CONMED (NYSE:CNMD) Issues FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.250-4.350 for the period, compared to the consensus earnings per share estimate of 4.330. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. CONMED also updated its FY24 guidance to $4.25-4.35 EPS.

CONMED Trading Up 6.4 %

CONMED stock traded up $3.96 during mid-day trading on Friday, hitting $65.86. The company’s stock had a trading volume of 920,984 shares, compared to its average volume of 586,004. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. CONMED has a 12 month low of $61.05 and a 12 month high of $138.47. 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 business has a 50 day moving average price of $78.36 and a 200-day moving average price of $93.67.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The company had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. As a group, analysts forecast that CONMED will post 4.34 EPS for the current year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.21%. CONMED’s payout ratio is currently 30.65%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CNMD. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a report on Thursday. Wells Fargo & Company lowered their target price on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a report on Thursday. Needham & Company LLC reduced their target price on shares of CONMED from $129.00 to $107.00 and set a buy rating on the stock in a report on Thursday. Finally, Piper Sandler decreased their price objective on shares of CONMED from $100.00 to $95.00 and set an overweight rating for the company in a research note on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $107.86.

CONMED Company Profile

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.