Conmed (CNMD)
Market Price (6/3/2026): $33.8 | Market Cap: $1.0 BilSector: Health Care | Industry: Health Care Equipment
Conmed (CNMD)
Market Price (6/3/2026): $33.8Market Cap: $1.0 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -154% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.3% Key risksCNMD key risks include [1] a direct competitive threat to its high-margin AirSeal product line from Intuitive Surgical's new da Vinci 5 system and [2] a high level of indebtedness restricting its financial flexibility. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -154% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.3% |
| Key risksCNMD key risks include [1] a direct competitive threat to its high-margin AirSeal product line from Intuitive Surgical's new da Vinci 5 system and [2] a high level of indebtedness restricting its financial flexibility. |
Qualitative Assessment
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Conmed (CNMD) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Analyst Downgrade and Reduced Price Targets.
On March 17, 2026, Piper Sandler downgraded CONMED (CNMD) from Overweight to Neutral and significantly reduced its price target from $55.00 to $39.00, citing "ongoing challenges with the company's AirSeal product and execution missteps." This sentiment was echoed by other analysts, with Wells Fargo lowering its price target to $39.00 on May 1, 2026, and B of A Securities adjusting its target to $40.00 from $52.00 on May 18, 2026. The current consensus rating for CNMD is "Hold" with an average price target of $39.60.
2. Ongoing Challenges with AirSeal Product and Competitive Pressure.
A key factor in the analyst downgrade by Piper Sandler was "ongoing challenges with the company's AirSeal product and execution missteps," which the firm stated had weighed on the stock for two years. The analyst report specifically noted that while the AirSeal product did not completely fail following the introduction of a competitive product from ISRG, the situation continued to exert pressure on CONMED's shares.
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Stock Movement Drivers
Fundamental Drivers
The -26.4% change in CNMD stock from 2/28/2026 to 6/2/2026 was primarily driven by a -37.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.00 | 33.85 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,375 | 1,371 | -0.3% |
| Net Income Margin (%) | 3.4% | 4.0% | 16.9% |
| P/E Multiple | 30.4 | 18.9 | -37.8% |
| Shares Outstanding (Mil) | 31 | 31 | 1.6% |
| Cumulative Contribution | -26.4% |
Market Drivers
2/28/2026 to 6/2/2026| Return | Correlation | |
|---|---|---|
| CNMD | -26.4% | |
| Market (SPY) | 11.0% | 66.6% |
| Sector (XLV) | -8.2% | 62.2% |
Fundamental Drivers
The -22.0% change in CNMD stock from 11/30/2025 to 6/2/2026 was primarily driven by a -15.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.42 | 33.85 | -22.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,347 | 1,371 | 1.7% |
| Net Income Margin (%) | 4.8% | 4.0% | -15.8% |
| P/E Multiple | 21.0 | 18.9 | -10.0% |
| Shares Outstanding (Mil) | 31 | 31 | 1.2% |
| Cumulative Contribution | -22.0% |
Market Drivers
11/30/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| CNMD | -22.0% | |
| Market (SPY) | 11.8% | 39.8% |
| Sector (XLV) | -6.4% | 50.0% |
Fundamental Drivers
The -39.9% change in CNMD stock from 5/31/2025 to 6/2/2026 was primarily driven by a -55.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.33 | 33.85 | -39.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,316 | 1,371 | 4.1% |
| Net Income Margin (%) | 9.0% | 4.0% | -55.7% |
| P/E Multiple | 14.7 | 18.9 | 28.5% |
| Shares Outstanding (Mil) | 31 | 31 | 1.3% |
| Cumulative Contribution | -39.9% |
Market Drivers
5/31/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| CNMD | -39.9% | |
| Market (SPY) | 30.4% | 37.1% |
| Sector (XLV) | 12.3% | 47.7% |
Fundamental Drivers
The -71.3% change in CNMD stock from 5/31/2023 to 6/2/2026 was primarily driven by a -77.0% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 118.12 | 33.85 | -71.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,099 | 1,371 | 24.7% |
| P/S Multiple | 3.3 | 0.8 | -77.0% |
| Shares Outstanding (Mil) | 31 | 31 | -0.3% |
| Cumulative Contribution | -71.3% |
