NEWS RELEASE
   
  CONTACT:
  CONMED Corporation
  Robert Shallish
  Chief Financial Officer
  315-624-3206

 

 

FOR RELEASE: 4:00 PM (Eastern) January 27, 2015

 

CONMED Corporation Announces Fourth Quarter and Full Year 2014 Financial Results

 

 

 

Utica, New York, January 27, 2015 ----- CONMED Corporation (Nasdaq: CNMD) today announced financial results for the fourth quarter and full year ended December 31, 2014.

 

Fourth Quarter 2014 Financial Highlights:

 

·Sales of $195.0 million decreased 4.1% on a reported basis and 2.7% in constant currency compared to the fourth quarter of 2013.

 

·Diluted earnings per share (GAAP) were $0.41 compared to $0.36 in the fourth quarter of 2013 and were affected by special items as described below.

 

·Adjusted diluted earnings per share were $0.53 and equal to $0.53 in the prior year period.

 

 

Full Year 2014 Financial Highlights:

 

·Sales of $740.1 million decreased 3.0% on a reported basis and 2.4% in constant currency compared to 2013.

 

·Diluted earnings per share (GAAP) were $1.16 compared to $1.28 in 2013 and were affected by special items as described below.

 

·Adjusted diluted earnings per share were $1.92 compared to $1.81 in the prior year.

 

·Adjusted EBITDA margin improved 80 basis points to 18.0% compared to 17.2% in 2013.

 

“Our fourth quarter results allowed us to complete the year in-line with the guidance we provided last July and reconfirmed in October. Our focus is on transforming our commercial organization to facilitate future sales and earnings growth. Our management team is fully engaged in this process, and I look forward to sharing our progress with you,” commented Curt R. Hartman, President and Chief Executive Officer.

 

 
CONMED News Release ContinuedPage 2 of 12January 27, 2015

 

Sales Analysis

 

For the quarter ended December 31, 2014, domestic sales, which represented 50.7% of total sales, declined 1.8% while international sales, 49.3% of total sales, declined 6.5% compared to the fourth quarter of 2013 on a reported basis. In constant currency, international sales declined 3.8%. The sales decline in the United States was caused by reduced single-use product revenue, offset by increased capital equipment sales. Outside the United States, the decline was caused primarily by FX headwinds and reduced capital equipment sales. The currency impact on fourth quarter 2014 sales as compared to the fourth quarter of 2013 was $2.8 million.

 

For the 2014 full year, domestic sales, 48.8% of total sales, decreased 3.9% due to declines in single-use and capital products, while international sales, 51.2% of total sales, decreased 2.1% on a reported basis and 1.0% in constant currency. The international sales declines were caused by FX headwinds and reduced sales of capital products. The currency impact on 2014 sales as compared to 2013 was $4.3 million.

 

Earnings Analysis

 

Diluted earnings per share on a GAAP basis for the December 2014 quarter improved over the fourth quarter of 2013 due to lower operating expenses, including lower special items. Adjusting for the special items in both quarterly periods, adjusted diluted EPS was the same in both periods, as lower sales and gross margin in the fourth quarter of 2014 were offset by lower operating costs, a lower tax rate and reduced shares outstanding as compared to the fourth quarter of 2013.

 

For the 2014 full year, GAAP diluted earnings per share declined 9.4% caused by lower sales and higher costs for special items, particularly for those associated with management restructuring, Denver plant consolidation, and shareholder activism. Adjusting for the special items in both years as indicated on the following reconciliation, adjusted earnings per share grew 6.1% due to lower operating costs.

 

2015 Outlook

 

CONMED has outlined certain changes in the structure of its commercial organization that management believes will return the Company to sales growth in 2015. The Company anticipates constant currency sales growth of 1% to 3% for the full year, which will be driven by new product launches and a reorganization of certain aspects of the commercial sales organization in early 2015. As a result, management expects revenue growth to accelerate in the second half of 2015 compared to the first half of 2015.

 

CONMED’s prior 2015 guidance contemplated foreign exchange rates as of December 2014. The January 2015 volatility in the currency markets has been significant, and the Company has chosen to update 2015 guidance based on currency spot rates as of the close on January 23, 2015. Based on these rates, the updated negative impact of foreign exchange rates versus 2014 is $19 million to revenues and $0.14 to EPS, versus the prior estimates of $6 million and $0.04, respectively.

