CONMED (NYSE:CNMD) Posts Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• CONMED beat earnings expectations: Quarterly EPS was $1.04, exceeding the $1.00 consensus estimate by $0.04. Revenue totaled $335.56 million, slightly below analyst expectations of $336.28 million.
• Shares fell $1.62 to $45.58 during Wednesday trading. CONMED has a $1.37 billion market capitalization and trades near the upper half of its 52-week range of $31.44 to $53.66.
• Analyst sentiment remains cautious, with seven Hold ratings and one Sell rating. The stock has a consensus “Reduce” rating and an average price target of $41.40.

CONMED (NYSE:CNMD - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.04, FiscalAI reports. The firm had revenue of $335.56 million for the quarter, compared to analyst estimates of $336.28 million. CONMED had a return on equity of 14.31% and a net margin of 4.12%.

CONMED Price Performance

NYSE:CNMD traded down $1.62 during trading hours on Wednesday, hitting $45.58. The company's stock had a trading volume of 500,758 shares, compared to its average volume of 505,297. CONMED has a 52-week low of $31.44 and a 52-week high of $53.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.69 and a current ratio of 1.48. The business's 50-day moving average is $47.39 and its two-hundred day moving average is $41.43. The company has a market capitalization of $1.37 billion, a PE ratio of 24.64, a PEG ratio of 2.25 and a beta of 0.94.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CNMD shares. Weiss Ratings raised CONMED from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 21st. Piper Sandler reaffirmed a "neutral" rating and issued a $45.00 target price (up from $39.00) on shares of CONMED in a report on Thursday, July 30th. Needham & Company LLC reiterated a "hold" rating on shares of CONMED in a research note on Monday, July 13th. Zacks Research raised shares of CONMED from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company raised their price objective on shares of CONMED from $39.00 to $46.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $41.40.

About CONMED

CONMED Corporation is a medical technology company that develops, manufactures, and sells surgical devices and related equipment. Its products are used by hospitals, ambulatory surgery centers, and other healthcare providers in orthopedic and general surgery procedures.

The company's orthopedic portfolio includes arthroscopy systems, powered surgical instruments, sports medicine products, tissue ablation systems, implants, and related accessories. Its general surgery offerings include electrosurgical equipment, insufflation systems, smoke evacuation products, surgical visualization technologies, and devices used in minimally invasive procedures.

Founded in 1970, CONMED serves healthcare customers through direct sales and distribution channels in the United States and international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.