CONMED (NYSE:CNMD) Updates FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) 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 Trading Up 0.9 %

CONMED stock opened at $65.26 on Thursday. The stock has a market cap of $2.01 billion, a PE ratio of 25.00, a P/E/G ratio of 0.82 and a beta of 1.46. 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 stock has a 50-day moving average price of $69.55 and a 200 day moving average price of $70.17. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. During the same quarter in the previous year, the business posted $0.83 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. Equities research analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Monday, September 16th. CONMED’s dividend payout ratio is presently 30.65%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. Piper Sandler cut their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company lowered their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $97.00 price target on shares of CONMED in a research note on Friday, October 4th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

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.