CONMED (NYSE:CNMD) Releases FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

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

CONMED Stock Down 11.8 %

CNMD traded down $8.25 on Thursday, reaching $61.76. The company’s stock had a trading volume of 1,351,134 shares, compared to its average volume of 568,824. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 30.36, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. CONMED has a 1 year low of $61.58 and a 1 year 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’s 50 day moving average is $78.80 and its 200 day moving average is $93.89.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.69% and a net margin of 5.18%. The company had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. As a group, research analysts forecast that CONMED will post 4.34 EPS for the current fiscal 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 given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Thursday, March 14th. CONMED’s payout ratio is 39.22%.

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.