 

Using January 23, 2015 exchange rates and existing hedges, CONMED now anticipates that reported sales for 2015 will be in the range of $727 million to $742 million, representing a range of (2%) to 0% versus the prior year. The Company continues to expect 2015 constant currency revenue growth of 1% to 3%. In addition, adjusted diluted earnings per share will be in the range of $1.82 to $1.92.

 

The adjusted estimates for the full year 2015 exclude the cost of special items, including the manufacturing consolidation, commercial restructuring and senior management changes which are estimated to be $9.0 million to $11.0 million, net of tax, for 2015.

 

 

Special Charges

 

As reconciled on the following schedules, during the fourth quarter and full year 2014, the Company continued the ongoing consolidation of certain administrative functions and manufacturing activities. Also incurred were costs due to shareholder activism, changes in senior management, litigation and settlement costs associated with patent and legal disputes, the write-off of New York State tax credits eliminated due to a legislative change, and other costs. Expenses associated with these activities, including severance and relocation costs, amounted to $3.4 million, net of tax, in the fourth quarter of 2014 and $21.2 million, net of tax, for 2014. These charges are included in the GAAP earnings per share set forth above and are excluded from the adjusted results.

 

 
CONMED News Release ContinuedPage 3 of 12January 27, 2015

Use of Non-GAAP Financial Measures

 

Management has disclosed adjusted financial measurements in this press announcement that present financial information that is not in accordance with generally accepted accounting principles. These measurements are not a substitute for GAAP measurements, although Company management uses these measurements as aids in monitoring the Company’s on-going financial performance from quarter-to-quarter and year-to-year on a regular basis, and for benchmarking against other medical technology companies. Adjusted net income, adjusted operating income, adjusted gross margin and adjusted earnings per share measure the income of the Company excluding credits or charges that are considered by management to be outside of the normal on-going operations of the Company. Management uses and presents adjusted net income, adjusted operating income, adjusted gross margin and adjusted earnings per share because management believes that in order to properly understand the Company’s short and long-term financial trends, the impact of special charges should be eliminated from on-going operating activities. These adjustments for special charges are derived from facts and circumstances that vary in frequency and impact on the Company’s results of operations. Management uses adjusted net income, adjusted operating income, adjusted gross margin and adjusted earnings per share to forecast and evaluate the operational performance of the Company as well as to compare results of current periods to prior periods on a consistent basis. Further, the presentation of EBITDA and adjusted EBITDA are non-GAAP measurements that management considers useful for measuring aspects of the Company’s cash flow. Adjusted financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.

 

Conference Call

 

The Company will conduct a conference call and webcast regarding its fourth quarter 2014 financial results at 4:30 p.m. Eastern Time on Tuesday, January 27, 2015. To participate in the conference call, dial 866-515-2907 in the United States, or 617-399-5121 from other locations, and provide passcode 96396892. The webcast can be accessed from CONMED’s web site at www.conmed.com. Replays of the call will be made available through February 15, 2015.

 

CONMED Profile

 

CONMED is a medical technology company with an emphasis on surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a variety of specialties including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology. Headquartered in Utica, New York, the Company’s 3,500 employees distribute its products worldwide from several manufacturing locations. CONMED has a direct selling presence in 16 countries outside the United States and international sales constitute over 50% of the Company’s total sales.

 

 

Forward Looking Information

 

This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties which could cause actual results, performance or trends, to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. In addition to general industry and economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to the risks relating to forward-looking statements discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

 
CONMED News Release ContinuedPage 4 of 12January 27, 2015

 

 

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(In thousands except per share amounts)

(unaudited)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2014   2013   2014   2013 
                 
Net sales  $195,003   $203,442   $740,055   $762,704 
                     
Cost of sales   89,112    89,910    330,386    341,661 
Cost of sales, other – Note A   1,858    2,137    5,612    8,626 
                     
Gross profit   104,033    111,395    404,057    412,417 
                     
Selling and administrative expense   74,861    82,355    293,942    310,730 
Research and development   7,105    6,438    27,779    25,831 
Medical device excise tax   1,536    1,536    5,588    5,949 
Other expense – Note B   3,442    4,885    23,962    13,399 
    86,944    95,214    351,271    355,909 
                     
Income from operations   17,089    16,181    52,786    56,508 
                     
Loss on early extinguishment of debt               263 
                     
Interest expense   1,539    1,482    6,111    5,613 
                     
Income before income taxes   15,550    14,699    46,675    50,632 
                     
Provision for income taxes   4,211    4,472    14,483    14,693 
                     
Net income  $11,339   $10,227   $32,192   $35,939 
                     
Per share data:                    
  Net income                    
     Basic  $0.41   $0.37   $1.17   $1.30 
     Diluted   0.41    0.36    1.16    1.28 
                     
  Weighted average common shares                    
     Basic   27,537    27,644    27,401    27,722 
     Diluted   27,758    28,062    27,769    28,114 

 

Note A – Included in cost of sales, other in the three and twelve months ended December 31, 2014 and 2013 are costs related to the consolidation of our production facilities. Also included in the twelve months ended December 31, 2013 are costs associated with the termination of a product offering. Refer to the Reconciliation of Reported Net Income to Adjusted Net Income for further details.

