Conmed Corp (CNMD) Announces Q3 2023 Financial Results
Conmed Corp (NYSE:CNMD) reports Q3 2023 financial results with double-digit revenue and earnings growth.
The company expects full-year revenue between $1.240 billion and $1.260 billion.
Adjusted diluted net earnings per share for full-year 2023 are expected to be in the range of $3.45 to $3.55.
Conmed Corp (NYSE:CNMD) has seen above-market revenue growth in both businesses.
On October 25, 2023, Conmed Corp (NYSE:CNMD) announced its financial results for the third quarter ended September 30, 2023. The company reported double-digit revenue and earnings growth, driven by a healthy end market. Conmed Corp (NYSE:CNMD) has also revised its full-year revenue guidance to between $1.240 billion and $1.260 billion, up from its prior guidance of between $1.230 billion and $1.260 billion.
Financial Highlights
Conmed Corp (NYSE:CNMD) reported net sales of $304.6 million for Q3 2023, up from $275.1 million in Q3 2022. The gross profit for the quarter was $168.1 million, representing 55.2% of sales. The company's income from operations was $30.3 million, or 9.9% of sales. Net income for the quarter was $15.8 million, with diluted earnings per share (EPS) of $0.50.
Business Performance
Conmed Corp (NYSE:CNMD) reported strong performance in both its Orthopedic Surgery and General Surgery segments. The Orthopedic Surgery segment reported sales of $124.7 million, a 5.1% increase from Q3 2022. The General Surgery segment reported sales of $179.9 million, a 15% increase from the same period last year.
Outlook for 2023
Based on the Q3 results, Conmed Corp (NYSE:CNMD) has revised its full-year revenue guidance to between $1.240 billion and $1.260 billion. The company also expects full-year 2023 adjusted diluted net earnings per share in the range of $3.45 to $3.55.
Commentary
The third quarter saw our team drive double-digit revenue and earnings growth amid healthy end markets, commented Curt R. Hartman, CONMEDs Chair of the Board, President, and Chief Executive Officer. Im proud of what weve accomplished year to date in 2023, particularly that the team has been able to drive above-market revenue growth in both businesses.
Additional Information
Conmed Corp (NYSE:CNMD) is a medical technology company that provides devices and equipment for surgical procedures. Its products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology.
Explore the complete 8-K earnings release (here) from Conmed Corp for further details.
This article first appeared on GuruFocus.
