ConMed (NSDQ:CNMD) posted second-quarter results last week that beat the consensus forecast on Wall Street and raised its outlook for the rest of the year, citing an anticipated weaker impact from foreign exchange rates.
Utica, N.Y.-based ConMed reported profits of $5.7 million or $0.19 per share on sales of $238.3 million for the three months ended June 30, 2019. Sales beat those of Q2 2019 by 12%. Adjusted to exclude one-time items, earnings per share were $0.56, 3¢ ahead of The Street, where analysts were looking for sales of $233.3 million.
“We are very pleased with our second quarter and first-half results,” said ConMed president & CEO Curt Hartman in a news release. “The entire business continued to strengthen, and we made exceptional progress integrating the Buffalo Filter acquisition while continuing to introduce new products, such as our Infinity Knee system, into the market. The underlying strength in the business and our improving position in the growth markets we serve give us the confidence to increase our full-year expectations for both revenue and earnings.”
ConMed closed its $365 million acquisition of Buffalo Filter from the Filtration Group in February.
ConMed said it expects to log adjusted EPS of $2.52 to $2.57 this year, up from prior guidance of $2.47 to $2.52. The company also boosted its top-line outlook to $951 million to $958 million, which includes an increase to organic constant currency sales of 6.0% to 6.5% from the previous range of 5.25% to 6.25%.
CNMD shares were trading down -4% to $92.34 apiece today in midday trading.