 

Note B – Other expense in the three and twelve months ended December 31, 2014 and 2013 includes a number of adjusted charges. Refer to the Reconciliation of Reported Net Income to Adjusted Net Income for further details.

 

 
CONMED News Release ContinuedPage 5 of 12January 27, 2015

CONMED CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(unaudited)

 

ASSETS
   December 31,   December 31, 
   2014   2013 
Current assets:          
     Cash and cash equivalents  $66,332   $54,443 
     Accounts receivable, net   129,287    140,426 
     Inventories   148,149    143,211 
     Income taxes receivable   583    3,805 
     Deferred income taxes   14,348    13,202 
     Prepaid expenses and other current assets   22,451    17,045 
          Total current assets   381,150    372,132 
           
Property, plant and equipment, net   133,429    138,985 
Deferred income taxes   1,398    1,183 
Goodwill   256,232    248,428 
Other intangible assets, net   316,440    319,440 
Other assets   9,545    10,340 
          Total assets  $1,098,194   $1,090,508 
           
           
LIABILITIES AND SHAREHOLDERS’ EQUITY
           
Current liabilities:          
     Current portion of long-term debt  $1,234   $1,140 
     Other current liabilities   114,722    110,125 
          Total current liabilities   115,956    111,265 
           
Long-term debt   240,201    214,435 
Deferred income taxes   112,223    113,199 
Other long-term liabilities   48,516    45,290 
          Total liabilities   516,896    484,189 
           
Shareholders’ equity:          
     Capital accounts   214,975    228,002 
     Retained earnings   406,145    395,889 
     Accumulated other comprehensive loss   (39,822)   (17,572)
          Total equity   581,298    606,319 
           
          Total liabilities and shareholders’ equity  $1,098,194   $1,090,508 

 
CONMED News Release ContinuedPage 6 of 12January 27, 2015

 

 

CONMED CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

   Twelve months ended 
   December 31, 
   2014   2013 
Cash flows from operating activities:          
Net income  $32,192   $35,939 
Adjustments to reconcile net income          
to net cash provided by operating activities:          
Depreciation and amortization   45,734    47,867 
Stock-based compensation   9,330    5,593 
Loss on early extinguishment of debt       263 
Deferred income taxes   (284)   7,218 
Increase (decrease) in cash flows from          
changes in assets and liabilities:          
Accounts receivable   5,255    (798)
Inventories   (20,940)   (1,817)
Accounts payable   (3,449)   4,223 
Income taxes receivable (payable)   5,013    (1,519)
Accrued compensation and benefits   3,572    (71)
Other assets   (546)   (5,222)
Other liabilities   (10,701)   (10,727)
Net cash provided by operating activities   65,176    80,949 
           
Cash flow from investing activities:          
Payments related to a business acquisition   (5,265)    
Purchases of property, plant, and equipment   (15,411)   (18,445)
Net cash used in investing activities   (20,676)   (18,445)
           
Cash flow from financing activities:          
Payments on debt   (1,140)   (1,277)
Proceeds of debt   27,000    55,000 
Payments related to distribution agreement   (16,667)   (34,000)
Dividends paid on common stock   (21,959)   (16,696)
Payments related to issuance of debt       (1,725)
Net proceeds from common stock issued under employee plans   2,316    17,264 
Repurchase of common stock   (16,862)   (50,556)
Other, net   922    694 
Net cash used in financing activities   (26,390)   (31,296)
           
Effect of exchange rate change          
on cash and cash equivalents   (6,221)   (485)
           
Net increase in cash and cash equivalents   11,889    30,723 
           
Cash and cash equivalents at beginning of period   54,443    23,720 
           
Cash and cash equivalents at end of period  $66,332   $54,443 
 
CONMED News Release ContinuedPage 7 of 12January 27, 2015

 

CONMED CORPORATION

Sales Summary

(In millions)

 

 

