ConMed (NSDQ:CNMD) this week posted third-quarter results that beat the earning consensus on Wall Street but missed on revenue estimates.
The Largo, Florida-based minimally invasive surgical device company reported profits of $14.9 million, or 47¢ per share, on sales of $248.8 million for the three months ended September 30, for a bottom-line gain of 118.2% on sales growth of 4.62% compared with Q3 2020.
Adjusted to exclude one-time items, earnings per share were 80¢, 5¢ ahead of The Street, where analysts were looking for sales of $255.3 million.
“We faced a more challenging macro environment during the third quarter than anticipated, but our organizational resilience enabled us to grow revenue over the third quarters of both 2020 and 2019,” president and CEO Curt Hartman said in a news release. “Our team remains focused on serving our customers and helping them navigate a difficult environment while driving continued product innovation to support long-term growth.”
Conmed raised its guidance expects full-year 2021 adjusted diluted EPS to be in the range of $3.18 to $3.23. It estimates full-year revenue to be in the range of $1.015 billion to $1.035 billion.
Shares in CNMD were up 1.61% to $141.99 apiece at market open.