ConMed posted third-quarter results that beat the consensus forecast on Wall Street.
The Utica, N.Y.-based company reported profits of $6.9 million, or 23¢ per share, on sales of $237.8 million for the three months ended Sept. 30., for a bottom-line loss of -1.7% sales growth of 1.82% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were 88¢, 65¢ ahead of The Street, where analysts were looking for sales of $205.9 million.
“Our third-quarter results demonstrate our team’s commitment to operational execution in the face of the global COVID-19 environment,” president and CEO Curt Hartman said in a news release. “During the quarter, we generated continued positive momentum within our business despite ongoing geographic variability in procedure volumes as a result of pandemic-related disruptions. I remain confident that our team’s outstanding commitment to serving our customers and our continued expense discipline keep us well-positioned to achieve profitable above-market growth over the long term.”
Due to the ongoing pandemic, ConMed is not providing a financial outlook for the remainder of the year.
Shares in CNMD were up 4.76% to $83.21 apiece at market open.