Conmed Corp

Health Care
Biotechnology: Electromedical & Electrotherapeutic Apparatus
www.conmed.com

Earnings Score
Moat Score
Safety Score

Market Cap $2.30B
PE 17
Debt $941.53M
Cash $38.47M
EV $3.20B
FCF $166.13M

Earnings

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Sales & Net Margins

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Earnings	$131.74M
EBIT	$198.01M
ROE	14%
ROA	9%
FCF	$166.13M
Equity	$932.90M
Growth Stability	-240%
PE	17.43
PEG	0.32
PB	2.46
P/FCF	13.82
P/S	1.78
Price/Cash	0.02
Debt/Equity	1.01
Debt/FCF	5.67
Net Margins	10%
Gross Margins	56%
Op. Margins	15%
Earnings CAGR	8%
Sales Growth YoY	4%
Sales Growth QoQ	-5%
Sales CAGR	7%
FCF CAGR	15%
Equity CAGR	4%
Earnings Stability	0.04
Earnings Growth YoY	209%
Earnings Growth QoQ	63%
Earnings CAGR 5Y	55%

Sales CAGR 5Y	9%
FCF CAGR 5Y	-1%
Equity CAGR 5Y	5%
Earnings CAGR 3Y	11%
Sales CAGR 3Y	11%
FCF CAGR 3Y	45%
Equity CAGR 3Y	8%
Market Cap	$2.30B
Revenue	$1.29B
Dividend Yield	1%
Payout Ratio	19%
Assets	$2.32B
Total Debt	$941.53M
Cash	$38.47M
Shares Outstanding	30.82M
EV	3.2B
Earnings Score	7%
Moat Score	90%
Safety Score	51%
Final Score	49%
Working Capital	358.69M
Current Ratio	2.27
Gross Profit	$716.86M
Shares Growth 3y	2%
Equity Growth QoQ	6%
Equity Growth YoY	17%

Assets & ROA

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Stockholders Equity & ROE

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Conmed Corp is a Utica, New York-based medical equipment company that focuses on sports medicine procedures and general surgery. The firm currently reports through two reporting units, orthopedic surgery (52% of 2018 sales) and general surgery (48%). From a geographic perspective the firm is U.S. centric, with domestic sales accounting for 52% of revenue, EMEA accounting for 19%, APAC at 17%, and the non-U.S. Americas region driving the remaining 12%.

SEC Filings

Direct access to Conmed Corp (CNMD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Conmed Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Conmed Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 4%

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Conmed Corp Discounted Cash Flow

Fully customizable DCF calculator online for Conmed Corp.

Years

Calculation mode

= $4.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$166M	$191M	$219M	$251M	$289M	$331M	$380M	$437M	$502M	$576M	$661M	$6.6B
DCF		$173M	$181M	$189M	$197M	$206M	$215M	$224M	$234M	$244M	$255M	$2.5B
Value	$4.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	4%	4%	2%	7%	5%	3%	1%	6%	-8%	5%	10%
ROA	-	5%	3%	3%	5%	4%	3%	6%	3%	5%	9%
ROE	-	5%	3%	9%	6%	4%	1%	8%	-11%	8%	14%

Good Net Margins (10.27%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	8.23	21.68	9.51	8.17	10.42	14.99	7.19	97.11	9.17	5.67
Debt over Equity	0.42	0.47	0.88	0.79	0.72	1.1	1.09	0.89	1.51	1.17	1.01
Growth Stability	-	-	-	100%	100%	77%	23%	100%	-240%	-	-240%

Bad Debt/FCF ratio (5.67)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.01)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-240%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-3%	6%	4%	8%	11%	-10%	17%	3%	19%	9%
Earnings YoY growth	-	-5%	-52%	278%	-26%	-30%	-67%	557%	-229%	-180%	55%
Equity YoY growth	-	1%	-1%	9%	5%	7%	-0%	11%	-5%	12%	5%
FCF YoY growth	-	-34%	-29%	125%	10%	29%	-31%	88%	-88%	818%	-1%