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 (EPS) guidance of 4.250-4.350 for the period, compared to the consensus estimate of 4.330. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. CONMED also updated its FY24 guidance to $4.25-4.35 EPS.

CONMED Stock Performance

CNMD traded down $8.36 during trading on Thursday, hitting $61.65. The stock had a trading volume of 1,691,433 shares, compared to its average volume of 572,707. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 30.36, a P/E/G ratio of 0.65 and a beta of 1.33. The company has a 50 day moving average price of $78.80 and a 200-day moving average price of $93.89. CONMED has a one year low of $61.50 and a one year high of $138.47.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. CONMED had a net margin of 5.18% and a return on equity of 13.69%. As a group, research analysts predict that CONMED will post 4.34 EPS for the current year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.20 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. CONMED’s payout ratio is currently 39.22%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CNMD. JPMorgan Chase & Co. reduced their price target on CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a report on Thursday. Wells Fargo & Company reduced their price objective on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research note on Thursday. Needham & Company LLC lowered their price target on shares of CONMED from $129.00 to $107.00 and set a buy rating for the company in a report on Thursday. Finally, Piper Sandler dropped their price target on shares of CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $107.86.

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.