CONMED Corporation (CNMD)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	163,030	160,070	123,896	103,803	80,828	29,608	25,039	-85,863	-70,861	-30,676	-28,949	80,819	73,104	56,955	56,866	7,843	1,603	5,344	-2,562	36,672
Revenue (ttm)	US$ in thousands	1,305,025	1,286,126	1,274,003	1,260,907	1,244,743	1,168,565	1,139,075	1,098,613	1,045,472	1,068,576	1,042,315	1,020,286	1,010,636	989,493	978,501	881,125	862,458	874,495	870,250	950,728
Pretax margin		12.49%	12.45%	9.72%	8.23%	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%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $163,030K ÷ $1,305,025K
= 12.49%

CONMED Corporation's pretax margin has fluctuated over the period from March 31, 2020, to December 31, 2024. The pretax margin was relatively low in the second quarter of 2020, reaching a negative value indicating that the company was operating at a loss before accounting for tax expenses. Subsequently, there was a gradual recovery in the pretax margin, with positive percentages recorded in the following quarters.

Notably, CONMED Corporation experienced a significant improvement in its pretax margin in the later quarters of 2021 and throughout 2022, reaching above 5% and peaking at 12.49% by the end of 2024. This indicates that the company's profitability before considering taxes has improved substantially.

However, there were also periods of decline in the pretax margin, with negative values reappearing in the second half of 2022 and persisting through the first quarter of 2023. The company was able to recover thereafter, with positive pretax margin percentages recorded in the subsequent quarters.

Overall, CONMED Corporation's pretax margin trend reflects a mix of fluctuations and improvements in profitability over the analyzed period, with the company showing resilience in managing its operating expenses and generating income before tax considerations.