Conmed (CNMD) AI Stock Analysis

• Market Cap: $1.33B
• Dividend Yield: 2.02%
• Average Volume (3M): 368.83K
• Price to Earnings (P/E): 20.8
• Beta (1Y): 0.48
• Revenue Growth: 4.69%
• EPS Growth: -51.57%
• Country: US
• Employees: 3,900
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.08
• Shares Outstanding: 30,967,955
• 10 Day Avg. Volume: 284,080
• 30 Day Avg. Volume: 368,831
• PEG Ratio: 0.15
• Price to Book (P/B): 2.19
• Price to Sales (P/S): 1.62
• P/FCF Ratio: 13.72
• Enterprise Value/Market Cap: 1.86
• Enterprise Value/Revenue: 1.83
• Enterprise Value/Gross Profit: 3.37
• Enterprise Value/Ebitda: 12.87
• 1Y Price Target: $50.00
• Price Target Upside: 12.74% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $49.00 ▲(10.48% Upside)

The score is primarily driven by solid financial performance (notably strong free cash flow and improved leverage) despite weakening profitability and margin pressure. Technicals support a near-term uptrend but appear somewhat extended. Valuation is reasonable but not clearly cheap, and earnings commentary remains broadly positive while acknowledging tariff and GAAP earnings headwinds; the recent growth outlook update modestly supports sentiment.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Strategic Focus

Focusing on core markets like minimally invasive surgery enhances competitive positioning and operational efficiency.

Cash Flow Management

Strong cash flow management enhances financial flexibility, enabling strategic investments and debt reduction.

Negative Factors

Profit Margin Pressure

Declining profit margins can impact long-term profitability, necessitating cost management and efficiency improvements.

Tariff Impact

Tariff impacts on margins can reduce competitiveness and profitability, requiring strategic adjustments to mitigate effects.

Dividend Suspension

Dividend suspension may concern income-focused investors, potentially affecting investor sentiment and stock attractiveness.

Conmed Business Overview & Revenue Model

Company Description

Conmed Corporation (CNMD) is a global medical technology company that specializes in the development and manufacturing of surgical devices and equipment. Operating primarily in the surgical and orthopedic sectors, Conmed offers a comprehensive range of products including electrosurgical instruments, surgical imaging systems, and orthopedic implants. The company's innovations are designed to enhance surgical outcomes and improve patient care, catering to a diverse clientele that includes hospitals, surgical centers, and healthcare professionals worldwide.

How the Company Makes Money

Conmed generates revenue through multiple key streams, primarily from the sale of its surgical devices and equipment. The company's product offerings can be categorized into two main segments: surgical devices and orthopedic products. Surgical devices, including electrosurgical and endoscopic instruments, represent a significant portion of Conmed's revenue, as they are essential tools in various surgical procedures. Additionally, Conmed benefits from recurring revenue through disposable products that accompany its surgical instruments. The orthopedic segment contributes to revenue through the sale of implants and instrumentation used in orthopedic surgeries. Strategic partnerships with healthcare providers, hospitals, and surgical centers also play a crucial role in expanding Conmed's market reach, allowing the company to establish long-term contracts and ensure a steady stream of income. Furthermore, ongoing investments in research and development enable Conmed to innovate and introduce new products, thereby enhancing its competitive position and driving future revenue growth.

Conmed Financial Statement Overview

Summary

Conmed shows strong revenue growth and effective cash flow management with improvements in leverage. However, challenges in maintaining profit margins and operational efficiency persist.

Income Statement

Conmed has demonstrated consistent revenue growth with a TTM revenue growth rate of 1.60% and a strong gross profit margin of 56.12%. However, the net profit margin has decreased to 8.30% from 10.13% in the previous year, indicating some pressure on profitability. The EBIT and EBITDA margins have also slightly decreased, suggesting operational challenges.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.88 from 0.98, indicating better leverage management. Return on equity is at 11.37%, showing decent profitability relative to equity. However, the equity ratio remains stable, suggesting a balanced asset structure.

Cash Flow

Conmed's free cash flow growth is robust at 48.20%, and the free cash flow to net income ratio is strong at 89.73%, indicating efficient cash generation. However, the operating cash flow to net income ratio has decreased slightly, suggesting potential areas for improvement in cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.35B	1.31B	1.24B	1.05B	1.01B	862.46M
Gross Profit	730.53M	733.03M	676.25M	571.25M	568.04M	460.30M
EBITDA	191.52M	272.18M	192.48M	7.80M	179.33M	118.28M
Net Income	64.07M	132.42M	64.46M	-80.58M	62.54M	9.52M
Balance Sheet
Total Assets	2.32B	2.31B	2.30B	2.30B	1.77B	1.75B
Cash, Cash Equivalents and Short-Term Investments	38.93M	24.46M	24.30M	28.94M	20.85M	27.36M
Total Debt	853.75M	905.78M	991.25M	1.05B	684.66M	776.45M
Total Liabilities	1.31B	1.34B	1.47B	1.55B	980.58M	1.04B
Stockholders Equity	1.01B	962.68M	834.22M	745.54M	785.43M	709.04M
Cash Flow
Free Cash Flow	148.96M	153.88M	106.32M	11.58M	96.90M	51.52M
Operating Cash Flow	167.69M	166.97M	125.35M	33.37M	111.77M	64.53M
Investing Cash Flow	-17.89M	-13.08M	-20.03M	-249.53M	-14.87M	-13.64M
Financing Cash Flow	-149.52M	-151.00M	-110.43M	225.00M	-101.55M	-52.06M

Conmed Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNMD, the sentiment is Positive. The current price of 44.35 is above the 20-day moving average (MA) of 41.21, above the 50-day MA of 42.20, and below the 200-day MA of 49.74, indicating a neutral trend. The MACD of 0.37 indicates Negative momentum. The RSI at 57.89 is Neutral, neither overbought nor oversold. The STOCH value of 61.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNMD.

Conmed Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UFPT	75 Outperform	$1.99B	30.01	18.31%	―	29.47%	23.24%
AHCO	74 Outperform	$1.42B	19.45	4.77%	―	-0.23%	―
CNMD	70 Outperform	$1.33B	20.84	6.60%	2.02%	4.69%	-51.57%
AORT	58 Neutral	$2.10B	-177.23	-2.45%	―	9.81%	-1067.00%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IART	45 Neutral	$1.06B	-2.04	-38.71%	―	4.99%	-7151.40%
PRCT	41 Neutral	$1.83B	-20.37	-27.22%	―	50.07%	21.22%

Conmed Corporate Events

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.

Conmed Exits Gastroenterology Products to Focus on Core Markets

On December 5, 2025, CONMED Corporation announced its strategic decision to exit its gastroenterology product lines as part of its portfolio optimization strategy. This move includes terminating its distribution agreement with W.L. Gore & Associates for the Gore® VIABIL® biliary stent, effective January 1, 2026, and exiting other gastroenterology products. The company aims to focus on its core markets, such as minimally invasive surgery and orthopedic soft tissue repair, to enhance long-term success and leadership in surgical innovation. Financially, the exit is expected to improve CONMED’s gross margin profile by approximately 80 basis points, despite an anticipated EPS dilution of $0.45–$0.55 in 2026. The company reaffirms its 2025 revenue and EPS guidance, indicating no material impact on its financial results for that year.

The most recent analyst rating on (CNMD) stock is a Hold with a $48.00 price target. To see the full list of analyst forecasts on Conmed stock, see the CNMD Stock Forecast page.