CONMED (NYSE:CNMD) Updates FY24 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $4.25-4.35 for the period, compared to the consensus earnings per share 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 Price Performance

Shares of NYSE:CNMD traded down $1.30 during trading on Wednesday, reaching $70.01. 1,189,572 shares of the company traded hands, compared to its average volume of 559,479. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. CONMED has a 52 week low of $69.84 and a 52 week high of $138.47. The firm has a market capitalization of $2.16 billion, a PE ratio of 34.33, a PEG ratio of 0.66 and a beta of 1.33. The company’s 50 day moving average is $79.06 and its two-hundred day moving average is $94.06.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). CONMED had a return on equity of 13.69% and a net margin of 5.18%. The business had revenue of $327.05 million for the quarter, compared to the consensus estimate of $332.94 million. As a group, sell-side analysts predict that CONMED will post 4.34 earnings per share 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 of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. CONMED’s payout ratio is 39.22%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNMD. Needham & Company LLC increased their price target on CONMED from $119.00 to $129.00 and gave the stock a buy rating in a report on Thursday, February 1st. JPMorgan Chase & Co. dropped their target price on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a report on Thursday, February 1st. Piper Sandler dropped their target price on 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 dropped their target price on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, CONMED presently has a consensus rating of Moderate Buy and a consensus price target of $120.43.

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.