CONMED (NYSE:CNMD) Issues FY24 Earnings Guidance

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

Several research firms have recently issued reports on CNMD. Wells Fargo & Company reduced their target price on CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research note on Thursday. Needham & Company LLC reduced their target price on CONMED from $129.00 to $107.00 and set a buy rating on the stock in a research note on Thursday. Piper Sandler reduced their target price on CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $107.86.

CONMED Stock Up 6.3 %

Shares of NYSE CNMD traded up $3.88 during trading on Friday, reaching $65.78. The company had a trading volume of 1,135,843 shares, compared to its average volume of 573,520. CONMED has a 12-month low of $61.05 and a 12-month high of $138.47. The stock has a market cap of $2.03 billion, a PE ratio of 25.21, a P/E/G ratio of 0.57 and a beta of 1.33. The business’s 50-day moving average is $78.06 and its 200 day moving average is $93.44. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

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 13.99% and a net margin of 6.53%. The firm had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. As a group, equities analysts forecast that CONMED will post 4.31 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.22%. CONMED’s dividend payout ratio is currently 30.65%.

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.