Voce Capital Management LLC (“Voce”) responds today to the revelation by
the Board of Directors of CONMED Corporation (“ConMed” or the “Company”)
(Nasdaq:CNMD) of a plan to create shareholder value.
Yesterday, ConMed’s Board mailed another shareholder letter – its second
in the past week – touting a newfound “plan” (it repeated the term six
times in its letter) and sharing that the Company “universally aspires
to growth.”
Voce believes ConMed shareholders are much more concerned with results
than the mere aspirations of its overseers. According to the Board’s
letter, ConMed’s current “strategic plan [is] to grow revenues and
margins and improve ConMed's operating performance” by “improving
operating efficiency; driving profitable sales growth and expanding
EBITDA margins; and developing innovative products.” Or stated another
way:
Our strategy . . . remains the same: continued focus on organic growth
through the introduction of innovative products, coupled with
complementary acquisitions, along with improved margins as a result of
initiatives to reduce costs and increase operating efficiencies.
That was ConMed’s former CEO sharing his aspirations with
shareholders in the 2012 Annual Report to Shareholders. The plan then,
like those before it, was substantively identical to the Board’s latest
hopeful mission statement.
J. Daniel Plants, Voce’s Managing Partner, said: “ConMed has peddled the
same ‘plan’ to shareholders for years, with similar results. Like
motherhood and apple pie, who wouldn’t love to finally see ConMed’s
revenues grow, new products successfully launch and profitability
increase? The question isn’t about the goals; it’s about selecting the
right people to achieve them. With the Company now led by a former CFO,
this issue becomes even more urgent. Against a local olive oil importer
and a retired CPA, Voce has nominated as directors the CEOs of two
publicly-traded medical device companies with sterling reputations in
sales and marketing, product development and operations specifically to
ensure that the latest plan fares better than the previous ones did.”
Voce reminds shareholders that its independent nominees are James W.
Green, the President and CEO, and a director, of Analogic Corporation
(Nasdaq:ALOG); Joshua H. Levine, the President and CEO, and a director,
of Accuray (Nasdaq:ARAY); and J. Daniel Plants, Managing Partner of Voce
and a former investment banking executive at Goldman Sachs and JPMorgan.
Voce encourages its fellow shareholders to execute and return the WHITE
proxy card.
About Voce Capital Management
Voce Capital Management LLC (“Voce”) is an employee-owned investment
manager and the advisor to Voce Catalyst Partners LP, a private
investment partnership. Voce employs a value-driven, governance-focused
investment strategy and is based in San Francisco, California.
VOCE CATALYST PARTNERS LP, VOCE CAPITAL LLC, VOCE CAPITAL MANAGEMENT LLC
AND J. DANIEL PLANTS (COLLECTIVELY, “VOCE”) HAVE FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE PROXY
STATEMENT AND ACCOMPANYING PROXY CARD TO BE USED IN CONNECTION WITH THE
SOLICITATION OF PROXIES FROM STOCKHOLDERS OF CONMED CORPORATION (THE
"COMPANY") IN CONNECTION WITH THE COMPANY'S 2014 ANNUAL MEETING OF
STOCKHOLDERS. ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE
DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE
SOLICITATION OF PROXIES BY VOCE, JAMES W. GREEN AND JOSHUA H. LEVINE
(COLLECTIVELY, THE "PARTICIPANTS") BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE
PARTICIPANTS. THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY
CARD HAVE BEEN FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS
AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON
THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV
OR FROM THE PARTICIPANTS AT HTTPS://WWW.PROXY-DIRECT.COM/VCM-25996.
IN ADDITION, GEORGESON INC., VOCE'S PROXY SOLICITOR, WILL PROVIDE COPIES
OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WITHOUT
CHARGE UPON REQUEST BY CALLING TOLL-FREE AT (800) 905-7281.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE
PROXY STATEMENT ON SCHEDULE 14A FILED BY VOCE WITH THE SEC ON AUGUST 14,
2014 AND IN THE DEFINITIVE ADDITIONAL MATERIALS ON SCHEDULE 14A FILED BY
VOCE WITH THE SEC ON AUGUST 14, 2014. THESE DOCUMENTS CAN BE OBTAINED
FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
Copyright Business Wire 2014