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
Voce encourages its fellow shareholders to execute and return the WHITE proxy card.
VOCE CATALYST PARTNERS LP,
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
J. Daniel Plants, 415-489-2601