Conmed (CNMD) Exceeds Q3 Earnings Expectations

Conmed (CNMD - Free Report) recently announced its quarterly earnings, reporting a figure of $1.05 per share, which exceeded the Zacks Consensus Estimate of $0.99 per share. This marks an increase from the previous year, where earnings stood at $0.90 per share. These earnings are adjusted for any non-recurring items.

This quarterly performance reflects an earnings surprise of 6.06%. In the previous quarter, expectations were that this medical technology company would earn $0.92 per share, but it surpassed that with earnings of $0.98, reflecting a surprise of 6.52%.

Throughout the last four quarters, Conmed has successfully surpassed consensus EPS estimates three times.

During the quarter ending in September 2024, Conmed reported revenues of $316.7 million. However, this figure was slightly below the Zacks Consensus Estimate by 0.55% and shows an increase from year-ago revenues of $304.58 million. Over the past four quarters, the company has only exceeded consensus revenue expectations once.

The future performance of Conmed’s stock will largely depend on the management’s commentary during the earnings call and the sustainability of price movements based on the recently announced figures and future earnings forecasts.

So far this year, Conmed’s shares have decreased by approximately 40.9%, in contrast to the S&P 500, which has shown a gain of 22.3%.

Looking Ahead for Conmed

Despite falling behind the market in performance this year, investors are left wondering about what lies ahead for Conmed’s stock.

While there are no clear answers, a key indicator for investors is the company’s earnings outlook. This includes current consensus earnings expectations for upcoming quarters as well as any recent changes in those expectations.

Research indicates a strong connection between near-term stock movements and trends in earnings estimate revisions. Investors might choose to monitor these revisions themselves or utilize a reputable rating tool like the Zacks Rank, which has a notable history of accurately gauging the effects of earnings estimate changes.

Before this earnings release, the trend in estimate revisions for Conmed was mixed. Although the direction and magnitude of these revisions may shift following the latest earnings report, the present trend equates to a Zacks Rank #3 (Hold) for the stock. Therefore, it is anticipated that the shares will perform similarly to the broader market in the near term. A complete list of today’s Zacks #1 Rank (Strong Buy) stocks is available.

It will be worth observing how forecasts for upcoming quarters and the current fiscal year evolve in the upcoming days. The current consensus EPS estimate stands at $1.22 on projected revenues of $346.37 million for the next quarter, and $3.99 on total revenues of $1.31 billion for the current fiscal year.

Investors should also be aware that industry-focused trends can significantly influence the stock’s performance. Currently, according to the Zacks Industry Rank, the Medical - Dental Supplies sector is positioned in the top 41% of over 250 Zacks industries. Research indicates that industries ranked in the top 50% generally outperform those in the bottom 50% by over double the rate.

In the same industry, Dentsply International (XRAY - Free Report) has yet to announce its results for the period ending September 2024, with reports anticipated to be released on November 7.

The dental products manufacturer is expected to report quarterly earnings of $0.48 per share, indicating a year-over-year decline of 2%. Additionally, the consensus EPS estimate for its upcoming report has been adjusted downwards by 0.2% within the last 30 days.

Dentsply International’s anticipated revenues are projected to be $940.61 million, reflecting a decrease of 0.7% compared to the same quarter last year.

Conmed, Earnings, Stocks