ConMed (NSDQ:CNMD) shares are off some 6% this week after the medical device company missed expectations with its 4th-quarter earnings.
Utica, N.Y.-based ConMed posted a -14.6% profit decline to $6.7 million, or 24¢ per share, on sales growth of 6.8% to $204.1 million for the 3 months ended Dec. 31, compared with Q4 2015. Adjusted to exclude 1-time items, earnings per share were 54¢, 2¢ below the consensus forecast on Wall Street, where analysts were looking for sales of $203.5 million.
Full-year profits were off -51.9% to $14.7 million, or 52¢ per share, on sales growth of 6.2% to$763.5 million compared with 2015.
“Our international business and the domestic general surgery category, which represent 78% of our total revenue, exited the year with positive momentum. Overall, we are demonstrating consistent and improving performance across these areas. Clearly, these successes were offset by ongoing challenges in domestic orthopedics, where we believe we are taking the appropriate steps to drive improvement in this business over the coming quarters,” president & CEO Curt Hartman said in prepared remarks.
ConMed said it expects to report adjusted EPS this year of $1.85 to $1.95 on constant-currency sales growth of 1% to 3%.
The Company expects 2017 constant currency sales growth in the range of 1% to 3%. Based on exchange rates as of January 27, 2017, the negative impact to 2017 sales from foreign exchange is anticipated to be approximately 0.5%.
Since the earnings release, CNMD shares are off -6.2% as of yesterday’s $41.51 close. The stock was trading at $41.62 in mid-morning activity today, up 0.3%.
