CONMED Corp
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
CNMD$51.50-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0000816956-26-000102
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000816956-26-000111
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 117 current paragraphs.
60 unchanged; 49 reworded; 7 added; 3 removed; 5 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Gross profit margins increased 410 basis points to 57.2% in the nine months ended September 30, 2026 as compared to 53.1% in the nine months ended September 30, 2025.
Current report
•a $19.7 million write off of inventory, equipment, tooling and patents related to the cancellation of planned new product lines and discontinuation of certain catalog numbers during the three months ended September 30, 2025;
Current report
•favorable product mix.
Current report
•a $19.7 million write off of inventory, equipment, tooling and patents related to the cancellation of planned new product lines and discontinuation of certain catalog numbers during the nine months ended September 30, 2025;
Current report
Selling and administrative expense decreased to $136.4 million in the three months ended September 30, 2026 as compared to $140.3 million in the three months ended September 30, 2025 and decreased to $423.7 million in the nine months ended September 30, 2026 as compared to $425.2 million in the nine months ended September 30, 2025. Selling and administrative expense as a percentage of net sales decreased 80 basis points to 40.7% in the three months ended September 30, 2026 as compared to 41.5% in the three months ended September 30, 2025 and was 42.5% in both the nine months ended September 30, 2026 and 2025.
Current report
Selling and administrative expenses as a percentage of sales for the nine months ended September 30, 2026 were consistent with the prior period. The following is a summary of changes in selling and administrative expenses during the nine months ended September 30, 2026 compared to September 30, 2025:
Current report
•During the nine months ended September 30, 2025, we paid $18.6 million in dividends.
Removed paragraphs (3)
Previous report
Selling and administrative expense increased to $145.6 million in the three months ended June 30, 2026 as compared to $136.0 million in the three months ended June 30, 2025 and increased to $287.3 million in the six months ended June 30, 2026 as compared to $284.9 million in the six months ended June 30, 2025. Selling and administrative expense as a percentage of net sales increased 270 basis points to 42.4% in the three months ended June 30, 2026 as compared to 39.7% in the three months ended June 30, 2025 and increased 60 basis points to 43.5% in the six months ended June 30, 2026 compared to 42.9% in the six months ended June 30, 2025.
Previous report
Interest expense decreased to $14.9 million in the six months ended June 30, 2026 from $16.1 million in the six months ended June 30, 2025. The weighted average interest rates on our borrowings decreased to 2.80% in the six months ended June 30, 2026 as compared to 2.85% in the six months ended June 30, 2025. The change in interest expense in the six months ended June 30, 2026 was driven by lower weighted average borrowings outstanding and lower weighted average interest rates during the six months ended June 30, 2026.
Previous report
•During the six months ended June 30, 2025, we paid $12.4 million in dividends.
Reworded paragraphs (49)
Previous wording
•general economic and business conditions, including, without limitation, a potential economic downturn, supply chain challenges and constraints, including the availability and cost of materials, the effects of inflation, and increased interest rates;
Current wording
•general economic and business conditions, including, without limitation, a potential economic downturn, supply chain challenges and constraints, including the availability and cost of materials, the effects of inflation, changes in foreign exchange rates and increased interest rates;
Previous wording
Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgery procedures and service fees related to the promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic procedures, clinical insufflation, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines as a percentage of consolidated net sales are as follows:
Current wording
Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgery procedures and service fees related to the promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic procedures, clinical insufflation, smoke evacuation devices, a line of patient monitoring products as well as electrosurgical generators and related instruments. These product lines as a percentage of consolidated net sales are as follows:
Previous wording
A significant amount of our products are used in surgical procedures with approximately 86% of our revenues derived from the sale of single-use products. Our capital equipment offerings also facilitate the ongoing sale of related single-use products and accessories, thus providing us with a recurring revenue stream. We manufacture substantially all of our products in facilities located in the United States and Mexico. We market our products both domestically and internationally directly to customers and through distributors. International sales approximated 47% and 44% of our consolidated net sales during the six months ended June 30, 2026 and 2025, respectively.
