CONMED zips past Wall Street's 4Q estimates thanks to booming sales
Tuesday, 22 January 2019 CONMED Corporation (NASDAQ:CNMD), a medical technology company that provides surgical devices for minimally invasive procedures, beat Wall Street’s estimates for revenue and profit in its fourth quarter thanks to booming sales from its general surgery and orthopedics group. In the three months ended December 31, the Utica, New York-based company posted adjusted earnings of $0.73 per share on revenue of $242.4 million. The results exceeded the expectations of analysts, who had called for earnings of $0.72 on revenue of $228.8 million. READ: CONMED acquires SurgiQuest for $265mln Its net income for the quarter came in at $15.65 million, falling from $46.7 million a year earlier. CONMED’s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery and gastroenterology. For the latest quarter, the company’s domestic sales, which represented 51.6% of total revenue, jumped 10.5% from the corresponding period last year to $125.2 million thanks to growth in both general surgery and orthopedics. Its international sales were up 7.3% at $117.2 million over the same period. On the list of milestones in the latest quarter was CONMED’s move to acquire Buffalo Filter LLC, the surgical smoke evacuation tech developer, for $365 million. The transaction is set to close in the first quarter. Looking ahead, CONMED is forecasting full-year 2019 adjusted earnings per share in the range of US$2.42 to $2.47. For the year, the company reported profit of $40.9 million, or $1.41 per share, on sales of $859.6 million. CONMED shares dipped 0.3% to $66.52 in Tuesday's after-hours trading. Contact Ellen Kelleher at firstname.lastname@example.org
U.S. stocks ended lower on Tuesday, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment. Fred Katayama reports.
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