CONMED Corporation (CNMD)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	80,829	29,608	25,039	-85,863	-70,861	-30,675	-28,948	80,820	73,105	56,955	56,866	7,843	1,603	5,344	-2,562	36,672	31,224	34,279	31,143	36,236
Revenue (ttm)	US$ in thousands	1,244,743	1,168,565	1,139,075	1,098,613	1,045,472	1,068,575	1,042,314	1,020,285	1,010,635	989,493	978,501	881,125	862,458	874,495	870,250	950,728	955,096	932,675	901,392	875,949
Pretax margin		6.49%	2.53%	2.20%	-7.82%	-6.78%	-2.87%	-2.78%	7.92%	7.23%	5.76%	5.81%	0.89%	0.19%	0.61%	-0.29%	3.86%	3.27%	3.68%	3.45%	4.14%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $80,829K ÷ $1,244,743K
= 6.49%

Conmed Corp.'s pretax margin has varied significantly over the past eight quarters. In Q4 2023, the pretax margin improved to 6.49%, representing a notable increase from the previous quarter's 2.53%. However, in Q1 2023, the company reported a negative pretax margin of -7.82%, indicating a loss before taxes. This negative trend was also observed in Q4 2022, where the pretax margin was -6.78%.

On the positive side, there were periods of profitability, such as in Q1 2022 when the pretax margin reached 7.92%. Overall, Conmed Corp.'s pretax margin has shown volatility and inconsistency, suggesting fluctuations in its operating efficiency and profitability over the past two years. Further analysis is needed to understand the factors driving these fluctuations and to assess the company's ability to maintain sustainable profitability in the future.