ConMed (NSDQ:CNMD) today posted second quarter earnings that beat Wall Street expectations and lifted its sales growth guidance for the remaining year.
The Utica, N.Y.-based company posted profits of $212.8 million, or 30¢ per share, on sales of $8.7 million for the three months ended June 30, for bottom-line growth of 42% on sales growth of 7.9% when compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 46¢, ahead of the 45¢ consensus on The Street, where analysts were looking for sales of $207.1 million, which the company handily topped.
“We are very pleased with our second quarter, as we achieved strong constant-currency revenue growth, significant gross margin expansion, and solid double-digit growth in profitability. Looking to the second half of the year, we are confident in our ability to build on this momentum and are increasing our revenue guidance. We remain focused on investing in our business, bringing innovative new products to market, and positioning ConMed for long-term revenue and earnings growth,” prez & CEO Curt Hartman said in a press release.
ConMed raised its sales guidance for the year, expecting to see sales growth of between 6% and 7%, up from previous guidance of between 4.5% and 5.5%. The company reiterated previous earnings per share guidance fo between $2.15 and $2.20 for the year.
Shares in ConMed closed up 3.1% today at $76.28.
In April, ConMed saw shares rise after the medical device maker beat expectations on Wall Street with its first quarter earnings results.
