Detailed financial statements for CONMED Corporation (CNMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CONMED Corporation functions as a medical technology enterprise, specializing in the global development, production, and distribution of surgical instruments and related apparatus for a variety of surgical procedures. Its comprehensive product portfolio includes specialized orthopedic surgical items, such as the TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-Knot All-Suture Anchors, and PopLok Knotless Suture Anchors.
Analysis Summary
CONMED Corporation reported revenue of $1.37B in the most recent fiscal year, growing at a 5-year CAGR of 9.8%. Net income reached $47.1M, with a 37.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 54.8%, operating margin 10.8%, net margin 4.1%. Free cash flow grew at 24.0% CAGR over 5 years.
At the current price of $46.32, CNMD trades at a P/E of 25.01 and an ROE of 5.51%. Market capitalisation stands at $1.4B.
Balance sheet quality for CNMD: current ratio of 2.1, net debt of $794.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $150.9M represents 321% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $763.5M | $796.4M | $859.6M | $955.1M | $862.5M | $1.01B | $1.05B | $1.24B | $1.31B | $1.37B |
| Cost of Revenue | $355.2M | $365.4M | $390.5M | $430.4M | $402.2M | $442.6M | $474.2M | $568.5M | $574.0M | $649.1M |
| Gross Profit | $408.3M | $431.0M | $469.1M | $524.7M | $460.3M | $568.0M | $571.2M | $676.2M | $733.0M | $725.4M |
| Research & Development | $32.3M | $32.3M | $42.2M | $45.5M | $40.5M | $43.6M | $47.2M | $52.6M | $54.4M | $55.9M |
| Selling, General & Admin | $338.4M | $351.8M | $355.6M | $400.1M | $373.8M | $414.8M | $454.0M | $503.0M | $478.3M | $528.4M |
| Operating Expenses | $370.7M | $384.1M | $397.8M | $445.6M | $414.3M | $458.3M | $501.2M | $555.6M | $532.7M | $584.2M |
| Operating Income | $37.7M | $46.9M | $71.3M | $79.1M | $46.0M | $109.7M | $70.1M | $120.6M | $200.3M | $141.1M |
| EBITDA | $90.0M | $105.5M | $133.1M | $146.2M | $118.3M | $179.3M | $7.8M | $192.5M | $272.2M | $154.5M |
| Interest Expense | $15.4M | $18.2M | $20.7M | $42.7M | $44.1M | $35.5M | $28.9M | $39.8M | $37.3M | $31.1M |
| Pre-tax Income | $19.4M | $28.7M | $50.7M | $31.2M | $1.6M | $73.1M | -$70.9M | $80.8M | $163.0M | $71.1M |
| Income Tax | $4.7M | -$26.8M | $9.8M | $2.6M | -$7.9M | $10.6M | $9.7M | $16.4M | $30.6M | $24.1M |
| Net Income | $14.7M | $55.5M | $40.9M | $28.6M | $9.5M | $62.5M | -$80.6M | $64.5M | $132.4M | $47.1M |
| EPS | $0.53 | $1.99 | $1.45 | $1.01 | $0.33 | $2.14 | $-2.68 | $2.10 | $4.29 | $1.52 |
| EPS (Diluted) | $0.52 | $1.97 | $1.41 | $0.97 | $0.32 | $1.94 | $-2.68 | $2.04 | $4.26 | $1.51 |
| Shares Outstanding (Diluted) | $28.0M | $28.2M | $28.9M | $29.5M | $29.5M | $32.2M | $30.0M | $31.5M | $31.1M | $31.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $338.6M | $373.5M | $317.0M | $343.5M |
| Gross Profit | $158.0M | $213.3M | $183.4M | $197.5M |
| Operating Income | $19.4M | $66.9M | $25.4M | $36.4M |
| EBITDA | $25.0M | $55.5M | $38.3M | $61.3M |
| Net Income | $2.9M | $16.7M | $13.8M | $23.1M |
| EPS | $0.09 | $0.54 | $0.45 | $0.77 |
