ConMed shares steady on Q2 beat

Shares in ConMed (NSDQ:CNMD) have stayed steady today after the device maker met expectation on Wall Street with its 2nd quarter earnings results.

The Utica, N.Y.-based company posted profits of $6.1 million, or 22¢ per share, on sales of $197.2 million for the 3 months ended June 30, for bottom-line growth of 112.9% while sales grew 1.9% compared with the same period in the previous year.

Adjusted to exclude 1-time items, earnings per share were 41¢, just in line with consensus on The Street, where analysts were looking for sales of $194.7 million for the quarter.

“Our continued top-line growth during the quarter was driven by a sixth straight quarter of growth from the General Surgery business and further strength in our international markets. Additionally, we remain encouraged by our domestic Orthopedics business, which posted a second consecutive quarter of sequential improvement, while worldwide Orthopedics sales returned to positive constant currency growth.We are pleased with the progress we have made to date and expect to build on this momentum in the second half of the year,” prez & CEO Curt Hartman said in a press release.

ConMed updated its outlook for the year, expecting to post earnings per share of between $1.85 and $1.95, with constant currency sales growth between 2% and 3%.

The company’s shares have stayed steady today, down 0.3% at $49.85 as of 12:16 p.m. EDT.

The post ConMed shares steady on Q2 beat appeared first on MassDevice.

from MassDevice http://ift.tt/2vMEfZz