CONMED (NYSE:CNMD) Releases Q3 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its third quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 0.980-1.000 for the period, compared to the consensus EPS estimate of 0.990. The company issued revenue guidance of $315.0 million-$318.0 million, compared to the consensus revenue estimate of $318.7 million.

Analyst Ratings Changes

CNMD has been the subject of several research analyst reports. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. StockNews.com downgraded shares of CONMED from a buy rating to a hold rating in a research report on Tuesday, October 1st. Stifel Nicolaus reduced their price target on shares of CONMED from $88.00 to $76.00 and set a buy rating on the stock in a research report on Thursday, August 1st. Finally, Needham & Company LLC restated a buy rating and set a $97.00 price objective on shares of CONMED in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CONMED currently has a consensus rating of Moderate Buy and a consensus target price of $79.80.

CONMED Price Performance

Shares of NYSE:CNMD opened at $66.59 on Monday. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The firm has a 50-day simple moving average of $70.82 and a 200 day simple moving average of $71.92. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a market cap of $2.05 billion, a PE ratio of 25.51, a P/E/G ratio of 0.98 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 earnings per share. On average, sell-side analysts anticipate that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s payout ratio is 30.65%.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.