CONMED’s fourth-quarter results were well received by the market, driven by standout performance in its orthopedics portfolio and continued progress in resolving supply chain challenges. Management highlighted the company’s exit from lower-growth gastroenterology product lines and renewed focus on high-growth areas such as robotic and laparoscopic surgery, smoke evacuation, and orthopedic soft tissue repair. CEO Patrick Beyer credited improvements in sports medicine supply, successful launches like the AIM meniscal repair program in Europe, and strong execution by the orthopedic sales team as key contributors. Beyer emphasized, “We ended the year with our backorder value and number of SKUs on backorder at a three-year low.”
Is now the time to buy CNMD? Find out in our full research report (it’s free for active Edge members).
CONMED (CNMD) Q4 CY2025 Highlights:
- Revenue: $373.2 million vs analyst estimates of $367 million (7.9% year-on-year growth, 1.7% beat)
- Adjusted EPS: $1.43 vs analyst estimates of $1.32 (8% beat)
- Adjusted EBITDA: $80.36 million vs analyst estimates of $79.27 million (21.5% margin, 1.4% beat)
- Adjusted EPS guidance for the upcoming financial year 2026 is $4.38 at the midpoint, missing analyst estimates by 1%
- Operating Margin: 9.8%, down from 15.2% in the same quarter last year
- Constant Currency Revenue rose 7.1% year on year (6% in the same quarter last year)
- Market Capitalization: $1.20 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From CONMED’s Q4 Earnings Call
- Vikramjeet Chopra (Wells Fargo) asked about quarterly revenue cadence and selling day differences; CFO Todd Garner replied that seasonality will follow normal medtech patterns, with no material selling day differences.
- Robert Marcus (JPMorgan) questioned the difference in organic revenue numbers presented at recent conferences; Garner explained that final 2025 numbers and the GI divestiture led to more precise guidance ranges.
- Marcus also asked about the drivers behind orthopedics outperformance versus general surgery; CEO Patrick Beyer cited supply chain improvements, BioBrace strength, and new product approvals as key factors.
- Mike Matson (Needham & Company) probed on international versus U.S. performance and possible one-off distributor orders; Beyer clarified that international strength reflected genuine demand, not stocking, and that U.S. softness was due to portfolio exits.
- Young Li (Jefferies) inquired about AirSeal international trends and M&A appetite; Beyer emphasized balanced investment in organic growth and tuck-in acquisitions, with a focus on supporting core platforms.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will closely track (1) the pace of adoption and utilization for CONMED’s AirSeal and BioBrace platforms, (2) the company’s ability to maintain supply chain improvements and execute its strategic focus on core growth markets, and (3) the successful transition of CFO responsibilities and potential M&A activity. Monitoring the impact of tariffs on margins and execution of portfolio adjustments will also be important for assessing future performance.
CONMED currently trades at $38.80, in line with $38.69 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).
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