Medical tech company CONMED (NYSE: CNMD) will be reporting results this Wednesday after market close. Here’s what investors should know.
CONMED beat analysts’ revenue expectations by 1.2% last quarter, reporting revenues of $342.3 million, up 3.1% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts’ full-year EPS guidance estimates.
Is CONMED a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting CONMED’s revenue to grow 5.6% year on year to $334.5 million, improving from the 4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.05 per share.
Analysts covering the company have generally 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 three times over the last two years.
Looking at CONMED’s peers in the healthcare equipment and supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Intuitive Surgical delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 3%, and iRhythm reported revenues up 30.7%, topping estimates by 4.6%. Intuitive Surgical traded up 13.9% following the results while iRhythm was also up 1.6%.
Read our full analysis of Intuitive Surgical’s results here and iRhythm’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices flat over the last month. CONMED is down 3.5% during the same time and is heading into earnings with an average analyst price target of $61 (compared to the current share price of $44.86).
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