Current wording
A significant amount of our products are used in surgical procedures with approximately 85% of our revenues derived from the sale of single-use products. Our capital equipment offerings also facilitate the ongoing sale of related single-use products and accessories, thus providing us with a recurring revenue stream. We manufacture substantially all of our products in facilities located in the United States and Mexico. We market our products both domestically and internationally directly to customers and through distributors. International sales approximated 48% and 43% of our consolidated net sales during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
In recent years, the Company has experienced higher manufacturing and operating costs as well as ongoing supply chain challenges. We continue to monitor our spending and expenses in light of these factors. We engaged a consulting firm during the past year to evaluate and propose improvements in our manufacturing operations. In addition, our results of operations are being impacted by tariffs placed on imported goods to the United States as well as exporting of products to other countries. During the first quarter of 2026, the Supreme Court ruled tariffs paid under the International Emergency Economic Powers Act ("IEEPA") were illegal. We have followed the process to submit refund claims for such payments and as a result received $10.2 million of IEEPA tariff refunds during the second quarter of 2026, of which $8.5 million was recorded in cost of goods sold and the remaining was recorded to inventory. See "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 for more information.
Current wording
In recent years, the Company has experienced higher manufacturing and operating costs as well as ongoing supply chain challenges. We continue to monitor our spending and expenses in light of these factors. We engaged a consulting firm during the prior year to evaluate and propose improvements in our manufacturing operations. In addition, our results of operations are being impacted by tariffs placed on imported goods to the United States as well as exporting of products to other countries. During the first quarter of 2026, the Supreme Court ruled tariffs paid under the International Emergency Economic Powers Act ("IEEPA") were illegal. We have followed the process to submit refund claims for such payments and as a result received $10.2 million of IEEPA tariff refunds during the quarter ended June 30, 2026, of which $8.5 million was recorded in cost of goods sold and the remaining was recorded to inventory. See "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 for more information.
Previous wording
The following table presents net sales by product line (in millions) for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table presents net sales by product line (in millions) for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Net sales increased 0.3% in the three months ended June 30, 2026 and decreased 0.5% in the six months ended June 30, 2026 compared to the same periods a year ago. During 2026, we exited the gastroenterology product offerings, impacting net sales growth. Gastroenterology sales were $4.7 million, inclusive of $2.7 million from the manufacturing and supply agreement, in the three months ended June 30, 2026, as compared to $25.3 million in the three months ended June 30, 2025. Gastroenterology sales were $14.1 million, inclusive of $2.7 million from the manufacturing and supply agreement, in the six months ended June 30, 2026, as compared to $50.3 million in the six months ended June 30, 2025.
Current wording
Net sales decreased 0.7% in the three months ended September 30, 2026 and decreased 0.5% in the nine months ended September 30, 2026 compared to the same periods a year ago. During 2026, we exited the gastroenterology product offerings, impacting net sales growth. Gastroenterology sales included $1.7 million from the manufacturing and supply agreement in the three months ended September 30, 2026, as compared to total gastroenterology sales of $26.0 million in the three months ended September 30, 2025. Gastroenterology sales were $16.3 million, inclusive of $4.5 million from the manufacturing and supply agreement, in the nine months ended September 30, 2026, as compared to $76.4 million in the nine months ended September 30, 2025.
Previous wording
•Orthopedic surgery sales increased 8.2% and 7.5% in the three and six months ended June 30, 2026, respectively, primarily due to growth in our powered surgical instrument, sports medicine, visualization, and BioBrace® product offerings.
Current wording
•Orthopedic surgery sales increased 7.7% in the three months ended September 30, 2026 primarily due to growth in our sports medicine, visualization, and BioBrace® product offerings. Orthopedic surgery sales increased 7.6% in the nine months ended September 30, 2026 primarily due to growth in our sports medicine, powered surgical instruments, visualization, and BioBrace® product offerings.
Previous wording
•General surgery sales decreased 5.2% and 6.2% in the three and six months ended June 30, 2026 primarily due to the exit from many products related to gastroenterology during the three and six months ended June 30, 2026 partially offset by growth in AirSeal® and smoke evacuation product offerings.
