Conmed's Growth Streak Continues, but Margin Upside Appears Elusive; Maintaining $50 FVE
No-moat Conmed reported another strong quarter, characterized by better-than-anticipated revenue growth and reasonable margin expansion year over year. We plan on slightly bumping up our near-term growth outlook to account for faster-than-expected growth out of the firm's surgical business, but we don't think this will have much impact on our $50 fair value estimate. Our valuation implies multiples of roughly 23 times and 12 times our estimates for 2018 adjusted earnings and EBITDA, respectively...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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