Market Drivers
5/31/2023 to 6/2/2026| Return | Correlation | |
|---|---|---|
| CNMD | -71.3% | |
| Market (SPY) | 88.9% | 35.1% |
| Sector (XLV) | 20.4% | 36.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNMD Return | 27% | -37% | 24% | -37% | -40% | -15% | -68% |
| Peers Return | 3% | -2% | 9% | 12% | 13% | -17% | 14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CNMD Win Rate | 50% | 42% | 58% | 25% | 33% | 33% | |
| Peers Win Rate | 48% | 52% | 52% | 55% | 58% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| CNMD Max Drawdown | -16% | -53% | -33% | -45% | -47% | -27% | |
| Peers Max Drawdown | -21% | -25% | -19% | -14% | -16% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SYK, MDT, JNJ, ZBH, BSX. See CNMD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/2/2026 (YTD)
How Low Can It Go
| Event | CNMD | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -62.1% | -33.7% |
| % Gain to Breakeven | 164.0% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.3% | -19.2% |
| % Gain to Breakeven | 35.7% | 23.8% |
| Time to Breakeven | 67 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.9% | -12.2% |
| % Gain to Breakeven | 56.0% | 13.9% |
| Time to Breakeven | 700 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.0% | -17.9% |
| % Gain to Breakeven | 35.1% | 21.8% |
| Time to Breakeven | 119 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -31.7% | -15.4% |
| % Gain to Breakeven | 46.3% | 18.2% |
| Time to Breakeven | 140 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.6% | -53.4% |
| % Gain to Breakeven | 106.4% | 114.4% |
| Time to Breakeven | 373 days | 1085 days |
In The Past
Conmed's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | CNMD | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -62.1% | -33.7% |
| % Gain to Breakeven | 164.0% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.3% | -19.2% |
| % Gain to Breakeven | 35.7% | 23.8% |
| Time to Breakeven | 67 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.9% | -12.2% |
| % Gain to Breakeven | 56.0% | 13.9% |
| Time to Breakeven | 700 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.0% | -17.9% |
| % Gain to Breakeven | 35.1% | 21.8% |
| Time to Breakeven | 119 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -31.7% | -15.4% |
| % Gain to Breakeven | 46.3% | 18.2% |
| Time to Breakeven | 140 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.6% | -53.4% |
| % Gain to Breakeven | 106.4% | 114.4% |
| Time to Breakeven | 373 days | 1085 days |
In The Past
Conmed's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Conmed (CNMD)
AI Analysis | Feedback
Imagine Stryker combined with the endoscopy and cardiac monitoring divisions of Boston Scientific.
Alternatively, consider it a more focused Medtronic for surgical devices across multiple disciplines and related patient monitoring.
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```html- Orthopedic Surgery Products: Surgical devices like TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors for repairing soft tissue injuries.
- General Surgery Products: Equipment such as clinical insufflation, smoke evacuation, electrosurgical, and endomechanical products used in various surgical procedures.
- Endoscopic Technologies: Diagnostic and therapeutic products designed for gastroenterology procedures and the treatment of diseases affecting biliary structures.
- Cardiac Monitoring Products: Medical supplies including ECG and EEG electrodes, along with cardiac defibrillation pads for monitoring heart and brain activity and for defibrillation.
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Major Customers of CONMED Corporation (CNMD)
Based on the provided company description, CONMED Corporation primarily sells its surgical devices and related equipment to the following types of entities:
- Hospitals
- Surgery centers
- Other healthcare institutions
- Medical specialty distributors
CONMED markets its products directly to hospitals, surgery centers, and other healthcare institutions. Additionally, it sells its products through medical specialty distributors who then facilitate the reach to the broader healthcare market.
The provided background information does not specify the names of individual major customer companies or their public symbols.
