Medical tech company CONMED (NYSE: CNMD) will be reporting earnings this Wednesday after the bell. Here’s what you need to know.
CONMED beat analysts’ revenue expectations last quarter, reporting revenues of $373.2 million, up 7.9% year on year. It was a slower quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates and full-year revenue guidance missing analysts’ expectations.
Is CONMED a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CONMED’s revenue to decline 3.3% year on year, a reversal from the 2.9% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. CONMED has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at CONMED’s peers in the healthcare equipment and supplies segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Intuitive Surgical delivered year-on-year revenue growth of 23%, beating analysts’ expectations by 5.8%, and Neogen reported a revenue decline of 4.4%, topping estimates by 3.4%. Intuitive Surgical traded up 7.2% following the results while Neogen was down 8.9%.
Read our full analysis of Intuitive Surgical’s results here and Neogen’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 11% on average over the last month. CONMED is up 13.1% during the same time and is heading into earnings with an average analyst price target of $44.20 (compared to the current share price of $37.88).
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