Current wording
•General surgery sales decreased 6.5% and 6.3% in the three and nine months ended September 30, 2026 primarily due to the exit from our gastroenterology product offerings which was partially offset by growth in AirSeal®, endomechanical instruments, patient monitoring devices, and smoke evacuation product offerings.
Previous wording
Cost of sales decreased to $146.0 million in the three months ended June 30, 2026 as compared to $154.0 million in the three months ended June 30, 2025 and decreased to $279.6 million in the six months ended June 30, 2026 compared to $297.5 million in the six months ended June 30, 2025. Gross profit margins increased 250 basis points to 57.5% in the three months ended June 30, 2026 as compared to 55.0% in the three months ended June 30, 2025. Gross profit margins increased 250 basis points to 57.7% in the six months ended June 30, 2026 compared to 55.2% in the six months ended June 30, 2025.
Current wording
Cost of sales decreased to $146.4 million in the three months ended September 30, 2026 as compared to $171.8 million in the three months ended September 30, 2025 and decreased to $426.0 million in the nine months ended September 30, 2026 compared to $469.3 million in the nine months ended September 30, 2025. Gross profit margins increased 720 basis points to 56.4% in the three months ended September 30, 2026 as compared to 49.2% in the three months ended September 30,
Previous wording
The 250 basis point increase in gross profit margins during the three months ended June 30, 2026 was primarily impacted by the following:
Current wording
The 720 basis point increase in gross profit margins during the three months ended September 30, 2026 was primarily impacted by the following:
Previous wording
•a $5.1 million charge for the engagement of consultants to evaluate and propose improvements to our supply chain and manufacturing operations during the three months ended June 30, 2025; and
Current wording
•a $3.7 million charge for the engagement of consultants to evaluate and propose improvements to our supply chain and manufacturing operations during the three months ended September 30, 2025; and
Previous wording
The 250 basis point increase in gross profit margins during the six months ended June 30, 2026 was primarily impacted by the following:
Current wording
The 410 basis point increase in gross profit margins during the nine months ended September 30, 2026 was primarily impacted by the following:
Previous wording
•an $8.5 million charge for the engagement of consultants to evaluate and propose improvements to our supply chain and manufacturing operations during the six months ended June 30, 2025; and
Current wording
•a $12.3 million charge for the engagement of consultants to evaluate and propose improvements to our supply chain and manufacturing operations during the nine months ended September 30, 2025;
Previous wording
•an $8.5 million benefit from IEEPA tariff refunds in the three months ended June 30, 2026;
Current wording
•an $8.5 million benefit from IEEPA tariff refunds in the nine months ended September 30, 2026;
Previous wording
•a $1.9 million benefit resulting from the termination of our distribution agreement with W.L. Gore & Associates, Inc. for the Gore® VIABIL® biliary stent during the six months ended June 30, 2026;
Current wording
•a $1.7 million benefit resulting from the termination of our distribution agreement with W.L. Gore & Associates, Inc. for the Gore® VIABIL® biliary stent during the nine months ended September 30, 2026;
Previous wording
•favorable foreign exchange rates and product mix.
Current wording
•favorable foreign exchange rates and product mix; and
Previous wording
•a $6.9 million charge for inventory, equipment and tooling related to the discontinuation of certain products in the three months ended June 30, 2026;
Current wording
•a $7.0 million charge for inventory, equipment and tooling related to the discontinuation of certain products in the nine months ended September 30, 2026.
Previous wording
The increase in selling and administrative expense as a percentage of sales for the three and six months ended June 30, 2026 was primarily driven by:
Current wording
The decrease in selling and administrative expense as a percentage of sales for the three months ended September 30, 2026 was primarily driven by:
Previous wording
•consulting fees, legal fees and other costs related to operational optimization of $7.1 million and $14.6 million during the three and six months ended June 30, 2026, respectively, compared to $2.5 million and $2.9 million for the three and six months ended June 30, 2025, respectively; and
Current wording
•consulting fees, legal fees and other costs related to operational optimization of $3.1 million during the three months ended September 30, 2026 compared to $5.5 million for the three months ended September 30, 2025; and
Previous wording
•a decrease of $1.6 million in costs related to fair value adjustments to contingent consideration ($0.6 million of expense for the six months ended June 30, 2026 compared to $2.2 million of expense for the six months ended June 30, 2025), see Note 6.
