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 last quarter, reporting revenues of $317 million, down 1.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and 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, the market is expecting CONMED’s revenue to decline 1.5% year on year, a reversal from the 3.1% 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 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 Q2 results, giving us a hint as to what we can expect. Intuitive Surgical delivered year-on-year revenue growth of 18.5%, beating analysts’ expectations by 2.5%, and Abbott Laboratories reported revenues up 13%, topping estimates by 0.7%. Intuitive Surgical traded down 14.1% following the results while Abbott Laboratories was up 12.8%.
Read our full analysis of Intuitive Surgical’s results here and Abbott Laboratories’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. CONMED is up 26.4% during the same time and is heading into earnings with an average analyst price target of $39 (compared to the current share price of $43.51).
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