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Q1 2026: CONMED (NYSE: CNMD) lifts 2026 sales outlook, EPS $0.45

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CONMED Corporation reported first quarter 2026 net sales of $317.0 million, down 1.3% year-over-year, as the exit of certain gastroenterology products reduced sales by $15.5 million. Domestic revenue fell 5.8%, while international revenue grew 4.7% as reported.

GAAP diluted earnings per share rose to $0.45 from $0.19 a year earlier, and adjusted diluted EPS was $0.89 versus $0.95. EBITDA was $44.3 million and adjusted EBITDA was $56.4 million, compared to $61.3 million in 2025.

Management raised its 2026 outlook for organic constant currency revenue growth to 5.0%–6.5% and now expects full-year reported revenue of $1.350 billion to $1.375 billion, while reaffirming adjusted diluted EPS guidance of $4.30 to $4.45.

Positive

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Negative

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Insights

CONMED posts stronger margins, modest sales dip, and raises 2026 revenue outlook.

CONMED generated Q1 2026 sales of $317.0 million, down 1.3% year-over-year, as exiting certain gastroenterology products cut sales by $15.5 million. Despite lower sales, gross margin improved to 57.9% from 55.3%, lifting operating margin to 8.0% versus 5.0%.

GAAP diluted EPS increased to $0.45 from $0.19, helped by higher operating income and items such as a gain on the sale of gastroenterology assets and a termination of a distribution agreement. Adjusted diluted EPS slipped to $0.89 from $0.95, and adjusted EBITDA declined to $56.4 million from $61.3 million, showing underlying profitability was slightly lower after adjustments.

Management raised 2026 organic constant currency revenue growth guidance to 5.0%–6.5% and now forecasts reported revenue of $1.350 billion to $1.375 billion, reflecting a small uplift and some foreign exchange benefit. Adjusted EPS guidance of $4.30–$4.45 was reaffirmed, with the company noting stronger operating performance is largely offset by higher expected interest expense tied to planned 2026 debt refinancing.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 net sales $317.0 million Three months ended March 31, 2026; down 1.3% year-over-year
Q1 2026 GAAP diluted EPS $0.45 Compared to $0.19 in Q1 2025
Q1 2026 adjusted diluted EPS $0.89 Compared to $0.95 in Q1 2025
2026 revenue guidance $1.350B–$1.375B Full-year 2026 reported revenue outlook
2026 organic constant currency growth 5.0%–6.5% Updated full-year 2026 organic revenue growth guidance
2026 adjusted EPS guidance $4.30–$4.45 Full-year 2026 adjusted diluted net earnings per share
Q1 2026 EBITDA $44.3 million EBITDA for three months ended March 31, 2026
Q1 2026 adjusted EBITDA $56.4 million Versus $61.3 million in Q1 2025
adjusted diluted net earnings per share financial
"Adjusted diluted net earnings per share(1) were $0.89, compared to adjusted diluted net earnings per share of $0.95"
Adjusted diluted net earnings per share is the company’s net profit divided by the total number of shares after accounting for things that could increase share count, with one‑time or unusual items removed so the figure reflects recurring performance. Think of a pie split into more slices (dilution) and with a few burnt pieces taken out (adjustments); it helps investors see how much of the company’s ongoing profit really belongs to each share and compare results across periods.
constant currency financial
"Sales of $317.0 million decreased 1.3% year-over-year as reported and 2.9% in constant currency."
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
EBITDA financial
"Reconciliation of Reported Net Income to EBITDA & Adjusted EBITDA (in thousands, unaudited)"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
Operational optimization costs financial
"Operational optimization costs (1) 379 (7,526) - 7,905"
European Union's Medical Device Regulations regulatory
"In 2026, the Company incurred costs to comply with the European Union's Medical Device Regulations (MDR)."
Adjusted EBITDA financial
"Adjusted EBITDA $ 56,391 $ 61,302"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net sales $317.0 million -1.3% year-over-year
GAAP diluted EPS $0.45 up from $0.19 in Q1 2025
Adjusted diluted EPS $0.89 down from $0.95 in Q1 2025
EBITDA $44.3 million up from $34.2 million in Q1 2025
Adjusted EBITDA $56.4 million down from $61.3 million in Q1 2025
Guidance

For 2026, CONMED expects reported revenue of $1.350–$1.375 billion, organic constant currency revenue growth of 5.0%–6.5%, and adjusted diluted EPS of $4.30–$4.45.