Current wording
•decrease of $0.7 million in costs related to fair value adjustments to contingent consideration ($0.6 million of expense for the three months ended September 30, 2026 compared to $1.3 million of expense for the three months ended September 30, 2025), see Note 6.
Previous wording
•a $4.4 million loss on the sale of additional assets related to the gastroenterology product offerings which constituted a business, in the three and six months ended June 30, 2026 as further described in Note 9;
Current wording
•a $4.4 million loss on the sale of additional assets related to the gastroenterology product offerings which constituted a business, in the nine months ended September 30, 2026 as further described in Note 9;
Previous wording
•$3.3 million of cash and stock-based compensation costs related to advisory services provided by our former Chief Financial Officer in the six months ended June 30, 2026;
Current wording
•$3.3 million of cash and stock-based compensation costs related to advisory services provided by our former Chief Financial Officer in the nine months ended September 30, 2026;
Previous wording
•$12.2 million of cash and stock-based compensation costs related to advisory services provided by our former Chief Executive Officer in the six months ended June 30, 2025;
Current wording
•$12.2 million of cash and stock-based compensation costs related to advisory services provided by our former Chief Executive Officer in the nine months ended September 30, 2025;
Previous wording
•$1.9 million and $5.9 million of benefit resulting from the gain on the sale of a product offering in the three and six months ended June 30, 2026, respectively; and
Current wording
•$6.1 million of benefit resulting from the gain on the sale of a product offering in the nine months ended September 30, 2026;
Previous wording
•an increase of $1.7 million in costs related to fair value adjustments to contingent consideration ($0.1 million of benefit for the three months ended June 30, 2026 compared to $1.8 million of benefit for the three months ended June 30, 2025), see Note 6;
Current wording
•a decrease of $2.3 million in costs related to fair value adjustments to contingent consideration ($1.2 million of expense for the nine months ended September 30, 2026 compared to $3.5 million of expense for the nine months ended September 30, 2025), see Note 6; and
Previous wording
•increased investment into our key growth drivers.
Current wording
•increased investment into our key growth drivers during the nine months ended September 30, 2026.
Previous wording
Amortization expense in the three and six months ended June 30, 2026 was in line with the three and six months ended June 30, 2025 as a percentage of sales.
Current wording
Amortization expense in the three and nine months ended September 30, 2026 was in line with the three and nine months ended September 30, 2025 as a percentage of sales.
Previous wording
Research and development expense increased to $15.5 million in the three months ended June 30, 2026 as compared to $14.1 million in the three months ended June 30, 2025. As a percentage of net sales, research and development expense increased 40 basis points to 4.5% in the three months ended June 30, 2026 as compared to 4.1% in the three months ended June 30, 2025. The increase in research and development expense as a percentage of sales was mainly driven by $1.1 million in costs to comply with the European Union's Medical Device Regulations as well as increased investments into our key growth drivers in the three months ended June 30, 2026.
Current wording
Research and development expense increased to $15.6 million in the three months ended September 30, 2026 as compared to $13.9 million in the three months ended September 30, 2025. As a percentage of net sales, research and development expense increased 50 basis points to 4.6% in the three months ended September 30, 2026 as compared to 4.1% in the three months ended September 30, 2025. The increase in research and development expense as a percentage of sales was mainly driven by $1.9 million in costs to comply with the European Union's Medical Device Regulations in the three months ended September 30, 2026.
Previous wording
Research and development expense increased to $31.8 million in the six months ended June 30, 2026 as compared to $27.1 million in the six months ended June 30, 2025. As a percentage of net sales, research and development expense increased 70 basis points to 4.8% in the six months ended June 30, 2026 compared to 4.1% in the six months ended June 30, 2025. The increase in research and development expense as a percentage of sales was mainly driven by increased investments into our key growth drivers as well as $2.3 million in costs to comply with the European Union's Medical Device Regulations in the six months ended June 30, 2026.
