CONMED (NYSE:CNMD) Releases FY 2024 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 4.250-4.350 for the period, compared to the consensus 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

Shares of NYSE CNMD traded down $1.44 during mid-day trading on Wednesday, reaching $69.88. The company’s stock had a trading volume of 1,191,417 shares, compared to its average volume of 559,506. The firm has a market capitalization of $2.15 billion, a PE ratio of 34.25, a P/E/G ratio of 0.66 and a beta of 1.33. 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 has a fifty day moving average of $78.80 and a two-hundred day moving average of $93.89. CONMED has a 52 week low of $69.78 and a 52 week high of $138.47.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, January 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). CONMED had a return on equity of 13.69% and a net margin of 5.18%. The firm had revenue of $327.05 million during the quarter, compared to analysts’ expectations of $332.94 million. As a group, sell-side analysts anticipate that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors 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 annualized dividend and a yield of 1.14%. CONMED’s dividend payout ratio (DPR) is currently 39.22%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CNMD. Needham & Company LLC raised their target price on CONMED from $119.00 to $129.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Wells Fargo & Company reduced their target price on CONMED from $107.00 to $98.00 and set an equal weight rating for the company in a research note on Thursday, February 1st. JPMorgan Chase & Co. reduced their price objective on CONMED from $135.00 to $115.00 and set an overweight rating for the company in a research note on Thursday, February 1st. Finally, Piper Sandler reduced their price objective on CONMED from $130.00 to $100.00 and set an overweight rating for the company in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $120.43.

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.