Conmed (CNMD)
NYSE:CNMD
Want to see CNMD full AI Analyst Report?
Top Page
Conmed
(NYSE:CNMD)
Select Model
Select Model
Rating:55Neutral
Price Target:
$37.00
▼(-16.57% Downside)
Action:ReiteratedDate:04/30/26
CNMD scores in the mid-range primarily due to mixed financial performance: solid cash generation and manageable leverage are offset by a sharp TTM revenue decline and compressed profitability. Technical indicators are notably bearish (below key moving averages with negative MACD), which drags the score. The latest earnings call was moderately supportive with raised organic growth guidance and maintained EPS outlook, partially balancing near-term cash flow and working-capital pressures, while valuation is neutral with a mid-to-high P/E and a modest dividend yield.
Positive Factors
Cash generation
Sustained FCF (~$123.7M TTM) and strong operating cash flow provide durable internal funding for R&D, targeted M&A, buybacks and capex. This cash conversion supports strategic investments and capital returns even if revenue recovery is gradual, preserving financial flexibility.
Negative Factors
Sharp revenue decline
A ~30% TTM top‑line decline materially reduces scale and erodes operating leverage. Lower sales make fixed cost absorption harder, constrain reinvestment capacity, and extend the timeline to restore prior margin and return metrics absent sustained organic recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained FCF (~$123.7M TTM) and strong operating cash flow provide durable internal funding for R&D, targeted M&A, buybacks and capex. This cash conversion supports strategic investments and capital returns even if revenue recovery is gradual, preserving financial flexibility.
Read all positive factors
Conmed (CNMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend Yield2.02%
Average Volume (3M)368.83K
Price to Earnings (P/E)19.6
Beta (1Y)0.69
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 Cap1.75
Enterprise Value/Revenue1.41
Enterprise Value/Gross Profit2.63
Enterprise Value/Ebitda9.14
Forecast
1Y Price Target
$39.24Price Target Upside-11.52% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)4.36
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: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 | 211.37M | 193.47M | 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
Neutral
44.35
Price Trends
39.61
Negative
40.42
Negative
44.82
Negative
Market Momentum
-0.05
Negative
55.84
Neutral
81.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNMD, the sentiment is Neutral. The current price of 44.35 is above the 20-day moving average (MA) of 36.51, above the 50-day MA of 39.61, and below the 200-day MA of 44.82, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 55.84 is Neutral, neither overbought nor oversold. The STOCH value of 81.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $1.78B | 21.36 | 16.61% | ― | 11.19% | 7.61% | |
55 Neutral | $1.11B | 19.55 | 5.40% | 2.02% | 4.78% | -53.80% | |
54 Neutral | $1.08B | -39.25 | -47.65% | ― | 1.24% | -1605.54% | |
54 Neutral | $1.54B | -25.75 | -5.24% | ― | 1.24% | -202.42% | |
53 Neutral | $1.23B | 310.60 | 2.66% | ― | 17.59% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $1.45B | -11.17 | -27.70% | ― | 29.26% | -7.59% |
* Healthcare Sector Average
CNMD
Conmed
36.76
-23.52
-39.02%
AORT
Artivion
25.41
-3.36
-11.68%
IART
Integra Lifesciences
13.92
0.25
1.83%
UFPT
Ufp Technologies
230.55
-13.67
-5.60%
AHCO
AdaptHealth
11.30
2.19
24.04%
PRCT
PROCEPT BioRobotics
25.40
-29.04
-53.34%
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...
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.