Conmed Corporation
CNMD Small CapHealthcare · Medical Devices
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
CONMED Corporation, a medical technology company, develops, manufactures, and sells devices and equipment for surgical procedures. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as supporting products include powered resection instruments , fluid management, and visualization systems and the related single-use products that enable surgeons to perform minimally invasive sports medicine surgeries. It also provides battery-powered, autoclavable, large, and small bone power tool systems for use in orthopedic, arthroscopic, oral/maxillo
Conmed Corporation Stock at a Glance
Conmed Corporation (CNMD) is currently trading at $35.11 with a market capitalization of $1.1B. The trailing P/E ratio stands at 19.84x, with a forward P/E of 7.37x. The 52-week range spans from $31.44 to $56.64; the current price is 38% below the yearly high. Year-over-year revenue growth stands at -1.3%. The net profit margin stands at 4%.
💰 Dividend
Conmed Corporation pays an annual dividend of $0.80 per share, representing a yield of 2.28%. The payout ratio stands at 22.6%.
📊 Analyst Rating
5 analysts rate Conmed Corporation (CNMD) on consensus: Hold. The average price target is $39.60, implying +12.79% from the current price. Analyst price targets range from $39.00 to $40.00.
Conmed Corporation: The Investment Case in Detail
Conmed Corporation (CNMD) operates in the Healthcare — specifically Medical Devices — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Earnings growth of 136.8% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base.
The Bear Case
Revenue is contracting at -1.3% year-over-year — until that trend reverses, valuation is exposed to further downgrades. With a net margin of just 4%, the business has little room to absorb cost shocks or pricing pressure — a single bad quarter can swing the company to a loss.
Valuation in Context
The EV/EBITDA multiple of 8.68x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 7.37x is meaningfully below the trailing 19.84x — analysts expect earnings to step up; the next earnings release is the test.
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 54.2% — indicates pricing power
- Solid dividend yield of 2.28%
- Positive free cash flow
- –Revenue shrinking (-1.3% YoY)
- –Low profitability (4% margin)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior, elevated short interest (8.49%).
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
CONMED Corporation (CNMD) 2026: 35,49 USD US Surgical-Medical-Devices Compounder at 7,3x Forward Earnings with BioBrace Implant Differentiation, Orthopedic-Endoscopy Recurring-Revenue Mix, and Activist-Engagement Optionality
The Real Story
CONMED Corporation (NYSE: CNMD) is a Largo, Florida-headquartered medical-devices company founded in 1970, developing and manufacturing surgical instruments and implants across three product-categories: Orthopedic Surgery (approximately 45 percent of revenue, including BioBrace soft-tissue-implant, TruShot fixation, joint-replacement-and-arthroscopy systems), General Surgery (approximately 40 percent of revenue, including AirSeal access-and-insufflation systems, energy-and-electrosurgical devices), and Gastrointestinal-and-Pulmonary Endoscopy (approximately 15 percent of revenue, including disposable-endoscopy-tools).
The 2023–2024 period was challenging: post-COVID hospital-capital-equipment-budget tightening, BioBrace implant supply-chain-disruption-and-recall in Q3 2024, and EVA share-price decline from over 100 USD in early-2023 to 30–40 USD range through 2024. Management response: CEO transition (Curt Hartman departed late-2024, replaced by Patrick Beyer March 2025 from Hologic), BioBrace supply-chain remediation (resumed full-distribution Q1 2026), cost-base reduction approximately 50 million USD annual run-rate, portfolio rationalization. The 7,3x forward earnings is anchored to fiscal-2026 consensus EPS of approximately 4,85 USD — a deep-cyclical-trough multiple that under-prices the structural-recurring-revenue-base and the BioBrace differentiation-channel.
What Smart Money Thinks
CONMED has a high-quality institutional shareholder-register. BlackRock at approximately 14,2 percent, Vanguard at approximately 11,7 percent represent passive-index flows. Fidelity Investments at approximately 7,2 percent, T. Rowe Price at approximately 4,1 percent represent active-mandate flow. The most-watched institutional signal is Trian Fund Management at approximately 5,2 percent (disclosed via 13D in late-2024) — Nelson Peltz's activist firm signalling capital-allocation-and-board-engagement focus. New CEO Patrick Beyer purchased approximately 800.000 USD of shares on the open-market in Q2 2025 at 38–42 USD range. Short-interest sits at approximately 8,1 percent of float as of May 2026.
