CONMED: 2Q Top And Bottom Line Beat, But Top End of Sales Guide Moving Lower, EPS Upside Mostly Tariff Refunds

研报英文原文证据摘录

CONMED: 2Q Top And Bottom Line Beat, But Top End of Sales Guide Moving Lower, EPS Upside Mostly Tariff Refunds

Robbie Marcus, CFA AC North America Equity Research

(1-212) 622-6657 29 July 2026 J P M O R G A N

robert.j.marcus@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

As we look back at 2025 in a vacuum, we think the recent CEO

transition does represent a good time to reset expectations for

2025E+ while leaving room for more consistent upside.

However, the continuous issues we’ve seen in recent years make

it difficult for us to give CONMED the benefit of the doubt as

lingering supply challenges, competitive headwinds for

AirSeal, and a back-end-loaded year represent significant

challenges to execution on top of an uncertain macro

environment. With lowered numbers in 2026+ and uncertainty

YTD 1m 3m 12m around tariffs on top of all this, we remain Neutral.

Abs 6.4% 25.6% 20.2% -14.1%

Rel -10.7% 29.0% 14.1% -43.7% Valuation

Our Dec 2026 price target of $45 values shares at ~9x 2027ECompany Data

EPS, a continued discount to peers that reflects recent mixed

Shares O/S (mn) 31

52-week range ($) 56.63-31.44 execution, supply overhangs, and competition fears.

Market cap ($ mn) 1,341.84

Exchange rate 1.00

Free float (%) 99.6% Performance Drivers

3M ADV (mn) 0.62

3M ADV ($ mn) 22.9

Volatility (90 Day) 53

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 0|6|1

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 1,375 1,364 1,428 1,498

Adj. EBITDA 276 283 293 313

Adj. EBIT 216 216 222 237

Adj. net income 143 137 144 157

Adj. EPS 4.60 4.54 4.83 5.39

BBG EPS 4.50 4.34 4.72 5.37

Cashflow from operations 171 216 156 173

FCFF 170 215 153 167

Margins and Growth

Revenue Growth Y/Y (%) 5.2% (0.8%) 4.7% 4.9%