CNMD earnings analysis
What we found in CNMD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CONMED Corporation reported Q1 2026 results with revenue of $317.0 million, slightly below $321.3 million in Q1 2025, and a diluted EPS of $0.89, a notable increase from $0.19 in Q1 2025. The company indicated a raised full-year growth guidance owing to operational improvements despite a decline in specific segments, particularly gastroenterology products.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decrease of 1.3% YoY
- Net sales decreased to $317.0 million from $321.3 million in Q1 2025, reflecting an overall decline.
- Gross Margin Improvement
- Gross profit margin increased to 57.9%, up by 260 basis points from 55.3% in the prior year.
- EPS Increase
- Diluted EPS surged to $0.89 in Q1 2026 from $0.19 in Q1 2025, a significant improvement.
- Higher International Sales Share
- International sales contributed approximately 45% of Q1 2026 revenue, up from 43% in the previous year.
- Effective Cost Management
- Selling and administrative expenses decreased to $141.7 million from $148.8 million, improving operational efficiency.
- Debt Trends Favorable
- Interest expense decreased from $8.3 million in Q1 2025 to $7.1 million in Q1 2026 due to lower borrowing costs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining General Surgery Sales
- Sales in the general surgery segment dropped by 7.4% primarily due to exiting gastroenterology product lines.
- Impact of Inflation and Supply Chain
- Continued supply chain challenges and inflationary pressures may adversely affect operations and margins.
- Evolving Regulatory Landscape
- Compliance costs related to new EU medical device regulations have increased R&D expenses to $16.3 million, from $12.9 million YoY.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.89
- Gross margin
- 57.9%
- Operating margin
- 8%
- Segment
- Orthopedic surgery
- Segment
- General surgery
What they said about what is next.
Raised full-year revenue growth guidance to 5.0%-6.5%, from prior 4.5%-6.0%.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 17, 2026
- CONMED delivered year-over-year revenue growth with consolidated net sales of $1,374,724,000 in 2025 versus $1,307,015,000 in 2024, driven by its two reporting franchises (general surgery 58% and orthopedic surgery 42%…
- 10-Q · May 1, 2025
- CONMED reported Q1 net sales of $321,256,000, up 2.9% year-over-year, but operating margin compressed to 5.0% and diluted EPS fell to $0.19. Operating cash flow remained healthy at $41,534,000 (capex $3,779,000),…
- 10-Q · April 27, 2023
- CONMED reported Q1 net sales of $295,468,000, up $53,141,000 (21.9%) versus Q1 2022, driven by growth in both Orthopedic and General Surgery. Profitability weakened materially: gross margin fell to ~52.6% and operating…
- 10-Q · July 28, 2022
- CONMED reported Q2 revenue of $277,190,000, up $22,029,000 (+8.6%) versus Q2 2021, while gross profit rose to $151,777,000 but gross margin ticked down to ~54.8% from ~55.4%. Operating income decreased to $24,458,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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