Stifel updates quarterly sales projection for Conmed to reflect headwinds

Stifel analyst Rick Wise moved the firm’s Q2 sales projection for Conmed slightly lower following last week’s conference. According to Stifel, CFO Todd Garner indicated the company is still gaining customers back from its issue in Q4 of 2022. While the company expects a gradual recovery, there is still some "hole that exists in Q2 of 2023," Garner said, according to Stifel. The firm adjusted its estimates to reflect lingering first half of 2023 warehouse related top-line headwinds, but also noted management did not change or revise its full-year 2023 guidance at the conference. Stifel reaffirmed a Buy rating and $118 price target on the stock.