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Patrick J. Beyer President and Chief Executive Officer
Patrick J. Beyer was appointed President and Chief Executive Officer of CONMED in January 2025, after serving as Chief Operating Officer from April to December 2024. He joined CONMED in December 2014 as President of CONMED International and was later promoted to President of International and Global Orthopedics in October 2020. Prior to his tenure at CONMED, Mr. Beyer served as Chief Executive Officer of ICNet, a privately held infectious control software company, from 2010 to 2014, which was sold during his leadership. He also had a 21-year career at Stryker Corporation, where he held various leadership roles, including leading Stryker Europe, Stryker UK, South Africa and Ireland, and Stryker Medical. Mr. Beyer holds a BA in Economics from Kalamazoo College and an MBA in Finance from Western Michigan University, and he completed Harvard Business School's Advanced Management Program.
Todd W. Garner Executive Vice President, Finance and Chief Financial Officer
Todd W. Garner joined CONMED as Executive Vice President and Chief Financial Officer on January 2, 2018. He will be stepping down from his role effective March 15, 2026, and will remain with the company in an advisory capacity through November 2, 2026, to ensure a smooth transition. Before joining CONMED, Mr. Garner accumulated over two decades of senior finance and investor relations experience, including 15 years at C.R. Bard, Inc. There, he most recently served as Vice President, Investor Relations from 2011 to 2017. His previous positions at C.R. Bard also included Vice President, Controller (Division CFO) for its Medical division, Director of Corporate Financial Reporting, and Controller of the Reynosa Operations. Prior to C.R. Bard, Mr. Garner served as the acting CFO and Controller at Echopass Corporation (now Genesys Corporation) from 2000 to 2003. He began his career as a Senior Auditor at Arthur Andersen LLP and is a Certified Public Accountant.
Andrew Moller Interim Principal Financial Officer
Andrew Moller will be appointed Interim Principal Financial Officer of CONMED effective March 15, 2026. He joined CONMED in January 2025 as Vice President, Corporate Controller, and was named the company's Principal Accounting Officer in April 2025. Prior to CONMED, Mr. Moller held senior finance roles at Smith & Nephew from May 2019 to December 2024, including Global Controller and CFO Asia-Pacific. He also worked at Stanley Black & Decker in various finance and audit positions, including Director of Internal Audit. Mr. Moller is a certified public accountant and holds a Master of International Business Studies from the University of South Carolina and a Bachelor of Science degree in Business Administration from the College of Charleston.
Brent Lalomia Executive Vice President, Regulatory Affairs, Quality Assurance, Clinical Affairs, and Commercial Operations
Brent Lalomia was promoted to Executive Vice President, Regulatory Affairs, Quality Assurance, Clinical Affairs, and Commercial Operations in March 2025. He joined CONMED in 2019 as Vice President, Quality Assurance and Regulatory Affairs, and in May 2023, he assumed the role of Vice President, Quality Assurance, Regulatory Affairs, Customer Experience, and Logistics. Before joining CONMED, Mr. Lalomia worked for Stryker Corporation from 1996 to 2019, most recently as the Vice President, Quality Assurance and Facilities Management of the Stryker Instruments Division. He holds an MBA from the University of Notre Dame and a Bachelor of Science in Mechanical Engineering from Western Michigan University.
Hollie Foust Executive Vice President, General Counsel and Corporate Secretary
Hollie Foust joined CONMED in November 2024 as Executive Vice President, General Counsel and Corporate Secretary. Prior to her role at CONMED, Ms. Foust served as Senior Vice President, Deputy General Counsel at Cardinal Health since 2021. She held several legal and compliance roles with increasing responsibility at Cardinal Health since 2009. Before Cardinal Health, Ms. Foust held various legal roles supporting the U.S. and International nutrition business of Abbott Laboratories. She received her undergraduate degree and law degree from The Ohio State University.
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Here are the key risks to Conmed's business:
- Supply Chain Disruptions: Conmed has faced significant challenges due to supply chain issues, with management noting that a number of its suppliers unexpectedly ceased operations. These disruptions have impacted the company's ability to obtain necessary parts and materials, particularly affecting its orthopedic segment, leading to backordered products and market share loss. Furthermore, the company faces operational risks from natural and man-made disasters, as well as public health crises, which can further disrupt its manufacturing facilities and broader supply chain.
