CONMED Corp. Withdraws Full-year Guidance

(RTTNews) - CONMED Corporation (CNMD), a medical technology provider said on Tuesday that it has withdrawn outlook for the fiscal 2022, in view of the impact of the implementation of a new warehouse management software.

While the company was implementing the software to enhance the performance of its primary distribution facility, it caused shipping disruptions and backlog. CONMED is still incurring costs towards reducing the backlog, it said in a statement.

The firm added that it is not able to assess this impact on fourth-quarter sales and profitability. For the fiscal 2023, the company expects to post revenue of $1.170 billion to $1.230 billion, with adjusted earnings per share of $3.20 to $3.50.

Seven analysts, on average, polled by Thomson-Reuters are estimating the firm to report revenue of $1.21 billion, with earnings per share of $3.39. Analysts' estimates typically exclude one-time items.

On October 26, for the fiscal 2022, the company had projected revenue of $1.100 billion to $1.115 billion, with income per share of $3.21 to $3.28.