The ridiculous thing is that it still has more to go and there is nothing anyone can do about it. The last activist lost and now Coppersmith occupies the board, go ahead Curt continue to drive down sharehold value so our funds will benefit. Expect another quarter or two of piss poor performance. Then when there is only a shell of a company left it will finally get sold, Curt will get a pay day and Coppersmith will line their pockets. Don't expect any value for another year or two.
What's with the stock price???
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Since June the Shareholders have lost $545 million or 33% in value of the company under Curt's and Coppersmith's leadership. Coppersmith has 2 of 9 board seats. 8 institutions own over 50% of the stock. Curt has missed on everything he has told the shareholders since he has become CEO. What makes you think nothing can be done? If nothing is done, the value in a sale will continue to erode further and further for all all the shareholders including Coppersmith who owns only one stock, Conmed. Why do you think the shareholders will allow Curt to continue to run the company off a cliff and erode their value without doing something???? The price to buy Conmed is going down every quarter. Why would you say nothing can be done?
the purpose is to drive down the stock price.No company would buy conmed at a 50 pe. Shareholders cannot do anything because of the board composition. Eventually (like now) shareholders will sell and price will drop. In a year or two the company will be sold. When the sale is complete Curt and board members will get a payday.
So your saying that it's Curt's goal to continue to drive Conmed sales and earning into a downward spiral, creating a shell of a company, then he'll sell it in a year or 2, for a lot less money, because the PE will be lower when the stock tanks even further? Based on Curt's 18 month performance at the end of 2015, I can see where you have come up with that strategy. But I doubt the SEC, shareholders, and even his Coppersmith partner, Lande, would allow such a strategy to be implemented with the legal issues in question. That concept flies totally opposite of the legal responsibilities that a Board has to it's shareholders, and what the Board said last year at this time when they said the offers they were getting were not high enough, and that was when sales and earning were higher than they are now. Although I could very well be wrong and your right, I'll bet there are other variables than PE to consider by a buying company, like how does it look after we get merged into the buying company, is it just one piece of the plan regarding a long range strategy for the ortho/sports med business, price of purchase times sales, price of purchase times profit, etc.? I have also heard it suggested, that Curt is trying to drive away potential buyers by creating a train wreck. Although this also seems plausible based on performance, I doubt it's legally kosher, and if the large institutions would suspect such a strategy, we would all probably be let go to come up with the money to pay all the legal costs to defend against all the shareholder lawsuits.
of course there is more than pe to consider. However, 50 is way out of line with what other companies are at. For example Stryker is at 38. They are not doing anything wrong they just see value in developing infrastructure. Why pay reps/ sales people high salaries if the value is in other areas. So then drive down the cost of salaries... Sound familiar? The problem is how badly will top line (or sales) decrease before it is reflected in the stock. Eventually, a company with a better sales force will step in and drive top line.
I wonder which side a Curt's mouth is most tired since he was talking out of both during the investor call. Basically we are expecting m and a activity to develop a pipeline and we will leverage new marketing team to accomplish this? What new team he laid everyone off? Also, capital will come in because of new comp plan? One of the analyst should have asked what the current capital time to sale is... 6-9 months. So is he saying q4 will be huge in that case? Or will he still be getting the right leadership in place? The GM and VP of sales (and CEO) are the same people who launched this comp plan, it is naive to think they should own the results?
Gee, hasn't he put his new management team in place???? They have been there for over a year now?? Has he not seen what the really are???? Come on Curt when are you going to change the old guard that is still there that has run the company for years and years and years. I guess he doesn't see what the REAL issues are.
Is Conmed cheap enough now? The value of the company has fallen by $650 million since July, and it doesn't appear anyone is buying Curt's BS anymore!
At Stryker the favorite game was hide the sausage. At Conmed it's hide the losses.
Party??? It's more like a funeral. It's now CONMED. Party is over. SurgiQuest is dead. That is all.
Sad that we as a company have continued to fail at Largo due to the site manger and everyone under his guidance. PMO/CMO has recorded the highest company losses on record due to TC/HR and anyone else involved with hiring over the phone. Not only have you cost the company huge losses, you continually put long term employees in danger day to day dealing with inexperienced new hires. This is borderline in so many ways.