- Intense Competition: Conmed operates in highly competitive markets, facing off against larger and more diversified medical technology companies such as Medtronic, Johnson & Johnson (Ethicon), Stryker, Smith+Nephew, Arthrex, and Zimmer Biomet. These larger incumbents can leverage their scale for product bundling and integrated robotic ecosystems, posing a challenge to Conmed's market share, especially when combined with its own supply chain difficulties.
- Demand Headwinds and Dependence on Surgical Procedure Volumes: Conmed is experiencing demand headwinds that are weighing on revenue growth, with analysts forecasting a potential decline in revenue. As a medical technology company closely tied to procedure volumes in hospitals and clinics, slower demand directly impacts how quickly providers reorder equipment and supplies. This sensitivity to healthcare spending and procedure volumes means economic downturns or changes in healthcare practices could negatively affect sales.
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Here are the addressable market sizes for Conmed's main products and services:
-
Orthopedic Surgery Products (Sports Medicine and Soft Tissue Fixation):
- The global sports medicine market was valued at approximately USD 6.1 billion in 2024 and is expected to grow at a rate of approximately 8% during the forecast period. Another source states the global sports medicine market size was valued at USD 7.30 billion in 2024 and is projected to reach USD 15.25 billion by 2033, growing at a CAGR of 8.6% globally from 2025 to 2033. North America dominated the overall sports medicine market with the largest share of 51.36% in 2024.
- The global soft tissue repair market was valued at USD 14.65 billion in 2023 and is projected to reach USD 22.89 billion by 2030, growing at a CAGR of 6.5% globally from 2024 to 2030. North America dominated the global soft tissue repair market with a revenue share of 46.25% in 2023. The global soft tissue repair market was also estimated at USD 15.51 billion in 2025 and is projected to grow to USD 20.33 billion by 2031, at a CAGR of 4.62% globally during the forecast period (2026-2031).
-
General Surgery Products:
- Insufflation Devices: The global insufflation devices market size was valued at USD 2.76 billion in 2023 and is projected to grow at a CAGR of 6.4% globally from 2024 to 2030. North America dominated the insufflation devices market, accounting for the largest share of revenue at 37.7% in 2023. Another report indicates the global insufflation devices market size is expected to be worth around USD 5.5 billion by 2033 from USD 2.9 billion in 2023, growing at a CAGR of 6.7% globally during the forecast period from 2024 to 2033.
- Smoke Evacuation Products: The global surgical smoke evacuators market size was valued at USD 148 million in 2024. The market is projected to grow from USD 158 million in 2025 to USD 241 million by 2032, exhibiting a CAGR of 7.3% globally during the forecast period. North America dominated the global smoke evacuation system market with the largest revenue share of 39.4% in 2022. Another source reported the global smoke evacuation system market size was valued at approximately USD 189.24 million in 2024 and is projected to reach USD 382.83 million by 2034, with a compound annual growth rate (CAGR) of roughly 7.3% globally between 2025 and 2034.
- Electrosurgical Products: The global electrosurgical devices market size was valued at USD 1.54 billion in 2025. The market is projected to grow from USD 1.71 billion in 2026 to USD 4.06 billion by 2034, exhibiting a CAGR of 11.4% globally during the forecast period. Another estimate places the global electrosurgical devices market size at USD 7.45 billion in 2025, projected to reach around USD 10.58 billion by 2035, expanding at a CAGR of 3.57% globally between 2026 and 2035. North America held a major revenue share of approximately 35-38% in the electrosurgical devices market in 2024.
- Endomechanical Products: Endomechanical devices are a part of the broader endosurgery devices market. While a specific market size for endomechanical devices alone was not explicitly found, the endosurgery devices market as a whole is driven by the increasing adoption of minimally invasive surgeries.
-
Endoscopic Technologies (Gastroenterology and Biliary):
- The global gastrointestinal endoscopic devices market size was estimated at USD 11.27 billion in 2024 and is projected to grow at a CAGR of 5.1% globally from 2025 to 2030. North America dominated the global market with a revenue share of 39.5% in 2024. Another report states the global Gastrointestinal Endoscopy Devices Market is expected to record a CAGR of 5.8% from 2024 to 2033, with the market size projected to reach USD 12,891.8 million in 2024 and USD 21,413.4 million by 2033.
