CONMED Corporation (CNMD) Stock

CONMED Corporation (CNMD) is a Healthcare stock trading at $51.34 (as of 2026-08-20), with a market capitalization of $1.54B and a trailing P/E of 24.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

CONMED Corporation develops, manufactures, and sells surgical devices and related equipment used in procedures worldwide. Its offerings span orthopedic surgery products, general surgery technologies (including insufflation, smoke evacuation, electrosurgical, and endomechanical products), endoscopic technologies, and cardiac monitoring devices such as ECG/EEG electrodes and defibrillation pads, which it sells to hospitals, surgery centers, and other healthcare institutions.

Understand CONMED Corporation: how it makes money

CONMED develops, manufactures, and sells surgical devices and related equipment for orthopedic and general surgery procedures worldwide, generating revenue from product sales to enable surgeries.

With gross margin at 49.2% but operating margin at 3.5%, the business model shows that operating profit is highly sensitive to operating expense control and revenue mix, since a large share of gross profit does not convert into operating income.

Business quality (Weak): High gross margin (49.2%) but low operating margin (3.5%) suggests profitability depends on tight cost management and stable demand.

Valuation: At 22× earnings, CNMD trades 33% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

AirSeal recurring revenue strength: AirSeal Recurring Revenue Profile is 92.0%, supported by an AirSeal installed base of 10,000 systems globally.
Demand drivers tied to operating room trends: Smoke-Free Operating Room States in the United States (20.0) and Population Covered by Smoke-Free Operating Room Laws (51.0%) indicate supportive policy-driven adoption.
Clinical evidence for products: BioBrace has published BioBrace Studies (30.0) and BioBrace randomized controlled trial enrollment patients (268.0), supporting credibility of its clinical positioning.

Bear case

Top-line pressure in key end markets: Worldwide General Surgery Revenue Decrease is 12.0%, and International Sales Decrease is 10.6%, indicating meaningful demand softness in parts of the portfolio.
Operating leverage risk: Operating margin is low at 3.5%, so revenue declines can have an outsized impact on operating results even with a 49.2% gross margin.
Working capital intensity: Inventory Days is 196.0 and Accounts Receivable Days is 65.0, which can pressure cash flow if sales weaken or collections extend.

Valuation — source: SEC EDGAR (first-party)
Price	$51.34
Market Cap	$1.54B
P/E Ratio	24.0
EV / EBITDA	10.4
Price / Book	1.48
Price / Sales	1.10
FCF Yield	10.3%
DCF Value (model)	$28.25
DCF Upside vs Price	-45.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.37B
Net Margin	3.4%
Revenue Growth (YoY)	0.3%
EPS Growth (YoY)	11.6%
FCF Growth (YoY)	91.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.01 (grey)

Valuation vs Sector & Industry
Stock P/E	24.0
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9
vs Sector	11.1%
vs Industry	-27.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($170.62M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Patrick J. Beyer
Employees	3,900
Country	US
IPO Date	1987-07-23

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.