CONMED (NYSE:CNMD) Releases FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 4.000-4.050 for the period, compared to the consensus estimate of 3.990. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. CONMED also updated its FY24 guidance to $4.00-4.05 EPS.

CONMED Stock Performance

Shares of CONMED stock traded up $0.58 during trading on Wednesday, hitting $65.26. 502,968 shares of the company’s stock traded hands, compared to its average volume of 487,169. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The stock has a market capitalization of $2.01 billion, a P/E ratio of 25.00, a PEG ratio of 0.82 and a beta of 1.46. The business has a 50-day simple moving average of $69.55 and a 200-day simple moving average of $70.17.

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

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a $0.20 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.23%. CONMED’s payout ratio is 30.65%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CNMD shares. Stifel Nicolaus dropped their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company dropped their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Piper Sandler dropped their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Friday, October 4th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.