Conmed Healthcare Management Inc. yesterday posted its financial results for the fourth quarter and year ended December 31, 2010, posting new records on both a quarterly and annual basis for revenue, gross profit, operating profit and adjusted EBITDA.
“We continued to generate cash and maintained a solid, debt-free balance sheet,” Richard Turner, chairman and CEO of Conmed stated in the press release. “These results continue to demonstrate the leverage in our operating model. Our business has now reached a critical mass to the point where our expanded client base and recurring revenues are more directly impacting the bottom line.”
Fourth-quarter net revenue increased 12.6 percent to $15.8 million from $14.0 million in the fourth quarter of 2009. Gross profit increased 11.5 percent to $3.0 million, compared to $2.7 million in the fourth quarter of 2009.
Conmed reported fourth-quarter operating income at $0.7 million, as compared to $0.4 million in the fourth quarter of 2009. Net income was $0.4 million, or $0.03 per basic share and $0.03 per diluted share, compared to $1.4 million, or $0.11 per basic share and $0.07 per diluted share, in the fourth quarter of 2009.
For full-year 2010 the company reported a 14.9 percent increase in net revenue for the year ended December 31, 2010, to a record $60.7 million, compared to $52.8 million for the year ended December 31, 2009. Full-year total operating expenses were $9.2 million, or 15.1 percent of revenue, for the year ended December 31, 2010, compared to $9.7 million, or 18.4 percent of revenue, for 2009. Conmed’s operating income was approximately $2.5 million, compared to $1.0 million in 2009.
Net income for the year ended December 31, 2010, was approximately $1.5 million, or $0.12 per basic share and $0.09 per diluted share, compared to a net loss of $27,000, or $0.00 per basic share and diluted share, in the year ago period.
The company generated approximately $2.7 million in operating cash flow in the year ended December 31, 2010. As of December 31, 2010, cash and cash equivalents were $13.3 million compared to $11.1 million at December 31, 2009.
For more information visit www.conmedinc.com
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