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CONMED Q2 Earnings & Revenues Beat Estimates, 2025 Outlook Raised
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Key Takeaways
CNMD posted Q2 adjusted EPS of $1.15 and revenues of $342.3M, both beating the consensus estimate.
Growth was led by AirSeal and Buffalo Filter in General Surgery, with double-digit product gains.
CNMD raised 2025 EPS guidance to $4.40-$4.55 and revenues to $1.356B-$1.378B, citing strong operations.
CONMED Corporation (CNMD - Free Report) delivered second-quarter 2025 adjusted earnings per share (EPS) of $1.15, which beat the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line improved 17.3% from the year-ago level.
GAAP EPS for the quarter was 69 cents compared with 96 cents in the year-ago period.
CNMD’s Revenues in Detail
CONMED’s revenues totaled $342.3 million, up 3.1% year over year. The top line beat the Zacks Consensus Estimate by 0.8%. At the constant exchange rate (CER), revenues increased 2.9%.
The top line was driven primarily by strong momentum in high-growth product areas (BioBrace, AirSeal, Foot & Ankle), partially offset by lingering supply constraints and some international softness.
CONMED’s Segmental Details
Revenues in the Orthopedic Surgery segment totaled $140.7 million, up 0.9% from the year-ago level on a reported basis. At CER, revenues increased 0.8%.
Sales declined 0.8% on a reported basis in the United States. The figure improved 1.9% (up 1.8% at CER) year over year in international markets.
Revenues in the General Surgery segment amounted to $201.6 million, up 4.7% year over year on a reported basis and 4.4% at CER. U.S. sales increased 4.3% year over year. International sales increased 5.7% on a reported basis (up 4.7% at CER).
Sales by Geography
Sales in the United States totaled $190.6 million, up 2.8% year over year. International sales amounted to $151.7 million, up 3.4% year over year on a reported basis and up 2.9% at CER.
CONMED Corporation Price, Consensus and EPS Surprise
CONMED’s adjusted gross profit improved 5.3% year over year to $193.4 million. The gross margin improved 120 basis points to 56.5%.
Selling & administrative expenses increased 11% year over year to $136 million. Research and development expenses increased 0.3% year over year to $14.1 million.
The company recorded an adjusted operating income of $45.1 million compared with $39.8 million in the prior-year quarter. The operating margin was 15.7%, up 110 basis points.
Financial Position
CNMD exited the second quarter with a cash balance of $33.9 million compared with $35.5 million in the previous quarter.
Cash flow provided from operations in the reported quarter was $29.1 million compared with $43.3 million in the second quarter of 2024.
2025 Guidance
CONMED raised its revenue and earnings guidance for 2025.
The company now expects 2025 revenues to be between $1.356 billion and $1.378 billion compared with the prior guidance of $1.350 billion-$1.378 billion. The company now expects revenue currency headwinds to be immaterial compared with 50 to 70 basis points of headwind previously. The Zacks Consensus Estimate for the same is pegged at $1.37 billion.
The company now expects 2025 adjusted EPS in the range of $4.40-$4.55 (previously $4.31-$4.46). The Zacks Consensus Estimate for the same is pinned at $4.42. The company expects a negative impact of 9 cents (due to the raised tariff) for the second half of 2025. This is included in the guidance.
CNMD also provided revenue guidance for the third quarter of 2025. CNMD expects reported sales to be between $330 million and $337 million. Adjusted EPS for the period is estimated to be between $1.03 and $1.08.
Our Take
CONMED exited the second quarter on a better-than-expected note. Earnings and revenues beat their respective Zacks Consensus Estimate. The company’s raised outlook for 2025 looks promising.
CONMED’s second-quarter revenues were driven primarily by strong performance in its general surgery segment. Growth was led by its AirSeal platform, which continues to see rising adoption in both robotic and laparoscopic procedures due to its clinical benefits in complex surgeries. The Buffalo Filter business also contributed meaningfully with double-digit growth, supported by increasing legislative mandates for surgical smoke evacuation across the United States and international markets. Orthopedic sales grew modestly, bolstered by strong demand for BioBrace, a versatile soft tissue implant, and Foot & Ankle products, both of which delivered double-digit gains amid ongoing recovery from supply chain disruptions.
Looking ahead, CONMED is maintaining a positive long-term growth outlook, targeting mid- to high-single-digit revenue increases through its four strategic drivers — AirSeal, Buffalo Filter, BioBrace, and Foot & Ankle. Management emphasized its focus on transforming the supply chain into a strategic asset by improving procurement, planning, and production.
On the profitability side, the company raised its full-year earnings guidance, citing better-than-expected operational performance, improved currency trends, and a more precise understanding of upcoming tariff impacts. Tariffs are now projected to reduce earnings by 9 cents per share for the full year, with most of the impact weighted toward the final quarter. Despite this headwind, gross margin guidance remains consistent with the previous year, as operational improvements and efficiency initiatives help offset the additional costs.
Zacks Rank and Stocks to Consider
CNMD carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Medpace Holdings, Inc. (MEDP - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Medpace Holdings, sporting a Zacks Rank of 1 (Strong Buy), reported second-quarter 2025 EPS of $3.10, beating the Zacks Consensus Estimate by 3.3%. Revenues of $603.3 million outpaced the consensus mark by 11.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Medpace Holdings has a long-term estimated growth rate of 11.4%. MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.9%.
West Pharmaceutical reported second-quarter 2025 adjusted EPS of $1.84, beating the Zacks Consensus Estimate by 21.9%. Revenues of $766.5 million surpassed the Zacks Consensus Estimate by 5.4%. It currently flaunts a Zacks Rank #1.
West Pharmaceutical has a long-term estimated growth rate of 8.5%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Boston Scientific reported second-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 4.2%. Revenues of $5.06 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy).
