Optimism Builds With Conmed's Strengthening 4Q Results, but We Remain Cautious; Maintaining FVE
No-moat Conmed reported strong fourth-quarter and full-year results, beating our and consensus expectations. Initial guidance for 2018 is modestly ahead of our top-line forecast but in line with our thoughts on earnings; given these dynamics, we plan to leave our $50 fair value estimate unchanged.The standout in the quarter was the U.S orthopedics franchise, which returned to growth after six consecutive quarterly declines. While we applaud the initial success of management's turnaround of thi...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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