- The broader endoscopy devices market size was valued at USD 60.51 billion in 2025 and is predicted to increase from USD 64.80 billion in 2026 to approximately USD 111.38 billion by 2034, growing at a CAGR of 7.10% globally from 2025 to 2034. North America generated a revenue share of around 43% in 2024.
-
Cardiac Monitoring Products (ECG and EEG Electrodes, Cardiac Defibrillation Pads):
- Cardiac Monitoring Devices: The global cardiac monitoring devices market size was valued at USD 26.4 billion in 2025 and is expected to grow to USD 43.2 billion by 2034, registering a compound annual growth rate (CAGR) of 5.6% globally from 2025 to 2034. North America is expected to maintain the largest regional share of the cardiac monitoring devices market with a revenue share of 36.5% in 2025. Another report states the global cardiac monitoring devices market size was valued at USD 39.79 billion in 2024, and is projected to reach approximately USD 58.9 billion by 2034, with a CAGR of 4% globally.
- ECG and EEG Electrodes: The global EEG and ECG electrode market size was valued at USD 610 million in 2024. The market is projected to grow from USD 640 million in 2025 to USD 820 million by 2032, exhibiting a CAGR of 4.4% globally during the forecast period. North America currently dominates due to advanced healthcare infrastructure. The global medical electrodes market size stood at USD 755.82 million in 2025 and is projected to reach USD 1,159.85 million by 2034, exhibiting a CAGR of 4.97% globally during the forecast period.
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Here are 3-5 expected drivers of future revenue growth for Conmed (symbol: CNMD) over the next 2-3 years:
-
Focus on High-Growth Product Platforms: CONMED is strategically concentrating its investments and commercial efforts on its three core high-growth platforms: AirSeal insufflation systems, Buffalo Filter, and BioBrace. These platforms are highlighted for their attractive procedural growth and strong margin profiles.
- AirSeal continues to be the largest contributor to General Surgery growth, demonstrating high recurring revenue and strong utilization in robotic surgery, with significant untapped potential in traditional laparoscopy.
- Buffalo Filter's growth is being propelled by increasing legislative adoption of smoke-free operating room laws, and its PlumeSafe X5, launched in 2025, delivers enhanced performance.
- BioBrace is expected to further bolster revenue following its full release in the third quarter of 2025, being utilized across a wide range of procedures with ongoing clinical trials and further adoption anticipated in foot and ankle procedures.
-
Resolution of Supply Chain Constraints: CONMED has made substantial progress in alleviating supply chain bottlenecks, particularly within its sports medicine segment, with back-order levels reaching a three-year low and continued improvements expected. This operational enhancement is anticipated to positively impact both top and bottom-line growth.
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Strategic Exit from Gastroenterology (GI) Product Lines: The company's decision to exit its gastroenterology product lines, though leading to a near-term revenue loss and earnings per share dilution, is a strategic move to reallocate resources to stronger growth drivers. This shift is expected to enhance CONMED's long-term consolidated gross margin profile by focusing on core, higher-growth areas like minimally invasive and orthopedic soft tissue surgery.
-
International Sales Expansion: CONMED has demonstrated strong growth in international markets, with international sales surging by 15.4% in constant currency in the fourth quarter of 2025 and 7.1% for the full year 2025, outpacing domestic growth. This robust international performance is expected to be a continued driver of revenue.
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Growing Penetration of Ambulatory Surgery Centers (ASCs) and Robotic Procedure Volume: The company is well-positioned to capitalize on the increasing volume of robotic procedures and the expanding penetration of Ambulatory Surgery Centers. ASCs represent a rapidly growing customer segment for surgical equipment.
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Share Repurchases
- CONMED's Board of Directors authorized a new $150 million share repurchase program in November 2025.
- The company suspended its quarterly cash dividend to prioritize share repurchases, with at least $25 million expected to be deployed into repurchases in 2026.
- As of December 31, 2025, no shares had been repurchased under the $150 million authorization.
