Conmed (CNMD)
NYSE:CNMD
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Conmed
(NYSE:CNMD)
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Rating:58Neutral
Price Target:
$36.00
▼(-18.83% Downside)
Action:Reiterated
Date:06/18/26
Overall score reflects financially stable but currently pressured fundamentals (sharp TTM revenue decline and lower margins, offset by solid cash generation and manageable leverage). The earnings call improved the outlook via raised organic growth guidance and platform momentum, but technicals remain weak with the stock below major moving averages, keeping the score in the mid-range.
Positive Factors
Strong FCF generation
Sustained positive free cash flow (~$123.7M TTM) provides durable internal funding for capex, buybacks and debt repayment. This cash conversion cushions operating volatility, supports strategic reinvestment in growth platforms and reduces reliance on external financing over coming quarters.
Negative Factors
Sharp TTM revenue decline
A roughly 30% TTM revenue decline materially reduces scale and operating leverage, pressuring margins and returns. Even with renewed organic guidance, rebuilding top-line momentum takes multiple quarters, increasing execution risk for margin recovery and investment-backed growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong FCF generation
Sustained positive free cash flow (~$123.7M TTM) provides durable internal funding for capex, buybacks and debt repayment. This cash conversion cushions operating volatility, supports strategic reinvestment in growth platforms and reduces reliance on external financing over coming quarters.
Read all positive factors
Conmed (CNMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$980.96M
Dividend Yield2.02%
Average Volume (3M)368.83K
Price to Earnings (P/E)18.2
Beta (1Y)0.70
Revenue Growth4.78%
EPS Growth-53.80%
CountryUS
Employees3,900
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.77
Shares Outstanding30,109,194
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 Cap1.83
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit2.44
Enterprise Value/Ebitda10.57
Forecast
1Y Price Target
$38.74Price Target Upside-12.65% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)4.37
Revenue Forecast (FY)$1.36B
Conmed Business Overview & Revenue Model
Company Description
CONMED Corporation functions as a medical technology enterprise, specializing in the global development, production, and distribution of surgical instruments and related apparatus for a variety of surgical procedures. Its comprehensive product por...
How the Company Makes Money
CONMED makes money primarily by selling medical devices used in surgical procedures, with revenue generated through a mix of recurring single-use/disposable products and sales of reusable capital equipment. A large portion of its revenue is tied t...
Conmed Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but constructive view: near‑term headwinds included modest revenue declines on a reported basis, lower adjusted net income and EPS, weaker cash from operations and higher working capital as inventory was intentionally built. Offsetting these concerns were upgraded organic revenue guidance (5.0%–6.5%), clear momentum in core growth platforms (AirSeal, Buffalo Filter direct smoke, BioBrace), improved gross margin (up 100 bps) and maintained full‑year adjusted EPS guidance despite a planned refinancing headwind. Management also completed GI divestitures to focus resources and continued buybacks. Overall the transcript shows cautious optimism with tangible operational and strategic progress balanced against short‑term financial pressures.Positive Updates
Raised Organic Revenue Guidance
Organic revenue guidance for FY2026 was raised to 5.0%–6.5% (from prior 4.5%–6.0%), with FX now expected to be a ~40–50 bps tailwind; reported 2026 revenue guidance increased at the low end to $1.35B–$1.375B and Q2 revenue is expected to be $336M–$340M.
Negative Updates
Total Sales and GI Exit Impact
Total sales were $317M in Q1 (Pat) with a reported decrease of 1.3% YoY (Todd reported total sales down 2.9% YoY); divestiture of GI product lines reduced comparable revenue but organic sales grew 2.1% YoY (organic excludes GI).
Read all updates
Q1-2026 Updates
Positive
Negative
Raised Organic Revenue Guidance
Organic revenue guidance for FY2026 was raised to 5.0%–6.5% (from prior 4.5%–6.0%), with FX now expected to be a ~40–50 bps tailwind; reported 2026 revenue guidance increased at the low end to $1.35B–$1.375B and Q2 revenue is expected to be $336M–$340M.
