CONMED CFO to Depart; Company Reaffirms Guidance Amid Transition

LARGO, FL – January 08, 2026 – CONMED Corporation (NYSE: CNMD) announced today a significant leadership change, with Chief Financial Officer Todd Garner set to depart from his role effective March 15, 2026. In a move designed to ensure continuity and investor confidence, the medical technology firm simultaneously reaffirmed its full-year 2025 financial guidance and detailed a comprehensive transition plan that includes Mr. Garner remaining in an advisory capacity through November 2, 2026.

The announcement marks the end of an impactful eight-year tenure for Garner, during which CONMED navigated market shifts, a global pandemic, and a period of substantial growth. The company has already initiated a formal search for its next financial chief, enlisting a leading executive search firm to identify a successor.

“On behalf of our Board and leadership team, I want to thank Todd for his many contributions to CONMED over the past eight years,” said Pat Beyer, President and Chief Executive Officer, in the company’s official statement. “Todd has been instrumental in strengthening our financial foundation and supporting strategic initiatives that position CONMED for scalable, long-term growth.”

A Legacy of Financial Fortitude

Todd Garner’s tenure, which began in January 2018, is closely linked to a period of significant financial transformation for CONMED. The company’s leadership credits him with helping to dramatically improve its revenue and profitability profiles. An analysis of CONMED’s financial performance during his time as CFO substantiates these claims, revealing a clear trajectory of growth and enhanced profitability, albeit with challenges typical of the volatile MedTech sector.

Under Garner's financial stewardship, CONMED's annual revenue grew from approximately $860 million in 2018 to a projected range of $1.350 billion to $1.378 billion for 2025. This expansion was not linear but demonstrated resilience. The company posted double-digit revenue growth in 2019 (11.1%) before the COVID-19 pandemic caused a nearly 10% contraction in 2020. However, CONMED rebounded sharply with over 17% growth in 2021 and a remarkable 19% surge in 2023.

Profitability, as measured by adjusted diluted earnings per share (EPS), followed a similar upward trend. Adjusted EPS climbed from $2.18 in 2018 to an estimated $4.17 in 2024. The reaffirmed guidance for 2025 projects this to increase further, to a range of $4.25 to $4.40.

In his own remarks, Garner reflected on his time at the company. “It has been rewarding to be part of such a high-quality, driven team that has dramatically improved the revenue growth and profitability of the company,” he stated, underscoring his commitment to a seamless handover. This period saw CONMED advance key product lines, including its AirSeal system in General Surgery, and navigate operational hurdles such as the supply chain disruptions that impacted its Orthopedics business in 2024.

Projecting Stability in a Time of Change

For any publicly traded company, the departure of a long-serving CFO can create uncertainty. CONMED’s leadership appears keenly aware of this, having taken deliberate steps to mitigate market concerns. The most critical of these measures is the unequivocal reaffirmation of its full-year 2025 financial guidance, which was originally issued on November 5, 2025.

The company’s confidence is bolstered by strong recent performance. In its third-quarter 2025 earnings report, CONMED surpassed analyst expectations, delivering an adjusted EPS of $1.08 on revenue of $338 million. This performance has even allowed for a slight upward revision of its full-year EPS forecast to a range of $4.45 to $4.60, primarily due to more favorable foreign exchange rates.

Furthermore, the press release explicitly states that Garner’s planned departure “is not the result of any disagreement regarding the Company’s financial statements or disclosures.” This preemptive clarification is a standard but vital tool in corporate communications, designed to head off speculation about internal conflict or financial irregularities. The extended eight-month advisory period for Garner further reinforces the message of an amicable and orderly transition, providing a long runway for his successor to get up to speed.

Despite these reassurances, the announcement comes at a time when CONMED's stock has faced headwinds, declining significantly over the past year. By projecting a steady hand on the financial tiller, the company aims to reassure investors that its underlying business fundamentals and strategic direction remain solid, irrespective of changes in the C-suite.

The Search for a New Financial Architect

With Garner’s departure on the horizon, the focus now shifts to the search for his replacement. The next CFO will inherit a company with a solid growth platform but one that also faces the persistent challenges of the medical technology industry, including intense competition, a complex regulatory environment, and the need for continuous innovation.

The individual who steps into this role will need a specific blend of skills. Deep experience in the MedTech or a related healthcare sector is paramount for understanding the industry's unique product cycles, reimbursement landscapes, and regulatory hurdles. As a publicly traded entity, CONMED will require a leader with proven experience in SEC reporting, investor relations, and corporate governance.

Beyond traditional financial duties, the new CFO will be expected to be a key strategic partner to CEO Pat Beyer. This involves shaping capital allocation strategy, evaluating potential mergers and acquisitions, and driving operational efficiencies, particularly in areas like supply chain management where CONMED has previously faced challenges. The company is also focused on managing its debt and aims to bring its leverage ratio below 3.0x, a key objective the next CFO will be tasked with overseeing.

By engaging a top-tier executive search firm, CONMED signals its intent to conduct a thorough and wide-ranging search for a candidate who can not only manage the numbers but also help architect the next phase of the company's scalable, long-term growth. The lengthy transition period ensures that this critical search will not be rushed, allowing the board to find a leader well-suited to guide CONMED's financial future.