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 $343.5 million, flat year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive 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, the market is expecting CONMED’s revenue to be flat year on year, slowing from the 6.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. CONMED rarely misses Wall Street’s revenue estimates.
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 21.7%, beating analysts’ expectations by 5.3%, and Neogen reported revenues up 6.5%, topping estimates by 7%. Intuitive Surgical traded down 2.3% following the results while Neogen was also down 2.3%.
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 3.1% on average over the last month. CONMED is up 2.6% during the same time and is heading into earnings with an average analyst price target of $45.50 (compared to the current share price of $47.70).
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