ConMed (NSDQ:CNMD) posted first-quarter results this week that beat the overall consensus on Wall Street and raised its guidance for the remainder of the fiscal year.
The Largo, Fla.-based company reported profits of $9.9 million, or 31¢ per share, on sales of $232.7 million for the three months ended March 31, for a bottom-line gain of 66.4% sales growth of 8.7% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were 63¢, 19¢ ahead of The Street, where analysts were looking for sales of $216.9 million.
“I am very pleased by our first-quarter performance, which is a direct result of our team’s continued perseverance through a difficult operating environment,” president and CEO Curt Hartman said in a news release. “I believe that Conmed is well-positioned to capitalize on an improving surgical landscape over the course of this year, and I am confident in our team’s ability to provide innovative solutions that will benefit both our customers and the patients in their care.”
ConMed said it is increasing its full-year 2021 guidance and now expects to log revenue between $1.0 billion and $1.03 billion compared to its previous guidance of $975 million and $1.02 billion. It expects GAAP EPS to be in the range of $3.05 to $3.20.
Shares in CNMD were at a standstill before hours.