CONMED (NYSE:CNMD) Issues FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.000-4.050 for the period, compared to the consensus earnings per share estimate of 3.990. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. CONMED also updated its FY24 guidance to $4.00-4.05 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price target 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 raised CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus cut their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $97.00 price objective on shares of CONMED in a report on Friday, October 4th. Finally, Piper Sandler cut their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.80.

CONMED Stock Performance

CONMED stock traded up $0.58 during mid-day trading on Wednesday, reaching $65.26. 502,968 shares of the company were exchanged, compared to its average volume of 487,169. The firm has a market cap of $2.01 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The firm’s 50-day simple moving average is $69.61 and its two-hundred day simple moving average is $70.20. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The firm had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm posted $0.83 EPS. Equities analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Monday, September 16th. CONMED’s payout ratio is 30.65%.

About CONMED

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.