CONMED Q1 Results Up; Raises FY21 Outlook

(RTTNews) - Medical technology company CONMED Corp. (CNMD), on Wednesday posted first-quarter net income of $9.86 million or $0.31 per share, higher than $5.93 million or $0.20 per share reported in the previous-year quarter. Earnings, excluding one-time items, came in at $19.1 million or $0.63 per share, compared to $15 million or $0.51 per share in the same period last year. On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share in the quarter. Analysts' estimates usually exclude one-time items. Revenues for the quarter rose 8.7 percent to $232.7 million from $214.0 million in the year-ago period. Six analysts were looking for revenues of $217.0 million for the quarter. Looking ahead, on the basis of its first-quarter results, the company raised its full-year 2021 outlook and now expects revenue between $1.0 billion and $1.03 billion, compared to its earlier guidance of between $975 million and $1.02 billion. On average, six analysts expect the company to earn revenues of $997 million for 2021. The company now expects full-year 2021 adjusted earnings per share in the range of $3.05 to $3.20, higher than its earlier range of $2.85 to $3.05. Analysts expect the company to report earnings per share of $2.94 in fiscal 2021.