ConMed (NSDQ:CNMD) shares ticked up today after the medical device company yesterday reported third-quarter results that topped Wall Street’s forecast and announced the retirement of its financial chief.
Utica, N.Y.-based ConMed posted profits of $7.2 million, or 26¢ per share, on sales of $190.1 million for the three months ended Sept. 30, for a -1.9% profit slide on sales growth of 2.9% compared with Q3 2016.
Adjusted to exclude one-time items, earnings per share were 42¢, a penny ahead of The Street, where analysts were looking for sales of $187.1 million.
“We are very pleased with our continued top-line progress, especially when considering the impact of one less selling day and the issues associated with two hurricanes. International performance remained strong, posting a sixth consecutive quarter of growth across both general surgery and orthopedics. Conversely, domestic orthopedics reported results are still lagging, but signs point to an improving trend and we are encouraged by the underlying efforts to return this business to positive growth in 2018,” president & CEO Curt Hartman.
ConMed raised its sales outlook but cut the high end of its earnings forecast for the rest of the year, saying it now expects to report adjusted EPS of $1.85 to $1.90, compared with $1.85 to $1.95 previously, on constant-currency sales growth of 2.50% to 3.25%, compared with 2.0% to 3.0% previously.
The company also said that CFO Luke Pomilio is set to retire as soon as a replacement can be found.
“On behalf of the Board and the entire ConMed team, I would like to thank Luke for his invaluable contributions to the improvement of the company’s commercial execution, to the development of our financial organization, and to ConMed as a whole. We appreciate his commitment to our company and its shareholders during his distinguished career here, and we wish him the very best as he transitions into retirement,” Hartman said.
“I have been honored to be a part of the ConMed team for the last two decades and to lead its finance team for the past several years. I am proud of the progress we have made in strengthening the company’s profile, and I am confident that ConMed is well positioned for growth and success,” Pomilio added.
CNMD shares were up 0.6% to $53.51 apiece today in late-morning trading.
