$198.88 Million in Sales Expected for CONMED Co. (CNMD) This Quarter

Wall Street analysts forecast that CONMED Co. (NASDAQ:CNMD) will announce sales of $198.88 million for the current quarter, according to Zacks. Three analysts have made estimates for CONMED’s earnings, with the highest sales estimate coming in at $200.04 million and the lowest estimate coming in at $197.90 million. CONMED reported sales of $190.12 million during the same quarter last year, which would suggest a positive year over year growth rate of 4.6%. The company is scheduled to announce its next earnings results after the market closes on Thursday, November 1st.

According to Zacks, analysts expect that CONMED will report full-year sales of $843.78 million for the current financial year, with estimates ranging from $842.60 million to $844.60 million. For the next year, analysts expect that the firm will report sales of $887.34 million, with estimates ranging from $886.20 million to $889.63 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for CONMED.

CONMED (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, August 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $212.80 million during the quarter, compared to analysts’ expectations of $207.12 million. CONMED had a return on equity of 9.51% and a net margin of 8.85%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS.



CNMD has been the subject of several recent research reports. Leerink Swann lifted their price objective on CONMED from $76.00 to $81.00 and gave the company a “market perform” rating in a research note on Thursday, August 30th. BidaskClub cut CONMED from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research note on Tuesday, September 25th. Needham & Company LLC lifted their price objective on CONMED from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Finally, Barclays set a $78.00 price objective on CONMED and gave the company an “equal weight” rating in a research note on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. CONMED currently has a consensus rating of “Hold” and a consensus price target of $74.40.

In other CONMED news, EVP Peter K. Shagory sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $80.00, for a total value of $200,000.00. Following the completion of the sale, the executive vice president now owns 3,655 shares in the company, valued at $292,400. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Stanley W. Peters III sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $80.43, for a total value of $120,645.00. Following the completion of the sale, the vice president now owns 1,496 shares of the company’s stock, valued at approximately $120,323.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,000 shares of company stock valued at $639,565. 3.13% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc lifted its stake in CONMED by 1.7% in the first quarter. Legal & General Group Plc now owns 52,894 shares of the medical technology company’s stock valued at $3,348,000 after buying an additional 889 shares during the last quarter. Pendal Group Ltd lifted its stake in CONMED by 4.3% in the second quarter. Pendal Group Ltd now owns 27,108 shares of the medical technology company’s stock valued at $1,984,000 after buying an additional 1,108 shares during the last quarter. New York State Teachers Retirement System lifted its stake in CONMED by 1.8% in the second quarter. New York State Teachers Retirement System now owns 63,069 shares of the medical technology company’s stock valued at $4,617,000 after buying an additional 1,143 shares during the last quarter. Arizona State Retirement System lifted its stake in CONMED by 3.3% in the third quarter. Arizona State Retirement System now owns 37,516 shares of the medical technology company’s stock valued at $2,972,000 after buying an additional 1,191 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in CONMED in the second quarter valued at approximately $154,000. Institutional investors own 96.69% of the company’s stock.

Shares of CNMD traded down $0.19 during midday trading on Wednesday, hitting $69.05. The company had a trading volume of 1,010 shares, compared to its average volume of 216,205. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.15 and a current ratio of 1.97. The stock has a market capitalization of $1.94 billion, a PE ratio of 36.34, a PEG ratio of 2.75 and a beta of 0.51. CONMED has a 1 year low of $49.09 and a 1 year high of $83.49.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 8th. Investors of record on Friday, September 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.16%. The ex-dividend date was Thursday, September 13th. CONMED’s payout ratio is 42.33%.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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