Investor Presentation

Curt R. Hartman
President & Chief Executive Officer

Todd Garner
Executive Vice President &
Chief Financial Officer

November 2018
Forward-Looking Information
This presentation 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 presentation 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 presentation include, but are not limited to, the risk
factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, and listed under the heading Forward-Looking Statements in the
Company’s most recently filed Form 10-Q.

Management has disclosed adjusted financial measurements in this presentation that present
financial information that is not in accordance with generally accepted accounting principles
(GAAP). These adjusted financial measures are helpful to management in comparing the
recurring aspects of the business performance without the effect of unusual, non-recurring or
special revenues or costs. These measurements are not a substitute for GAAP measurements.
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.

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CONMED Today – By the Numbers

2018 Revenue Guidance Orthopedics

$839M - $847M n Surgical devices including capital,
disposables, and implants used in the
repair of soft tissue and joint injuries
3,100
General Surgery Employees
Orthopedics General Surgery n Low Impact™ Laparoscopy, enabled globally
52% 48%
by the AirSeal® System
n GI therapeutic and diagnostic products
n ECG, MFE, and other patient care Founded
devices

1970
All Other
16% ~2/3 80% Headquarters:
Utica, NY
Americas of Revenue Recurring,
Ex-US 48%
12% Int’l Rev.
US
52%
MIS-related single-use
revenue
Europe
20%

3
Orthopedics Overview
Category Description Market Size and Competitors
2018 YTD $4.4 to $4.6 Billion
§ Arthrex
Sales Mix Sports Devices for repair of soft tissue
§ DePuy Mitek (J&J)
injuries in joints, particularly the § Smith & Nephew
Medicine knee and shoulder § Stryker
§ Zimmer Biomet

Exclusive commercial rights to MTF $375 to $425 Million

US Allograft § Allosource
38% allograft tissue for use in sports § LifeNet
International
Tissue medicine surgery § RTI
62%
$1.4 to $1.6 Billion
Surgical drills and saws with § Stryker
Powered § DePuy Synthes (J&J)
related single-use cutting § Medtronic (Midas Rex / Xomed)
Instruments accessories § Zimmer Biomet
§ MicroAire

$1.8 to $2.0 Billion

73% High-definition surgical § Stryker

Surgical visualization systems to enable § Arthrex
§ Karl Storz
Visualization minimally invasive arthroscopic § Olympus
Recurring, single- surgery § Richard Wolf
§ Smith & Nephew
use revenue
Selling Model
§ US - Hybrid Sales Model
§ Intl - Direct in 16 Countries 4
General Surgery Overview
Category Description Market Size and Competitors
2018 YTD A platform of devices and
$1.4 to $1.6 Billion
Sales Mix § Ethicon (J&J) § Medtronic
accessories to create and enter
Access the surgical working space in
§ Applied Medical § Olympus
§ Stryker
minimally invasive procedures
§ Karl Storz
RF energy to affect tissue by $2.6 to $2.8 Billion
International cutting, sealing, or causing § Medtronic § Olympus
32% Energy hemostasis in open or § Ethicon (J&J)
US minimally invasive procedures § ERBE
68%
$1.5 to $1.7 Billion
Instruments and accessories § CR Bard
§ Karl Storz
for minimally invasive § Cooper Surgical
Instruments laparoscopic, open, and robotic
§ Aesculap
§ Stryker
approaches
§ Ethicon (J&J)
$3.0 to $3.2 Billion
Therapeutic and diagnostic
Endoscopic § Boston Scientific § Olympus
endoscopic products used by § Merit Endotek
§ Cook Medical

87%
Technologies Gastroenterologists § STERIS
§ Cantel
Single-use devices for $0.8 to $1.0 Billion
Recurring, single- Critical Care monitoring cardiac activity and § 3M Company
use revenue other patient care devices § Cardinal

