Initiate at Mkt: Clearing the Smoke, but We're Not Ready to Call the All-Clear

研报英文原文证据摘录

Initiate at Mkt: Clearing the Smoke, but We're Not Ready to Call the All-Clear

July 8, 2026 | 16:02 ET~

CONMED Corp

CNMD-NYSE Rating Price: Jul-7 Target Total Rtn Medical Supplies & Devices

Market Perform $34.24 $36.00 7%

Vik Chopra Analyst

vik.chopra@bmo.com (917) 581-0141

Legal Entity: BMO Capital Markets Corp.

Initiate at Mkt: Clearing the Smoke, but We're Not

2YR Price Volume Chart

90Ready to Call the All-Clear

Bottom Line: 70

We initiate coverage of CNMD at Market Perform with a $36 target price. CONMED 60 3

boasts three compelling and underpenetrated growth platforms in AirSeal, Buffalo 50 2

Filter, and BioBrace, but a recent CFO change, a noisy 2026 EPS algorithm burdened by 40 1

tariffs, GI exit headwinds, and debt refinancing costs, combined with a supply chain 30 Jan Jul Jan Jul 0

recovery that remains incomplete, leave us on the sidelines until there is greater LHS: Price ($) / RHS: Volume (mm) Source: FactSet

evidence of consistent execution. Company Data in $

Dividend $0.80 Shares O/S (mm) 30.1

Key Points

Yield 2.3% Market Cap (mm) $1,031

Supply chain recovery is progressing, though execution risk remains. Back-orders EV (mm) $1,884 AD Vol. (mm) 0.43

have fallen to a three-year low, orthopedics has delivered three consecutive quarters BMO Estimates in $

of mid-single-digit growth, and management has identified at least $20M of annual

(FY-Dec.) 2025A 2026E 2027E

savings. However, inventory days have risen, and management’s own framing of being

EPS $4.61 $4.20 $4.45in the “second half of the game” suggests the recovery remains incomplete.

Revenue $1,375 $1,362 $1,437Recent CFO appointment introduces uncertainty at a critical juncture. On June 17,

CNMD resolved a key leadership gap with the appointment of John Gallagher as its EBITDA $276 $268 $285

new CFO.