| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 70 | 25.8x | 17.3x | Top tier | |
Growth | 47 | 3.4% | 7.1% | Around median | |
Quality | 70 | 4.3% | 4.5% | Top tier | |
Safety | 52 | 5.2x | 2.6x | Around median | |
Capital Return | 90 | 0.42% | 0.06% | Top tier | |
Momentum | 82 | 1.6% | -1.6% | Top tier | |
Sentiment | 73 | 5 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
CONMED Corporation operates in surgical technologies, generating revenue from two main lines: General Surgery and Orthopedics. Its growth platforms are centered on AirSeal for low-pressure surgical insufflation used in robotic and laparoscopic procedures, Buffalo Filter for surgical smoke evacuation, and BioBrace for reinforcing soft-tissue repair in orthopedic surgery. During Q2 FY2026, the company completed the sale of the remainder of its gastroenterology product portfolio, with an agreement to manufacture certain products for the buyer for 12 months, aiming to focus resources on minimally invasive surgery, smoke evacuation, and soft-tissue repair.
In Q2 FY2026, revenue was $343.5 million, up 0.3% as reported and down 0.5% in constant currency, while organic growth was 6% after excluding gastroenterology products associated with strategic divestitures. Gross profit according to EDGAR data was approximately $197.5 million, equivalent to a gross margin of approximately 57.5%, while net income was $23.1 million and earnings per share were $0.77. On an adjusted basis, diluted earnings per share were $1.38, up 20%, but included a $0.21 benefit from tariff refunds.
General Surgery sales increased 5.3% organically in Q2 FY2026, driven primarily by AirSeal and Buffalo Filter, with mid-single-digit growth in the United States and high-single-digit growth internationally. Orthopedics sales increased 6.8%, as the international business grew 10.8%, supported by APAC and EMEA, while U.S. sales remained nearly flat. The tariff refund raised adjusted gross margin to 59.5% and adjusted operating margin to 18.2%, but excluding this benefit reduces the improvement in gross margin to 50 basis points and leaves adjusted operating income and margin nearly flat year over year.
The analyst consensus on CNMD is "Neutral," with an average price target of $37.5 and a narrow range of $36 to $39, while the stock's 52-week range is $31.44 to $56.64. The average target is approximately 34% below the top of the 52-week range and reflects caution associated with the reduction in the upper end of growth guidance, slower AirSeal growth, and the debt burden, despite the increase in FY2026 adjusted earnings per share guidance. A current price-to-earnings ratio is not available in the data, so valuation cannot be assessed using an earnings multiple without unsupported assumptions.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
CONMED relies on AirSeal, Buffalo Filter, and BioBrace as its primary growth platforms in General Surgery and Orthopedics. In Q2 FY2026, sales increased 6% organically, with General Surgery growing 5.3% organically and Orthopedics growing 6.8%. International Orthopedics also recorded growth of 10.8%, with particular strength in APAC and EMEA.
Management said AirSeal remained one of the largest contributors to General Surgery growth during Q2 FY2026 and that sales of capital equipment and single-use products increased year over year. However, the platform's growth rate was below its expectations, so the expected pace of improvement in the second half of FY2026 is now lower than previously assumed. Management still expects the platform to achieve long-term growth ranging from high single digits to low double digits, supported by opportunities in robotic surgery, laparoscopy, ambulatory surgery centers, and international markets.
Buffalo Filter serves the surgical smoke evacuation market, which CONMED estimates at $1 billion globally. In Q2 FY2026, growth in the direct portfolio exceeded the expected long-term range of high single digits to low double digits and offset a modest decline in the contract manufacturing business. Demand is supported by smoke-free operating room laws in 22 U.S. states covering approximately 57% of the population, along with PlumeSafe X5, which is designed with a smaller footprint, quieter operation, and faster smoke removal.
Automated analysis for informational purposes only — not investment advice.
CONMED estimates the number of rotator cuff repair procedures in the United States at approximately 1 million annually, representing the largest single procedural opportunity for BioBrace. According to data presented by the company on its July 29, 2026 call, retear rates in these procedures range from 30% to more than 50%, while the use of BioBrace in high-risk patients demonstrated a 94% healing rate. Adoption is also supported by more than 30 published studies and AAOS guidelines supporting augmentation of rotator cuff repair.
As of June 30, 2026, CONMED had $37.3 million in cash and $834.2 million in total debt, with leverage of 2.9 times. In June 2026, it obtained a $450 million secured loan maturing in 2030 and used it together with credit facilities to repurchase convertible notes with a face value of $645.2 million for $637.2 million ahead of their June 2027 maturity. Free cash flow was $34.2 million in Q2 FY2026, but full-year guidance was reduced from approximately $125 million to approximately $115 million due to working capital, interest, and taxes.
The company expects organic constant-currency revenue growth of between 5% and 6% in FY2026 after reducing the upper end from 6.5%. It expects adjusted diluted earnings per share of between $4.48 and $4.60 and adjusted gross margin of between 57.5% and 58%, including the tariff benefit. For Q3 FY2026, it expects revenue of between $334 million and $339 million and adjusted earnings per share of between $0.98 and $1.03.