CNMD has strung together four consecutive earnings beats averaging approximately 5.5% positive surprise, and free cash flow runs at 229% of net income — strong operational quality signals — but a confirmed price downtrend with the 200-day moving average slope declining at -5.5% over 30 days, a put/call ratio of 6.00, and less than 1% headroom to the analyst target make this a high-quality business in an unfavorable technical and positioning setup.
Thesis pillars
- Unbroken Four Quarter Beat Streak↓Deteriorating
- Exceptional Cash Conversion Quality→Stable
- Confirmed Downtrend Blocks Entry↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
CONMED Corporation (CNMD) Stock Analysis
Recovery setup · Inst Constrain edge
Healthcare · Medical Devices
Hold if already holding. Not a fresh buy at $43.63, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Earnings in 5 days (event risk).
CONMED Corporation is a medical technology company that designs, manufactures and distributes surgical devices for orthopedic and general surgery, sold to hospitals and surgery centers in over 100 countries. General surgery products, including the AirSeal insufflation system and... Read more
Hold if already holding. Not a fresh buy at $43.63, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Earnings in 5 days (event risk). Chart setup: Death cross but MACD improving, RSI 70. Maintain position. Not compelling to add more. Score 5.7/10, moderate confidence.
Passes 5/9 gates (positive momentum, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and death cross (50MA < 200MA) and earnings proximity 5d<=7d. Suitability: aggressive.
About CONMED Corporation
About CONMED Corporation
CONMED Corporation generated $1.37 billion in net sales in 2025 across two segments: general surgery (58% of sales) and orthopedic surgery (42%), sold through roughly 3,900 employees to more than 6,000 hospitals and surgery centers worldwide. International sales, denominated in local currencies across 18 countries with company-owned sales subsidiaries, represented approximately 32% of consolidated net sales. No single customer accounted for more than 10% of net sales in 2025, 2024 or 2023.
General surgery revenue is led by the AirSeal valveless insufflation system and the Buffalo Filter smoke evacuation line, alongside an electrosurgical energy platform and endomechanical instruments, competing against Medtronic, Johnson & Johnson's Ethicon, Stryker Endoscopy and Olympus; 92% of general surgery revenue in 2025 came from single-use, recurring products. Orthopedic surgery centers on sports-medicine soft-tissue repair (BioBrace, Y-Knot suture anchors) and Hall-brand powered surgical tools, competing against Smith & Nephew, Arthrex, Stryker, Zimmer Biomet and Johnson & Johnson's DePuy units; 78% of orthopedic revenue was similarly recurring single-use product sales. CONMED elected to accelerate the wind-down of its exclusive U.S. and Canadian distribution agreement for W.L. Gore's VIABIL biliary device, concluding it effective January 1, 2026, and intends to exit its remaining gastroenterology product line. Royalty expense on licensed product technology was $7.3 million in 2025.
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Unlike many diversified medtech peers, CONMED states plainly that no single customer accounted for more than 10% of net sales and that the loss of any individual group purchasing contract would not materially affect the business, leaving supply chain as the more concentrated exposure: the 10-K discloses that strategic partnerships with key suppliers may result in components and raw materials being sole sourced. With international sales at 32% of the total and general surgery alone contributing 58% of revenue, a sole-source component disruption tied to either segment carries more concentrated risk than the diversified, no-single-customer sales base would otherwise suggest.
See also: Healthcare · Medical Devices
From CONMED Corporation's most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-07-24Recent Developments — CONMED Corporation
Latest news
- NEWS CONMED ($CNMD) Releases Q1 2026 Earnings - Quiver Quantitative — Quiver Quantitative neutral
- NEWS Conmed (CNMD) Q1 Earnings and Revenues Beat Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS CONMED’s (NYSE:CNMD) Q1 CY2026 Sales Beat Estimates - StockStory — StockStory positive
- NEWS Earnings Flash (CNMD) CONMED Corporation Posts Q1 Adjusted EPS $0.89 per Share, vs. FactSet Est of $0.82 - marketscreene — marketscreener.com positive
- NEWS CONMED (CNMD) Stock: Price Action Analysis | Q4 2025: EPS Beats Forecasts - Most Watched Stocks - Cổng thông tin điện tử — Cổng thông tin điện tử Tỉnh Sơn La positive
Generated 2026-07-25T15:42:01Z.
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $43.63, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Earnings in 5 days (event risk). Chart setup: Death cross but MACD improving, RSI 70. Maintain position. Not compelling to add more. Target $44.40 (+1.8%), stop $40.58 (−7.5%), A.R:R -1.5:1. Score 5.7/10, moderate confidence.
Take-profit target: $44.40 (-22.2% upside). Target $44.40 (+1.8%), stop $40.58 (−7.5%), A.R:R -1.5:1. Stop-loss: $40.58.
Analyst target reached - limited upside remaining; Earnings in 5 days (event risk); Earnings estimates trending DOWN.
CONMED Corporation trades at a P/E of 23.7 (forward 8.7). TrendMatrix value score: 7.3/10. Verdict: Hold.
11 analysts cover CNMD with a consensus score of 2.5/5. Average price target: $39.
What does CONMED Corporation do?CONMED Corporation is a medical technology company that designs, manufactures and distributes surgical devices for...
CONMED Corporation is a medical technology company that designs, manufactures and distributes surgical devices for orthopedic and general surgery, sold to hospitals and surgery centers in over 100 countries. General surgery products, including the AirSeal insufflation system and Buffalo Filter smoke evacuation line, generated 58% of 2025 net sales of $1.37 billion, with orthopedic sports-medicine and power-tool products making up the remaining 42%; international sales represented approximately 32% of the total.