CONMED (NYSE:CNMD) Releases FY24 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY24 earnings guidance on Wednesday. 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.

Analyst Ratings Changes

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

CONMED Stock Performance

Shares of NYSE:CNMD traded down $1.44 during midday trading on Wednesday, hitting $69.88. The company had a trading volume of 1,191,417 shares, compared to its average volume of 559,506. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 0.66 and a beta of 1.33. 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 company has a fifty day moving average of $78.80 and a two-hundred day moving average of $93.89. CONMED has a 12-month low of $69.78 and a 12-month high of $138.47.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.05). The company had revenue of $327.05 million during the quarter, compared to the consensus estimate of $332.94 million. CONMED had a return on equity of 13.69% and a net margin of 5.18%. On average, equities research analysts expect that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders 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 yield of 1.14%. CONMED’s payout ratio is presently 39.22%.

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.