olivLaw · US equity research
CONMED Corporation CNMD
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
CONMED Corporation is a medical technology company that designs and distributes devices and equipment for surgical procedures in orthopedics and general surgery. The company is now in a portfolio optimization phase, exiting its gastroenterology lines, which makes organic sales growth more relevant than the headline reported figure. Net sales reached 1374.7 million USD in fiscal 2025, with about 86% of revenues coming from single-use products.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CONMED Corporation (CNMD) stock was 53.66 USD (+13.61% on the day), with market capitalisation 1.6 bn USD, P/E 35.5 on diluted EPS of 1.51 USD over the last 12 months, dividend yield 1.12%, beta 0.92, 52-week range 32.11–53.66 USD. Latest reported quarter (Q3 2026): revenue of 335.6 m USD (−0.7% YoY), net income of 19.8 m USD (+592.4% YoY), diluted EPS 0.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.6
- strong (55–70)
- Bollinger (20, 2)
- 42.67 – 51.00
- above the upper band · %B 1.32 · band width 17.8%
- SMA 50 / 200
- 46.95 / 41.52
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.58 / 0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.4% | −1.1% | +14.5 pp | — |
| 3 months | +8.8% | −0.5% | +9.3 pp | — |
| 6 months | +43.8% | +4.4% | +39.4 pp | — |
| Year to date | +32.2% | +12.3% | +19.9 pp | — |
| 1 year | +17.4% | +13.5% | +3.8 pp | −0.4% |
| 3 years | −47.5% | +76.4% | −123.9 pp | −17.4% |
| 5 years | −65.7% | +63.7% | −129.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 316.7 m | 345.9 m | 321.3 m | 342.3 m | 337.9 m | 373.2 m | 343.5 m | 335.6 m |
| Cost of revenue | 137.7 m | 147.6 m | 143.5 m | 154.0 m | 171.8 m | 154.9 m | 146.0 m | 146.4 m |
| Gross profit | 179.0 m | 198.3 m | 177.8 m | 188.3 m | 166.1 m | 218.3 m | 197.5 m | 189.1 m |
| Research & development | 13.6 m | 13.2 m | 12.9 m | 14.1 m | 13.9 m | 14.9 m | 15.5 m | 15.6 m |
| SG&A | 99.7 m | 132.7 m | 148.8 m | 136.0 m | 140.3 m | 166.8 m | 145.6 m | 136.4 m |
| Operating income | 65.7 m | 52.5 m | 16.0 m | 38.2 m | 11.9 m | 36.6 m | 36.4 m | 37.1 m |
| Interest expense | 9.3 m | 8.9 m | 8.3 m | 7.8 m | 7.6 m | 7.4 m | 7.9 m | 11.1 m |
| Pre-tax income | 56.5 m | 43.6 m | 7.7 m | 29.9 m | 4.3 m | 29.3 m | 31.3 m | 26.0 m |
| Income tax | 7.5 m | 9.9 m | 1.6 m | 8.5 m | 1.4 m | 12.5 m | 8.3 m | 6.2 m |
| Net income | 49.0 m | 33.8 m | 6.0 m | 21.4 m | 2.9 m | 16.7 m | 23.1 m | 19.8 m |
| Diluted EPS | 1.57 | 1.08 ≈ | 0.19 | 0.69 | 0.09 | 0.54 ≈ | 0.77 | 0.66 |
| Operating cash flow | 51.2 m ≈ | 43.3 m | 41.5 m | 29.1 m ≈ | 53.7 m ≈ | 46.3 m | — | 49.4 m ≈ |
| Capex | 3.4 m ≈ | 4.0 m | 3.8 m | 5.7 m ≈ | 5.2 m ≈ | 5.1 m | — | 2.7 m ≈ |
| Dividends paid | 6.2 m ≈ | 6.2 m | 6.2 m | 6.2 m ≈ | 6.2 m ≈ | 6.2 m | — | 0 ≈ |
| Share repurchases | — | — | — | — | 0 ≈ | — | — | 6.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 31-quarter history (min 14.7, median 53.7, max 400.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 859.6 m | 955.1 m | 862.5 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | +7.9% | +11.1% | −9.7% | +17.2% | +3.4% | +19.1% | +5.0% | +5.2% |
| Net income | 40.9 m | 28.6 m | 9.5 m | 62.5 m | -80.6 m | 64.5 m | 132.4 m | 47.1 m |
| Net income YoY | −26.4% | −29.9% | −66.7% | +557.2% | −228.8% | unavailable | +105.4% | −64.5% |
| Diluted EPS | 1.41 | 0.97 | 0.32 | 1.94 | -2.68 | 2.04 | 4.25 | 1.51 |
| Diluted EPS YoY | −28.4% | −31.2% | −67.0% | +506.3% | −238.1% | unavailable | +108.3% | −64.5% |
| net % | 4.8% | 3.0% | 1.1% | 6.2% | -7.7% | 5.2% | 10.1% | 3.4% |
| Free cash flow | 58.2 m | 75.1 m | 51.5 m | 96.9 m | 11.6 m | 106.3 m | 153.9 m | 150.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.8 m USD
