CONMED (NYSE:CNMD) Releases FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY 2024 earnings guidance on Wednesday. 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Piper Sandler lowered their target price on CONMED from $130.00 to $100.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. JPMorgan Chase & Co. lowered their price target on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Needham & Company LLC increased their price target on CONMED from $119.00 to $129.00 and gave the stock a buy rating in a research report on Thursday, February 1st. Finally, Wells Fargo & Company lowered their price target on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, CONMED currently has an average rating of Moderate Buy and a consensus price target of $120.43.

CONMED Trading Down 2.0 %

CNMD stock traded down $1.44 during midday trading on Wednesday, hitting $69.88. 1,191,417 shares of the company’s stock were exchanged, compared to its average volume of 559,506. CONMED has a 1-year low of $69.78 and a 1-year high of $138.47. The business has a 50-day simple moving average of $78.80 and a two-hundred day simple moving average of $93.89. The stock has a market capitalization of $2.15 billion, a PE ratio of 34.25, a P/E/G ratio of 0.66 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 (NYSE:CNMD) last released its earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). The company had revenue of $327.05 million during the quarter, compared to analysts’ expectations of $332.94 million. CONMED had a net margin of 5.18% and a return on equity of 13.69%. On average, sell-side analysts predict that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 39.22%.

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.