Current wording
Research and development expense increased to $47.4 million in the nine months ended September 30, 2026 as compared to $41.0 million in the nine months ended September 30, 2025. As a percentage of net sales, research and development expense increased 70 basis points to 4.8% in the nine months ended September 30, 2026 compared to 4.1% in the nine months ended September 30, 2025. The increase in research and development expense as a percentage of sales was mainly driven by $4.1 million in costs to comply with the European Union's Medical Device Regulations as well as increased investments into our key growth drivers in the nine months ended September 30, 2026.
Previous wording
Interest expense increased to $7.9 million in the three months ended June 30, 2026 from $7.8 million in the three months ended June 30, 2025. The weighted average interest rates on our borrowings increased to 2.84% in the three months ended June 30, 2026 as compared to 2.80% in the three months ended June 30, 2025. The increase in interest expense in the three months ended June 30, 2026 was driven by higher weighted average interest rates offset by lower weighted average borrowings outstanding during the three months ended June 30, 2026.
Current wording
Interest expense increased to $11.1 million in the three months ended September 30, 2026 from $7.6 million in the three months ended September 30, 2025 and increased to $26.1 million in the nine months ended September 30, 2026 from $23.7 million in the nine months ended September 30, 2025. The weighted average interest rates on our borrowings increased to 4.86% in the three months ended September 30, 2026 as compared to 2.80% in the three months ended September 30, 2025 and increased to 3.47% in the nine months ended September 30, 2026 as compared to 2.83% in the nine months ended September 30, 2025. The increase in interest expense was driven by higher weighted average interest rates partially offset by lower weighted average borrowings outstanding during 2026. Weighted average interest rates were higher in the three and nine months ended September 30, 2026 compared to the same periods a year ago due to debt refinancing completed during the quarter ended June 30, 2026, as described in Note 10.
Previous wording
During the three and six months ended June 30, 2026, we recorded income of $8.1 million for the difference between the principal value of the 2.250% Notes and the amount paid to repurchase the 2.250% Notes; and expense of $3.5 million related to the write-off of deferred financing fees associated with the repurchase of $645.2 million of the 2.250% Notes and $1.8 million in related professional fees.
Current wording
During the nine months ended September 30, 2026, we recorded income of $8.1 million for the difference between the principal value of the 2.250% Notes and the amount paid to repurchase the 2.250% Notes; and expense of $3.5 million related to the write-off of deferred financing fees associated with the repurchase of $645.2 million of the 2.250% Notes and $1.8 million in related professional fees.
Previous wording
Income tax expense has been recorded at an effective tax rate of 26.4% for the three months ended June 30, 2026 compared to 28.4% for the three months ended June 30, 2025. Income tax expense has been recorded at an effective tax rate of 25.8% for the six months ended June 30, 2026 compared to 27.0% for the six months ended June 30, 2025. The lower effective tax rate for the three and six months ended June 30, 2026 was primarily the result of lower expenses that were not deductible for tax, including fair value adjustments to contingent consideration, incurred during 2026 as compared to the same periods during 2025. A reconciliation of the United States statutory income tax rate to our effective tax rate is included in our Annual Report on Form 10-K for the year ended December 31, 2025 under Note 8 to the consolidated financial statements.
Current wording
Income tax expense has been recorded at an effective tax rate of 23.9% for the three months ended September 30, 2026 compared to 33.1% for the three months ended September 30, 2025. Income tax expense has been recorded at an effective tax rate of 25.1% for the nine months ended September 30, 2026 compared to 27.6% for the nine months ended September 30, 2025. The lower effective tax rate for the three and nine months ended September 30, 2026 was primarily the result of lower expenses that were not deductible for tax, including stock compensation, incurred during 2026 as compared to the same periods during 2025. A reconciliation of the United States statutory income tax rate to our effective tax rate is included in our Annual Report on Form 10-K for the year ended December 31, 2025 under Note 8 to the consolidated financial statements.
