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CNMD

CONMED Corporation

CNMD

CONMED Corporation • NYSE
$43.42 ▼ -0.78% (-0.34)
Market Cap $1.34 B
52w High $76.43
52w Low $40.16
Dividend Yield 0.80%
P/E 21.18
Volume 247.87K
Outstanding Shares 30.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $337.926M ▼ $154.24M ▲ $2.859M ▼ 0.846% ▼ $0.09 ▼ $30.486M ▼
Q2-2025 $342.345M ▲ $150.159M ▼ $21.421M ▲ 6.257% ▲ $0.69 ▲ $56.314M ▲
Q1-2025 $321.256M ▼ $161.794M ▲ $6.036M ▼ 1.879% ▼ $0.19 ▼ $34.211M ▼
Q4-2024 $345.944M ▲ $145.845M ▲ $33.755M ▼ 9.757% ▼ $1.09 ▼ $70.505M ▼
Q3-2024 $316.701M $113.288M $48.984M 15.467% $1.59 $83.681M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $38.929M ▲ $2.322B ▼ $1.314B ▼ $1.008B ▲
Q2-2025 $33.935M ▼ $2.328B ▲ $1.326B ▲ $1.003B ▲
Q1-2025 $35.485M ▲ $2.298B ▼ $1.32B ▼ $977.636M ▲
Q4-2024 $24.459M ▼ $2.306B ▼ $1.344B ▼ $962.681M ▲
Q3-2024 $38.467M $2.316B $1.383B $932.896M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.859M ▼ $53.686M ▲ $-5.187M ▲ $-43.525M ▼ $4.994M ▲ $48.499M ▲
Q2-2025 $21.421M ▲ $29.134M ▼ $-5.729M ▼ $-26.527M ▲ $-1.55M ▼ $23.405M ▼
Q1-2025 $6.036M ▼ $41.534M ▼ $-2.929M ▲ $-28.398M ▲ $11.026M ▲ $37.755M ▼
Q4-2024 $33.754M ▼ $43.338M ▼ $-4.04M ▼ $-51.07M ▼ $-14.008M ▼ $39.298M ▼
Q3-2024 $48.983M $51.203M $-3.419M $-38.831M $9.598M $47.784M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
General Surgery
General Surgery
 $210.00M ▲$180.00M ▼$200.00M ▲$200.00M ▲
Orthopedic Surgery
Orthopedic Surgery
 $140.00M ▲$140.00M ▲$140.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, with profits improving meaningfully after a weak patch in 2022. Margins have gradually widened as scale and mix have improved, turning earlier losses into solid profitability. The dip into a net loss in 2022 looks more like a one‑off disruption (likely tied to acquisitions or integration costs) than a lasting issue, given the strong rebound in earnings afterward. Overall, the income statement now reflects a more efficient, higher‑earning business, but with a history that shows results can be somewhat volatile during periods of heavy investment or change.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown through acquisition, carrying a sizable amount of debt relative to its cash on hand. Equity has been building over time, which signals that the business is retaining value and growing its net worth. That said, leverage remains a key risk: debt levels are still elevated compared with the company’s size, which can limit flexibility if operating conditions soften or interest costs rise. Asset growth has been moderate rather than explosive, suggesting a focus on integrating past deals rather than constant large new ones.

Cash Flow

Cash Flow Cash generation has improved steadily, with operating cash flow and free cash flow both rising over the period. The company consistently spends a modest amount on capital investments, which means most cash from operations is available for debt service, acquisitions, or other corporate needs. Importantly, free cash flow has stayed positive even in the weaker profit year, which is a good sign for the underlying resilience of the business model. The main vulnerability is that the cash balance itself is quite thin, so the company depends on ongoing cash generation and access to financing rather than a large cash cushion.

Competitive Edge

Competitive Edge CONMED operates in attractive niches within medical devices, especially minimally invasive surgery, sports medicine, and advanced energy tools, where it has built strong brand recognition. A large share of its business comes from single‑use and disposable products tied to installed equipment, creating recurring revenue and customer stickiness. Its portfolio includes differentiated systems like AirSeal and strong capabilities in smoke management and orthopedics, supported by a global sales and distribution network. The flip side is that it competes with very large med‑tech players, faces ongoing pricing pressure from hospitals, and must continually prove clinical and cost advantages to maintain its position.

Innovation and R&D

Innovation and R&D Innovation is clearly a core part of the strategy, with distinctive platforms such as AirSeal and BioBrace, plus specialty offerings in arthroscopy, sports medicine, and foot and ankle surgery. The company has used acquisitions (Biorez, In2Bones, Buffalo Filter) to accelerate its technology base and expand into higher‑growth procedure areas. Management appears focused on future‑oriented themes like robotic‑assisted surgery, biologics, and digital or data‑enabled tools, which could support long‑term growth if adoption continues. The main risk is execution: these bets require ongoing R&D and commercialization spending, and not every new technology will achieve broad clinical uptake or favorable reimbursement.

Summary

CONMED today looks like a focused, mid‑sized med‑tech company that has grown into a stronger and more profitable position after investing heavily in acquisitions and innovation. Its financial profile shows healthier margins and cash flow than a few years ago, but also a capital structure that leans on debt and leaves less room for major missteps. Competitively, the company benefits from specialized products, recurring disposable revenue, and a meaningful installed base across minimally invasive and orthopedic procedures. Its future story hinges on continued adoption of its flagship platforms and successful execution in new areas like biologics, robotics‑adjacent tools, and digital integration, all while carefully managing leverage and integration risk.

NEWS

November 5, 2025 · 4:05 PM UTC

CONMED Corporation Announces Third Quarter 2025 Financial Results

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October 2, 2025 · 4:05 PM UTC

CONMED Corporation to Announce Third Quarter 2025 Financial Results on November 5, 2025

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September 9, 2025 · 4:05 PM UTC

CONMED Corporation Adds Kim Kelderman to its Board of Directors

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