ConMed (NSDQ:CNMD) reported second-quarter results that beat the consensus forecast on Wall Street.
The Largo, Fla.–based surgical and patient monitoring products company posted profits of $13.3 million, or 41¢ per share, on sales of $255.2 million for the three months ended June 30, 2021. The results out yesterday evening showed a massively improving bottom line from Q2 2020, when the company saw losses of –$27.4 million. Sales are up 61.7%.
Adjusted to exclude one-time items, earnings per share were 71¢, 9¢ ahead of Wall Street, where analysts were looking for sales of $248.3 million.
“Our solid second-quarter results, driven by the strong commitment and exceptional performance of our global team, have positioned us well as we continue to navigate the COVID-19 environment and its impacts on our business,” ConMed chair of the board, president & CEO Curt R. Hartman said in a news release. “Our focus remains on new product innovation and strategically investing in our commercial and operations teams to better serve our global customers and drive shareholder value.”
ConMed said it now expects to log adjusted EPS of between $3.15 and $3.25, compared with $3.05 and $3.20 previously, and updated its prior sales guidance for between $1.015 billion and $1.035 billion, an increase from the previously projected range of between $1 billion and $1.03 billion.
CNMD shares were down nearly –2.3% to $135.97 apiece in late morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.