   Three Months Ended December 31, 
                 
               Constant 
               Currency 
   2014   2013   % Change   % Change 
             
Orthopedic surgery  $101.7   $107.7    -5.6%    -3.9% 
General surgery   75.4    76.8    -1.8%    -0.9% 
Surgical visualization   17.9    18.9    -5.3%    -3.7% 
   $195.0   $203.4    -4.1%    -2.7% 
                     
Single-use products  $154.7   $161.5    -4.2%    -2.8% 
Capital products   40.3    41.9    -3.8%    -2.4% 
   $195.0   $203.4    -4.1%    -2.7% 

 

   Twelve Months Ended December 31, 
               Constant 
               Currency 
   2014   2013   % Change   % Change 
                     
Orthopedic surgery  $402.8   $410.2    -1.8%    -1.3% 
General surgery   279.4    286.7    -2.5%    -2.0% 
Surgical visualization   57.9    65.8    -12.0%    -10.9% 
   $740.1   $762.7    -3.0%    -2.4% 
                     
Single-use products  $593.8   $609.0    -2.5%    -1.9% 
Capital products   146.3    153.7    -4.8%    -4.3% 
   $740.1   $762.7    -3.0%    -2.4% 

 

 
CONMED News Release ContinuedPage 8 of 12January 27, 2015

 

CONMED CORPORATION

RECONCILIATION OF REPORTED NET INCOME TO ADJUSTED NET INCOME

Three Months Ended December 31, 2014 and 2013

(In thousands except per share amounts)

(unaudited)

 

 

   2014   2013 
         
Reported net income  $11,339   $10,227 
           
Facility consolidation costs   1,858    2,137 
           
     Total cost of sales   1,858    2,137 
           
Administrative consolidation costs   1,499    2,447 
           
Patent dispute and other matters   141    995 
           
Management restructuring costs   1,524     
           
Business acquisition costs   278     
           
Pension settlement expense       1,443 
           
     Total other expense   3,442    4,885 
           
Adjusted expense before income taxes   5,300    7,022 
           
Provision for income taxes on adjusted expenses   (1,908)   (2,351)
           
Adjusted net income  $14,731   $14,898 
           
Per share data:          
           
Reported net income          
     Basic  $0.41   $0.37 
     Diluted   0.41    0.36 
           
Net income before adjusted items          
     Basic  $0.53   $0.54 
     Diluted   0.53    0.53 
           

 

Management has provided the above reconciliation of net income to adjusted net income as an additional measure that investors can use to compare operating performance between reporting periods. Management believes this reconciliation provides a useful presentation of operating performance as discussed in the section “Use of Non-GAAP Financial Measures” above.

 
CONMED News Release ContinuedPage 9 of 12January 27, 2015

 

CONMED CORPORATION

RECONCILIATION OF REPORTED NET INCOME TO ADJUSTED NET INCOME

Twelve Months Ended December 31, 2014 and 2013

(In thousands except per share amounts)

(unaudited)

 

 

   2014   2013 
         
Reported net income  $32,192   $35,939 
           
Costs associated with termination of a product offering       2,137 
           
Facility consolidation costs   5,612    6,489 
           
     Total cost of sales   5,612    8,626 
           
Administrative consolidation costs   3,354    8,750 
           
Patent dispute & settlement costs, and other matters   3,374    3,206 
           
Shareholder activism costs   3,966     
           
Management restructuring costs   12,546     
           
Business acquisition costs   722     
           
Pension settlement expense       1,443 
           
     Total other expense   23,962    13,399 
           
Loss on early extinguishment of debt       263 
           
Adjusted expense before income taxes   29,574    22,288 
           
Provision (benefit) for income taxes on adjusted expenses   (10,646)   (7,473)
           
New York State corporate tax reform   2,258     
           
Adjusted net income  $53,378   $50,754 
           
Per share data:          
           
Reported net income          
     Basic  $1.17   $1.30 
     Diluted   1.16    1.28 
           
Net income before adjusted items          
     Basic  $1.95   $1.83 
     Diluted   1.92    1.81 

 

Management has provided the above reconciliation of net income to adjusted net income as an additional measure that investors can use to compare operating performance between reporting periods. Management believes this reconciliation provides a useful presentation of operating performance as discussed in the section “Use of Non-GAAP Financial Measures” above.