| EPS (Diluted) | $0.09 | $0.54 | $0.45 | $0.77 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.4M | $32.6M | $17.5M | $25.9M | $27.4M | $20.8M | $28.9M | $24.3M | $24.5M | $40.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $148.2M | $167.0M | $181.6M | $189.1M | $177.2M | $183.9M | $191.3M | $242.3M | $237.7M | $247.8M |
| Inventory | $135.9M | $141.4M | $154.6M | $164.6M | $194.9M | $231.6M | $332.3M | $318.3M | $346.7M | $355.5M |
| Total Current Assets | $330.5M | $356.8M | $374.4M | $397.4M | $416.7M | $460.1M | $581.2M | $615.6M | $640.0M | $672.9M |
| Property, Plant & Equipment | $122.0M | $116.2M | $113.2M | $118.9M | $111.4M | $108.9M | $115.6M | $120.7M | $115.8M | $113.3M |
| Goodwill | $397.7M | $402.0M | $400.4M | $618.0M | $618.4M | $617.5M | $815.4M | $806.8M | $805.4M | $807.0M |
| Intangible Assets | $419.5M | $414.9M | $413.2M | $532.8M | $501.5M | $471.0M | $681.8M | $649.5M | $617.7M | $582.1M |
| Total Assets | $1.33B | $1.36B | $1.37B | $1.78B | $1.75B | $1.77B | $2.30B | $2.30B | $2.31B | $2.33B |
| Accounts Payable | $41.6M | $42.0M | $53.5M | $56.0M | $53.3M | $58.2M | $73.4M | $88.2M | $102.2M | $93.6M |
| Short-term Debt | $10.2M | $14.7M | $18.3M | $13.2M | $18.4M | $12.2M | $69.7M | $8.2M | $715,000 | $712,000 |
| Total Current Liabilities | $114.0M | $150.0M | $160.9M | $188.1M | $190.2M | $196.6M | $296.6M | $310.7M | $278.1M | $315.0M |
| Long-term Debt | $488.3M | $471.7M | $438.6M | $754.7M | $735.2M | $672.4M | $985.1M | $971.5M | $905.1M | $834.2M |
| Total Liabilities | $748.4M | $726.5M | $706.9M | $1.06B | $1.04B | $980.6M | $1.55B | $1.47B | $1.34B | $1.29B |
| Retained Earnings | $406.9M | $440.1M | $464.9M | $470.8M | $457.4M | $496.6M | $412.6M | $452.5M | $560.3M | $588.8M |
| Total Equity | $580.6M | $631.4M | $662.3M | $710.5M | $709.0M | $785.4M | $745.5M | $834.2M | $962.7M | $1.03B |
| Total Debt | $488.3M | $486.4M | $456.9M | $793.2M | $776.4M | $684.7M | $1.05B | $991.3M | $905.8M | $834.9M |
| Net Debt | $460.9M | $453.8M | $439.4M | $767.3M | $749.1M | $663.8M | $1.03B | $967.0M | $881.3M | $794.1M |
| Working Capital | $216.6M | $206.8M | $213.4M | $209.3M | $226.5M | $263.5M | $284.7M | $304.9M | $361.9M | $357.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $38.9M | $40.8M | $35.0M | $37.3M |
| Total Assets | $2.32B | $2.33B | $2.31B | $2.30B |
| Total Liabilities | $1.31B | $1.29B | $1.30B | $1.26B |
| Total Equity | $1.01B | $1.03B | $1.02B | $1.04B |
| Total Debt | $853.8M | $834.9M | $860.9M | $834.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $14.7M | $55.5M | $40.9M | $28.6M | $9.5M | $62.5M | -$80.6M | $64.5M | $132.4M | $47.1M |
| Depreciation & Amortization | $55.3M | $58.5M | $61.8M | $72.3M | $72.6M | $70.7M | $69.5M | $51.4M | $51.3M | $74.3M |
| Stock-based Compensation | $8.4M | $8.5M | $10.0M | $11.8M | $13.1M | $16.3M | $21.7M | $24.3M | $25.6M | $28.3M |
| Change in Working Capital | -$37.3M | -$16.9M | -$44.3M | -$23.6M | -$29.9M | -$55.7M | -$90.7M | -$39.6M | -$39.7M | -$11.5M |
| Operating Cash Flow | $38.2M | $65.6M | $74.7M | $95.1M | $64.5M | $111.8M | $33.4M | $125.3M | $167.0M | $170.7M |
| Capital Expenditure | -$14.8M | -$12.8M | -$16.5M | -$20.1M | -$13.0M | -$14.9M | -$21.8M | -$19.0M | -$13.1M | -$19.8M |
