CONMED (NYSE:CNMD) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

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

CONMED Stock Performance

Shares of CNMD stock traded down $1.44 during trading hours on Wednesday, reaching $69.88. The stock had a trading volume of 1,191,417 shares, compared to its average volume of 559,506. The firm has a 50-day simple moving average of $78.80 and a 200-day simple moving average of $93.89. CONMED has a twelve month low of $69.78 and a twelve month high of $138.47. The firm has a market capitalization of $2.15 billion, a PE ratio of 34.25, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96.

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

CONMED Announces Dividend

The firm also recently announced 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 dividend yield of 1.14%. CONMED’s payout ratio is currently 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.