Selling Model
§ US - Direct Sales Model
§ Intl - Direct in 7 Countries 5
Q3 2018 Results & FY2018 Guidance
Q3 2018 Results
§ International growth across both
§ Reported Revenue: $202.3M reporting categories for ten
consecutive quarters
§ 6.4% reported growth, 8.1% growth in adjusted1 constant
currency § Domestic General Surgery growth
for eleven consecutive quarters
§ GAAP EPS: $0.20, compared to $0.26 in Q3 2017
§ Domestic Orthopedics growth for
§ Adjusted EPS2: $0.46, representing 9.5% growth over Q3 2017
four consecutive quarters

FY2018 Guidance (as of November 1, 2018)

§ Adjusted1 constant currency revenue growth of 6.5% to 7%, with FX being a tailwind of 0 to 50 basis points
§ Adjusted EPS2 in the range of $2.15 to $2.20 (14% to 16% growth)

1
Adjusted net sales growth is measured in constant currency and is adjusted for administrative fees that the Company began recording
as a reduction of revenue under ASU 2014-09, Revenue from Contracts with Customers, effective January 1, 2018 (ASC 606).
2Excludes the costs of special items, including acquisitions, restructurings, legal matters, gains on the sale of assets, debt refinancings,
impairment charges, amortization of intangible assets, net of tax, as well as adjustments to the December 2017 tax balances and
provisional income tax effects of the 2017 Tax Cuts and Jobs Act.
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International Update
Market Growth Rate: 2 - 4% Sales Growth (constant currency)
üStrong Leadership Team 8.0%

üDriving ‘One CONMED’ approach 6.0%

4.0%
üContinued focus in key direct
markets to increase existing product 2.0%

registration investments
0.0%

üBusiness consistency supported by -2.0%

enhanced New Product launch

-4.0%
cadence Q216* Q316* Q416* Q117 Q217 Q317 Q417 Q118 Q218 Q318

*Pro forma growth inclusive of 2015 AirSeal® revenue

üSubstantial opportunity remains as
channels, categories and country
approach is further advanced

International Sales represent 48% of 2017 consolidated sales. International business split: Direct 70%, Export 30%

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Domestic General Surgery Update
Market Growth Rate: 2 - 4% Sales Growth*
19.0%
üThree unique business categories with
strong leadership teams 17.0%

15.0%
üBroad-based offense around New
13.0%
Products and expanded sales forces
11.0%

üEndoscopic Technologies and 9.0%

Advanced Surgical both exceeding
market growth rates 7.0%

5.0%
üAirSeal® remains a truly differentiated
3.0%
platform technology
1.0%
Q216* Q316* Q416* Q117 Q217 Q317 Q417 Q118 Q218 Q318

*Pro forma growth inclusive of 2015 AirSeal ® revenue

Domestic General Surgery represents 31% of 2017 consolidated sales

* Domestic Sales Growth is adjusted for the adoption of the new revenue recognition accounting standard, ASU 2014-09, effective January 1, 2018
(ASC 606)
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Domestic Orthopedics Update
Market Growth Rate: 4 - 6% Sales Growth*
üOur “biggest” turnaround effort –
lack of innovation greatly slowed
5.0%
external results

üContinuity in new leadership and

strategy starting to pay dividends -2.0%

üNew Products driven by revamped

Marketing and R&D teams critical to
-9.0%
success. Accelerating cadence
encouraging enthusiasm in outlook

ü2017 a solid year of foundational -16.0%

Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318
progress, with positive momentum
into 2018

Domestic Orthopedics represents 21% of 2017 consolidated sales

* Domestic Sales Growth is adjusted for the adoption of the new revenue recognition accounting standard, ASU 2014-09, effective January 1, 2018
(ASC 606) 9
The CONMED Journey…People
Focus Outcomes

