EarningsQ2 2026 Earnings Report

Conmed (CNMD) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:CNMD Q2 2026 EPS Results

Actual EPS$25.09

Consensus EPS$20.18

Beat/MissBeat by +$4.91

One Year Ago EPS$20.90

MX:CNMD Q2 2026 Revenue Results

Actual Revenue$6.25B

Expected Revenue$6.14B

Beat/MissBeat by +$112.01M

YoY Revenue Growth+0.21%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:CNMD Upcoming Earnings

Conmed's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:CNMD Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed predominantly positive operational and financial progress: organic revenue growth exceeded expectations (+6% organic), adjusted EPS rose 20% driven partly by a one-time tariff refund, gross margins and operating margins expanded, free cash flow in Q2 increased materially (+46% YoY), key growth products (Buffalo Filter, BioBrace, AirSeal) advanced with regulatory and clinical tailwinds, portfolio optimization and a meaningful refinancing were completed, and experienced leadership additions were made. Offsetting items included AirSeal growth below near-term expectations, flat U.S. orthopedics, higher expected interest expense and tax rate, a lowered top-end of revenue guidance, and a reduced full-year free cash flow target driven by working capital. Overall, highlights outweigh the lowlights, but several non-recurring benefits and near-term headwinds temper the outlook.

Company Guidance

CONMED updated its 2026 guidance, forecasting organic constant-currency net sales growth of 5%–6% (reaffirming the 5% low end but narrowing the high end from 6.5%), and now assuming GI revenue of $20–22 million (up from prior $14.5–17.5M) and an FX tailwind to GAAP results of $7.0–7.5 million (vs. prior $4.4–7.4M). Full‑year non‑GAAP adjusted diluted EPS is guided to $4.48–$4.60 (up from $4.30–$4.45), with adjusted gross margin of ~57.5%–58% (inclusive of the Q2 tariff refund), adjusted interest expense of about $33 million (vs. prior $25–27M), an adjusted effective tax rate of ~25% (vs. 24.5% prior) and expected free cash flow of ~$115 million (vs. ~$125M prior). For Q3, management expects GAAP net sales of $334–339 million, organic constant-currency growth of 6.4%–7.6% (excluding ~$3.0–3.6M of GI revenue) with ~10 bps FX impact, and adjusted EPS of $0.98–$1.03; they also noted Q2 included a ~$0.21 EPS tariff refund and that a $0.35 tariff headwind remains in full‑year modeling.

Organic Revenue Growth Exceeds Expectations

Net sales of $343.5M; organic net sales increased 6.0% year-over-year, modestly exceeding the high end of prior expectations. As-reported net sales +0.3% YoY; constant currency net sales -0.5% YoY.

Strong Earnings Performance

Adjusted diluted EPS of $1.38, up 20% year-over-year. EPS benefitted from a $0.21 tariff refund; excluding the refund, Q2 EPS still exceeded the high end of guidance by approximately $0.03.

Improved Profitability Metrics

Adjusted gross profit increased 5.6% YoY with adjusted gross margin of 59.5%, a 300 bps improvement YoY (approximately 250 bps driven by an $8.5M tariff refund). Adjusted operating margin was 18.2%, up 250 bps YoY.

Strong Free Cash Flow Generation in Q2

Generated $34.2M of free cash flow in Q2, an increase of 46% year-over-year.

Key Product Growth Drivers Performing Well

General Surgery organic sales +5.3% YoY driven by AirSeal and Buffalo Filter; Orthopedic Surgery sales +6.8% YoY with international orthopedics +10.8% YoY. BioBrace continues to gain adoption (94% healing rate in high-risk rotator cuff patients cited) and AirSeal remains a core long-term growth franchise.

Buffalo Filter Momentum and Regulatory Tailwinds

Direct smoke evacuation sales delivered year-over-year growth above expectations. Michigan and Maryland enacted surgical smoke evacuation laws, bringing total states with OR smoke laws to 22 (covering ~57% of U.S. population), supporting a large (~$1B) market opportunity.

Strategic Portfolio and Balance Sheet Actions

Completed exit of GI product offerings and associated transactions with manufacturing services agreement; refinanced debt with a new $450M senior secured term loan and repurchased $645.2M of convertible notes (repurchased for $637.2M). Repurchased ~1M shares for $43.7M in H1 2026.

Organizational and Operational Improvements

Appointed new CFO (John Gallagher) and added two experienced Board members; supply chain progress noted with improved service levels, lowest back orders in years, and focus shifting to optimization.

Updated Full-Year Guidance Reflecting Outperformance

Reaffirmed FY 2026 organic constant currency net sales growth of 5%–6%; updated non-GAAP adjusted EPS guidance to $4.48–$4.60 (up from $4.30–$4.45). Q3 2026 organic growth expected 6.4%–7.6%; Q3 adjusted EPS guide $0.98–$1.03.

MX:CNMD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	18.23 / -	19.632	―
Jul 29, 2026	2026 (Q2)	20.18 / 25.09	20.905	20.00% (+4.18)
Apr 29, 2026	2026 (Q1)	14.89 / 16.18	17.269	-6.32% (-1.09)
Jan 28, 2026	2025 (Q4)	24.07 / 25.99	24.359	6.72% (+1.64)
Nov 05, 2025	2025 (Q3)	19.31 / 19.63	19.087	2.86% (+0.55)
Jul 30, 2025	2025 (Q2)	20.41 / 20.90	17.815	17.35% (+3.09)
Apr 30, 2025	2025 (Q1)	14.74 / 17.27	14.361	20.25% (+2.91)
Feb 05, 2025	2024 (Q4)	21.87 / 24.36	19.269	26.42% (+5.09)
Oct 30, 2024	2024 (Q3)	18.60 / 19.09	16.36	16.67% (+2.73)
Jul 31, 2024	2024 (Q2)	16.54 / 17.81	15.088	18.07% (+2.73)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed