The Truth

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In February 2012 J. Corasanti claimed “Altrus is proceeding very, very well” and reiterated the $5-10 million revenue guidance. But two months later management hedged again, saying the launch was “not moving as fast as we thought” and blamed “continuing manufacturing difficulties” owing to its “being a complicated product to produce”; all product shipping ceased for several weeks. Despite reconfirming the revenue guidance at that time management dropped it again in July to $4-6 million. In October the salesforce reemerged as the scapegoat, as management blamed poor training for fresh setbacks. It also alluded to new commercial challenges, admitting “we are going to have to start now to pay attention to GPO contracts,” as if that were news. It whacked revenue guidance again, to $2.0-2.5 million.

By February 2013, management was confidently forecasting $5-10 million again in Altrus revenues. But just as in prior years, by April 2013 management retreated and cut its forecast once more (to $4-5 million). For the first time, management cited pricing pressures on Altrus – surprising indeed, given management’s long-held insistence that it could displace incumbents Covidien and Johnson & Johnson with a premium-priced product. ConMed stubbornly clung to pricing Altrus at $750 per tip despite a widespread view that Covidien was delivering an effective price (through bundling and discounts) of almost 1/2 of that on its market-leading Ligasure product. We don’t take issue with management’s belief in the technological superiority of Altrus but we question its judgment in trying to displace a deeply entrenched competitor with a product priced at such a rich premium, regardless of its efficacy.6 In May management conceded that Altrus has a “longer selling cycle … than we expected.” By July management referred again to pricing compression and, for the first time, suggested they were encountering resistance from purchasing managers due to a lack of clinical preference, making this simply the latest gaffe in the never-ending Altrus comedy of errors.

ConMed refused to provide any 2014 revenue guidance for Altrus on the 3Q13 call, but we estimate that Altrus’ lifetime-to-date revenues (since 2008) are generously about $4 million – a market penetration of at most 0.1%.7


Hey Sean and Dave...your lies and chicanery are finally being exposed by outside sources. The above referenced article is excellent. I love the line "the salesforce reemerged as the scapegoat as management blamed poor training" aka...throw the reps under the bus. Yet the toxic management gets a pass.

It is very disturbing and refreshing to see an outsider's brilliant view of an organization that has screwed over some excellent representatives. One can only hope that management gets what they deserve.
 


















Anonymous said:
In February 2012 J. Corasanti claimed “Altrus is proceeding very, very well” and reiterated the $5-10 million revenue guidance. But two months later management hedged again, saying the launch was “not moving as fast as we thought” and blamed “continuing manufacturing difficulties” owing to its “being a complicated product to produce”; all product shipping ceased for several weeks. Despite reconfirming the revenue guidance at that time management dropped it again in July to $4-6 million. In October the salesforce reemerged as the scapegoat, as management blamed poor training for fresh setbacks. It also alluded to new commercial challenges, admitting “we are going to have to start now to pay attention to GPO contracts,” as if that were news. It whacked revenue guidance again, to $2.0-2.5 million.

By February 2013, management was confidently forecasting $5-10 million again in Altrus revenues. But just as in prior years, by April 2013 management retreated and cut its forecast once more (to $4-5 million). For the first time, management cited pricing pressures on Altrus – surprising indeed, given management’s long-held insistence that it could displace incumbents Covidien and Johnson & Johnson with a premium-priced product. ConMed stubbornly clung to pricing Altrus at $750 per tip despite a widespread view that Covidien was delivering an effective price (through bundling and discounts) of almost 1/2 of that on its market-leading Ligasure product. We don’t take issue with management’s belief in the technological superiority of Altrus but we question its judgment in trying to displace a deeply entrenched competitor with a product priced at such a rich premium, regardless of its efficacy.6 In May management conceded that Altrus has a “longer selling cycle … than we expected.” By July management referred again to pricing compression and, for the first time, suggested they were encountering resistance from purchasing managers due to a lack of clinical preference, making this simply the latest gaffe in the never-ending Altrus comedy of errors.

ConMed refused to provide any 2014 revenue guidance for Altrus on the 3Q13 call, but we estimate that Altrus’ lifetime-to-date revenues (since 2008) are generously about $4 million – a market penetration of at most 0.1%.7



It is very disturbing and refreshing to see an outsider's brilliant view of an organization that has screwed over some excellent representatives. One can only hope that management gets what they deserve.
Click to expand...

It looks like Jc borrowed some of Obama's speech writers
 






In today's investor conf call, the comedy of Altrus was completely exposed. JC had to fess up that total sales in 2013 were $4 Million vs total company sales of $762 million.....what a success story. And this for a "superior" device launched in 2010. And, oh yes, let us not forget the FDA warning letter about Altrus that JC brushed off as paperwork issues. Cannot wait for VOCE and others to do the job on these nitwits. The party is over in Utica, boys.
 






Has anyone heard anything from their sales manager about this proxy vote stuff? I have not heard squat, and nobody I know has either. I live a long ways from corporate and get very little info about what goes on back there. Is all this vote stuff just a bunch of hot air from losers who once worked here, or is there anything to be concerned about?
 






Paperwork filed with SEC - Camber and three other groups all filed the same day.
Will use combined shares to vote new members to ConMed board of directors. Board meeting in May.
Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession

Camber Capital Management LLC · SC 13D · Conmed Corp · On 12/16/13 · EX-2
Filed On 12/16/13, 2:54pm ET · Accession Number 1546927-13-238 · SEC File 5-39820


12/16/13 Camber Capital Management LLC SC 13D 3:19K Conmed Corp Armor Compliance LLC/FA

General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

Document/Exhibit Description Pages Size

1: SC 13D General Statement of Beneficial Ownership 6 22K
2: EX-1 Underwriting Agreement 1 6K
3: EX-2 Plan of Acquisition, Reorganization, Arrangement, 1 5K
Liquidation or Succession
 






Anonymous said:
Has anyone heard anything from their sales manager about this proxy vote stuff? I have not heard squat, and nobody I know has either. I live a long ways from corporate and get very little info about what goes on back there. Is all this vote stuff just a bunch of hot air from losers who once worked here, or is there anything to be concerned about?
Click to expand...

As you have seen in the previous post, there is plenty to be concerned about and is long, long overdue. You are completely out of touch with reality. The losers are going to be the self serving and bloated management in Utica.
 






Anonymous said:
Has anyone heard anything from their sales manager about this proxy vote stuff? I have not heard squat, and nobody I know has either. I live a long ways from corporate and get very little info about what goes on back there. Is all this vote stuff just a bunch of hot air from losers who once worked here, or is there anything to be concerned about?
Click to expand...

Ex-employees are the big winners and haven't looked back. These groups are just investors looking to improve horrible management and obtain a return in their investment commensurate with its potential. My money is on a sale of the entire company. You'd better polish that resume...
 






Anonymous said:
Paperwork filed with SEC - Camber and three other groups all filed the same day.
Will use combined shares to vote new members to ConMed board of directors. Board meeting in May...
Click to expand...

Is this why they are holding their 2013 National Sales Meeting in May? Every other device company has already had their NSM. Are they waiting to see if the company will still exist?
 






Anonymous said:
Is this why they are holding their 2013 National Sales Meeting in May? Every other device company has already had their NSM. Are they waiting to see if the company will still exist?
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You must be the dumbest person on cafepharma!! Not a national sales meeting, it's their annual shares holders meeting. Does anyone else think this poster is jackass?
 






Anonymous said:
You must be the dumbest person on cafepharma!! Not a national sales meeting, it's their annual shares holders meeting. Does anyone else think this poster is jackass?
Click to expand...

No need to get snooty. It's a fact that their sales meeting ("NSM") hasn't been scheduled yet. They only have said that it will be "in May". So I'm wondering if they are just stalling, pending a decision by the board at the shareholders meeting in May to sell the company. FYI, Corasanti was ousted yesterday. He had been in control since 1970. The board is being expanded to 11. Sales and Marketing are being told different reasons for the NSM delay. This all smells like a sale of the company is right around the corner. Just looking for comments -- good ones please. Not shitty ones like yours.
 






Corasanti was ousted yesterday? I'm assuming you mean the old Corasanti, considering you said he's been in power since 1970. Do you have any more details? (by the way, I'm not the same poster that said you're the dumbest person on Cafepharma).
 






Details at this link:

http://www.digitaljournal.com/pr/1757908

In Brief:

CONMED Corporation Announces Board and Governance Changes

UTICA, NY--(Marketwired - Feb 25, 2014) - CONMED Corporation (NASDAQ: CNMD)

Jerome Lande and Curt Hartman Appointed to Board of Directors

Mark Tryniski Appointed Chairman of the Board

Coppersmith Capital Management Agrees to Support CONMED Nominees

CONMED Corporation (NASDAQ: CNMD) today announced that the Company has reached an agreement with Coppersmith Capital Management and certain affiliates (the "Coppersmith Group").

Read more: http://www.digitaljournal.com/pr/1757908#ixzz2uXNRSD9M
 






Anonymous said:
Corasanti was ousted yesterday? I'm assuming you mean the old Corasanti, considering you said he's been in power since 1970. Do you have any more details? (by the way, I'm not the same poster that said you're the dumbest person on Cafepharma).
Click to expand...

Eugene. I don't know if that's the old one or young one or middle one. The fact that there are so many Corasantis involved that we can't keep them straight is a huge red flag IMHO. Here's the story if you care to read it and explain WTF is going on. It looks like a pending sale IMHO. Putting a neutral member in as Chairman is a sure sign that something big is happening:

http://www.cnybj.com/News/Articles/...names-tryniski-new-chairman.aspx#.Uw9gGfsUrYg
 






Anonymous said:
Corasanti was ousted yesterday? I'm assuming you mean the old Corasanti, considering you said he's been in power since 1970. Do you have any more details? (by the way, I'm not the same poster that said you're the dumbest person on Cafepharma).
Click to expand...

Here's another story from some cute little hottie of a reporter jk
 












We question the wisdom of these choices,” referring to the new board members named, J. Daniel Plants, managing partner of Voce, said in a Feb. 27 letter to the ConMed board.

Voce had earlier suggested different board appointees and said the nominees named in the Coppersmith agreement “cast significant doubt, in our view, as to whether this was the result of a genuine assessment of the quality and fitness of the Board’s designees or simply an effort by the Board to depict itself as responsive to shareholder concerns while attempting to insulate itself from the possible election of our nominees.”
 






Anonymous said:
Is this why they are holding their 2013 National Sales Meeting in May? Every other device company has already had their NSM. Are they waiting to see if the company will still exist?
Click to expand...

Have they scheduled their 2013 sales meeting yet??? Every other device company in the world has had their meeting and are back in the OR by now.
 






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