ConMed (NSDQ:CNMD) today posted third quarter earnings that met EPS expectations on Wall Street and topped sales consensus.
The Utica, N.Y.-based company posted profits of $5.8 million, or 20¢ per share, on sales of $202.3 million for the three months ended September 30, seeing profits shrink 19.1% while sales grew 6.4% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 46¢, just in line with the consensus on The Street, where analysts were looking for sales of $198.5 million.
“We are pleased with our strong global performance in the third quarter, which reflects continued execution against our strategic plans. We believe we are well-positioned to continue to deliver above-market revenue growth and attractive returns to our shareholders,” prez & CEO Curt Hartman said in a press release.
Conmed adjusted its full year guidance, now expecting to see adjusted sales growth of between 6.5% and 7%, compared to previous guidance of between 6% and 7%. The company said it still expects to post adjusted diluted earnings per share of between $2.15 and $2.20.
Shares in ConMed rose 4.8% today, closing at $6.40.
In August, ConMed posted second quarter earnings that beat Wall Street expectations and lifted its sales growth guidance for the remaining year.