Previous wording
Our net working capital position was $220.3 million at June 30, 2026. Net cash provided by operating activities was $50.6 million and $70.7 million in the six months ended June 30, 2026 and June 30, 2025, respectively, generated on net income of $36.9 million and $27.5 million for the six months ended June 30, 2026 and 2025, respectively. Net income in the six months ended June 30, 2026 included a $4.6 million gain on extinguishment of the 2.250% Notes as well as a $1.5 million net gain on the sale of certain assets related to gastroenterology products. In addition, below is a summary of significant changes in assets and liabilities in the six months ended June 30, 2026:
Current wording
Our net working capital position was $223.1 million at September 30, 2026. Net cash provided by operating activities was $100.0 million and $124.4 million in the nine months ended September 30, 2026 and September 30, 2025, respectively, generated on net income of $56.7 million and $30.3 million for the nine months ended September 30, 2026 and 2025, respectively. Net income in the nine months ended September 30, 2026 included a $4.6 million gain on extinguishment of the 2.250% Notes as well as a $1.8 million net gain on the sale of certain assets related to gastroenterology products. In addition, below is a summary of significant changes in assets and liabilities in the nine months ended September 30, 2026:
Previous wording
•A decrease in cash flows from other assets due to the timing of payments on prepaid contracts and increases in field inventory.
Current wording
•A decrease in cash flows from other assets due to increases in field inventory;
Previous wording
•An increase in cash flows from accounts payable due to the timing of payments;
Current wording
•An increase in cash flows from accounts payable due to the timing of payments; and
Previous wording
•A decrease in cash flows from accrued compensation and benefits as a result of higher incentive compensation payments during the period; and
Current wording
•A decrease in cash flows from accrued compensation and benefits as a result of higher incentive compensation payments during the period.
Previous wording
Net cash provided by investing activities in the six months ended June 30, 2026 increased $24.3 million from the same period a year ago mainly driven by cash proceeds of $21.5 million from the sale of assets and a business related to the gastroenterology product offerings. Capital expenditures were $5.8 million in the six months ended June 30, 2026 compared to $9.5 million in the same period a year ago.
Current wording
Net cash provided by investing activities in the nine months ended September 30, 2026 increased $27.6 million from the same period a year ago mainly driven by cash proceeds of $22.3 million from the sale of assets and a business related to the gastroenterology product offerings. Capital expenditures were $8.5 million in the nine months ended September 30, 2026 compared to $14.7 million in the same period a year ago.
Previous wording
Net cash used in financing activities in the six months ended June 30, 2026 was $68.8 million compared to net cash used in financing activities of $54.9 million during 2025. Below is a summary of the significant financing activities impacting the change during the six months ended June 30, 2026 compared to 2025:
Current wording
Net cash used in financing activities in the nine months ended September 30, 2026 was $105.7 million compared to net cash used in financing activities of $98.5 million during 2025. Below is a summary of the significant financing activities impacting the change during the nine months ended September 30, 2026 compared to 2025:
Previous wording
•During the six months ended June 30, 2026, we paid $637.2 million to repurchase $645.2 million principal value of our 2.250% Notes.
Current wording
•During the nine months ended September 30, 2026, we paid $637.2 million to repurchase $645.2 million principal value of our 2.250% Notes.
Previous wording
•During the six months ended June 30, 2026, we had proceeds of $450.0 million in borrowings on the Term A-2 Loan to fund a portion of the 2.250% Notes repurchase.
Current wording
•During the nine months ended September 30, 2026, we had proceeds of $450.0 million in borrowings on the Term A-2 Loan to fund a portion of the 2.250% Notes repurchase.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•consulting fees, legal fees and other costs related to operational optimization of $17.7 million during the nine months ended September 30, 2026 compared to $8.5 million for the nine months ended September 30, 2025;
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•changes in foreign exchange and interest rates;
Previous report — wording carried elsewhere
•an $8.5 million benefit from IEEPA tariff refunds in the six months ended June 30, 2026;
Previous report — wording carried elsewhere
•a $6.9 million charge for inventory, equipment and tooling related to the discontinuation of certain products in the six months ended June 30, 2026;
Previous report — wording carried elsewhere
•favorable foreign exchange rates and product mix.
Previous report — wording carried elsewhere
The increase in selling and administrative expense as a percentage of sales was partially offset by: