UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD) shares plummeted more than 17 percent in Thursday trading after the surgical-device maker revised down its sales and profit forecasts.
Based on “weaker-than-expected” organic sales performance to date, ConMed is reducing its 2016 constant-currency organic sales growth estimate to a range of -1 percent to 1 percent, compared to the previous range of 1 percent to 3 percent.
It now forecasts 2016 reported sales in the range of $757 million to $767 million, down from the previous range of $768 million to $778 million.
(Sponsored)
Cybersecurity in Today’s Remote Work Environment
The response to the COVID-19 pandemic demonstrated that remote work was viable for many companies. Today, remote and hybrid work models have become standard options for most professionals. While remote
The Influence of Economic Uncertainty on Business Value
Businesses face uncertain conditions today, including geopolitical and cybersecurity risks, inflation concerns, environmental issues, and a lack of clarity about future tax laws and interest rates. Here’s an overview of
The Utica–based company also said it now expects net earnings per share in the range of $1.83 to $1.93, compared to the previous range of $1.95 to $2.05.
ConMed issued its earnings revisions as part of its second-quarter earnings statement issued on Wednesday after the close of regular trading on Wall Street.
ConMed shares fell $8.28, or 17.2 percent, to $39.92 in Thursday trading.
The medical-device firm reported net earnings of $2.9 million, or 10 cents a share, in the second quarter, down from $7.5 million, or 27 cents, in the year-ago period. The earnings included business acquisition and restructuring costs in this year’s second quarter and restructuring costs in the year-earlier quarter.
Domestic sales in the second quarter, which represented 51 percent of total revenue, increased about 11 percent, led by “strong” growth in the firm’s general-surgery business.
Contact The Business Journal News Network at news@cnybj.com