 

 
CONMED News Release ContinuedPage 10 of 12January 27, 2015

CONMED CORPORATION

RECONCILIATION OF GROSS MARGIN TO ADJUSTED GROSS MARGIN

(In thousands)

(unaudited)

 

 

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2014   2013   2014   2013 
                 
Net sales  $195,003   $203,442   $740,055   $762,704 
                     
Cost of sales, total   90,970    92,047    335,998    350,287 
                     
Gross profit   104,033    111,395    404,057    412,417 
                     
Add:  Cost of sales, other   1,858    2,137    5,612    8,626 
                     
Adjusted gross profit  $105,891   $113,532   $409,669   $421,043 
                     
Gross margin:
                    
                     
     Reported   53.3%    54.8%    54.6%    54.1% 
                     
     Adjusted   54.3%    55.8%    55.4%    55.2% 

 

Management has provided the above reconciliation as an additional measure that investors can use to compare financial results between reporting periods. Management believes this reconciliation provides a useful presentation of financial measures as discussed in the section “Use of Non-GAAP Financial Measures” above.

 
CONMED News Release ContinuedPage 11 of 12January 27, 2015

CONMED CORPORATION

RECONCILIATION OF INCOME FROM OPERATIONS TO ADJUSTED

INCOME FROM OPERATIONS

(In thousands)

(unaudited)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2014   2013   2014   2013 
                 
Reported income from operations  $17,089   $16,181   $52,786   $56,508 
                     
Costs associated with termination of a product
     offering included in cost of sales
               2,137 
                     
Facility consolidation costs included
     in cost of sales
   1,858    2,137    5,612    6,489 
                     
Administrative consolidation costs included in
     other expense
   1,499    2,447    3,354    8,750 
                     
Patent dispute & settlement costs, and other matters
     included in other expense
   141    995    3,374    3,206 
                     
Shareholder activism costs included in other
     expense
           3,966     
                     
Management restructuring costs included in other
     expense
   1,524        12,546     
                     
Costs associated with a business acquisition
     included in other expense
   278        722     
                     
Pension settlement costs included in other
     expense
       1,443        1,443 
                     
Adjusted income from operations  $22,389   $23,203   $82,360   $78,533 
                     
Operating Margin                    
     Reported   8.8%    8.0%    7.1%    7.4% 
                     
     Adjusted   11.5%    11.4%    11.1%    10.3% 
                     

 

Management has provided the above reconciliation as an additional measure that investors can use to compare financial results between reporting periods. Management believes this reconciliation provides a useful presentation of financial measures as discussed in the section “Use of Non-GAAP Financial Measures” above.

 
CONMED News Release ContinuedPage 12 of 12January 27, 2015

CONMED CORPORATION

RECONCILIATION OF REPORTED NET INCOME TO EBITDA & ADJUSTED EBITDA

(In thousands)

(unaudited)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2014   2013   2014   2013 
                 
Net income  $11,339   $10,227   $32,192   $35,939 
                     
Provision for income taxes   4,211    4,472    14,483    14,693 
                     
Interest expense   1,539    1,482    6,111    5,613 
                     
Loss on early extinguishment of debt               263 
                     
Depreciation   5,090    4,952    19,792    18,653 
                     
Amortization   6,478    7,228    25,358    28,655 
                     
EBITDA  $28,657   $28,361   $97,936   $103,816 
                     
Stock-based compensation   1,256    1,491    5,419    5,593 
                     
Costs associated with termination of a product
     offering included in cost of sales
               2,137 
                     
Facility consolidation costs included in cost of sales   1,858    2,137    5,612    6,489 
                     
Administrative consolidation costs included in
     other expense
   1,499    2,447    3,354    8,750 
                     
Patent dispute & settlement costs, and
     other matters included in other expense
   141    995    3,374    3,206 
                     
Shareholder activism costs included in other
     expense
           3,966     
                     
Management restructuring costs included in other
     expense
   1,524        12,546     
                     
Costs associated with a business acquisition
     included in other expense
   278        722     
                     
Pension settlement expense included in other expense       1,443        1,443 
                     
Adjusted EBITDA  $35,213   $36,874   $132,929   $131,434 
                     
EBITDA Margin                    
     EBITDA   14.7%    13.9%    13.2%    13.6% 
                     
     Adjusted EBITDA   18.1%    18.1%    18.0%    17.2% 

 

Management has provided the above reconciliation as an additional measure that investors can use to compare financial results between reporting periods. Management believes this reconciliation provides a useful presentation of financial measures as discussed in the section “Use of Non-GAAP Financial Measures” above.

 

 
 

 


The following information was filed by Conmed Corp (CNMD) on Wednesday, January 28, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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