my Acquired subject will component comments price cash significant intangibles believe and that are and impact valuation preliminary financial be on which a based $X.XX to by the allocation estimates reminder, accretive

at balance sheet. the Looking

year at compared at Long-term the versus XXX compared of days end to ago. year year year was XX. XXX end of at days days of ago. million XX, of December $XX.X $XX.X receivable Our compared as end at Inventory million Accounts the cash XX was debt days $XXX.X XXXX. to the were the $XXX.X were balance a of XXXX the as end September days XX a million year to million

compared expect operating Our and at open year was million between were million In capital questions. the and X.XX $XX prior we $XX like to the And million. was XXXX to in million XXXX, year. to for $XX leverage be expenditures compared cash December between with turn capital million, flow $XX.X $XX and call million to I'll XXXX ratio we'd flow With $XX.X operations expenditures $XX.X it your in Cash the XX, back $XX.X times. to million million to Jonathan. that, from

Operator

first question Our line O'Brien Jaffray. Instructions] Piper [Operator from of from comes the Matthew

question, Your please.

William Inglis

anything ortho Good on the wondering were you'd afternoon. clearly regarding This just quarter strength surgery first the be for for that to a your the would questions. stand-out comps, what but is business. in tough guess domestic attribute you to, taking strong, That highlight? both and Will Thanks Matt. that and question I like the was given

Curt Hartman

really think get received more the the XXXX engagement new than the product Will, candidly has lot well and customers better been Great a continuation, product of just better on just really it's our better marketing sales that. with to customers, no by serve I people, across cadence engaged as everything organization we've We're an it’s it's cadence more the results. just to with people, and working we basic. markets complicated been a board,

quarter. we're the discussed and that of job kind other it Todd settings, a getting mode, interacting in As out with boring especially in good and execution has at just doing customers fourth and in

William Inglis

it when pull-through will of But just about of of reinvesting of of some were Great. half and like still meaningful be just you'll XXXX? XXXX story. sounds to into on Thanks R&D. bottom-line that's in, you lot kind of wondering XXXX then, the in some same or wondering a just the And upside XXXX kind kind for to SG&A start it talking that. the back more see And kind

Todd Garner

in for Will. point the that question, will XX.X% thanks XXXX. we grew Well, I out the bottom-line

pretty a that's good So number.

XX But a like to slight needed out the we to to would the we're Curt glad Now make I in clear really the asked you guiding get needed XXXX in were have all to more infrastructure along we I'm point that our I to some year bottom. holes some XX support question investments because that nuance. closer on to and and customers.

you be invested year in and to made that any achievement over And shouldn't through a bottom-line. the so, last we business statement the back would that expect drop

-- into are There we the XXXX We feel make. hopefully, can now make -- XXXX. in is the we the you the the like the to carrying company there's feel not can been needs we have still dealt We situation be same to do. statement bottom-line. way, through health along that will have where of those more such like overachieve. that that additional expect infrastructure we obviously, but to extent to the drop with. see There still investments investments were will we If we

and company the focused We're to in a in interested very sure we making revenue as getting do with going and all do growth up, still profitability way. feel prudent the have the soon that team that deliver But revenue stay are We going now the growth can. to and commitments strong as the We're of on the made. infrastructure we bottom-line like we that durable. we is we can and

question the for thanks So

Operator

Thank you.

the -- from of line from KeyBanc comes Our question Barclays, sorry. from next Kristen Stewart

Your question please.

Kristen Stewart

No yet. there. intentions banks moved haven't I Hi,

the out are were Is to really terms So of years? you simply look anyway, were some you improved just of profitability. maybe thinking notes could a just talking the multiple of targets margin I kind over just and congratulations the there about bit kind about you're taken getting about it could or was are as accelerate I if here? be story that improvement that restructuring revenue in on guess little of What strong comment about, that wondering a could good year, leveraging the other finish. like you that that on things

Curt Hartman

definitely It to starts we revenues like to The strong stay got above we're Kristen. and that. revenue, position the in Thanks right? Sure. do market a with feel

priority prepared is to obviously and for and team pipeline. that said operations right? have remarks, the than margin. into the my to help continuing to XXXX sure the in will remind this I I comes XXXX larger priority new we'll But We have fuel it engine in product momentum. revenue gross in strong. much like gross to make the everybody can that launch the differentiated past. more seen It's good margin, Then CONMED stay will growth continue Volume

meet high expect. products to to with we So on-time demand those out we we want sure able the and make quality are get

So improvement, drop of and better. improving XXXX to announce XX of as time improved we Then we'll margins. more we plans go operating be operating an at have margins, points, a now and do little kind should or make XXX to that the But continue gross runway to infrastructure, this long margin. function opportunities SG&A We've we for a don't so about any guided to talked basis to restructuring step to the again see leveraging, to we've look growth. obviously, for gross margin gross margins

growth. and course, average at them, this for little we As in the a profitability on count bottom increase we're the And we is everything right that But sustainable metrics line as are long-term that think that far sector doing we doing basis. on, can. know can and we you way below we're look of sustainable CONMED it a those growth will for the