- Financial debt
- 712.0 k USD
- Net debt
- -40.1 m USD
- Equity
- 1.0 bn USD
- Total assets
- 2.3 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 2.14x
- ROE
- 4.7%
- ROA
- 2.0%
- FCF margin
- 11.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 862.5 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 402.2 m | 442.6 m | 474.2 m | 568.5 m | 574.0 m | 624.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 460.3 m | 568.0 m | 571.2 m | 676.2 m | 733.0 m | 750.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 40.5 m | 43.6 m | 47.2 m | 52.6 m | 54.4 m | 55.9 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 373.8 m | 414.8 m | 454.0 m | 503.0 m | 478.3 m | 592.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 46.0 m | 109.7 m | 70.1 m | 120.6 m | 200.3 m | 102.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Interest expense | 44.1 m | 35.5 m | 28.9 m | 39.8 m | 37.3 m | 31.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 1.6 m | 73.1 m | -70.9 m | 80.8 m | 163.0 m | 71.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | -7.9 m | 10.6 m | 9.7 m | 16.4 m | 30.6 m | 24.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 9.5 m | 62.5 m | -80.6 m | 64.5 m | 132.4 m | 47.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 0.32 | 1.94 | -2.68 | 2.04 | 4.25 | 1.51 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 29.5 m | 32.2 m | 30.0 m | 31.5 m | 31.2 m | 31.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.60 | SEC (XBRL)· 17 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 27.4 m | 20.8 m | 28.9 m | 24.3 m | 24.5 m | 40.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 177.2 m | 183.9 m | 191.3 m | 242.3 m | 237.7 m | 247.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 194.9 m | 231.6 m | 332.3 m | 318.3 m | 346.7 m | 355.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 416.7 m | 460.1 m | 581.2 m | 615.6 m | 640.0 m | 672.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 111.4 m | 108.9 m | 115.6 m | 120.7 m | 115.8 m | 113.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 618.4 m | 617.5 m | 815.4 m | 806.8 m | 805.4 m | 807.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 501.5 m | 471.0 m | 681.8 m | 649.5 m | 617.7 m | 582.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 1.8 bn | 1.8 bn | 2.3 bn | 2.3 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 53.3 m | 58.2 m | 73.4 m | 88.2 m | 102.2 m | 93.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 18.4 m | 12.2 m | 69.7 m | 708.0 k | 715.0 k | 712.0 k | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 190.2 m | 196.6 m | 296.6 m | 310.7 m | 278.1 m | 315.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 1.0 bn | 980.6 m | 1.6 bn | 1.5 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 709.0 m † | 785.4 m † | 745.5 m † | 834.2 m † | 962.7 m † | 1.0 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 64.5 m | 111.8 m | 33.4 m | 125.3 m | 167.0 m | 170.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 13.0 m | 14.9 m | 21.8 m | 19.0 m | 13.1 m | 19.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 51.5 m ≈ | 96.9 m ≈ | 11.6 m ≈ | 106.3 m ≈ | 153.9 m ≈ | 150.9 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -13.6 m | -14.9 m | -249.5 m | -20.0 m | -13.1 m | -21.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -52.1 m | -101.5 m | 225.0 m | -110.4 m | -151.0 m | -135.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 22.8 m | 23.3 m | 24.0 m | 24.5 m | 24.7 m | 24.7 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet46
- Valuation76
- Quality78
- Growth80
