Corasanti's Out!

Gene Corasanti, Joe Corasanti, Bill Abraham all stepping down from Conmed. Wow!!!!!!

 

What's gonna happen to Heather C., Mark D., David C., and all the rest of the relatives now????

 

Joseph Corasanti Steps Down as CEO

Founder Gene Corasanti Retires

Independent Board Member Curt Hartman Appointed Interim CEO

Charles Farkas Appointed to Board of Directors

Second Quarter Earnings Conference Call Moved to 8:30 AM Eastern Today

UTICA, N.Y., July 23, 2014 (GLOBE NEWSWIRE) -- CONMED Corporation (Nasdaq:CNMD) today announced that Joseph Corasanti is stepping down as Chief Executive Officer, President and a member of the Board of Directors, effective immediately. The Board has appointed Curt Hartman, an independent director of CONMED and the former Interim CEO and CFO of Stryker Corporation, as Interim Chief Executive Officer. In addition, after nearly 44 years of service to CONMED, founder Eugene Corasanti has decided to retire from the Board and as an employee, effective immediately.

 

Looks like the sale didn't find a buyer. Farkas is a Bain guy and Conmed will be gutted to improve metrics. Not a fun place to be employed. Only amusement will be watching the execs squirm under new leadership. Taking bets on when the HQ is relocated? The entire Corsanti clan will be shown the door so no worries about HC, MD, DC, etc. But how long until JD is canned?

 

LOL, sales suck and all fingers point to JD. Best line in the earnings release is the $9.5-11m in costs related to "executive transitions".

 

Read the announcement again. They didn't say they did not find buyers, just none that would offer what the board says it's worth, and allows the board and senior management to continue to rake in huge compensation. Pretty hard to justify "not enough value" for current business as sales continue to slide, and the stock value has slid by $200 million today. I would be a buyer of the stock now, because the company will be sold in the near future, but not at the kind of premium other med/surg companies are getting. It's not worth it. Something between $55 and $60 a share, just as VOCE called for, with the debt would be an extremely fair price.

 

Dude, before today's bloodbath CNMD was trading at $42. There were no buyers. They've fired all the consultants and lawyers helping with the sale. If you think the company will sell in the near future for $55 you have to be joking.

 

Read the announcement. "The board determined that the strategic alternatives AVAILABLE at this time do not adequately reflect the intrinsic value of the company or it's future growth prospects" Plus the new board member is a Bain guy which points the way for a Private Equity deal (another potential buyer). $55 a share is only 2 time sales, which in today's market is a real bargain price. Why am I trying to explain this to a person who starts off his message with "Dude"????

 

$55 a share is hilarious. Dude, you should refi the house and back the truck up for more shares at $38. It's already trading at a premium for such a POS and they'll be lucky to do $700m in sales this year. The Stryker and Bain guys better have a strong stomach. What's in all those closets ain't pretty.

 

Down to $38. Made list of Midday Biggest Losers.

• Top 10 Losers: UIS -17%. XLNX -14%. NETE -15%. FSI -14%. MHH -12%. JAKK -13%. CNMD -12%. JNPR -10%. TUP -10%. PIP -9%.
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CNMD price at time of publication: $38.30. Check CNMD price now »

 

Over 1.5 million shares traded so far today. Who's doing all the buying at these prices? They couldn't be expecting it to go up could they?

 

The earnings call was a train wreck. Where's the exit? And to the guy wondering why volume was so high today, there may be some people buying at $38 but it was mostly all the $42 shorts cashing in.

 

SURE there were some Aug, Nov, and Feb options called at $40 today, but they were only a small part of the 1.7 million shares traded today. Somebody or some institutions bought big at $37 to $38 today thinking that the price is going to rise. Based on earning call "train wreck" there can be only one reason why this stock did not fall to under $30, and could have any expectations to rise. We probably need to wait for other mergers to close and clear reg hurdles before they can move on Conmed.

 

Long, long, long overdue. For at least 15 years Joey hung around waiting for Gino to tell him what to do, all the while both of them hanging out with Bill A in Naples watching the whole company go down the toilet. So much for the great success story many had to suffer through all these years. Big fish in a little pond and the pond finally dried up. Send in the clowns. Oh wait, they're already here!

 

Who cares? We should care as much about them as they did for all the lives they have ruined. Especailly for all those who careers are ruined with ConMed on their resume.

 

Bad, but not a total train wreck. What was up with the analyst question about Warsaw? Props to them all for not throwing the corsantis under the bus on their way out. Hope they can deliver on the high expectations for new devices.

 

Is Connie Corasanti, Gene's wife still on the payroll? The Press release didn't say anything about Connie resigning, Maybe they figured out a way to give Connie a massive raise and stock options, plus a new retention agreement, deferred comp, 3 car allowances, etc. to make up for the loss of Gene's and Joe's income?

 

CNMD's most well-known line is Hall Power
They do $150MM per year
Stryker does $1.2B
Who would even think of buying one share of this POS company?

 

What happened to the Bozo brother Dave C. ? Is he still there? This guy is definitely not the sharpest tool in the shed!! This time next year he'll be lucky if is selling used cars!!

 

There is a certain irony that Gino and Joey are out the door, yet David remains the only one in the immediate family still employed, although for how long is anyone's guess.