Read all positive updates
Company Guidance
CONMED raised its 2026 organic revenue growth outlook to 5.0%–6.5% (from 4.5%–6.0%), now expects reported revenue of $1.35B–$1.375B (Q2 revenue $336M–$340M), and reiterated adjusted EPS guidance of $4.30–$4.45 for the year while guiding Q2 adjusted EPS of $1.09–$1.14; foreign exchange is expected to be a 40–50 bps tailwind, AirSeal and direct smoke are still expected to grow in the high single-digit to low double‑digit range for the full year, and GI revenue for 2026 is now forecast at $14.5M–$17.5M (versus the prior $21M–$25M estimate, ~ $7M lower at the midpoint) with corresponding cost reductions; the company plans to refinance debt in Q2 with bank financing (eschewing new convertibles), which could increase full‑year adjusted interest expense and depress adjusted EPS by at least $0.10, yet operating cash flow is still forecast at $145M–$155M, capital expenditures $20M–$30M, free cash flow around $125M, and management expects to maintain ~3x leverage while continuing share repurchases (Q1 buybacks ~858k shares for $37.4M).Conmed Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.37B | 1.37B | 1.31B | 1.24B | 1.05B | 1.01B |
| Gross Profit | 735.25M | 725.38M | 733.03M | 676.25M | 571.25M | 568.04M |
| EBITDA | 169.63M | 154.55M | 272.18M | 192.48M | 7.80M | 179.33M |
| Net Income | 54.85M | 47.05M | 132.42M | 64.46M | -80.58M | 62.54M |
Balance Sheet | ||||||
| Total Assets | 2.31B | 2.33B | 2.31B | 2.30B | 2.30B | 1.77B |
| Cash, Cash Equivalents and Short-Term Investments | 35.03M | 40.82M | 24.46M | 24.30M | 28.94M | 20.85M |
| Total Debt | 860.87M | 834.94M | 905.78M | 991.25M | 1.05B | 684.66M |
| Total Liabilities | 1.30B | 1.29B | 1.34B | 1.47B | 1.55B | 980.58M |
| Stockholders Equity | 1.02B | 1.03B | 962.68M | 834.22M | 745.54M | 785.43M |
Cash Flow | ||||||
| Free Cash Flow | 123.71M | 150.88M | 153.88M | 106.32M | 11.58M | 96.90M |
| Operating Cash Flow | 142.63M | 170.69M | 166.97M | 125.35M | 33.37M | 111.77M |
| Investing Cash Flow | -13.92M | -20.96M | -13.08M | -20.03M | -249.53M | -14.87M |
| Financing Cash Flow | -129.97M | -135.82M | -151.00M | -110.43M | 225.00M | -101.55M |
Conmed Technical Analysis
Negative
44.35
Price Trends
36.34
Negative
38.01
Negative
41.38
Negative
Market Momentum
-0.80
Positive
39.31
Neutral
14.93
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 34.96, above the 50-day MA of 36.34, and above the 200-day MA of 41.38, indicating a bearish trend. The MACD of -0.80 indicates Positive momentum. The RSI at 39.31 is Neutral, neither overbought nor oversold. The STOCH value of 14.93 is Positive, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.85B | 26.92 | 16.61% | ― | 11.19% | 7.61% | |
58 Neutral | $980.96M | 18.17 | 5.40% | 2.02% | 4.78% | -53.80% | |
54 Neutral | $1.03B | 87.14 | 2.66% | ― | 17.59% | ― | |
54 Neutral | $1.37B | -2.73 | -47.65% | ― | 1.24% | -1605.54% | |
54 Neutral | $1.31B | -16.46 | -5.11% | ― | 1.24% | -202.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $1.24B | -11.98 | -27.70% | ― | 29.26% | -7.59% |
* Healthcare Sector Average
CNMD
Conmed
32.58
-18.89
-36.71%
AORT
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21.19
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IART
Integra Lifesciences
17.58
5.96
51.29%
UFPT
Ufp Technologies
239.28
6.14
2.63%
AHCO
AdaptHealth
9.65
1.35
16.27%
PRCT
PROCEPT BioRobotics
21.72
-37.02
-63.02%
Conmed Corporate Events
Executive/Board Changes
Conmed Names John Gallagher as New Chief Financial Officer
Positive
Jun 17, 2026
CONMED Corporation has appointed John E. Gallagher as Executive Vice President and Chief Financial Officer, effective July 15, 2026, succeeding Todd Garner, who will remain in an advisory role until November 2, 2026. The move ends an interim finan...
Business Operations and StrategyPrivate Placements and Financing
Conmed Retires Significant Portion of Convertible Senior Notes
Positive
Jun 4, 2026
On June 3, 2026, Conmed Corporation entered into privately negotiated purchase agreements with certain holders of its 2.25% Convertible Senior Notes due 2027. The company agreed to repurchase approximately $645.2 million in aggregate principal amo...
Business Operations and StrategyPrivate Placements and Financing
CONMED Establishes New Term Loan to Refinance Notes
Positive
Jun 1, 2026
On May 27, 2026, CONMED amended its existing credit and collateral agreements to establish a new $450 million senior secured delayed draw Term A-2 loan facility, available in U.S. dollars in a single draw on or before June 14, 2026, and maturing o...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Conmed strengthens board with new independent directors
Positive
May 20, 2026
On May 19, 2026, CONMED’s board moved to expand its governance and leadership structure, increasing the board to nine directors and appointing industry veterans Celine Martin and Jeff Mirviss as independent non‑employee directors effec...
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.