- Returns43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.88 – 125.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)77.57 – 125.07 (Mid 95.69)WACC 8.8% · starting FCFF 156.1 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E49.86 – 79.81 (Mid 63.60)7 companies used · median multiple 25.8x · quartiles 20.2x – 32.4xBLFS, ELMD, INMD, ITGR, LIVN, MDT, TMDX
- Dividend discount (DDM)7.88 – 10.60 (Mid 9.04)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.8% | 70 (vs peers) | 15% |
| Net margin · Quality | 5.4% | 68 (vs peers) | 9% |
| FCF conversion · Quality | 180.7% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 9.6% | 80 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.1x | 39 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.5x | 57 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 21.8x | 57 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 4.7% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partial80/100 · 1/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation76/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CONMED CORPORATION (CNMD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 5.2%; net margin 5.4%; ROE 7.1%.
The estimated value range is 49.86–79.81 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 63.60 USD, the price of 53.66 USD leaves a potential of 18.5% (value / price − 1) and a margin of safety of 15.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 8.8%
- FCF conversion: 180.7%
- Revenue CAGR 3Y: 9.6%
- FCF yield: 8.3%
- Payout ratio (FCF): 4.7%
What contradicts it
- Shareholder yield (distributions): 0.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +17% / −48% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for CNMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.33 Total return -36% · Per year -36% | 58.79 Total return 12% · Per year 12% | 88.36 Total return 67% · Per year 67% |
| 3 years | 35.72 Total return -29% · Per year -11% | 70.56 Total return 38% · Per year 11% | 115.96 Total return 124% · Per year 31% |
| 5 years | 38.28 Total return -21% · Per year -4% | 84.69 Total return 70% · Per year 11% | 152.17 Total return 200% · Per year 25% |
- Exit P/E± 17.64
- Net margin± 12.35
- Annual revenue growth± 9.67
- Annual dilution± 1.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
CONMED Corporation is a medical technology company that designs and distributes devices and equipment for surgical procedures in orthopedics and general surgery. The company is now in a portfolio optimization phase, exiting its gastroenterology lines, which makes organic sales growth more relevant than the headline reported figure 13. Net sales reached 1374.7 million USD in fiscal 2025, with about 86% of revenues coming from single-use products 1.
SWOT
Strengths
- Broad product portfolio in orthopedics and general surgery, with a high share of single-use products that provide recurring revenue 1.
- Innovation pipeline supported by research and development and close working relationships with surgeons and other specialists 1.
- Extensive international presence, with sales in over one hundred countries and solid growth outside the United States 12.
Weaknesses
- Gross margins declined in 2025 due to production costs, write-offs and consulting costs for efficiency improvements 1.
- Domestic sales fell in the second quarter of 2026, showing dependence on demand from United States hospitals 3.
- Reliance on a limited number of external sterilization providers using EtO creates operational vulnerabilities 1.
Opportunities
- Exiting gastroenterology could let the company focus resources on faster-growing products such as AirSeal and Buffalo Filter 23.
- AirSeal integration with robotic systems could expand product adoption in minimally invasive procedures 3.
- Continued growth in international sales could become a growth engine if the trend holds 23.
