CONMED (CNMD) Jefferies Global Healthcare Conference summary

Growth strategy and outlook

• Aims for low double-digit organic growth, leveraging four key growth assets and a mix of market growth, R&D, and M&A.

• 2023 saw organic growth in the low double digits; 2024 guidance is 8%-10%, dependent on healthy market conditions.

• Portfolio additions like BioBrace and foot & ankle business support higher growth potential.

AirSeal business and competitive landscape

• AirSeal remains margin accretive and clinically differentiated, with robust data supporting its benefits.

• New competitor products are expected to have limited impact on the established Xi install base; most headwinds relate to new robotic platforms.

• Significant under-penetration remains in both robotic and non-robotic markets, especially outside the US.

• OUS sales model focuses on economic value and clinical outcomes, with similar growth rates to the US despite less robotic leverage.

Market opportunities and channels

• Global laparoscopic market exceeds 10 million annual procedures, with more occurring outside the US.

• AirSeal's opportunity extends to both robotic and laparoscopic procedures, aiming for total conversion in hospitals.

• ASC channel is not yet a major driver, but reps are prepared to follow procedure volume shifts.