Boston Scientific has a long-term estimated growth rate of 14%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.1%.
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CONMED Q2 Earnings & Revenues Beat Estimates, 2025 Outlook Raised
Key Takeaways
CONMED Corporation (CNMD - Free Report) delivered second-quarter 2025 adjusted earnings per share (EPS) of $1.15, which beat the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line improved 17.3% from the year-ago level.
GAAP EPS for the quarter was 69 cents compared with 96 cents in the year-ago period.
CNMD’s Revenues in Detail
CONMED’s revenues totaled $342.3 million, up 3.1% year over year. The top line beat the Zacks Consensus Estimate by 0.8%. At the constant exchange rate (CER), revenues increased 2.9%.
The top line was driven primarily by strong momentum in high-growth product areas (BioBrace, AirSeal, Foot & Ankle), partially offset by lingering supply constraints and some international softness.
CONMED’s Segmental Details
Revenues in the Orthopedic Surgery segment totaled $140.7 million, up 0.9% from the year-ago level on a reported basis. At CER, revenues increased 0.8%.
Sales declined 0.8% on a reported basis in the United States. The figure improved 1.9% (up 1.8% at CER) year over year in international markets.
Revenues in the General Surgery segment amounted to $201.6 million, up 4.7% year over year on a reported basis and 4.4% at CER. U.S. sales increased 4.3% year over year. International sales increased 5.7% on a reported basis (up 4.7% at CER).
Sales by Geography
Sales in the United States totaled $190.6 million, up 2.8% year over year. International sales amounted to $151.7 million, up 3.4% year over year on a reported basis and up 2.9% at CER.
CONMED Corporation Price, Consensus and EPS Surprise
CONMED Corporation price-consensus-eps-surprise-chart | CONMED Corporation Quote
Margins
CONMED’s adjusted gross profit improved 5.3% year over year to $193.4 million. The gross margin improved 120 basis points to 56.5%.
Selling & administrative expenses increased 11% year over year to $136 million. Research and development expenses increased 0.3% year over year to $14.1 million.
The company recorded an adjusted operating income of $45.1 million compared with $39.8 million in the prior-year quarter. The operating margin was 15.7%, up 110 basis points.
Financial Position
CNMD exited the second quarter with a cash balance of $33.9 million compared with $35.5 million in the previous quarter.
Cash flow provided from operations in the reported quarter was $29.1 million compared with $43.3 million in the second quarter of 2024.
2025 Guidance
CONMED raised its revenue and earnings guidance for 2025.
The company now expects 2025 revenues to be between $1.356 billion and $1.378 billion compared with the prior guidance of $1.350 billion-$1.378 billion. The company now expects revenue currency headwinds to be immaterial compared with 50 to 70 basis points of headwind previously. The Zacks Consensus Estimate for the same is pegged at $1.37 billion.
The company now expects 2025 adjusted EPS in the range of $4.40-$4.55 (previously $4.31-$4.46). The Zacks Consensus Estimate for the same is pinned at $4.42. The company expects a negative impact of 9 cents (due to the raised tariff) for the second half of 2025. This is included in the guidance.
CNMD also provided revenue guidance for the third quarter of 2025. CNMD expects reported sales to be between $330 million and $337 million. Adjusted EPS for the period is estimated to be between $1.03 and $1.08.
Our Take
CONMED exited the second quarter on a better-than-expected note. Earnings and revenues beat their respective Zacks Consensus Estimate. The company’s raised outlook for 2025 looks promising.
CONMED’s second-quarter revenues were driven primarily by strong performance in its general surgery segment. Growth was led by its AirSeal platform, which continues to see rising adoption in both robotic and laparoscopic procedures due to its clinical benefits in complex surgeries. The Buffalo Filter business also contributed meaningfully with double-digit growth, supported by increasing legislative mandates for surgical smoke evacuation across the United States and international markets. Orthopedic sales grew modestly, bolstered by strong demand for BioBrace, a versatile soft tissue implant, and Foot & Ankle products, both of which delivered double-digit gains amid ongoing recovery from supply chain disruptions.
Looking ahead, CONMED is maintaining a positive long-term growth outlook, targeting mid- to high-single-digit revenue increases through its four strategic drivers — AirSeal, Buffalo Filter, BioBrace, and Foot & Ankle. Management emphasized its focus on transforming the supply chain into a strategic asset by improving procurement, planning, and production.
On the profitability side, the company raised its full-year earnings guidance, citing better-than-expected operational performance, improved currency trends, and a more precise understanding of upcoming tariff impacts. Tariffs are now projected to reduce earnings by 9 cents per share for the full year, with most of the impact weighted toward the final quarter. Despite this headwind, gross margin guidance remains consistent with the previous year, as operational improvements and efficiency initiatives help offset the additional costs.
Zacks Rank and Stocks to Consider
CNMD carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Medpace Holdings, Inc. (MEDP - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Medpace Holdings, sporting a Zacks Rank of 1 (Strong Buy), reported second-quarter 2025 EPS of $3.10, beating the Zacks Consensus Estimate by 3.3%. Revenues of $603.3 million outpaced the consensus mark by 11.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Medpace Holdings has a long-term estimated growth rate of 11.4%. MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.9%.
West Pharmaceutical reported second-quarter 2025 adjusted EPS of $1.84, beating the Zacks Consensus Estimate by 21.9%. Revenues of $766.5 million surpassed the Zacks Consensus Estimate by 5.4%. It currently flaunts a Zacks Rank #1.
West Pharmaceutical has a long-term estimated growth rate of 8.5%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Boston Scientific reported second-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 4.2%. Revenues of $5.06 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy).
Boston Scientific has a long-term estimated growth rate of 14%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.1%.