CONMED Corp (CNMD)

Price$49.07Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because cheap cash measures offset high debt and uneven earnings.

At the observed quote, CONMED’s equity is worth about $1.39 billion. The shares trade near 10.2 times management’s 2026 adjusted-earnings midpoint; adjusted earnings exclude selected restructuring and other charges. They also cost 10.3 times trailing free cash flow, the cash left after operations and capital spending, but about 25 times trailing reported earnings. After adding roughly $797 million of net debt, the whole business costs about 16 times that cash measure. This supports Fair-priced: cash looks inexpensive, but leverage and accounting adjustments absorb the apparent bargain.

Big pictureSales are recovering underneath portfolio exits, while cash flow remains stronger than reported profit.

Revenue increased from $862 million in 2020 to $1.375 billion in 2025, nearly 10% annual growth, but 2025 net income fell 64% to $47.1 million as operating expenses jumped. Trailing four-quarter revenue is roughly $1.372 billion and free cash flow about $134.5 million, versus $56.5 million of reported profit. In the second quarter, reported sales barely rose, yet sales excluding exited gastroenterology lines and currency changes grew 6.0%. Gross margin, the share left after product costs, improved to 57.5% from 55.0%.

Business strengthMostly repeat-use products support demand, but heavy borrowing leaves less room for mistakes.

About 86% of second-quarter sales came from single-use products, which hospitals reorder as procedures occur; this softens, but does not remove, exposure to elective surgery volumes and hospital budgets. Current assets were 1.48 times current liabilities, and net debt improved from $923 million at the end of 2024 to $797 million. Still, debt equals roughly 4.5 times trailing earnings before interest, taxes, depreciation and amortization, while acquisition goodwill equals 77% of shareholder equity. Buybacks spent $43.7 million on one million shares, reducing shares about 3%, but dividends stopped and borrowing can fund repurchases.

What could change the storyFaster ongoing growth or a company sale could unlock upside; stalled cash improvement would not.

The bull case strengthens if ongoing sales keep growing 5%-6%, annual free cash flow holds above $140 million, and net debt falls below $700 million; broader AirSeal compatibility with Intuitive’s latest robot could help. A credible sale offer would add separate upside, but reported interest remains unconfirmed. The bear case is stalled procedure growth, AirSeal recall friction, or weakening cash while borrowing stays near $800 million. The valuation assumes adjusted earnings reasonably represent normal profit and debt reduction continues; failure on either point would erase much of the apparent discount.

AI: News

Quarter beats expectationsSecond-quarter sales and adjusted earnings beat forecasts, leading management to raise its profit outlook.

On July 29, CONMED reported second-quarter revenue of $343.5 million, up 0.3%; excluding exited gastroenterology products and currency changes, growth was 6.0%. Adjusted earnings were $1.38 a share versus the $1.11 FactSet consensus, and management lifted 2026 adjusted-earnings guidance to $4.48-$4.60 from $4.30-$4.45. Shares rose 6.5% in premarket trading, a reaction consistent with the beat and raised outlook, although $0.21 of quarterly earnings came from tariff refunds.

Possible sale exploredReported takeover interest created upside hopes, but investors still lack a confirmed offer or buyer.

Bloomberg reported on July 10, citing unnamed people familiar with the matter, that CONMED was working with advisers and considering options including a sale after private-equity interest. Shares gained 4.9% that day, leaving market value near $1.2 billion. That move is consistent with investors pricing some takeover chance, not proof that the report caused every price change. The report provided no bidder, terms, or signed agreement, so any takeover premium remains uncertain.

Debt maturity reshapedThe company pushed out a large 2027 payment, but replaced cheap notes with costlier bank debt.

On June 3, CONMED agreed to repurchase $645.2 million of 2.25% notes due in 2027 for $637.2 million, closing June 15. It funded the transaction with a new $450 million term loan and revolving-credit borrowings; total debt remained $834.2 million at June 30. The deal sharply reduced the 2027 payment and related share-conversion exposure, but did not erase leverage. The new term loan carried 5.375% interest, so lower near-term repayment and dilution risk came with higher interest cost and secured bank debt.

AirSeal correction stays openA large AirSeal correction touches a key growth product, though later profit guidance still rose.

The Food and Drug Administration posted the Class II AirSeal correction on June 17 after CONMED began notifications May 14 and expanded them internationally June 4. Class II covers possible temporary or medically reversible harm. The cited 8-millimeter version covered 26,609 packs, or 159,657 units, because connections could trigger overpressure alerts. Customers received revised instructions rather than a stop-use order. The action remained open in data updated September 10. Financial impact was undisclosed; the later guidance increase suggests, but does not prove, a manageable effect.