FALSE000081695600008169562026-04-292026-04-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2026

CONMED CORPORATION
(Exact name of registrant as specified in its charter)

Delaware001-3921816-0977505
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer
Identification No.)

11311 Concept Blvd
Largo, FL
33773
(Address of principal executive offices)(Zip code)


(727) 392-6464
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (See General Instruction A.2 below):

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Rule 12(b) of the Act

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueCNMDNYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐









Item 2.02    Results of Operations and Financial Condition

On April 29, 2026, CONMED Corporation issued a press release announcing financial results for the first quarter ended March 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K that is furnished under “Item 2.02. Results of Operations and Financial Condition” and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits

(d)    Exhibits

The following exhibits are included herewith:

Exhibit No.Description of Exhibit
99.1
Press release dated April 29, 2026, issued by CONMED Corporation.
104Cover Page Interactive Data File (embedded within the Inline XBRL Document).




Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



                    
Date: April 29, 2026
CONMED CORPORATION
(Registrant)

    
By:
 /s/ Andrew Moller
Name:
Andrew Moller
Title:
Interim Principal Financial Officer
VP, Corporate Controller


image_0a.jpg
NEWS RELEASE
    
CONTACT:
CONMED Corporation
Dalton Henry
Investor Relations Analyst
ir@conmed.com


CONMED Corporation Announces First Quarter 2026 Financial Results

Largo, Florida, April 29, 2026 – CONMED Corporation (NYSE: CNMD) today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Sales of $317.0 million decreased 1.3% year-over-year as reported and 2.9% in constant currency. Net sales growth was impacted by a $15.5 million decrease in sales from the exit of certain GI products.
Domestic revenue decreased 5.8% year-over-year. Domestic sales growth was impacted by a $15.2 million decrease in sales from the exit of certain GI products.
International revenue increased 4.7% year-over-year as reported and 1.0% in constant currency. International sales growth was impacted by a $0.3 million decrease in sales from the exit of certain GI products.
Diluted net earnings per share (GAAP) were $0.45, compared to diluted net earnings per share (GAAP) of $0.19 in the first quarter of 2025.
Adjusted diluted net earnings per share(1) were $0.89, compared to adjusted diluted net earnings per share of $0.95 in the first quarter of 2025.

“Our 2025 momentum continued in the first quarter as we delivered revenue and adjusted earnings ahead of our expectations,” said Patrick J. Beyer, CONMED’s President and Chief Executive Officer. “We continue to concentrate our resources and investment on our higher-growth, higher-margin areas: minimally invasive surgery, smoke evacuation, and orthopedic soft tissue repair.”

2026 Outlook

Based on the Company’s first quarter performance, management is raising its outlook for full-year 2026 organic revenue growth on a constant currency basis. The Company now expects year-over-year organic constant currency revenue growth, which excludes gastroenterology product sales, of approximately 5.0% to 6.5% compared to the prior guidance range of 4.5% to 6.0%. Full-year 2026 reported revenue is now expected to be in the range of $1.350 billion to $1.375 billion, compared to prior guidance of $1.345 billion to $1.375 billion. The updated revenue outlook reflects an estimated 40 to 50 basis points of favorable foreign exchange impact, compared to the prior assumption of 0 to 50 basis points of favorable impact. This updated guidance also reflects an estimated $14.5 million to $17.5 million in revenue from gastroenterology products, reduced from the prior guidance of $21.0 million to $25.0 million due to the divestiture of the remaining gastroenterology portfolio.

