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↑Improving
- Exceptional Cash Conversion Quality↓Deteriorating
- Confirmed Downtrend Blocks Entry↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 17, 2026
CONMED Corporation (CNMD) Stock Analysis
Inst Constrain edge
Healthcare · Medical Devices
Sell if holding. Analyst target reached at $44.29 — A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: V7 low-quality RISK_OFF penalty: -0.5 (Q=5.2).
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
Sell if holding. Analyst target reached at $44.29 — A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: V7 low-quality RISK_OFF penalty: -0.5 (Q=5.2). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.1/10, moderate confidence.
Passes 7/9 gates (clean insider activity, no SEC red flags, news boost analyst 0.70, news boost analyst cluster(4), earnings proximity 86d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. 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 $7.3 million in 2025.
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Unlike many diversified medtech peers, CONMED states plainly that no single customer accounted for more than 10% of net sales and that the loss of any individual group purchasing contract would not materially affect the business, leaving supply chain as the more concentrated exposure: the 10-K discloses that strategic partnerships with key suppliers may result in components and raw materials being sole sourced. With international sales at 32% of the total and general surgery alone contributing 58% of revenue, a sole-source component disruption tied to either segment carries more concentrated risk than the diversified, no-single-customer sales base would otherwise suggest.
See also: Healthcare · Medical Devices
From CONMED Corporation's most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-11-02Recent Developments — CONMED Corporation
Latest news
- NEWS CONMED ($CNMD) Releases Q2 2026 Earnings, Stock Rises - Quiver Quantitative — Quiver Quantitative positive
- NEWS CONMED ($CNMD) Releases Q2 2026 Earnings, Stock Rises - quiverquant.com — quiverquant.com positive
- NEWS CONMED (NYSE:CNMD) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS - MarketBeat — MarketBeat positive
- NEWS CONMED (NYSE:CNMD) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS - marketbeat.com — marketbeat.com positive
- NEWS CONMED’s (NYSE:CNMD) Q2 CY2026: Beats On Revenue, Stock Soars - StockStory — StockStory positive
Generated 2026-11-02T12:03:19Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
2 floor-breakers
Revenue shrinking — -0.7% YoY. Growth thesis broken unless recovery story develops.static
Momentum 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
Sell if holding. Analyst target reached at $44.29 — A.R:R is negative (-0.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: V7 low-quality RISK_OFF penalty: -0.5 (Q=5.2). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $42.20. Score 5.1/10, moderate confidence.
Analyst target $40.74 reached (−8.0% from $44.29); no take-profit level is published. Prior stop was $42.20. Stop-loss: $42.20.
Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.2); Weak growth.
CONMED Corporation trades at a P/E of 18.4 (forward 9.3). TrendMatrix value score: 7.7/10. Verdict: Sell.
12 analysts cover CNMD with a consensus score of 2.5/5. Average price target: $47.
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.