Conmed Corporation Posts 1.9% Second Quarter Sales Increase
Tracey Romero • Fri, July 28th, 2017
Conmed Corporation (CNMD) announced on Wednesday, July 26, 2017, that sales for the second quarter of 2017 rose 1.9% over the same period last year. On constant currency basis, sales increased 3.0%. Net sales for the quarter were $197.2 million.
Conmed, which is headquartered in Utica, New York, is a global medical technology company. The following table shows the sales details for second quarter 2017.
“We’re increasingly confident that CNMD has turned a corner with regards to its revenue growth; we expect to see signs of improving operating leverage in [second half of 2017] which we view as the next phase of the CNMD story and necessary to continue to move shares higher,” said Mike Matson, an analyst with Needham & Company, LLC, in his report.
He added that “new products (particularly in orthopedic surgery) should increasingly contribute to growth in [in second half of 2017].”
These new products include the CuffLink Double-Row Solution for rotator cuff repair, Stealth shower blades, and Edge ablation systems. In addition, general surgery growth was driven by growth in AirSeal, Endoscope Technologies, and advanced surgery products.
Conmed President and CEO Curt R. Hartman said in a press release, “Our continued top-line growth during the quarter was driven by a sixth straight quarter of growth from the general surgery business and further strength in our international markets.”
“Additionally, we remain encouraged by our domestic orthopedics business, which posted a second consecutive quarter of sequential improvement, while worldwide orthopedics sales returned to positive constant currency growth.”
“We are pleased with the progress we have made to date and expect to build on this momentum in the second half of the year.”