The Company continues to expect full-year adjusted diluted net earnings per share(2) in the range of $4.30 to $4.45. The reaffirmed outlook reflects stronger underlying operating performance, largely offset by higher-than-previously anticipated interest expense due to the planned refinancing of the Company's debt during 2026.






Supplemental Financial Disclosures

(1) A reconciliation of reported diluted net earnings per share to adjusted diluted net earnings per share, a non-GAAP financial measure, appears below.

(2) Information reconciling forward-looking adjusted diluted net earnings per share to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

Conference Call

The Company’s management will host a conference call today at 4:30 p.m. ET to discuss its first quarter 2026 results.

To participate in the conference call via telephone, please click here to pre-register and obtain the dial-in number and passcode.

This conference call will also be webcast and can be accessed from the “Investors” section of CONMED's website at www.conmed.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.





Consolidated Condensed Statements of Income
(in thousands except per share amounts, unaudited)
     
  Three Months Ended
  March 31,
  2026 2025
     
Net sales $317,046  $321,256 
Cost of sales 133,599  143,504 
Gross profit 183,447  177,752 
% of sales 57.9 % 55.3 %
Selling & administrative expense 141,699  148,847 
Research & development expense 16,333  12,947 
Income from operations 25,415  15,958 
% of sales 8.0 % 5.0 %
Interest expense 7,060  8,286 
Income before income taxes 18,355  7,672 
Provision for income taxes 4,527  1,636 
Net income $13,828  $6,036 
     
Basic EPS $0.45 $0.19 
Diluted EPS 0.45 0.19 
  
Basic shares 30,588 30,973 
Diluted shares 30,621 31,151 


















Sales Summary
(in millions, unaudited)
 
Three Months Ended March 31,
% Change
DomesticInternational
20262025As ReportedImpact of Foreign CurrencyConstant Currency As ReportedAs ReportedImpact of Foreign CurrencyConstant Currency
Orthopedic Surgery$147.7 $138.3 6.8 %-2.3 %4.5 %5.5 %7.6 %-3.7 %3.9 %
General Surgery169.3 183.0 -7.4 %-1.1 %-8.5 %-10.4 %0.1 %-3.9 %-3.8 %
$317.0 $321.3 -1.3 %-1.6 %-2.9 %-5.8 %4.7 %-3.7 %1.0 %
Single-use Products$270.0 $276.3 -2.3 %-1.6 %-3.9 %-8.1 %6.2 %-4.0 %2.2 %
Capital Products47.0 45.0 4.6 %-1.5 %3.1 %12.4 %-2.0 %-2.8 %-4.8 %
$317.0 $321.3 -1.3 %-1.6 %-2.9 %-5.8 %4.7 %-3.7 %1.0 %
Domestic$173.0 $183.8 -5.8 %0.0 %-5.8 %
International144.0 137.5 4.7 %-3.7 %1.0 %
$317.0 $321.3 -1.3 %-1.6 %-2.9 %



