CONMED (NYSE:CNMD) Releases FY 2024 Earnings Guidance

CONMED (NYSE:CNMDGet Free Report) 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 Stock Up 0.9 %

NYSE CNMD traded up $0.58 during mid-day trading on Wednesday, hitting $65.26. The company’s stock had a trading volume of 502,968 shares, compared to its average volume of 487,169. The company’s 50 day simple moving average is $69.55 and its 200 day simple moving average is $70.17. CONMED has a twelve month low of $61.05 and a twelve month 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 has a market capitalization of $2.01 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 0.82 and a beta of 1.46.

CONMED (NYSE:CNMDGet Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The firm had revenue of $332.10 million for the quarter, compared to the consensus estimate of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. Analysts anticipate that CONMED will post 3.99 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s dividend payout ratio (DPR) is currently 30.65%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus decreased 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. StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler decreased their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $97.00 price target on shares of CONMED in a research report on Friday, October 4th. Finally, Wells Fargo & Company cut their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, CONMED currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

Read Our Latest Stock Report on CNMD

CONMED Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for CONMED (NYSE:CNMD)

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