CONMED (CNMD) Q1 Earnings Surpass Estimates, Increase Y/Y
Zacks Investment Research | Apr 26, 2017 09:46PM ET
Headquartered in Utica, NY, leading medical technology player, CONMED Corporation (NASDAQ:CNMD) reported first-quarter 2017 adjusted earnings of 38 cents per share, beating the Zacks Consensus Estimate by 4 cents. Also, earnings improved from 30 cents per share on a year-over-year basis, courtesy of strong revenues.
Revenues rose 3.0% to approximately $186.6 million, ahead of the Zacks Consensus Estimate of $180 million. Sales rose 3.7% on a constant currency basis (cc).
Stock Performance
Over the last three months, the stock added 10.85%, comparing favorably with the Zacks classified Medical/Dental-Supplies sub-industry’s rise of 5.93%. In fact, the current level is also higher than the S&P 500’s solid return of around 4.90% over the same time frame. Furthermore, a long-term expected earnings growth rate of 8.50% instills confidence in investors.
Revenue Details
In terms of product line, orthopedic surgery declined 0.7% on a year-over-year basis at cc. Sales at this segment totaled $103.8 million. The general surgery segment had a great quarter, registering a 9.7% increase at cc. General surgery organic sales increased to $82.8 million versus $75.9 million in the year-ago quarter.
In terms of product category, sales for single-use products increased 4.0% at cc to $149.8 million. Coming to the capital products, sales inched up 2.4% at cc to $36.8 million.
On the basis of geographies, CONMED witnessed a 3.5% jump in domestic revenues to $99.4 million. CONMED witnessed 3.9% growth in international markets to $87.2 million.
Balance Sheet
CONMED had a cash balance of $34.7 million at the end of first-quarter 2017, with $487.0 million in long-term debt. The inventory balance was $140.1 million at the end of the first quarter.
CONMED Corporation Price, Consensus and EPS Surprise
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