Conmed's First-Quarter Results Meet Our Expectations; Shares Again Look Expensive
No-moat Conmed reported first-quarter results that largely met our expectations, and we don’t foresee many changes to our model that will push our $60 fair value estimate significantly in either direction. Segment revenue and non-GAAP profits were consistent with our view, although GAAP profitability and cash flow suffered from higher interest expense and additional costs associated with the ongoing integration of Buffalo Filter. Organic revenue growth clocked in at 6.3%, toward the high end of ...CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The company's product lines consist of orthopedic surgery, which consists of sports medicine instrumentation and small bone, large bone and specialty powered surgical instruments, as well as imaging systems for use in minimally invasive surgery procedures and service fees related to the promotion and marketing of sports medicine allograft tissue; and general surgery, which consists of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, cardiac monitoring products as well as electrosurgical generators and related instruments.
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