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CONMED (CNMD) Earnings and Revenue Surpass Estimates in Q1
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CONMED Corporation (CNMD - Free Report) reported first-quarter 2021 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 43 cents by 46.5%. Also, the bottom line rose 23.5% from the year-ago quarter.
Revenue Details
The New York-based medical products manufacturer reported revenues of $232.7 million, up 8.7% year over year on a reported basis and 7.2% in constant currency (cc). The top line also beat the Zacks Consensus Estimate by 7%.
Segment Details
Orthopedic Surgery
Revenues at the segment totaled $107.2 million, up 7.9% from the year-ago quarter.
On the domestic and international front, Orthopedics revenues rose 0.2% and 12.5%, respectively, from the prior-year levels.
General Surgery
Revenues at the segment amounted to $125.5 million, up 9.4% year over year. Domestically, General Surgery sales rose 6.1% year over year, while international sales rose 17.6%.
Sales by Geography
In the reported quarter, sales in the United States amounted to $123.9 million, up 4.3% year over year. International sales rose 14.3% to $108.8 million.
Margins
Gross profit in the quarter totaled $128.4 million, up 7.8% year over year. Per management, gross margin was 55.2%, contracting 47 bps.
Operating costs came in at $108.4 million, up 2.2%
Operating profit amounted to $20.1 million, up 52.5%. Operating margin came in at 8.6%, up 248 basis points (bps).
CONMED Corporation Price, Consensus and EPS Surprise
Revenues are projected in the range of $1-$1.03 billion compared with its previous guidance between $975 million and $1.02 billion. The Zacks Consensus Estimate is pegged at $999.4 million.
Wrapping Up
CONMED exited the first quarter on a strong note. Also the company witnessed a strong performance across its Orthopedic and General Surgery unit. Further, it saw sales growth in both its domestic and overseas markets. Per management, the company displayed strength and agility despite a tough first-quarter operating environment resulting from the ongoing COVID-19 impact on its customers’ surgical procedure volumes.
However, contraction in gross margin is a concern. Additionally, CONMED operates in a highly competitive environment, especially with respect to the General Surgery business.
The Zacks Consensus Estimate for The Cooper Companies’ second-quarter fiscal 2021 revenues is pegged at $685.2 million, suggesting an improvement of 30.5% from the year-ago quarter’s reported figure. The same for EPS stands at $3.04, indicating growth of 101.3% from the year-ago period’s reported figure. The company currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Owens & Minor’s first quarter 2021 adjusted EPS is currently pegged at 97 cents. The consensus estimate for first-quarter revenues stands at $2.29 billion. The company currently carries a Zacks Rank of 2.
DENTSPLY SIRONA is presently Zacks #2 Ranked. The Zacks Consensus Estimate for first-quarter 2021 adjusted EPS is pegged at 55 cents. The consensus estimate for revenues stands at $929.3 million.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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CONMED (CNMD) Earnings and Revenue Surpass Estimates in Q1
CONMED Corporation (CNMD - Free Report) reported first-quarter 2021 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 43 cents by 46.5%. Also, the bottom line rose 23.5% from the year-ago quarter.
Revenue Details
The New York-based medical products manufacturer reported revenues of $232.7 million, up 8.7% year over year on a reported basis and 7.2% in constant currency (cc). The top line also beat the Zacks Consensus Estimate by 7%.
Segment Details
Orthopedic Surgery
Revenues at the segment totaled $107.2 million, up 7.9% from the year-ago quarter.
On the domestic and international front, Orthopedics revenues rose 0.2% and 12.5%, respectively, from the prior-year levels.
General Surgery
Revenues at the segment amounted to $125.5 million, up 9.4% year over year.
Domestically, General Surgery sales rose 6.1% year over year, while international sales rose 17.6%.
Sales by Geography
In the reported quarter, sales in the United States amounted to $123.9 million, up 4.3% year over year. International sales rose 14.3% to $108.8 million.
Margins
Gross profit in the quarter totaled $128.4 million, up 7.8% year over year. Per management, gross margin was 55.2%, contracting 47 bps.
Operating costs came in at $108.4 million, up 2.2%
Operating profit amounted to $20.1 million, up 52.5%. Operating margin came in at 8.6%, up 248 basis points (bps).
CONMED Corporation Price, Consensus and EPS Surprise
CONMED Corporation price-consensus-eps-surprise-chart | CONMED Corporation Quote
2021 Guidance
Revenues are projected in the range of $1-$1.03 billion compared with its previous guidance between $975 million and $1.02 billion. The Zacks Consensus Estimate is pegged at $999.4 million.
Wrapping Up
CONMED exited the first quarter on a strong note. Also the company witnessed a strong performance across its Orthopedic and General Surgery unit. Further, it saw sales growth in both its domestic and overseas markets. Per management, the company displayed strength and agility despite a tough first-quarter operating environment resulting from the ongoing COVID-19 impact on its customers’ surgical procedure volumes.
However, contraction in gross margin is a concern. Additionally, CONMED operates in a highly competitive environment, especially with respect to the General Surgery business.
Zacks Rank and Key Picks
CONMED currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are The Cooper Companies (COO - Free Report) , Owens & Minor, Inc. (OMI - Free Report) and DENTSPLY SIRONA Inc. (XRAY - Free Report) .You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for The Cooper Companies’ second-quarter fiscal 2021 revenues is pegged at $685.2 million, suggesting an improvement of 30.5% from the year-ago quarter’s reported figure. The same for EPS stands at $3.04, indicating growth of 101.3% from the year-ago period’s reported figure. The company currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Owens & Minor’s first quarter 2021 adjusted EPS is currently pegged at 97 cents. The consensus estimate for first-quarter revenues stands at $2.29 billion. The company currently carries a Zacks Rank of 2.
DENTSPLY SIRONA is presently Zacks #2 Ranked. The Zacks Consensus Estimate for first-quarter 2021 adjusted EPS is pegged at 55 cents. The consensus estimate for revenues stands at $929.3 million.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>