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CNMD · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is CONMED Corporation (CNMD) stock moving?
CONMED's Q3 2026 report on Oct 28 was mixed. Adjusted EPS of $1.04 beat the $1.00 estimate, but sales of $335.6M slightly missed the $336.2M estimate. The company raised its FY2026 adjusted EPS guidance to $4.54-$4.61 (estimate $4.54) and narrowed sales guidance to $1.360B-$1.366B, with the midpoint just below the $1.366B estimate. The stock fell about 3% on results day, from $47.20 to $45.76, and bottomed at $44.29 on Oct 30. Wells Fargo (Equal-Weight, target raised to $49) and JP Morgan (Neutral, target raised to $50) lifted targets, but both kept neutral ratings. The rebound from Oct 30 was sharp: on Nov 4 the stock jumped 13.7% to $53.66 on 592K shares, roughly 1.5 times the recent average. None of the provided news explains that move. Since then the stock has eased to $51.21 on Nov 10, and volume has fallen to 225K, the lowest in the 30-day window. The price now sits above both new analyst targets, which limits near-term upside on the sell-side view. The Jefferies conference on Nov 16-19 is the next scheduled company event.
News behind the analysis
- CONMED Corporation Reports Q3 2026 Financial ResultsCONMED reported Q3 2026 adjusted EPS of $1.04 and revenue of $335.6 million, and the company's 8-K attaches the press release.
- Conmed Raises FY2026 Adj EPS Guidance from $4.48-$4.60 to $4.54-$4.61 vs $4.54 Est; Narrows FY2026 Sales Guidance from $1.358B-$1.373B to $1.360B-$1.366B vs $1.366B EstCONMED raised its FY2026 adjusted EPS guidance to $4.54-$4.61 and narrowed FY2026 sales guidance to $1.360B-$1.366B, with the sales midpoint just below the estimate.
- Conmed Q3 Adj. EPS $1.04 Beats $1.00 Estimate, Sales $335.557M Miss $336.226M EstimateAdjusted EPS beat the $1.00 estimate by $0.04, while sales of $335.557M came in $0.7M below the $336.226M estimate.
- Conmed Q3 2026 Earnings Call TranscriptTranscript of the Q3 2026 earnings call, held the day results were reported, is available for review.
- Wells Fargo Raises CONMED Price Target Following Q3 ResultsWells Fargo kept its Equal-Weight rating and raised its price target from $46 to $49.
- JP Morgan Increases CONMED Price Target to $50JP Morgan kept its Neutral rating and raised its price target from $45 to $50.
- CONMED Corporation to Participate in the Jefferies Global Healthcare ConferenceCONMED will take part in the Jefferies Global Healthcare Conference in London on November 16-19, 2026.
About CONMED Corporation
CONMED is a US medical technology company that makes surgical devices and equipment for orthopedic and general surgery. It is known for products like the AirSeal system used in minimally invasive and robotic surgery, and sports-medicine products like BioBrace. It has recently exited some gastroenterology product lines.
How it makes money
CONMED sells devices, implants, single-use disposables and capital equipment to hospitals and surgery centers. It reports two product groups: general surgery, roughly 55% of sales, which includes AirSeal, electrosurgery and smoke evacuation; and orthopedic surgery, roughly 45%, which includes sports-medicine implants, arthroscopy and powered surgical tools. Total revenue is about $1.35 billion a year, and a large share comes from international markets. Most sales are recurring disposables tied to how many surgeries are performed.
What usually moves CNMD
- Surgical procedure volumes
- Adoption of AirSeal in robotic surgery
- U.S. orthopedic sales execution
- Tariffs and gross margin trends
- Debt levels and portfolio changes such as the GI exit