Reconciliation of Reported Net Income to Adjusted Net Income
(in thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026
Gross ProfitSelling & Administrative ExpenseResearch & Development ExpenseOperating IncomeInterest ExpenseTax ExpenseEffective Tax RateNet IncomeDiluted EPS
As reported$183,447 $141,699 $16,333 $25,415 $7,060 $4,527 24.7 %$13,828 $0.45 
% of sales57.9 %44.7 %5.2 %8.0 %
Operational optimization costs(1)
379 (7,526)7,905 1,801 6,104 
Executive transition costs(2)
(3,342)3,342 761 2,581 
EU medical device regulations(3)
(1,167)1,167 266 901 
Contingent consideration fair value adjustments(4)
(722)722 164 558 
Termination of distribution agreement(5)
(1,864)(1,864)(425)(1,439)
Gain on sale of product line(6)
3,916 (3,916)(892)(3,024)
$181,962 $134,025 $15,166 $32,771 $7,060 $6,202 $19,509 
Adjusted gross profit % 57.4 %
Amortization(7)
$1,500 (7,261)8,761 (1,276)2,442 7,595 
As adjusted$126,764 $15,166 $41,532 $5,784 $8,644 24.2 %$27,104 $0.89 
% of sales   40.0 %4.8 %13.1 %
Three Months Ended March 31, 2025
Gross ProfitSelling & Administrative ExpenseResearch & Development ExpenseOperating Income Interest ExpenseTax ExpenseEffective Tax RateNet IncomeDiluted EPS
As reported$177,752 $148,847 $12,947 $15,958 $8,286 $1,636 21.3 %$6,036 $0.19 
% of sales55.3 %46.3 %4.0 %5.0 %
Operational optimization costs(1)
3,410 (490)3,900 901 2,999 
Executive transition costs(2)
(12,165)12,165 2,812 9,353 
Contingent consideration fair value adjustments(4)
(3,962)3,962 916 3,046 
Gain on sale of product line(6)
354 (354)(82)(272)
Legal matters(8)
(1,037)1,037 240 797 
$181,162 $131,547 $12,947 $36,668 $8,286 $6,423 $21,959 
Adjusted gross profit % 56.4 %
Amortization(7)
$1,500 (7,172)8,672 (1,443)2,455 7,660 
As adjusted$124,375 $12,947 $45,340 $6,843 $8,878 23.1 %$29,619 $0.95 
% of sales    38.7 %4.0 %14.1 %




(1) In 2026 and 2025, the Company incurred costs related to the engagement of a consulting firm to evaluate and propose improvements to our manufacturing operations which are included in cost of sales. In addition, we incurred consulting fees, legal fees and other charges related to operational optimization which are included in selling & administrative expense.
(2) The Company incurred cash and stock-based compensation costs related to advisory services provided by our former Chief Financial Officer and Chief Executive Officer in 2026 and 2025, respectively.
(3) In 2026, the Company incurred costs to comply with the European Union's Medical Device Regulations (MDR).
(4) In 2026 and 2025, the Company recorded expense related to the fair value adjustments of contingent consideration.
(5) In 2026, the Company incurred income related to the early termination of an agreement granting the Company exclusive distribution rights.
(6) In 2026, the Company recognized a gain on the sale of certain assets related to gastroenterology products. In 2025, the Company recognized a gain on the sale of a product line.
(7) Includes amortization of intangible assets and deferred financing fees.
(8) In 2025, the Company incurred costs for third party services pertaining to potential issues with certain royalty payments to design surgeons.



Reconciliation of Reported Net Income to EBITDA & Adjusted EBITDA
(in thousands, unaudited)
 
 Three Months Ended
 March 31,
 2026 2025
    
Net income$13,828 $6,036 
Provision for income taxes4,527 1,636 
Interest expense7,060 8,286 
Depreciation4,174 4,235 
Amortization14,663 14,018 
EBITDA$44,252  $34,211 
    
Stock based compensation4,783 6,381 
Operational optimization costs7,905 3,900 
Executive transition costs3,342 12,165 
EU medical device regulations1,167 
Contingent consideration fair value adjustments722 3,962 
Termination of distribution agreement(1,864)
Gain on sale of product line(3,916)(354)
Legal matters1,037 
Adjusted EBITDA$56,391  $61,302 
    
    
EBITDA Margin   
  EBITDA14.0 %10.6 %
  Adjusted EBITDA17.8 %19.1 %





About CONMED Corporation

CONMED is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, and thoracic surgery. For more information, visit www.conmed.com.

Forward-Looking Statements

This press release and associated conference call may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to the risk factors discussed in the Company's Annual Report on Form 10-K for the full year ended December 31, 2025 and other risks and uncertainties, which may be detailed from time to time in reports filed by CONMED with the SEC. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. 