2014 √ Eight of nine Directors appointed post-

2013
√ Leadership team reconstituted with new
commercial leaders in every business
2015
√ Every commercial function enhanced with
Sales, Marketing and R&D leadership
Phase 1: People restructured across all businesses; teams
substantially rebuilt
√ Restored Business Development function
to drive acquisition strategy
2016
√ International Direct and Export
management structure revised; leadership
transitions across key geographies
2017
Phase 2: Products
2018
Phase 3: Profitability
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Leadership Team
COMMERCIAL FUNCTIONAL
Years at Years in Years at Years in
Executive Title CONMED Industry Executive Title CONMED Industry
Curt President & 4 28 Todd EVP & CFO <1 15
Hartman CEO Garner

Pat President, 4 28 Heather EVP, Human 17 17

Beyer International Cohen Resources

Bill VP/GM, 3 15 Dan EVP & 20 20

Peters Advanced Jonas General
Surgical Counsel
Jed VP/GM, 6 32 Wilfredo EVP, RA/QA 3 26
Kennedy Endoscopic Ruiz-Caban and
Technologies Operations
Nate VP/GM, 3 18
Folkert Orthopedics

Peter EVP, Corporate 3 22

Shagory Development
and Strategy
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The CONMED Journey…Products
Focus Outcomes

Phase 1: People
2014

√ Marketing and R&D teams own product

roadmap strategies for each business and
2015 global alignment
√ Continue to aggressively pursue business
development opportunities to secure
innovative technologies and fill product
2016
Phase 2: Products portfolio gaps
√ Aligned manufacturing, advanced
engineering, RA, and QA to support new
product launch agenda and global
registrations
2017 √ Cadence is telling: 42 launches 2015-2017

2018 Phase 3: Profitability

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Improving R&D Contribution
New Product Revenue as % of Total
30.0%

25.0% § Innovation becoming a

20.0%
Company strength

15.0% § New product revenue

measured and evolving as
10.0%
a meaningful contributor
5.0%
Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318
§ Market opportunity,
Product Introduction Cadence margin profile, and
25
innovation all meaningful
20 input to pipeline decisions
15
§ Exceptional connection to
10 global market Key Opinion
Leaders
5

0
2015 2016 2017

Organic Inorganic
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The CONMED Journey…Profitability
Focus Outcomes
2014

2015
Phase 1: People
2016

2017 Phase 2: Products

√ Focus initiated in early 2017

√ Emphasis on:
§ Manufacturing cost reduction
2018
Phase 3: Profitability § Design for innovation and profitability
§ Rationalization of existing portfolio

√ Revenue growth on infrastructure remains

our biggest lever

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Financial Progress
Constant Currency Sales Growth
7.0%

6.0%
§ Constant currency sales
5.0% growth trend is favorable
4.0%

3.0% § Adjusted Cash EPS is now on

2.0% a growth trajectory
1.0%

0.0%
2015 2016 2017 2018 Guidance

Adjusted Cash EPS

$2.50

$2.00

§ 2016 Sales Growth includes 2015 AirSeal on a pro

$1.50 forma basis
§ Constant Currency Sales Growth and Adjusted Cash EPS
are non-GAAP financial measures. Please see the
$1.00
disclosures on slide 2 regarding non-GAAP measures

$0.50

$- 15
2015 2016 2017 2018
Margin Expansion
EBITDA Margin Strategy
Volume
ü Manufacturing structure is leverageable
ü Variable selling and marketing costs are less
Costs than 50% of total SG&A
ü Administrative structure is in place

New Products
EBITDA
ü New product pipeline is accelerating
Margin ü New product gross margins exceed the
Sales Company average

Production Efficiencies
ü Continuing the Company’s history of
continuous manufacturing cost reductions
ü Multiple levers to pull for future annual cost
reductions

Improving Profitability Driven by Consistent Execution 16

Closing Thoughts
Sales Growth New Product Contribution* Adjusted Cash EPS
Constant Currency

*Products introduced since 2016

P People are in place and delivering meaningful contributions

P New Products are contributing and cadence is accelerating.
Innovation is a critical part of our growth plan
P Improving Profitability is the outcome of consistent execution
driven by People and Products
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Thank You

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