CONMED (NYSE:CNMD) Updates FY24 Earnings Guidance

CONMED (NYSE:CNMD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $4.25-4.35 for the period, compared to the consensus earnings per share 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.

CONMED Price Performance

Shares of CNMD traded up $3.76 during trading hours on Friday, hitting $65.66. The stock had a trading volume of 552,939 shares, compared to its average volume of 584,463. The company’s fifty day moving average is $78.36 and its two-hundred day moving average is $93.67. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. CONMED has a 52 week low of $61.05 and a 52 week high of $138.47. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. On average, analysts anticipate that CONMED will post 4.34 EPS for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.22%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Analyst Ratings Changes

Several brokerages recently issued reports on CNMD. Wells Fargo & Company reduced their price target 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. Needham & Company LLC reduced their price target on shares of CONMED from $129.00 to $107.00 and set a buy rating on the stock in a research report on Thursday. Piper Sandler cut their target price on shares of CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their target price on CONMED from $115.00 to $75.00 and set an overweight rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, CONMED has a consensus 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.