CONMED (CNMD) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $335.6M, down 0.7% reported and 0.8% in constant currency; organic constant-currency growth was 6.7%, excluding strategic GI exits.

• Adjusted diluted EPS was $1.04, down 3.2% YoY; GAAP diluted EPS was $0.66 versus $0.09. