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 4.250-4.350 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 Stock Performance

Shares of NYSE CNMD traded down $1.44 during trading on Wednesday, reaching $69.88. 1,191,417 shares of the company traded hands, compared to its average volume of 559,506. The firm has a 50 day simple moving average of $79.06 and a 200-day simple moving average of $94.06. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $2.15 billion, a PE ratio of 34.33, a P/E/G ratio of 0.66 and a beta of 1.33. CONMED has a 52-week low of $69.78 and a 52-week high of $138.47.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Equities research analysts anticipate that CONMED will post 4.34 earnings per share for the current year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 39.22%.

Analyst Ratings Changes

CNMD has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective on shares of CONMED from $107.00 to $98.00 and set an equal weight rating for the company in a research note on Thursday, February 1st. JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $135.00 to $115.00 and set an overweight rating for the company in a research note on Thursday, February 1st. Piper Sandler reduced their target price on shares of CONMED from $130.00 to $100.00 and set an overweight rating for the company in a report on Thursday, February 1st. Finally, Needham & Company LLC upped their price objective on shares of CONMED from $119.00 to $129.00 and gave the company a buy rating in a report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $120.43.

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.