CONMED (NYSE:CNMD) Issues Q3 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 0.980-1.000 for the period, compared to the consensus earnings per share 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.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Stifel Nicolaus decreased their price objective on CONMED from $88.00 to $76.00 and set a buy rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC restated a buy rating and set a $97.00 target price on shares of CONMED in a research report on Friday. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. StockNews.com downgraded CONMED from a buy rating to a hold rating in a research report on Tuesday, October 1st. Finally, Piper Sandler cut their price objective 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. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, CONMED currently has an average rating of Moderate Buy and a consensus price target of $79.80.

CONMED Stock Performance

CONMED stock opened at $66.59 on Monday. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The stock’s 50-day moving average is $70.82 and its 200-day moving average is $71.92.

CONMED (NYSE:CNMD) last announced its quarterly earnings results 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. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The firm had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. During the same period in the previous year, the company posted $0.83 earnings per share. CONMED’s revenue was up 4.5% compared to the same quarter last year. Equities analysts anticipate that CONMED will post 3.99 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.20%. The ex-dividend date was Monday, September 16th. CONMED’s dividend payout ratio (DPR) is presently 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.