CONMED Corporation

CNMD

Medical - Devices · Healthcare

Price

$51.07

-0.31 (-0.60%)

Market Cap

$1.53B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Weak

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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)

Winston Score History

The full picture

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.

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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

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.6% YoY

YoY Growth Rate

Steady EPS growth

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

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$37M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

CONMED Corporation is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

57.5%

Premium pricing power — 57.5% gross margin

Profit after running costs

Operating Margin

10.6%

Modest — 10.6% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

-48.0%

Earnings shrinking (-48.0% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

267%

Turns 267% of profit into real cash

Spare cash per sale

FCF Margin

9.8%

Modest free cash flow (9.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Covers its interest

Interest Cover

4.95x

Adequate interest coverage (4.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

27.6x

Growth-priced — P/E 27.6

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

Cheaper or dearer next year

P/E vs Forward

+17.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.6 → 9.7)

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Dividends

Dividend

Dividend Yield

0.43%

Small dividend — 0.43% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

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