Conmed (CNMD)
NYSE:CNMD
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Conmed
(NYSE:CNMD)
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Rating:56Neutral
Price Target:
$38.00
▼(-14.32% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Conmed (CNMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.14B
Dividend Yield2.02%
Average Volume (3M)368.83K
Price to Earnings (P/E)26.8
Beta (1Y)0.60
Revenue Growth4.69%
EPS Growth-51.57%
CountryUS
Employees3,900
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.43
Shares Outstanding30,833,536
10 Day Avg. Volume284,080
30 Day Avg. Volume368,831
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)1.22
Price to Sales (P/S)0.92
P/FCF Ratio8.35
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue1.41
Enterprise Value/Gross Profit2.59
Enterprise Value/Ebitda11.00
Forecast
1Y Price Target
$40.50Price Target Upside-8.68% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)4.44
Revenue Forecast (FY)$1.36B
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 Tiss...
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 ...
Conmed Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call balanced clear operational and strategic progress—strong adjusted results, meaningful growth in orthopedics, momentum in AirSeal/Buffalo Filter/BioBrace platforms, supply-chain improvements, and solid cash generation—against notable near-term headwinds: a sizeable GAAP earnings decline, tariff-driven margin pressure, and near-term dilution from the GI exit. Management provided constructive 2026 guidance but flagged increased SG&A and R&D investments and tariff impacts that compress near-term EPS. Overall the company appears to be executing a deliberate repositioning for longer-term, higher‑margin growth while accepting short-term earnings trade-offs.Positive Updates
Revenue Growth (Q4 and Full Year)
Total sales for Q4 were $373.2M, up 7.9% reported and 7.1% in constant currency. Full-year sales were $1.375B, up 5.2% reported and 5.1% in constant currency.
Negative Updates
Material GAAP Earnings Decline
Q4 GAAP net income was $16.7M versus $33.8M a year ago; Q4 GAAP EPS $0.54 vs $1.00. Full-year GAAP net income was $47.1M vs $132.4M in 2024; full-year GAAP EPS $1.51 vs $4.25, reflecting significant GAAP deterioration (impact of special items and portfolio actions).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth (Q4 and Full Year)
Total sales for Q4 were $373.2M, up 7.9% reported and 7.1% in constant currency. Full-year sales were $1.375B, up 5.2% reported and 5.1% in constant currency.
Read all positive updates
Company Guidance
For 2026 management guided reported revenue of $1.345–$1.375 billion (constant‑currency organic growth 4.5%–6%, FX tailwind 0–50 bps) and a net adjusted gross‑margin improvement of 50–100 bps despite incremental tariffs expected to cost ~100–110 bps; they expect adjusted SG&A of 38.0%–38.5% of sales (Q1 to be the highest quarter and above the full‑year range), adjusted R&D of 4.5%–5.0% of sales, adjusted interest expense of $25–$27 million, and an adjusted effective tax rate in the mid‑24% range, targeting adjusted EPS of $4.30–$4.45 (including headwinds of $0.45–$0.50 from the GI exit and $0.30–$0.35 from tariffs, partially offset by ~+$0.10 from currency); they also forecast full‑year operating cash flow of $145–$155 million, capex of $20–$30 million (free cash flow ~ $125 million), adjusted EBITDA of $255–$265 million, and Q1 revenue of $308–$313 million with Q1 adjusted EPS of $0.80–$0.83 (no selling‑day differences called out).Conmed Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| 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
Negative
44.35
Price Trends
40.84
Negative
41.52
Negative
46.19
Negative
Market Momentum
-1.60
Positive
35.91
Neutral
39.81
Neutral
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 39.51, above the 50-day MA of 40.84, and below the 200-day MA of 46.19, indicating a bearish trend. The MACD of -1.60 indicates Positive momentum. The RSI at 35.91 is Neutral, neither overbought nor oversold. The STOCH value of 39.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNMD.
Conmed Risk Analysis
Conmed disclosed 37 risk factors in its most recent earnings report. Conmed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Conmed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.47B | 25.04 | 17.36% | ― | 29.47% | 23.24% | |
61 Neutral | $1.55B | -3.28 | -4.63% | ― | -0.23% | ― | |
59 Neutral | $1.73B | 211.68 | 2.44% | ― | 9.81% | -1067.00% | |
56 Neutral | $1.14B | 26.78 | 4.68% | 2.02% | 4.69% | -51.57% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $744.30M | -1.85 | -39.90% | ― | 4.99% | -7151.40% | |
47 Neutral | $1.41B | -18.34 | -25.13% | ― | 50.07% | 21.22% |
* Healthcare Sector Average
CNMD
Conmed
37.08
-22.82
-38.10%
AORT
Artivion
36.12
11.41
46.18%
IART
Integra Lifesciences
9.55
-12.27
-56.23%
UFPT
Ufp Technologies
190.07
-13.46
-6.61%
AHCO
AdaptHealth
11.39
0.91
8.68%
PRCT
PROCEPT BioRobotics
24.94
-37.39
-59.99%
Conmed Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
Conmed Names Andrew Moller Interim Principal Financial Officer
Positive
Mar 13, 2026
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 Offi...
Business Operations and StrategyFinancial Disclosures
CONMED Highlights Growth Outlook at J.P. Morgan Conference
Positive
Jan 12, 2026
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 ...
Executive/Board Changes
CONMED Announces Planned CFO Transition and Successor Search
Neutral
Jan 8, 2026
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 comprehensi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.