CONMED Corporation ( CNMD Quick Quote 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%.
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.
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.
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).
Some better-ranked stocks, which are expected to report earnings soon, include
Hologic, Inc. ( HOLX Quick Quote HOLX - Free Report) , IDEXX Laboratories, Inc. ( IDXX Quick Quote IDXX - Free Report) and NextGen Healthcare, Inc. ( NXGN Quick Quote NXGN - Free Report) . 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?
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