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 (EPS) guidance of 0.980-1.000 for the period, compared to the consensus 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 Stock Up 0.0 %

Shares of NYSE CNMD opened at $66.59 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The company has a 50-day moving average price of $70.82 and a 200-day moving average price of $71.95. The stock has a market capitalization of $2.05 billion, a P/E ratio of 25.51, a P/E/G ratio of 0.98 and a beta of 1.46. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27.

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

CONMED Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently issued reports on CNMD. Piper Sandler reduced 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. Needham & Company LLC reiterated a buy rating and issued a $97.00 price objective on shares of CONMED in a research note on Friday. StockNews.com downgraded CONMED from a buy rating to a hold rating in a research note on Tuesday, October 1st. Stifel Nicolaus decreased their price target on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company cut their price objective 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. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, CONMED has an average 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.