CONMED Corporation (CNMD)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	80,828	-70,862	73,105	1,603	31,225
Revenue	US$ in thousands	1,244,740	1,045,470	1,010,640	862,459	955,097
Pretax margin		6.49%	-6.78%	7.23%	0.19%	3.27%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $80,828K ÷ $1,244,740K
= 6.49%

Conmed Corp.'s pretax margin has experienced fluctuations over the past five years. The pretax margin was negative in 2022, indicating that the company incurred pre-tax losses during that year. However, in 2023, the pretax margin improved significantly, reaching 6.49%, which suggests that the company was able to generate a higher level of pre-tax profit relative to its total revenue.

The highest pretax margin was recorded in 2021 at 7.23%, indicating that the company was able to effectively control its operating expenses and generate a relatively high level of profit before taxes. In contrast, the pretax margin was relatively low in 2020 and 2019, at 0.19% and 3.27% respectively, suggesting that the company's profitability was relatively modest during those years.

Overall, the trend in Conmed Corp.'s pretax margin shows variability, with notable improvements in certain years and challenges in others. Further analysis of the company's cost structure, revenue sources, and operational efficiency could help in understanding the factors driving these fluctuations in pretax margin over the years.