Kristen Stewart

can or well-balanced? so you're pipeline the towards R&D much. you more more investments, be about weighted that General to and follow-up as it, Surgery And that appreciate or there But a of meaningful beyond? increase you singles just XXXX Thanks on then And might in I kind is pretty usually Okay. Orthopedics, that doubles. are out the of guys call talking some look we anything that is

Todd Garner

Sure. performance to to for Kristen, original time are a company marketplace. been the the deliver able concept of be a the work because of the part in it the big we ideas takes that's R&D And just in cadence the really been has in from to in transition come process, XXXX. to present

I really Y-Knot we've So TruShot, platform XXXX And half Orthopedics, out. are up the and back some the MicroFree the two CRYSTALVIEW in in three the that year year last Pump, released cadence items of encouraging, delivery or at were recent we if more and the in of picking of that Pro, exciting the been the year. look those

you a Surgery had Retrieval we there, If jump General in on Surgery General also over products bigger side, a out. that bag cadence good of Anchor was the one came Tissue

are pick do the And well you product continuing things at our and total revenue those quarter fourth investor So all presentation, see up the new to as of look percentage increased the marketplace. the in again a revenue. in if you'll

think candidly As going academy. show look year on coming; XXXX, I'm the I call up I things we it's just one speak to to be would everybody not encourage to best to at yet. about our are And that

it's since certainly leave a the at that best put to coming, But marketplace. that. I've about terms of we and out systems And academy is there's the lot the been the here in coming in the I a going offering and think of it. excited be our to of I'll lot we're totality breadth plan it

Operator

Thank you.

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

please. question, Your

Matthew Mishan

Surgery, in it's think KeyBanc. broad large and And orders, growing or other, also you should a Curt, any General areas related to still. still assume paying understand to? products are one-time can accessories be probably I any assumption Surgery? then me But there what growing were this other fair attention distributor we that enough, AirSeal double-digits General is? help double-digits Fair the are in how

Curt Hartman

going quarter, just first third. and Great where -- my to started be same said in on I is thing I the question, I and Matt, and answer same answer second would the the

Every We endoscopic every General year. this Surgical portfolio at/or cardiology business, above technologies the and businesses sits. Advanced business the Surgery, those quarter one the have critical grew in three single where unique business, the legacy market businesses which AirSeal of is care,

improvements salesforce of customers. with engagement it with our at all in things sales when and of three offense put go truly the a above are and on or platform to lot them Obviously, is back product, a and happen to businesses products from but product good year singles a is talk and benefiting improvements rates of marketing AirSeal you market. customers, performed All cadence, a in this And doubles. lot growth

we So, that. have I'd to offense to you like point one broader much two, but or a in

cadence hundreds marketing great and if they thousands our SKUs We go are about talk solutions customers and our teams job are for and products whatever and all and challenge those out provide the them in doing of R&D by organizations. to have it's for of ability supported those not to a facing pumping a sales team new

a So, broad-based is it really offense.

Matthew Mishan

that's for on anything And any could from process that considering guys helpful. then on And Todd you that you update conference Buffalo Filter? what financing call? Okay, deleveraging are the the communicated accelerate

Todd Garner

no definitely No, and focus the from updates of acquisition. generation financing as call is this The EBITDA and as possible. paid our debt down cash get that quickly improve conference the to subject on

Matthew Mishan

Thank Okay. you.

Operator

you. Thank

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

Your question please.

Richard Newitter

for taking on the here Hi. topline this guys year. and nice the questions finish Thanks

the you off the X% start-off of any the Curt guidance and starting that bottom-line outperformance to and through the will to some range year and relative wanted basis organic about -- X% started to you XXX you you mentioned Todd you're talking think had at -- this beat this you year. by X% I year that to points that like level high-end and So, about off range, you're for I last year X% about to on drop

a a outperformed Is terms two ratio the of growth think growth if you on think about? the starting way fair the it? through? that because to bottom-line? times times about two bottom-line of of topline it a is that's delivering in to that And to topline, of, the from we think with what could about bottom-line to So, just drop should -- off perspective, the to on you're try right on that about think think kind Is mean topline

Todd Garner

our I that's year is pretty did close Rich, and you're that's think to crazy Yes, right; guidance that. to -- we don't similar that this

So, XXXX. a facing We easier much right? Much that momentum We're we get a ratio. business. in that's of of than -- comps We're did ourselves, have was we're now. very pleased to against what don't with ahead not horrible want great up the the

And understood ahead don't that of driving get too to allows removed overachievement stake I want on we did everybody side, profitability are such and last have it. interested, make a so ground we particular the in of to that had sure year much ourselves want course, up the but hard stake the revenue in as we the we

Richard Newitter

guided would about that to baseline about improvement, as deal? guidance over the but implied something that not back for basis the that. thinking XX XXX improvement we I all equaled we with had right think correct? XXX Thanks you to north in Buffalo XXXX. be your the you deal, respect basis probably a that thinking the or And the is And of points XXX of basis to periods -- three-year and I Okay. a XXXX points then just XXX think accretion for just last margin conference EBITDA your which that basis -- in gross about from -- cumulatively, basis December just mentioned Is math Filter XXX points points to should then points XXX call to to on that well margin layer underlying to roughly on XXXX to margin points a basis as top that of operating XX

