Shares of CONMED Corporation (NYSE: CNMD) slipped in early trading after the medical technology company reported fourth quarter and full-year results that topped some expectations but included cautious outlook metrics. The stock was last seen lower by about 1% to 3% in pre‑market activity, extending a recent downtrend from its 52‑week highs. CONMED’s shares have fallen sharply over the past year, trading near multi‑month lows well below recent peaks. The stock’s 52‑week range runs roughly $38 to $75, reflecting significant volatility.
Quarterly results show moderate growth
CONMED reported fourth‑quarter 2025 sales of $373.2 million, up 7.9% year‑over‑year on a reported basis and up about 7.1% in constant currency. Domestic revenue growth was modest, while international sales climbed strongly. Full‑year 2025 revenue totaled about $1.375 billion, representing roughly 5.2% growth from 2024.
Adjusted diluted net earnings per share in the quarter rose to $1.43, above the year‑ago level and above some analyst expectations. For full‑year 2025, adjusted diluted EPS was $4.59, a year‑over‑year increase of around 10%. GAAP net earnings per share were lower on a comparably reported basis.
Margins improved in the fourth quarter with gross margins expanding, although selling, general, and administrative costs rose. CONMED generated positive operating cash flow for the period, reflecting continued cash conversion.
Guidance and portfolio shifts
Management reaffirmed its revenue outlook for 2026, forecasting full‑year sales between roughly $1.345 billion and $1.375 billion, implying modest year‑over‑year growth excluding the impact of exiting non‑core product lines. CONMED’s adjusted earnings guidance for 2026 was set moderately below the prior year’s pace. The company is exiting its gastroenterology portfolio to focus on core markets such as minimally invasive surgery, smoke evacuation and orthopedic soft tissue repair, a move expected to affect near‑term EPS metrics while enhancing long‑term margin profiles.
Macro and sector context
CONMED’s performance and investor reaction come amid broader volatility in healthcare and technology‑related equities, including software and medical tech stocks, which have experienced pressure due to rising interest rates, mixed capital spending trends in hospitals, and rotation out of cyclical growth themes. Market‑wide benchmark indices have shown choppy performance, and risk sentiment toward mid‑cap names has been uneven.
Full-year context
For the full year 2025, CONMED reported steady revenue expansion compared with 2024 figures, with both domestic and international segments contributing to growth. Adjusted profit metrics improved materially on a year‑over‑year basis. However, GAAP earnings trends reflected continued headwinds in certain cost categories, consistent with broader sector margin dynamics.
Share performance snapshot
CNMD stock has lagged broader indexes over the past 12 months, with substantial declines from its highs. Trading near the lower end of its annual range, the stock’s recent trend underscores investor caution around guidance and near-term headwinds.
