# CONMED Corporation (CNMD)

> Source: Nexqual · https://nexqual.com/CNMD · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, CONMED Corporation (CNMD), nexqual.com/CNMD" · informational, not investment advice.

**Price:** USD 45.76 (-3.05% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 47.2 · day 45.12–48.09 · 52w 31.44–53.66 · market cap $1.37B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.40B, net income $64.1M (4.6% margin) (SEC filings).
- Valuation: P/E 21.4x (avg 32.2x at the last 3 fiscal year-ends), net debt $797M.
- Analysts: Hold (mean 3.29 on a 1–5 scale) (7 analysts), mean target USD 45.5 (range 43–49).
- Total return with dividends: 1Y -2.0% vs S&P 500 +13.6%; 5Y -67.5% vs S&P 500 +79.8%.
- Next earnings: 2026-10-28, EPS estimate USD 1, revenue estimate $336M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.05B | $1.24B | $1.31B | $1.37B | $1.40B |
| Gross profit | $568M | $571M | $676M | $733M | $750M | — |
| Operating income | $110M | $70.1M | $121M | $200M | $103M | $123M |
| Net income | $62.5M | -$80.6M | $64.5M | $132M | $47.1M | $64.1M |
| EPS (diluted) | $1.94 | -$2.68 | $2.04 | $4.25 | $1.51 | — |
| Free cash flow | $96.9M | $11.6M | $106M | $154M | $151M | — |
| Gross margin | 56.2% | 54.6% | 54.3% | 56.1% | 54.6% | — |
| Operating margin | 10.9% | 6.7% | 9.7% | 15.3% | 7.5% | 8.8% |
| Net margin | 6.2% | -7.7% | 5.2% | 10.1% | 3.4% | 4.6% |
| Revenue growth | +17.2% | +3.4% | +19.1% | +5.0% | +5.2% | — |
| Cash + short-term investments | $20.8M | $28.9M | $24.3M | $24.5M | $40.8M | — |
| Total debt | $685M | $1.05B | $974M | $906M | $835M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.4x · P/S 1.0x · EV/Sales 1.6x · P/B 1.3x · Earnings yield 4.68% · Net debt $797M · EV $2.17B
P/E at fiscal year-ends: Dec 2025 26.9x, Dec 2024 16.1x, Dec 2023 53.6x.

## Analysts
Consensus Hold (mean 3.29 on a 1–5 scale), 7 analysts; mean target USD 45.5 (low 43, high 49).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | Piper Sandler | Target raised | Neutral | $39 → $45 |
| 2026-07-30 | Wells Fargo | Target raised | Equal-Weight | $39 → $46 |
| 2026-07-09 | BMO Capital | Initiated | Market Perform | $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -2.0% | -67.5% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -2.0% | -20.1% |
| Volatility (annualized) | 44.8% | 38.0% |
| Max drawdown | -31.3% (Oct 2025→Jun 2026) | -78.4% (Nov 2021→Jun 2026) |

## Peers (Medical Devices)
BFLY (Butterfly Network, Inc.) USD 7.81 +5.83% · ESTA (Establishment Labs Holdings Inc) USD 68.97 +3.02% · INSP (Inspire Medical Systems, Inc.) USD 70.97 -0.46% · AXGN (AxoGen, Inc.) USD 49.25 +31.47% · ALMR (Alamar Biosciences, Inc.) USD 34.3 +7.42% · UFPT (UFP Technologies, Inc.) USD 286 -3.00%

## More
Full page: https://nexqual.com/CNMD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-28)

- "Largo, Florida, October 28, 2026 – CONMED Corporation (NYSE: CNMD) today reported financial results for the third quarter ended September 30, 2026 and updated its financial guidance for the full year ending 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $1.02 | -1.5% | $336.3M | 7 |
| Next quarter (ends 2026-12-31) | $1.27 | $1.30 | -2.9% | $369.0M | 7 |
| Current fiscal year (ends 2026-12-31) | $4.54 | $4.34 | +4.6% | $1.37B | 7 |
| Next fiscal year (ends 2027-12-31) | $4.78 | $4.72 | +1.3% | $1.43B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.1%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 63.0% | ±13.1% |
| 2026-12-18 | 51 | 48.8% | ±14.8% |
| 2027-02-19 | 114 | 37.0% | ±16.7% |
| 2027-05-21 | 205 | 33.9% | ±20.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | $1.38 | $1.11 | Beat +24.3% | +6.2% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $0.89 | $0.82 | Beat +8.5% | -0.4% |
| Jan 28, 2026 | Quarter ended Dec 31, 2025 | $1.43 | $1.32 | Beat +8.3% | -5.7% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $1.08 | $1.05 | Beat +2.9% | -3.3% |
| Jul 30, 2025 | — | — | — | — | +1.7% |
| Apr 30, 2025 | — | — | — | — | +11.8% |
| Feb 5, 2025 | — | — | — | — | -7.6% |
| Oct 30, 2024 | — | — | — | — | +5.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/816956/000081695626000110/0000816956-26-000110-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/816956/000081695626000102/0000816956-26-000102-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/816956/000081695626000101/0000816956-26-000101-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.