Conmed (CNMD) AI Stock Analysis

• Market Cap: $1.49B
• Dividend Yield: 2.08%
• Average Volume (3M): 419.24K
• Price to Earnings (P/E): 12.6
• Beta (1Y): 0.54
• Revenue Growth: 4.20%
• EPS Growth: 43.62%
• Country: US
• Employees: 3,900
• Sector: Healthcare
• Sector Strength: 37
• Industry: Medical - Devices
• EPS (TTM): 0.95
• Shares Outstanding: 30,939,865
• 10 Day Avg. Volume: 445,516
• 30 Day Avg. Volume: 419,242
• PEG Ratio: -1.22
• Price to Book (P/B): 1.56
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 9.25
• Enterprise Value/Market Cap: 1.59
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 3.24
• Enterprise Value/Ebitda: 2.54
• 1Y Price Target: $62.50
• Price Target Upside: 30.13% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6

• Rating: 68 Neutral
• Price Target: $56.00 ▲(16.59%Upside)

Conmed's strong financial performance and positive earnings call outcomes are key strengths, supported by revenue and cash flow growth. However, technical analysis indicates bearish sentiment, and valuation metrics, while reasonable, do not provide significant upside. Challenges in supply chain and international sales also weigh on the stock's outlook.

Positive Factors

Earnings

CNMD's 1Q25 revenue and EPS beat consensus, signaling strong financial performance.

Revenue Growth

Organic revenue growth improved to 6.0% in 4Q24 from 4.3% in 3Q24, indicating positive business momentum.

Valuation

Analysts believe CNMD shares are undervalued and maintain a Buy rating, suggesting potential for stock price appreciation.

Negative Factors

Competition

There is concern about Airseal's performance as the ISRG DV5 launch approaches, which could impact CONMED's market position.

Debt and Financial Flexibility

CNMD's debt level limits its ability to acquire new growth drivers or to repurchase shares, restricting financial flexibility.

Supply Chain Challenges

Management provided 2025 revenue and EPS guidance below consensus due to continued supply chain challenges, impacting future outlook.

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 Corporation generates revenue through the sale of its medical technology products across its two main business sectors: Orthopedic Surgery and General Surgery. In the Orthopedic Surgery sector, the company earns income from products used in arthroscopic and minimally invasive procedures, such as sports medicine implants and powered surgical instruments. In the General Surgery sector, revenue is primarily driven by sales of advanced energy products, electrosurgical generators, and smoke evacuation systems. Additionally, CONMED engages in strategic partnerships and distribution agreements to expand its market reach and enhance its product offerings, thereby contributing to its financial performance. The company also invests in research and development to continually innovate and maintain its competitive position in the medical technology industry.

Conmed Financial Statement Overview

Summary

Conmed shows steady revenue growth and strong cash flow generation. Margins are good, but high leverage and a slight decrease in net profit margin pose risks. Improvement in ROE and cash flow performance is positive, but managing debt and improving net margins remain crucial.

Income Statement

Conmed has shown steady revenue growth with a TTM revenue increase of 1% over the previous year. Gross Profit Margin is strong at 55.44%, indicating effective cost management. However, the Net Profit Margin decreased slightly to 9.02% in the TTM, which is a concern. Despite this, the EBIT and EBITDA margins of 13.01% and 16.50% respectively reflect good operational efficiency.

Balance Sheet

The company's Debt-to-Equity Ratio is relatively high at 0.91, suggesting significant leverage. However, the Return on Equity (ROE) has improved to 12.15%, indicating better profitability relative to shareholder equity. The Equity Ratio is 42.55%, which highlights a balanced capital structure, though there is room for improvement.

