CONMED (NYSE:CNMD) Issues 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 guidance of 4.000-4.050 for the period, compared to the consensus earnings per share 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 Trading Up 4.6 %

Shares of CNMD opened at $68.29 on Friday. CONMED has a 1-year low of $61.05 and a 1-year high of $117.27. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. The firm’s 50-day moving average price is $69.56 and its 200-day moving average price is $70.16. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 0.85 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The business had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. Sell-side analysts anticipate that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.17%. CONMED’s payout ratio is 19.00%.

Analyst Upgrades and Downgrades

CNMD has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and set a $97.00 price target on shares of CONMED in a research report on Thursday. Wells Fargo & Company cut their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. StockNews.com raised shares of CONMED from a “hold” rating to a “buy” rating in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus dropped their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. One equities research 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, CONMED currently has a consensus rating of “Moderate Buy” and a consensus 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.