CONMED (NYSE:CNMD) Issues Q3 2024 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 0.980-1.000 for the period, compared to the consensus earnings per share estimate of 0.990. The company issued revenue guidance of $315.0 million-$318.0 million, compared to the consensus revenue estimate of $318.7 million.

CONMED Trading Up 0.0 %

CONMED stock opened at $66.57 on Friday. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The stock has a 50-day moving average price of $70.91 and a 200 day moving average price of $72.02. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46.

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

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date was Monday, September 16th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Analyst Ratings Changes

CNMD has been the topic of several research analyst reports. Stifel Nicolaus dropped their price objective on CONMED from $88.00 to $76.00 and set a buy rating on the stock in a report on Thursday, August 1st. StockNews.com cut shares of CONMED from a buy rating to a hold rating in a research note on Tuesday. 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. Needham & Company LLC reiterated a buy rating and issued a $97.00 target price on shares of CONMED in a research report on Friday. Finally, Piper Sandler cut their target price on shares of CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, CONMED currently has an average rating of Moderate Buy and a consensus 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.