CONMED’s third quarter reflected stability in its core business, with year-over-year sales holding flat and revenue meeting Wall Street’s expectations. Management attributed the quarter’s results to solid execution in both general and orthopedic surgery product lines, highlighting strong international growth and contributions from flagship products such as AirSeal, Buffalo Filter, and BioBrace. CEO Patrick J. Beyer noted, “Our AirSeal sales growth was driven primarily by stable growth in sales of disposables and strong growth in capital equipment, particularly outside the US.” While domestic orthopedic performance remained soft due to ongoing commercial reorganization, international momentum helped offset these challenges.
Is now the time to buy CNMD? Find out in our full research report (it’s free for active Edge members).
CONMED (CNMD) Q3 2026 highlights:
- Revenue $335.6 million vs S&P analysts’ estimates of $336.4 million (flat year on year, in line)
- Adjusted EPS $1.04 vs S&P analysts’ estimates of $1.00 (3.7% beat)
- Adjusted EBITDA $67.88 million vs analyst estimates of $65.98 million (20.2% margin, 2.9% beat)
- Revenue guidance The company reconfirmed its revenue guidance for the full year of $1.36 billion at the midpoint
- Adjusted EPS guidance Management slightly raised its full-year adjusted EPS guidance to $4.58 at the midpoint
- Operating margin 11.1%, up from 3.5% in the same quarter last year
- Constant currency revenue flat year on year (6.3% in the same quarter last year)
- Market capitalization $1.36 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is 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 Q3 earnings call
- Anton Hellbent (BMO Capital Markets) asked about the drivers behind the narrowed revenue guidance range for Q4, to which CFO John E. Gallagher explained the role of foreign exchange adjustments and cautious expectations for distributor order timing.
- Ross Osborn (Wells Fargo) inquired about the recovery timeline for domestic orthopedic sales productivity. CEO Patrick J. Beyer said improvements are underway, with expectations for returning to growth in the first half of next year.
- Matthew O'Brien (Piper Sandler) questioned whether the reduction in high-end guidance was tied to competitive pressures. Gallagher clarified that distributor order timing, not competitive losses, was the main factor.
- Mike Matson (Needham & Company) asked about the international rollout and pricing of BioBrace. Beyer responded that approvals and uptake vary by market, but early adoption is strong where regulatory clearance is secured.
- Robert Marcus (JP Morgan) sought an update on strategic actions and the sustainability of mid-single-digit growth. Gallagher reiterated the company’s focus on core markets and readiness to pursue M&A when appropriate, but declined to comment on rumors.
Catalysts in upcoming quarters
In the coming quarters, the StockStory team will watch for (1) progress in AirSeal adoption and penetration in U.S. laparoscopic procedures, (2) continued legislative momentum for smoke evacuation, which could accelerate Buffalo Filter’s growth, and (3) evidence that domestic orthopedic sales are rebounding as commercial changes take hold. The pace of international expansion and margin stabilization will also be important markers of execution.
CONMED currently trades at $45.23, down from $45.76 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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