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 EPS guidance of 4.250-4.350 for the period, compared to the consensus EPS 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 Price Performance

CNMD traded up $3.96 on Friday, reaching $65.86. 920,984 shares of the company’s stock were exchanged, compared to its average volume of 586,004. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. The stock’s fifty day moving average price is $78.36 and its 200-day moving average price is $93.67. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47. The stock has a market cap of $2.03 billion, a PE ratio of 23.72, a P/E/G ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share 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 company had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. Sell-side analysts expect that CONMED will post 4.34 EPS for the current year.

CONMED Dividend Announcement

The company also recently disclosed 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 1.21%. CONMED’s payout ratio is presently 30.65%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on CONMED from $115.00 to $75.00 and set an overweight rating for the company in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research report on Thursday. Piper Sandler cut their price target on CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Needham & Company LLC reduced their target price on shares of CONMED from $129.00 to $107.00 and set a buy rating for the company in a report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $107.86.

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.