These Analysts Revise Their Forecasts On CONMED After Q4 Results

CONMED Corporation CNMD reported weaker-than-expected fourth-quarter financial results on Wednesday.

Conmed posted adjusted earnings of $1.06 per shares, missing market estimates of $1.11 per share. The company’s quarterly sales came in at $327.05 million versus expectations of $332.20 million, according to data from Benzinga Pro.

Domestic revenue surged 33.3% year-over-year during the quarter, while international revenue rose 26.5% year-over-year as reported and 29.0% in constant currency.

"2023 was a great year for CONMED, and I am proud that our global business delivered record revenue in both the fourth quarter and for the full year," commented Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. "The balanced growth we saw across our various businesses and geographies is a testament to the strength of the portfolio that we have built. As we shift our focus to 2024, we are very excited to continue delivering innovative technology solutions to our customers and patients across both the General Surgery and Orthopedics categories."

The Company said it sees full-year 2024 reported revenue between $1.340 billion and $1.365 billion, and adjusted diluted net earnings in the range of $4.30 to $4.40 per share.

CONMED shares gained 0.8% to close at $95.60 on Wednesday.

These analysts made changes to their price targets on CONMED after the company reported quarterly results.

• Needham increased the price target on CONMED from $119 to $129. Needham analyst Mike Matson maintained a Buy rating.
• Wells Fargo cut CONMED price target from $107 to $98. Wells Fargo analyst Durgesh Chopra maintained an Equal-Weight rating.

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