Threats
Risks
- Regulation and compliancehigh
The company operates under strict FDA and European regulation, and non-compliance could lead to recalls, fines or marketing restrictions 1.
- EtO sterilizationhigh
A significant share of products is sterilized by third-party EtO providers, and capacity restrictions could affect deliveries if alternatives are not available in time 1.
- Tariffs and supply chainmedium
Import tariffs and supply chain issues could continue to compress margins, although recent refunds provide temporary support 12.
- Hospital financingmedium
Hospital financing difficulties could defer equipment purchases, affecting the capital products segment 13.
- Litigation and investigationsmedium
The company has been involved in matters concerning royalty payments and anti-corruption compliance, and outcomes of future litigation are hard to anticipate 1.
Investment thesis
What would need to be true (bull case)
- If organic growth seen in the second quarter of 2026 holds, the company could show that portfolio optimization is improving the quality of growth 3.
- The high share of single-use products could provide recurring and predictable revenue over the medium term 1.
- International sales growth and products such as AirSeal could open new revenue sources 23.
What would break the thesis
- If domestic sales keep declining, headline growth could stay below expectations, especially given tight hospital budgets 3.
- Production costs and tariff pressure could limit margin improvement even if sales grow 12.
- EtO sterilization restrictions and compliance requirements could generate extra costs and delays 1.
What to watch
- Trend in organic and domestic salesQ3 2026
- Updated full year 2026 financial guidanceQ4 2026
- Effect of the gastroenterology exit on margins2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
In 2026 the company announced its exit from gastroenterology lines, including ending the Gore distribution agreement and selling certain assets to a buyer, with a twelve-month manufacturing agreement 23. This change explains the gap between reported and organic growth in the second quarter results 3.
Market context
CONMED operates in global medical device markets for orthopedics and general surgery, where competition comes from large manufacturers with multiple business units as well as smaller firms with narrower portfolios 1. Geographically, key international markets include Europe, Latin America, Canada and Asia-Pacific, and the share of international sales rose in the first half of 2026 12.
Demand depends on hospital budgets and financing, which can defer capital equipment purchases, while market development is shaped by technological progress and healthcare policy changes 1.
Trends
- Portfolio optimizationmixed
The exit from gastroenterology and discontinuation of products that no longer fit the strategy could temporarily reduce reported sales, but could improve margins and focus investment on growing products 23.
- Tariffs and production costsmixed
Import tariffs and production and supply chain costs have pressured margins, but recent IEEPA tariff refunds could support results if the refund process continues 12.
- International sales growthtailwind
International sales grew faster than domestic sales in the first half of 2026, suggesting geographic expansion could become an important growth driver 23.
- Pressure on capital purchasesheadwind
Domestic sales fell in the second quarter of 2026, and hospital financing difficulties could keep weighing on capital equipment sales 23.
Competitive position
The company names Smith & Nephew, Arthrex, Stryker, Johnson & Johnson, Zimmer Biomet and Globus Medical as orthopedic competitors, and Medtronic, Olympus, Boston Scientific and Cook Medical in general surgery 1. Competition is based on the breadth of product lines that let suppliers meet a wide range of hospital and purchasing group requirements 1.
CONMED's stated advantage is the breadth of its portfolio in each product area, which helps reduce the number of suppliers institutions must manage 1. Larger competitors have greater resources for research and distribution, and hospital price pressure remains a factor 1.
- Smith & NephewSNN
Competitor in orthopedics and sports medicine solutions, named in the annual report 1.
- Stryker CorporationSYK
Competitor in orthopedics, powered instruments and surgical endoscopy 1.
- Medtronic plcMDT
Competitor in both orthopedic instruments and general surgery 1.
- Boston Scientific CorporationBSX
Competitor in endoscopy and gastroenterology, areas CONMED is exiting 13.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Jun 2026Material agreement · Financial statements and exhibits
- Current report01 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CONMED Corporation · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CONMED Corporation · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CONMED Corporation · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.