Medical tech company CONMED (NYSE:CNMD) will be announcing earnings results this Wednesday after market close. Here’s what to look for.
CONMED beat analysts’ revenue expectations by 2.6% last quarter, reporting revenues of $321.3 million, up 2.9% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ full-year EPS guidance estimates and an impressive beat of analysts’ EPS estimates.
Is CONMED a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting CONMED’s revenue to grow 1.9% year on year to $338.3 million, slowing from the 4.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.12 per share.
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 three 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. Boston Scientific delivered year-on-year revenue growth of 22.8%, beating analysts’ expectations by 3.4%, and Intuitive Surgical reported revenues up 21.4%, topping estimates by 3.7%. Boston Scientific traded up 2.9% following the results while Intuitive Surgical was down 1.9%.
Read our full analysis of Boston Scientific’s results here and Intuitive Surgical’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 4% during the same time and is heading into earnings with an average analyst price target of $66.60 (compared to the current share price of $50.02).
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