We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CONMED (CNMD) Q4 Earnings Beat Estimates, Revenues Miss
Read MoreHide Full Article
CONMED Corporation (CNMD - Free Report) reported fourth-quarter 2020 adjusted earnings per share (EPS) of 84 cents, which beat the Zacks Consensus Estimate of 78 cents by 7.7%. However, the bottom line fell 6.7% from the year-ago quarter.
For the full-year 2020, the company reported adjusted EPS of $2.18, down 17.4% from 2019. Nonetheless, the figure outpaced the consensus mark by 2.8%.
Revenue Details
The New York-based medical products manufacturer reported revenues of $252.8 million, down 4.5% year over year on a reported basis and 5.2% at constant currency (cc). The top line also missed the Zacks Consensus Estimate by 3.9%.
CONMED Corporation Price, Consensus and EPS Surprise
For the full-year 2020, the company delivered revenues of $862.5 million, down 9.7% from the previous year on a reported basis and 9.3% at cc. Further, the figure missed the consensus mark by 1.2%.
Segment Details
Orthopedic Surgery
Revenues at the segment totaled $112.7 million, down 8.9% from the year-ago quarter. On the domestic and international front, Orthopedics revenues fell 12.3% and 6.8%, respectively, from the prior-year levels.
General Surgery
Revenues at the segment amounted to $140.1 million, down 0.7% year over year. Domestically, General Surgery sales rose 5.3% year over year, while international sales declined 12.8%.
Sales by Geography
In the reported quarter, sales in the United States amounted to $141.6 million, down 0.7% year over year. International sales declined 9.2% to $111.2 million.
Margins
Gross profit in the quarter totaled $135.5 million, down 4.6% year over year. Per management, gross margin was 53.6%, flat year over year.
Operating profit amounted to $24.7 million, down 11.4%. Operating margin came in at 9.8%, down 70 basis points (bps).
2021 Guidance
Adjusted EPS is projected in the range of $2.85 to $3.05. Revenues are anticipated between $975 million and $1.02 billion.
Wrapping Up
CONMED exited the fourth quarter on a mixed note. Nonetheless, per management, the company displayed strength and agility despite a tough fourth-quarter operating environment resulting from the ongoing COVID-19 impact on its customers’ surgical procedure volumes.
However, the company witnessed weak performance across its Orthopedic and General Surgery units. Decline of overall international sales in the quarter remains a concern. Additionally, CONMED operates in a highly-competitive environment, especially with respect to the General Surgery business.
Zacks Rank
CONMED currently has a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks, which are expected to report earnings soon, include Hologic, Inc. (HOLX - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and NextGen Healthcare, Inc. .
The Zacks Consensus Estimate for Hologic's first-quarter fiscal 2021 adjusted EPS is pegged at $2.14. The consensus estimate for revenues stands at $1.38 billion. The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
IDEXX currently carries a Zacks Rank of 2 (Buy). The Zacks Consensus Estimate for fourth-quarter 2020 adjusted EPS currently stands at $1.43. The consensus estimate for fourth-quarter revenues is pegged at $677.5 million.
The Zacks Consensus Estimate for NextGen's third-quarter fiscal 2021 adjusted EPS is currently pegged at 25 cents. The consensus estimate for revenues stands at $140.9 million. Presently, the company carries a Zacks Rank of 2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
CONMED (CNMD) Q4 Earnings Beat Estimates, Revenues Miss
CONMED Corporation (CNMD - Free Report) reported fourth-quarter 2020 adjusted earnings per share (EPS) of 84 cents, which beat the Zacks Consensus Estimate of 78 cents by 7.7%. However, the bottom line fell 6.7% from the year-ago quarter.
For the full-year 2020, the company reported adjusted EPS of $2.18, down 17.4% from 2019. Nonetheless, the figure outpaced the consensus mark by 2.8%.
Revenue Details
The New York-based medical products manufacturer reported revenues of $252.8 million, down 4.5% year over year on a reported basis and 5.2% at constant currency (cc). The top line also missed the Zacks Consensus Estimate by 3.9%.
CONMED Corporation Price, Consensus and EPS Surprise
CONMED Corporation price-consensus-eps-surprise-chart | CONMED Corporation Quote
For the full-year 2020, the company delivered revenues of $862.5 million, down 9.7% from the previous year on a reported basis and 9.3% at cc. Further, the figure missed the consensus mark by 1.2%.
Segment Details
Orthopedic Surgery
Revenues at the segment totaled $112.7 million, down 8.9% from the year-ago quarter.
On the domestic and international front, Orthopedics revenues fell 12.3% and 6.8%, respectively, from the prior-year levels.
General Surgery
Revenues at the segment amounted to $140.1 million, down 0.7% year over year.
Domestically, General Surgery sales rose 5.3% year over year, while international sales declined 12.8%.
Sales by Geography
In the reported quarter, sales in the United States amounted to $141.6 million, down 0.7% year over year. International sales declined 9.2% to $111.2 million.
Margins
Gross profit in the quarter totaled $135.5 million, down 4.6% year over year. Per management, gross margin was 53.6%, flat year over year.
Operating profit amounted to $24.7 million, down 11.4%. Operating margin came in at 9.8%, down 70 basis points (bps).
2021 Guidance
Adjusted EPS is projected in the range of $2.85 to $3.05. Revenues are anticipated between $975 million and $1.02 billion.
Wrapping Up
CONMED exited the fourth quarter on a mixed note. Nonetheless, per management, the company displayed strength and agility despite a tough fourth-quarter operating environment resulting from the ongoing COVID-19 impact on its customers’ surgical procedure volumes.
However, the company witnessed weak performance across its Orthopedic and General Surgery units. Decline of overall international sales in the quarter remains a concern. Additionally, CONMED operates in a highly-competitive environment, especially with respect to the General Surgery business.
Zacks Rank
CONMED currently has a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks, which are expected to report earnings soon, include Hologic, Inc. (HOLX - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and NextGen Healthcare, Inc. .
The Zacks Consensus Estimate for Hologic's first-quarter fiscal 2021 adjusted EPS is pegged at $2.14. The consensus estimate for revenues stands at $1.38 billion. The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
IDEXX currently carries a Zacks Rank of 2 (Buy). The Zacks Consensus Estimate for fourth-quarter 2020 adjusted EPS currently stands at $1.43. The consensus estimate for fourth-quarter revenues is pegged at $677.5 million.
The Zacks Consensus Estimate for NextGen's third-quarter fiscal 2021 adjusted EPS is currently pegged at 25 cents. The consensus estimate for revenues stands at $140.9 million. Presently, the company carries a Zacks Rank of 2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>