Utica, N.Y.-based ConMed posted profits of $6.97 million, or 23¢ per share, on sales of $233.59 million for the three months ended Sept. 30, for a bottom-line gain of 19.7% on revenue growth of 15.5%.
Adjusted to exclude one-time items, earnings per share were 62¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $228.3 million.
“Our solid third quarter results were balanced across our product lines and geographies,” president & CEO Curt Hartman said in prepared remarks. “We are delivering on our commitment to drive increased profitability, while also continuing to invest for sustainable above-market growth on the top and bottom lines. We believe the strong year-to-date performance in 2019 positions us well to continue to deliver at least mid-single-digit revenue growth and double-digit adjusted earnings growth in 2020 and beyond.”
ConMed said it now expects to put up adjusted EPS of $2.62 to $2.65 this year, compared with prior guidance for between $2.52 and $2.57, but trimmed the top end of its revenues guidance to between $951 million and $957 million, from $951 million to $958 million previously.
CNMD shares closed up 7.2% at $110.02 per share yesterday.