Conmed (CNMD) AI Stock Analysis

• Market Cap: $1.13B
• Dividend Yield: 2.02%
• Average Volume (3M): 368.83K
• Price to Earnings (P/E): 26.8
• Beta (1Y): 0.58
• Revenue Growth: 4.69%
• EPS Growth: -51.57%
• Country: US
• Employees: 3,900
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.43
• Shares Outstanding: 30,833,536
• 10 Day Avg. Volume: 284,080
• 30 Day Avg. Volume: 368,831
• PEG Ratio: -0.41
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 0.92
• P/FCF Ratio: 8.35
• Enterprise Value/Market Cap: 1.70
• Enterprise Value/Revenue: 1.41
• Enterprise Value/Gross Profit: 2.58
• Enterprise Value/Ebitda: 10.96
• 1Y Price Target: $40.50
• Price Target Upside: -8.68% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): 4.44
• Revenue Forecast (FY): $1.36B

• Rating: 56 Neutral
• Price Target: $38.00 ▼(-14.32% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by solid cash generation but tempered by volatile profitability and meaningful leverage. Technicals are a significant near-term drag (downtrend and negative momentum), while valuation is fair and management’s guidance is constructive but weighed down by tariffs, GI-exit dilution, and higher spending.

Positive Factors

Cash generation resilience

CONMED’s consistent operating and free cash flow (~$150M range) has held up even as GAAP earnings fell, providing durable internal funding for R&D, capital needs, and buybacks. Strong cash conversion supports strategic reinvestment and cushions near-term execution risks.

Orthopedics and steady revenue growth

Orthopedics is a durable growth engine: above-market Q4 growth and sustained full-year gains show expanding clinical adoption. Procedure-driven consumables tied to ortho volume create recurring revenue, supporting predictable top-line expansion and margin leverage over time.

Buffalo Filter / smoke-evacuation tailwind

Regulatory and legislative trends (smoke-free OR laws) plus a differentiated new product (PlumeSafe x5) position Buffalo Filter for structural adoption. Large TAM, clinical/regulatory tailwinds and product upgrades underpin sustainable mid-term growth and attachment sales.

Negative Factors

Elevated leverage

Material debt and modest cash reduce financial flexibility. With leverage near 3x and only limited cash on hand, CONMED has less room to absorb extended margin pressure or fund large M&A without increasing leverage or cutting spend, constraining strategic optionality.

Volatile profitability and earnings quality

Significant GAAP swings and inconsistent operating/net margins undermine earnings predictability. Even with healthy gross margins, operating profitability has been uneven, raising execution risk that temporary shocks or higher costs could more readily erode cash generation.

Strategic actions and tariff headwinds compress near-term EPS

Management is prioritizing long-term repositioning but accepts near-term EPS dilution from the GI exit and tariff costs while raising SG&A to accelerate platforms. These structural choices heighten short-to-medium term margin pressure and require execution to realize promised returns.

Conmed Business Overview & Revenue Model

Company Description

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries. The company markets orthopedic surgery products under the Hall, CONMED Linvatec, Concept, and Shutt brands. It also offers general surgery products, such as clinical insufflation, smoke evacuation, electrosurgical, and endomechanical products; and endoscopic technologies, including diagnostic and therapeutic products for use in gastroenterology procedures, and products for the treatment of diseases of the biliary structures, as well as cardiac monitoring products comprising ECG and EEG electrodes, and cardiac defibrillation pads. The company markets its products directly to hospitals, surgery centers, and other healthcare institutions, as well as through medical specialty distributors. CONMED Corporation was incorporated in 1970 and is headquartered in Largo, Florida.

How the Company Makes Money

CONMED makes money primarily by selling medical devices and related consumables used in surgical procedures. Its revenue model is largely product-sales driven: (1) single-use/disposable items and procedure-based consumables (e.g., accessories and implants/consumables used during arthroscopy and other surgeries) that generate recurring revenue tied to surgical case volume, and (2) capital equipment sales (e.g., electrosurgical generators, visualization/surgical systems, and other durable surgical equipment) that create upfront revenue and can pull through ongoing demand for compatible disposables and accessories. The company typically sells through a combination of direct sales representatives and distribution partners, depending on geography and product line; revenue is generated when products are shipped/sold to healthcare providers (or to distributors who then sell to end customers). Key factors influencing earnings include adoption of its surgical technologies by surgeons and facilities, procedure volumes (especially in orthopedics and minimally invasive surgery), pricing and reimbursement dynamics, product innovation and new product launches, and expansion of its installed base of capital equipment that can drive repeat purchases of higher-margin consumables. Specific material partnership terms or customer concentration details are not available here and are therefore null.

Conmed Financial Statement Overview

Summary

Healthy and consistent free cash flow is a key strength, but earnings quality is uneven: margins and net income have been volatile, with a notable 2025 step-down after a strong 2024. Leverage remains meaningful despite improvement, limiting flexibility if profitability stays pressured.

Income Statement

Revenue has grown steadily off the 2020 base (down year), with 2023 a strong rebound and 2024–2025 showing continued but slower growth. Profitability is mixed: gross margin has been consistently healthy (~54–56%), but operating and net margins have been volatile—2022 swung to a loss, 2024 recovered strongly, and 2025 saw a sharp step-down in earnings (net margin fell to ~3.4% from ~10.1% in 2024). Overall, the top-line profile is constructive, but recent margin compression and earnings variability weigh on the score.

