Criticism For ConMed And Corasanti Family From Voce Capital
Voce Capital Management, an adviser to ConMed stockholder Voce Catalyst Partners, is levying criticism both against the company and the family that founded it.
In a story by WKTV reporter Joleen Ferris the firm is quoted as accusing ConMed of “an alarming degree of nepotism and cronyism,” and then asserting that the practice is leading to poor performance.
The company says the board does not respond to individual shareholder statements and its members remain focused on executing its business strategy.
ConMed trades under ticker symbol CNMD. As of this writing on November 8, 2013 shares were trading at $36.60 a share, that is down slightly from a day ago but toward the high end of the company’s 52-week average.
The company’s third quarter financials show slight decreases in sales with an optimistic outlook based on slight increases expected in international business. On October 28, 2013 the Utica-based company announced a more than thirty percent increase in its quarterly cash dividend.
ConMed manufactures and distributes medical equipment and surgical devices and employs approximately 3,600 employees throughout the world. Its major competitors include Abbott Laboratories and Boston Scientific.