Conmed (NYSE:CNMD) shares are down today on lowered 2022 guidance, even as its Q2 results beat Wall Street expectations.
The Largo, Florida–based company posted losses of $168.3 million, or $5.65 per share, on sales of $277.2 million for the three months ended June 30, 2022, for a massive bottom-line slide deep into the red on sales growth of 8.6%.
Adjusted to exclude one-time items, earnings per share were 76¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $274.2 million.
During the quarter, on June 14, the company announced that it completed its $145 million acquisition of In2Bones.
“I’m proud that our team drove strong revenue growth in the second quarter while also refinancing our debt and closing the acquisition of In2Bones,” Conmed Chair, President and CEO Curt R. Hartman said in a news release. “We continue navigating the challenges of hospital staffing and inflation while remaining committed to enhancing the company’s long-term growth and profitability profiles.”
Due to changes in foreign exchange rates, Conmed lowered its 2022 guidance. The company said it now expects to log adjusted EPS of between $3.40 and $3.55, compared with $3.50 to $3.65 previously. Conmed updated its sales guidance for between $1.095 billion and $1.14 billion, down from the prior guidance of between $1.105 billion and $1.150 billion.
CNMD shares were down more than 4% at $99.96 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.