Todd Garner

sure. I'm Yes. to going it, to just make restate

margin another and statement add operating next Buffalo least so operating that. that's we will another So, got XXXX. XXX yes, basis the to think XXX Buffalo, XXX points organic correct add growth basis for to we is basis Buffalo. to And The I in on you’re without Adding improvement of XXXX then, right. you two it in acquisition, margin, XX of points to -- estimate believe the XXXX at years, points correct guidance the will

over points basis business a growth XXX to period trend added said. So what three-year of organic and the we've that's the

Richard Newitter

last That's here Okay. strong you've the helpful. surgery guidance it one, one of split where most more from? AAOS. is Or just Is pipeline mix more Is know way a But hear heavy? the to we'll coming really the of for product right is too? little orthopedic that that the at product general cadence think there And range? a to is alluded about some I

Todd Garner

see cadence the across the for that's I've products efficiency benefit Orthopedics that our and efforts to XXXX, that. with as front alluded R&D items get is the the all Things targeting year half. items. But you businesses. plan. we'll And our health because our are along business. want of and too be full of strong surprises. products I like it's savings have to of we to Customers all don't self, and Obviously, patient a go always think front nice in the we efficacy cadence far candidly fact don't going And in R&D always necessary. across clinical new They like that demonstrate of

we're good that cadence going big happens for a to excited across offering. we're that we've AAOS really to So first be show to the and just got company.

Operator

from of [Operator Needham. from Instructions] question line comes Our the next Matson Mike

please. Your question,

Mike Matson

taking for question. Thanks my Hi.

guess margin XXXX, gross so variances Just wanted I there? main of fourth delta that of manufacturing to it expected, back in the to was both? is than hurt I the or in manufacturing gross And a the quarter fourth the go the the around the that we you a about lower little kind the variances. XXXX commentary Were margin quarter. saying little was or confused

Curt Hartman

in early due XXXX Yeah, prior summer year, to the being late thanks. inflated fall Mike. in some It was strong story of QX year. prior of the kind the builds time a frame

this quarter of margins year, much much QX XX the an in those not gross a year year-over-year. specific we year have But did year inventory of increased we lumpiness, did the points we every right? aberration. therefore, So grew spikes. So job sequentially And full and better controlling this as was comparable a basis basis on

Mike Matson

from the benefit comp, variances it a you So positive tougher last a was year basically? because had

Curt Hartman

Correct.

Mike Matson

good I mean, more was, modeling guess But that – drives understand margins higher? way margin basis your so didn’t but why what that ahead consensus performance, had mean I on why or a I you was revenue it we've been fall sequential was I gross of and through of Okay. gross of kind

Todd Garner

in Curt of in XXXs explains answer that there wasn't look at of Mike, what is to it the the spike those business. is it enough big variance overcome timing there Like is variances. We really XX% SKUs said, the -- that difference of the

Operator

Stewart from Thank you. And follow-up a Kristen line of from our is the Barclays. final question

Your question please.

Kristen Stewart

I Hello, just kind contributed? given I what just might But in any might and what in again. kind guess of been? terms capital. you day selling little difficult, have of extra disposables was with that wondering, impact have of appreciate mix probably XQ if just could estimate the the the Todd,

Todd Garner

Yes.

doing certainly wouldn't But not is like having So in little we some having one than I that. going love time better we're math. is world love day the less I do because think I number the putting some is spend day that. and precise one fluid on worse. don't QX certainly in have it doing a extra more to

seems is It's and relevant capital our on -- cycle trending is are at pretty in really the it months on impact predictable. it's less days of so, disposable and month. business the side. pretty see heavy less You capital to are And side, upward that the be consistent. of correct an end we many that But it's quarters but how The

but that to all like XXX that, estimated would points and basis QX to up full QX it one the similar And XXXX. days you we equal it in of kind something short XXXX are XXX between for the total subject QX. and of we day not year, make said QX. having then are we a in and are company in of apply benefit number of So That's

of for extra QX So and day, be days will has have XXXX fewer QX will we of the year. one full one XXXX even

Kristen Stewart

whatever headwind is? think points the it tailwind the again that upon XXX to of as or basis as XXX So quarter depending

Todd Garner

Yes we it is. That's think magnitude the kind of

Kristen Stewart

Okay, perfect. Thanks much. so

Operator

I any like the to question-and-answer remarks. This back the Hartman for session. does to conclude further program Curt would hand

Curt Hartman

to on everybody Thank to with want time call. thank for next our you I thank you today speaking right we your All Jonathan. And you earnings look And forward

Operator

participation gentlemen the program. and at conclude Ladies today's This conference. does your for

You day. may Good now disconnect.

CONMED (CNMD) 22 Jan 192018 Q4 Earnings call transcript