CONMED Corporation

CNMD

Medical - Devices · Healthcare

Price

$43.20

-1.81 (-4.02%)

Market Cap

$1.30B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−3.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 32.2M (2021) → 31.1M (2025)

CONMED Corporation makes medical devices used by surgeons during procedures like joint repair, laparoscopic surgery, and other minimally invasive operations. Its main products include surgical tools, energy devices, and orthopedic equipment sold to hospitals and surgical centers. The company competes in the broader surgical device market alongside much larger players like Stryker and Johnson & Johnson.

CONMED earns revenue by selling its devices and related single-use consumables directly to healthcare facilities, with the recurring consumables business providing a steadier income stream than one-time equipment purchases. The company operates primarily in the United States but also sells internationally, generating roughly $1 billion in annual revenue. Its main competitive challenge is scale — larger rivals have bigger sales forces and more resources for research and development, which makes it harder for CONMED to win and keep hospital contracts over time.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+136.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$56M/ year

→ Flat (+3% vs prior year)

4.1% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$35M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

CONMED Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

57.9%

Premium pricing power — 57.9% gross margin

Operating Margin

8.0%

Modest — 8.0% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.4%

Slow sales growth (4.4% YoY)

EPS YoY

-53.8%

Earnings shrinking (-53.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

260%

Turns 260% of profit into real cash

FCF Margin

9.0%

Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.85

Moderate — manageable debt (0.85)

Interest Cover

5.14x

Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

24.4x

Growth-priced — P/E 24.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+16.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.4 → 7.8)

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Dividends

Dividend Yield

1.18%

Small dividend — 1.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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