ConMed ticks up on Street-beating Q3 results

ConMed (NSDQ:CNMD) shares ticked up today after the medical device company yesterday reported third-quarter results that topped Wall Street’s forecast and announced the retirement of its financial chief. Utica, N.Y.-based ConMed posted profits of $7.2 million, or 26¢ per share, on sales of $190.1 million for the three months ended Sept. 30, for a -1.9% profit slide on sales growth of 2.9% compared with Q3 2016. Adjusted to exclude one-time items, earnings per share were 42¢, a penny ahead of The Street, where analysts were looking for sales of $187.1 million. “We are very pleased with our continued top-line progress, especially when considering the impact of one less selling day and the issues associated with two hurricanes. International performance remained strong, posting a sixth consecutive quarter of growth across both general surgery and orthopedics. Conversely, domestic orthopedics reported results are still lagging, but signs point to an improving trend and we are encouraged by the underlying efforts to return this business to positive growth in 2018,” president & CEO Curt Hartman. ConMed raised its sales outlook but cut the high end of its earnings forecast for the rest of the year, saying it now expects to report adjusted EPS of $1.85 to $1.90, compared with $1.85 to $1.95 previously, on constant-currency sales growth of 2.50% to 3.25%, compared with 2.0% to 3.0% previously. The company also said that CFO Luke Pomilio is set to retire as so...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat ConMed Corp. Source Type: news