Shares in ConMed (NSDQ:CNMD) are steady in after hours trading today after the medical device maker beat expectations on Wall Street with its first quarter earnings release.
The Utica, N.Y.-based company posted profits of $1 million, or 4¢ per share, on sales of approximately $218.4 million for the three months ended March 31, seeing profits shrink 90.4% while sales grew 8.1% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 57¢, just ahead of the 54¢ consensus on Wall Street where analysts expected to see sales of approximately $213 million, which the company met.
“We are pleased to report continued strength and momentum in the business this quarter. Our expanding new product pipeline, combined with our solid execution during the first quarter, positions us well to deliver on our increased expectations for 2019,” prez & CEO Curt Hartman said in a press release
The company lifted its full-year 2019 financial guidance, now expecting to see sales growth of between 9% and 10% with adjusted diluted EPS of between $2.47 and $2.52, up from earlier guidance of between $2.42 and $2.47.
Shares in ConMed closed down 0.9% today, at $80.01. Shares have risen less than 0.1% in after-hours trading.
In February, ConMed said that it closed its $365 million acquisition of Buffalo Filter from the Filtration Group.
