CONMED (NYSE:CNMD) Updates 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 4.250-4.350 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 Down 2.0 %

Shares of CONMED stock traded down $1.44 on Wednesday, reaching $69.88. 1,191,417 shares of the company were exchanged, compared to its average volume of 559,506. CONMED has a fifty-two week low of $69.78 and a fifty-two week high of $138.47. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 34.33, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. The stock has a fifty day moving average price of $79.06 and a 200-day moving average price of $94.06.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). CONMED had a return on equity of 13.69% and a net margin of 5.18%. The business had revenue of $327.05 million for the quarter, compared to analyst estimates of $332.94 million. On average, analysts expect that CONMED will post 4.34 EPS for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. CONMED’s dividend payout ratio is currently 39.22%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CNMD. Wells Fargo & Company decreased their price target on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a research report on Thursday, February 1st. JPMorgan Chase & Co. decreased their price objective on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. Needham & Company LLC increased their price target on CONMED from $119.00 to $129.00 and gave the company a buy rating in a research note on Thursday, February 1st. Finally, Piper Sandler cut their price target on CONMED from $130.00 to $100.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $120.43.

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.