Supplemental Information - Reconciliation of GAAP to Non-GAAP Financial Measures

The Company supplements the reporting of its financial information determined under generally accepted accounting principles in the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; adjusted gross profit; cost of sales excluding specified items; adjusted selling and administrative expenses; adjusted research and development expense; adjusted operating income; adjusted interest expense; adjusted income tax expense; adjusted effective income tax rate; adjusted net income and adjusted diluted net earnings per share (EPS). The Company believes that these non-GAAP measures provide meaningful information to assist investors and shareholders in understanding its financial results and assessing its prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of its operations because they exclude items that may not be indicative of, or are unrelated to, its core operating results and provide a baseline for analyzing trends in the Company’s underlying business. Further, the presentation of EBITDA is a non-GAAP measurement that management considers useful for measuring aspects of the Company’s cash flow. Management uses these non-GAAP financial measures for reviewing the operating results and analyzing potential future business trends in connection with its budget process and bases certain management incentive compensation on these non-GAAP financial measures.

Net sales on a constant currency basis is a non-GAAP measure. The Company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. To measure percentage sales growth in constant currency, the Company removes the impact of changes in foreign currency exchange rates that affect the comparability and trend of net sales. To measure earnings performance on a consistent and comparable basis, the Company excludes certain items that affect the comparability of operating results and the trend of earnings. These adjustments are irregular in timing, may not be indicative of past and future performance and are therefore excluded to allow investors to better understand underlying operating trends.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit,



cost of sales, selling and administrative expenses, research and development expense, operating income, interest expense, income tax expense, effective income tax rate, net income and diluted net earnings per share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures above, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

We are unable to present a quantitative reconciliation of our expected diluted net earnings per share to expected adjusted diluted net earnings per share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of acquisition, integration and other charges. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our consolidated condensed statements of income.

FAQ

How did CONMED (CNMD) perform financially in Q1 2026?

CONMED reported Q1 2026 net sales of $317.0 million, down 1.3% year-over-year, with GAAP diluted EPS of $0.45 versus $0.19 in 2025. Adjusted diluted EPS was $0.89 compared to $0.95, reflecting slightly lower underlying profitability after non-GAAP adjustments.

What drove CONMED’s Q1 2026 revenue decline?

The 1.3% sales decline to $317.0 million was mainly due to exiting certain gastroenterology products, which reduced net sales by $15.5 million. Domestic revenue fell 5.8% year-over-year, while international revenue increased 4.7% as reported, partially offsetting the impact.

How did CONMED’s margins and EBITDA change in Q1 2026?

Gross margin improved to 57.9% from 55.3%, and operating margin rose to 8.0% from 5.0%. EBITDA increased to $44.3 million from $34.2 million, while adjusted EBITDA declined to $56.4 million from $61.3 million, indicating lower adjusted profitability despite better GAAP margins.

What is CONMED’s updated 2026 revenue outlook?

For full-year 2026, CONMED now expects reported revenue between $1.350 billion and $1.375 billion, slightly above prior guidance. Organic constant currency revenue growth, excluding gastroenterology products, is now projected at 5.0%–6.5%, up from a previous range of 4.5%–6.0%.

What earnings guidance did CONMED give for full-year 2026?

CONMED reaffirmed 2026 adjusted diluted EPS guidance of $4.30 to $4.45. Management noted this outlook incorporates stronger underlying operating performance, largely offset by higher-than-previously anticipated interest expense associated with the company’s planned 2026 debt refinancing.

How did domestic and international sales trend for CONMED in Q1 2026?

Domestic sales declined 5.8% year-over-year, influenced by a $15.2 million reduction from exiting certain gastroenterology products. International sales grew 4.7% as reported and 1.0% in constant currency, with only a $0.3 million gastroenterology-related sales decrease.

Filing Exhibits & Attachments

4 documents