Cash Flow

Free Cash Flow has grown by 6.94% in the TTM, a positive indicator of the company's cash-generating ability. The Operating Cash Flow to Net Income ratio is robust at 1.51, showing strong cash conversion from profits. Furthermore, the Free Cash Flow to Net Income ratio at 1.39 underscores solid cash flow performance.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.31B	1.24B	1.05B	1.01B	862.46M
Gross Profit	733.03M	676.25M	571.25M	568.04M	460.30M
EBITDA	251.63M	192.48M	7.80M	158.38M	113.58M
Net Income	132.42M	64.46M	-80.58M	62.54M	9.52M
Balance Sheet
Total Assets	2.31B	2.30B	2.30B	1.77B	1.75B
Cash, Cash Equivalents and Short-Term Investments	24.46M	24.30M	28.94M	20.85M	27.36M
Total Debt	905.78M	991.25M	1.05B	684.66M	775.86M
Total Liabilities	1.34B	1.47B	1.55B	980.58M	1.04B
Stockholders Equity	962.68M	834.22M	745.54M	785.43M	709.04M
Cash Flow
Free Cash Flow	153.88M	106.32M	11.58M	96.90M	51.52M
Operating Cash Flow	166.97M	125.35M	33.37M	111.77M	64.53M
Investing Cash Flow	-13.08M	-20.03M	-249.53M	-14.87M	-13.64M
Financing Cash Flow	-151.00M	-110.43M	225.00M	-101.55M	-52.06M

Conmed Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 48.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 48.03 is below the 20-day moving average (MA) of 51.28, below the 50-day MA of 54.38, and below the 200-day MA of 61.67, indicating a bearish trend. The MACD of -1.54 indicates Positive momentum. The RSI at 44.61 is Neutral, neither overbought nor oversold. The STOCH value of 21.02 is Neutral, 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
AORT	68 Neutral	$1.30B	―	-7.25%	―	5.94%	-115.82%
CNMD	68 Neutral	$1.49B	12.59	12.96%	2.08%	4.20%	43.62%
LIVN	61 Neutral	$2.41B	30.62	-19.69%	―	7.97%	-592.40%
Sector *	60 Neutral	HK$16.88B	5.55	-7.44%	3.12%	11.55%	-28.15%
AVNS	52 Neutral	$547.07M	45.80	-36.78%	―	1.34%	-530.36%
IART	51 Neutral	$936.43M	―	-1.85%	―	6.19%	-174.69%
BFLY	44 Neutral	$467.38M	―	-29.16%	―	25.77%	49.44%

Conmed Corporate Events

Conmed Board Member Martha Aronson Resigns

On July 7, 2025, CONMED Corporation announced that Martha Aronson will resign from its Board of Directors to become the President and CEO of Merit Medical Systems, a leader in medical device development and distribution. Her departure marks the end of a tenure that began in February 2016, during which she contributed significantly to the company’s strategic growth and governance. The leadership at CONMED expressed gratitude for her service and wished her success in her new role.

The most recent analyst rating on (CNMD) stock is a Buy with a $106.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.

Conmed Secures New Credit Agreement with JPMorgan

On June 10, 2025, CONMED Corporation and its subsidiary Linvatec Nederland B.V. entered into an Eighth Amended and Restated Credit Agreement with several financial institutions, including JPMorgan Chase Bank, N.A. This agreement, which amends a previous credit agreement from July 16, 2021, provides CONMED with a $550 million U.S. dollar revolving credit facility, a $100 million multicurrency revolving credit facility, and a $100 million term loan facility. The new agreement extends the maturity of these facilities to June 10, 2030, and introduces changes such as a minimum interest coverage ratio and the removal of mandatory prepayments for excess cash flow. The credit agreement is secured by CONMED’s assets and includes customary covenants and events of default, potentially impacting the company’s financial operations and strategic flexibility.

The most recent analyst rating on (CNMD) stock is a Buy with a $106.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.

Conmed Shareholders Approve Key Proposals at Annual Meeting

At the Company’s Annual Meeting of Stockholders on May 20, 2025, CONMED Corporation’s shareholders voted on four key proposals. Eight directors were elected, executive compensation was approved, the 2025 Long-Term Incentive Plan was passed, and PricewaterhouseCoopers LLP was ratified as the independent auditor for fiscal 2025. Additionally, the Board declared a quarterly cash dividend of $0.20 per share, payable on July 3, 2025, to shareholders of record as of June 13, 2025.

The most recent analyst rating on (CNMD) stock is a Buy with a $106.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.