Share Issuance
- In June 2022, CONMED announced the pricing of an upsized $700 million offering of 2.25% convertible senior notes due 2027 in a private offering.
- The initial conversion price for these convertible notes was approximately $145.33 per share of CONMED common stock.
- Equity awards, including restricted stock units (RSUs) and stock options, were granted under the company's 2025 Long-Term Incentive Plan, with vesting schedules generally over three and four years, respectively.
Outbound Investments
- In 2022, CONMED acquired In2Bones Global, Inc. for approximately $145 million, expanding its offerings in extremities and bioinductive scaffold capabilities.
- Also in 2022, CONMED acquired Biorez for approximately $85 million, which added the BioBrace bioinductive implant for sports medicine and soft-tissue healing solutions.
- In 2019, CONMED acquired Buffalo Filter for approximately $365 million, consolidating its leadership in surgical smoke management solutions.
Capital Expenditures
- Capital expenditures for the full year 2025 were $19.8 million, following $13.1 million in 2024.
- Expected capital expenditures for 2026 are in the range of $20 million to $30 million.
- The primary focus of capital investments is on higher-margin growth drivers such as AirSeal, Buffalo Filter, and BioBrace, along with supply chain improvements and increased R&D for product development and technology innovation.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Conmed Earnings Notes | 12/16/2025 | |
| Is Conmed Stock Built to Withstand More Downside? | 10/17/2025 | |
| CNMD Dip Buy Analysis | 07/10/2025 | |
| Conmed Market Price | 05/30/2025 | |
| Conmed Total Shareholder Return (TSR): -35.0% in 2024 and -19.6% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Conmed (CNMD) Operating Cash Flow Comparison | 02/17/2025 | |
| Conmed (CNMD) Net Income Comparison | 02/15/2025 | |
| Conmed (CNMD) Operating Income Comparison | 02/14/2025 | |
| Conmed (CNMD) Revenue Comparison | 02/13/2025 | |
| Conmed vs. S&P500 Correlation | 10/03/2024 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 01/30/2026 | |
| Better Bet Than Medtronic Stock: Pay Less To Get More From LIVN, CNMD | 08/07/2025 | |
| Here’s A Better Pick Over ConMed Stock | 05/16/2022 | |
| What Makes Insulet Stock A Good Bet? | 03/31/2022 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.75 |
| Mkt Cap | 82.7 |
| Rev LTM | 22,942 |
| Op Inc LTM | 4,614 |
| FCF LTM | 3,934 |
| FCF 3Y Avg | 3,097 |
| CFO LTM | 4,858 |
| CFO 3Y Avg | 3,960 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 6.8% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 11.7% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 20.2% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 15.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 82.7 |
| P/S | 3.1 |
| P/Op Inc | 15.8 |
| P/EBIT | 16.2 |
| P/E | 21.0 |
| P/CFO | 14.6 |
| Total Yield | 6.0% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.6% |
| 3M Rtn | -22.6% |
| 6M Rtn | -21.4% |
| 12M Rtn | -15.7% |
| 3Y Rtn | -5.5% |
| 1M Excs Rtn | -9.8% |
| 3M Excs Rtn | -34.2% |
| 6M Excs Rtn | -32.4% |
| 12M Excs Rtn | -44.2% |
| 3Y Excs Rtn | -88.4% |
Comparison Analyses
Price Behavior
| Market Price | $33.85 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -42.6% | |
| 50 Days | 200 Days | |
| DMA Price | $36.58 | $42.54 |
| DMA Trend | down | down |
| Distance from DMA | -7.5% | -20.4% |
| 3M | 1YR | |
| Volatility | 40.0% | 38.7% |
| Downside Capture | 233.21 | 145.10 |
| Upside Capture | 47.14 | 43.03 |