| Acquisitions | -$256.4M | -$16.2M | 0 | -$367.6M | -$3.9M | 0 | -$227.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$30.6M | 0 | 0 | -$72.0M | 0 | 0 | 0 |
| Dividends Paid | -$22.2M | -$22.3M | -$22.4M | -$22.6M | -$22.8M | -$23.3M | -$24.0M | -$24.5M | -$24.7M | -$24.7M |
| Free Cash Flow | $23.5M | $52.7M | $58.2M | $75.1M | $51.5M | $96.9M | $11.6M | $106.3M | $153.9M | $150.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $53.7M | $46.3M | $13.5M | $37.1M |
| Capital Expenditure | -$5.2M | -$5.1M | -$2.9M | -$2.9M |
| Free Cash Flow | $48.5M | $41.2M | $10.6M | $34.2M |
| Dividends Paid | -$6.2M | -$6.2M | 0 | 0 |
| Stock-based Compensation | $4.6M | $5.0M | $5.5M | $5.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.3% | +7.9% | +11.1% | -9.7% | +17.2% | +3.4% | +19.1% | +5.0% | +5.2% | |
| Net Income Growth (YoY) | +278.4% | -26.4% | -29.9% | -66.7% | +557.2% | -228.8% | +180.0% | +105.4% | -64.5% | |
| EPS Growth (YoY) | +275.5% | -27.1% | -30.3% | -67.3% | +548.5% | -225.2% | +178.4% | +104.3% | -64.6% | |
| Shares Change (YoY) | +0.7% | +2.6% | +2.1% | -0.1% | +9.3% | -6.8% | +5.0% | -1.4% | +0.1% | |
| FCF Growth (YoY) | +124.7% | +10.4% | +29.0% | -31.4% | +88.1% | -88.1% | +818.1% | +44.7% | -2.0% | |
| Gross Margin | 53.5% | 54.1% | 54.6% | 54.9% | 53.4% | 56.2% | 54.6% | 54.3% | 56.1% | 52.8% |
| Operating Margin | 4.9% | 5.9% | 8.3% | 8.3% | 5.3% | 10.9% | 6.7% | 9.7% | 15.3% | 10.3% |
| EBITDA Margin | 11.8% | 13.2% | 15.5% | 15.3% | 13.7% | 17.7% | 0.7% | 15.5% | 20.8% | 11.2% |
| Net Margin | 1.9% | 7.0% | 4.8% | 3.0% | 1.1% | 6.2% | -7.7% | 5.2% | 10.1% | 3.4% |
| FCF Margin | 3.1% | 6.6% | 6.8% | 7.9% | 6.0% | 9.6% | 1.1% | 8.5% | 11.8% | 11.0% |
| Effective Tax Rate | 24.3% | -93.1% | 19.3% | 8.3% | -493.7% | 14.4% | -13.7% | 20.3% | 18.8% | 33.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.84 | $1.87 | $2.01 | $2.55 | $1.75 | $3.01 | $0.39 | $3.37 | $4.95 | $4.84 |
| Dividends Per Share | $0.79 | $0.79 | $0.78 | $0.77 | $0.77 | $0.72 | $0.80 | $0.78 | $0.79 | $0.79 |
| Shares Outstanding (Basic) | $27.8M | $27.9M | $28.1M | $28.3M | $28.6M | $29.2M | $30.0M | $30.7M | $30.8M | $31.0M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 5.51% |
| Return on Invested Capital | 4.97% |
| Return on Assets | 2.46% |
| Gross Margin | 54.80% |
| Operating Margin | 10.79% |
| Net Margin | 4.12% |
Financial Health
| Debt / Equity | 0.80 |
| Current Ratio | 1.48 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 83.34 | 25.61 | 44.28 | 110.72 | 339.39 | 66.24 | -33.07 | 52.15 | 15.95 | 26.71 |
| P/B | 2.12 | 2.26 | 2.73 | 4.46 | 4.51 | 5.26 | 3.57 | 4.03 | 2.19 | 1.22 |
| P/S | 1.61 | 1.79 | 2.10 | 3.32 | 3.71 | 4.09 | 2.55 | 2.70 | 1.62 | 0.92 |
| Gross Margin | 53.5% | 54.1% | 54.6% | 54.9% | 53.4% | 56.2% | 54.6% | 54.3% | 56.1% | 52.8% |
| Operating Margin | 4.9% | 5.9% | 8.3% | 8.3% | 5.3% | 10.9% | 6.7% | 9.7% | 15.3% | 10.3% |
| Net Margin | 1.9% | 7.0% | 4.8% | 3.0% | 1.1% | 6.2% | -7.7% | 5.2% | 10.1% | 3.4% |
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Explore sector: Healthcare · Medical - Devices
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