Loading local price history

Revenue

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.37B	$1.31B	$1.24B	$1.05B	$1.01B	$862.5M	$955.1M	$859.6M	$796.4M	$763.5M	$719.2M	$740.1M	$762.7M	$767.1M	$725.1M	$713.7M	$694.7M
Gross profit	$750.5M	$733.0M	$676.2M	$571.2M	$568.0M	$460.3M	$524.7M	$469.1M	$431.0M	$408.3M	$381.7M	$404.1M	$412.4M	$405.8M	$374.9M	$365.4M	$337.3M
Gross margin	54.59%	56.08%	54.33%	54.64%	56.21%	53.37%	54.94%	54.57%	54.12%	53.48%	53.08%	54.60%	54.07%	52.90%	51.71%	51.19%	48.56%
Research & development	$55.9M	$54.4M	$52.6M	$47.2M	$43.6M	$40.5M	$45.5M	$42.2M	$32.3M	$32.3M	$27.4M	$27.8M	$25.8M	$28.2M	$28.7M	$29.7M	$31.8M
Operating expenses	$647.9M	$532.7M	$555.6M	$501.2M	$458.3M	$414.3M	$445.6M	$397.8M	$384.1M	$370.7M	$330.5M	$351.3M	$355.9M	$340.6M	$366.7M	$308.3M	$309.1M
Operating income	$102.6M	$200.3M	$120.6M	$70.1M	$109.7M	$46.0M	$79.1M	$71.3M	$46.9M	$37.7M	$51.2M	$52.8M	$56.5M	$65.2M	$8.3M	$57.1M	$28.3M
Operating margin	7.46%	15.33%	9.69%	6.70%	10.86%	5.33%	8.28%	8.29%	5.89%	4.93%	7.12%	7.13%	7.41%	8.50%	1.14%	8.00%	4.07%
EBITDA	$155.0M	$251.6M	$172.0M	$119.8M	$159.5M	$98.3M	$130.1M	$113.0M	$88.3M	$78.2M	$82.5M	$85.6M	$88.9M	$97.6M	$26.8M	$74.5M	$46.9M
EBITDA margin	11.27%	19.25%	13.82%	11.46%	15.78%	11.39%	13.62%	13.15%	11.09%	10.24%	11.47%	11.56%	11.65%	12.73%	3.70%	10.44%	6.75%
Net income	$47.1M	$132.4M	$64.5M	−$80.6M	$62.5M	$9.5M	$28.6M	$40.9M	$55.5M	$14.7M	$30.5M	$32.2M	$35.9M	$40.5M	$752,000	$30.3M	$12.1M
Net profit margin	3.42%	10.13%	5.18%	−7.71%	6.19%	1.10%	3.00%	4.75%	6.97%	1.92%	4.24%	4.35%	4.71%	5.28%	0.10%	4.25%	1.75%
Basic EPSper basic share	$1.52	$4.29	$2.10	-$2.68	$2.14	$0.33	$1.01	$1.45	$1.99	$0.53	$1.10	$1.17	$1.30	$1.43	$0.03	$1.06	$0.42
Diluted EPSper diluted share	$1.51	$4.25	$2.04	-$2.68	$1.94	$0.32	$0.97	$1.41	$1.97	$0.52	$1.09	$1.16	$1.28	$1.41	$0.03	$1.05	$0.42

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.40%of listed shares

BlackRock, Inc.4.82M shares · Jun 30, 2026

View holders

Top 20 reported holders of CNMD
Holder	% owned
BlackRock, Inc.	15.40%4.82M shares
EARNEST PARTNERS LLC	8.00%2.51M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.99%2.19M shares
FULLER & THALER ASSET MANAGEMENT, INC.	5.05%1.58M shares
STATE STREET CORP	4.53%1.42M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.33%1.36M shares
BANK OF AMERICA CORP /DE/	4.29%1.34M shares
DIMENSIONAL FUND ADVISORS LP	4.21%1.32M shares
SEI INVESTMENTS CO	3.16%988.15K shares
Invenomic Capital Management LP	2.69%842.16K shares
Capital Research Global Investors	2.63%823.64K shares
GEODE CAPITAL MANAGEMENT, LLC	2.52%790.14K shares
TWO SIGMA INVESTMENTS, LP	2.33%728.98K shares
Allspring Global Investments Holdings, LLC	1.98%618.45K shares
COOKE & BIELER LP	1.83%573.5K shares
PARADIGM CAPITAL MANAGEMENT INC/NY	1.72%538.25K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.52%476.89K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.50%471.02K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	1.41%441.36K shares
GOLDMAN SACHS GROUP INC	1.40%436.83K shares

Percentages use 31.3M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)7$544.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 21, 2025Form 4 · 10b5-1	Glaze RichardChief Information Officer	SellCommon Stock	257	$41.21	$10.6K	0
Nov 6, 2025Form 4 · 10b5-1	Garner Todd WExecutive Vice President & CFO	SellCommon Stock	3.5K	$43.00	$150.5K	1.8K
Sep 12, 2025Form 4	Farkas CharlesDirector	SellCommon Stock	897	$53.51	$48.0K	14.9K
Sep 12, 2025Form 4	Farkas CharlesDirector	SellCommon Stock	1.1K	$53.54	$59.1K	15.8K
Aug 7, 2025Form 4	Garner Todd WExecutive Vice President & CFO	SellCommon Stock	598	$52.45	$31.4K	0

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about CNMD yet. Start the conversation.

Write the first post

CONMED Corp (CNMD)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.