CONMED (NYSE:CNMD) Releases FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

CONMED Stock Up 0.9 %

Shares of CNMD traded up $0.58 during midday trading on Wednesday, reaching $65.26. 502,968 shares of the stock were exchanged, compared to its average volume of 487,169. The company has a market capitalization of $2.01 billion, a P/E ratio of 24.81, a PEG ratio of 0.82 and a beta of 1.46. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. The company’s 50 day moving average is $69.61 and its two-hundred day moving average is $70.20.

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

CONMED Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. 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. Wells Fargo & Company reduced their price objective on shares of 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 upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler reduced their price target on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note 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 company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $79.80.

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.