CONMED (NYSE:CNMD) Issues FY24 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $4.25-4.35 for the period, compared to the consensus EPS estimate of $4.33. The company issued revenue guidance of $1.330-1.355 billion, compared to the consensus revenue estimate of $1.35 billion. CONMED also updated its FY 2024 guidance to 4.250-4.350 EPS.

CONMED Stock Up 6.1 %

CNMD stock traded up $3.76 during mid-day trading on Friday, hitting $65.66. 552,939 shares of the company were exchanged, compared to its average volume of 584,463. The company has a market capitalization of $2.02 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The firm has a fifty day simple moving average of $78.36 and a 200 day simple moving average of $93.67.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. On average, research analysts forecast that CONMED will post 4.34 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.22%. CONMED’s payout ratio is currently 30.65%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research report on Thursday. Needham & Company LLC reduced their price target on shares of CONMED from $129.00 to $107.00 and set a buy rating on the stock in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Piper Sandler reduced 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 analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $107.86.

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.