| Correlation (SPY) | 65.4% | 36.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.87 | 2.09 | 1.91 | 1.26 | 1.21 | 0.92 |
| Up Beta | 2.31 | 3.21 | 2.74 | 2.30 | 2.29 | 1.15 |
| Down Beta | 3.12 | 2.94 | 2.10 | 0.82 | 0.90 | 0.67 |
| Up Capture | -26% | 56% | 63% | 55% | 36% | 23% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 23 | 29 | 64 | 123 | 364 |
| Down Capture | 16% | 224% | 224% | 133% | 129% | 105% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 18 | 34 | 60 | 127 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNMD | |
|---|---|---|---|---|
| CNMD | -40.0% | 38.7% | -1.23 | - |
| Sector ETF (XLV) | 12.4% | 14.6% | 0.58 | 47.7% |
| Equity (SPY) | 30.5% | 11.8% | 1.95 | 36.8% |
| Gold (GLD) | 35.9% | 26.7% | 1.12 | 7.8% |
| Commodities (DBC) | 44.5% | 18.9% | 1.81 | -26.5% |
| Real Estate (VNQ) | 10.1% | 13.2% | 0.47 | 37.3% |
| Bitcoin (BTCUSD) | -32.2% | 41.6% | -0.82 | 11.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNMD | |
|---|---|---|---|---|
| CNMD | -23.9% | 39.3% | -0.59 | - |
| Sector ETF (XLV) | 5.0% | 14.7% | 0.16 | 43.0% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 47.9% |
| Gold (GLD) | 18.3% | 18.0% | 0.83 | 7.2% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 8.0% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 45.3% |
| Bitcoin (BTCUSD) | 13.0% | 54.6% | 0.43 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNMD | |
|---|---|---|---|---|
| CNMD | -0.4% | 39.1% | 0.12 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 48.3% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 54.0% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 4.4% |
| Commodities (DBC) | 7.5% | 17.9% | 0.34 | 18.5% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 51.9% |
| Bitcoin (BTCUSD) | 66.0% | 66.9% | 1.05 | 15.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 1.9% | 3.8% | -0.7% |
| 1/28/2026 | -3.6% | 3.2% | 18.9% |
| 11/5/2025 | -0.5% | -2.0% | -8.7% |
| 7/30/2025 | 2.0% | 1.8% | 7.2% |
| 4/30/2025 | 16.5% | 14.1% | 15.6% |
| 2/5/2025 | -9.0% | -15.5% | -15.2% |
| 10/30/2024 | 4.6% | 15.9% | 13.5% |
| 7/31/2024 | -5.4% | -3.8% | 7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 4.3% | 7.7% | 7.2% |
| Median Negative | -4.3% | -6.0% | -8.7% |
| Max Positive | 16.5% | 15.9% | 31.9% |
| Max Negative | -12.4% | -19.9% | -20.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Reported Revenue | 1.35 Bil | 1.36 Bil | 1.38 Bil | 0.2% | Raised | Guidance: 1.36 Bil for 2026 | |
| 2026 Adjusted Diluted Net Earnings Per Share | 4.3 | 4.38 | 4.45 | 0 | Affirmed | Guidance: 4.38 for 2026 | |
| 2026 Organic Constant Currency Revenue Growth | 5.0% | 5.75% | 6.5% | ||||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.34 Bil | 1.36 Bil | 1.38 Bil | -0.6% | Lower New | Actual: 1.37 Bil for 2025 | |
| 2026 EPS | 4.3 | 4.38 | 4.45 | -2.9% | Lower New | Actual: 4.5 for 2025 | |
| 2026 Share Repurchases | 25.00 Mil | 0 | Affirmed | Guidance: 25.00 Mil for 2026 | |||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Glaze, Richard | Chief Information Officer | Direct | Sell | 11242025 | 41.21 | 257 | Form | ||
| 2 | Garner, Todd W | Executive Vice President & CFO | Direct | Sell | 11072025 | 43.00 | 3,500 | 150,500 | 78,948 | Form |
| 3 | Farkas, Charles | Direct | Sell | 9152025 | 53.52 | 2,000 | 107,049 | 795,323 | Form | |
| 4 | Garner, Todd W | Executive Vice President & CFO | Direct | Sell | 8082025 | 52.45 | 598 | Form | ||
| 5 | Farkas, Charles | Direct | Sell | 5062025 | 56.94 | 4,000 | 227,768 | 930,774 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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