Balance Sheet

Leverage is meaningful, though trending better: debt relative to equity improved from elevated levels in 2022–2023 to ~0.81 in 2025 as equity increased and debt declined. Returns on shareholder capital have also been volatile, swinging negative in 2022, improving in 2023–2024, and then moderating in 2025 alongside weaker earnings. The balance sheet is not distressed, but the debt load and uneven return profile reduce financial flexibility versus stronger peers.

Cash Flow

Cash generation is a relative strength. Operating cash flow and free cash flow are solid and have remained positive across the period, with free cash flow in the ~$150M range in both 2024 and 2025. Free cash flow has consistently tracked net income well, and 2025 free cash flow held up despite the sharp drop in earnings—supporting cash resiliency. The main weakness is that operating cash flow has not consistently covered a large portion of total debt (coverage remained modest across years), which matters given the leverage profile.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.37B	1.31B	1.24B	1.05B	1.01B
Gross Profit	750.48M	733.03M	676.25M	571.25M	568.04M
EBITDA	176.49M	272.18M	192.48M	7.80M	179.33M
Net Income	47.05M	132.42M	64.46M	-80.58M	62.54M
Balance Sheet
Total Assets	2.33B	2.31B	2.30B	2.30B	1.77B
Cash, Cash Equivalents and Short-Term Investments	40.82M	24.46M	24.30M	28.94M	20.85M
Total Debt	834.94M	905.78M	991.25M	1.05B	684.66M
Total Liabilities	1.29B	1.34B	1.47B	1.55B	980.58M
Stockholders Equity	1.03B	962.68M	834.22M	745.54M	785.43M
Cash Flow
Free Cash Flow	150.88M	153.88M	106.32M	11.58M	96.90M
Operating Cash Flow	170.69M	166.97M	125.35M	33.37M	111.77M
Investing Cash Flow	-20.96M	-13.08M	-20.03M	-249.53M	-14.87M
Financing Cash Flow	-135.82M	-151.00M	-110.43M	225.00M	-101.55M

Conmed Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 44.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNMD, the sentiment is Negative. The current price of 44.35 is above the 20-day moving average (MA) of 41.71, above the 50-day MA of 41.53, and below the 200-day MA of 46.67, indicating a bearish trend. The MACD of -1.51 indicates Positive momentum. The RSI at 28.59 is Positive, neither overbought nor oversold. The STOCH value of 17.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNMD.

Conmed Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UFPT	69 Neutral	$1.52B	25.04	17.36%	―	29.47%	23.24%
AORT	59 Neutral	$1.75B	211.68	2.44%	―	9.81%	-1067.00%
CNMD	56 Neutral	$1.13B	26.78	4.68%	2.02%	4.69%	-51.57%
AHCO	56 Neutral	$1.37B	-3.28	-4.63%	―	-0.23%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IART	47 Neutral	$693.64M	-1.85	-39.90%	―	4.99%	-7151.40%
PRCT	47 Neutral	$1.45B	-18.34	-25.13%	―	50.07%	21.22%

Conmed Corporate Events

Conmed Names Andrew Moller Interim Principal Financial Officer

On March 13, 2026, CONMED Corporation announced that Andrew Moller, 51, will be appointed Interim Principal Financial Officer effective March 15, 2026, following his prior roles as Vice President, Corporate Controller and Principal Accounting Officer since joining the company in early 2025. Moller, a certified public accountant with prior senior finance positions at Smith & Nephew and Stanley Black & Decker, assumes the interim finance leadership role without changes to his compensation, and the company confirmed there are no related-party transactions or family ties with the board, underscoring an emphasis on governance and continuity in its financial oversight.

The appointment highlights CONMED’s reliance on experienced internal talent to maintain financial stability and regulatory compliance during a leadership transition. Stakeholders are likely to view the move as a signal of operational continuity, given Moller’s extensive background in global finance roles and internal audit, as well as the company’s explicit disclosure of the absence of conflicts of interest.

The most recent analyst rating on (CNMD) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.

CONMED Highlights Growth Outlook at J.P. Morgan Conference

On January 12, 2026, CONMED presented an investor deck at the J.P. Morgan Healthcare Conference that outlined preliminary 2026 financial guidance and highlighted its expectation for mid‑term revenue growth of roughly 4% to 9% at the company level, underpinned by 4% to 8% growth in orthopedics and 5% to 11% in general surgery. The materials emphasized the firm’s track record of consistent revenue and adjusted EPS expansion, driven by high‑growth platforms such as the AirSeal insufflation system, Buffalo Filter smoke evacuation products, and BioBrace reinforced bioinductive implants, all positioned in large and growing markets with clinical differentiation and regulatory or legislative tailwinds, signaling management’s confidence in sustained long‑term growth and reinforcing CONMED’s competitive positioning in minimally invasive surgery and sports medicine.

The most recent analyst rating on (CNMD) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.

CONMED Announces Planned CFO Transition and Successor Search

On January 8, 2026, CONMED Corporation announced that Chief Financial Officer Todd Garner will separate from his CFO role effective on the earlier of March 15, 2026, or the appointment of a new permanent CFO, as the company initiates a comprehensive external search for his successor. The company emphasized that Garner’s departure is not due to any disagreement over operations, policies, financial results, or accounting practices, and detailed a transition arrangement under which he will remain with CONMED through November 2, 2026 in a consulting capacity, continue to receive his current base salary, remain eligible for certain cash bonuses and benefits, and have his outstanding equity awards continue to vest through the end of the consulting period, underscoring a structured and orderly leadership transition for financial stakeholders.

The most recent analyst rating on (CNMD) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.