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📈 The 3 Real Bull Points
BioBrace is a proprietary bioresorbable collagen-and-polylactide-copolymer scaffold for soft-tissue augmentation in rotator-cuff and Achilles-tendon repair surgery. Clinical data supports approximately 30 percent improvement in tendon-strength versus suture-only repair. Post-2024 supply-chain remediation, BioBrace returned to full-distribution Q1 2026 and management has guided to approximately 250 million USD peak-annual-revenue-opportunity by 2028–2029.
CONMED's revenue-mix is approximately 65 percent disposable-products-and-implant-recurring versus 35 percent capital-equipment. The disposable-recurring base provides structural-defensive cash-flow that smooths cyclical capital-equipment-budget volatility. At trailing-twelve-month revenue of approximately 1,32 billion USD, the recurring-base produces approximately 850 million USD of structurally-recurring revenue.
Trian Fund Management's late-2024 5,2 percent disclosed-stake signals activist-engagement on capital-allocation, portfolio-rationalization, and potential strategic-alternatives. Trian's track-record includes successful campaigns at Procter & Gamble, DuPont, and GE. A potential strategic-review outcome includes capital-structure-recapitalization, board-refresh, or strategic-buyer engagement.
📉 The 3 Real Bear Points
Approximately 35 percent of CONMED revenue is capital-equipment, structurally exposed to hospital-procurement-cycles. A renewed-recession-driven hospital-budget-tightening in 2026–2027 would compress capital-equipment-revenue by 15–25 percent and consolidated operating-margin meaningfully.
Stryker (orthopedics), Smith+Nephew, Arthrex (private) and DePuy Synthes dominate the orthopedic-surgery market with structurally-deeper R&D-and-sales-infrastructure than CONMED. If competitive-response-to-BioBrace from these peers compresses CONMED's share-gain trajectory, the 250 million USD peak-revenue-opportunity may take 2–3 years longer to realize.
The Q3 2024 BioBrace supply-chain-disruption-and-partial-recall damaged the implant brand and surgeon-relationships. While supply-chain remediation has restored distribution in Q1 2026, the surgeon-trust-restoration trajectory is multi-quarter and not de-risked. If surgeons remain hesitant through 2026, BioBrace revenue-trajectory could compress by 30–50 percent versus consensus.
Valuation in Context
CONMED at 35,49 USD per share with approximately 30,1 million shares outstanding has a market capitalization of approximately 1,07 billion USD. With approximately 110 million USD cash and approximately 760 million USD long-term-debt, enterprise value is approximately 1,72 billion USD against trailing-twelve-month revenue of approximately 1,32 billion USD (approximately 1,3x EV/sales).
On forward-earnings, CONMED trades at approximately 7,3x consensus fiscal-2026 EPS of approximately 4,85 USD. Applying a peer-blended fair-multiple of 14–18x to base-case fiscal-2027 EPS of approximately 5,80 USD produces a 12-month fair-value range of approximately 81–105 USD per share — implying approximately 130–195 percent upside. The bear-case (recession, BioBrace recall-recovery slow) supports a 25–32 USD range. The bull-case (Trian-driven strategic-review, BioBrace exceeds guidance) supports a 110–135 USD range.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: BioBrace revenue ramp post-supply-chain-remediation, Trian engagement update, fiscal-2026 guidance trajectory, capital-equipment-revenue cycle commentary.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance. Watch-items: BioBrace quarterly-revenue trajectory toward consensus 35 million USD quarterly run-rate, Trian board-refresh-or-strategic-update.
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2027 Q1:
Fiscal-2026 full-year results (mid-February 2027) plus fiscal-2027 guidance. Bullish 6,20+ USD fiscal-2027 EPS guidance plus Trian strategic-review-resolution would unlock 75–95 USD range.
💬 Daniel's Take
CONMED is a defensive-quality medical-devices compounder with structural-recurring-disposable-revenue base, BioBrace differentiation-channel, Trian activist-engagement optionality, and 7,3x forward-earnings deep-cyclical-trough multiple. Position-sizing: 1,0–1,8 percent in quality-cyclical-recovery sleeve, 18–36 month patience. Sizing-up zones 30–33 USD on any hospital-budget-cycle correction.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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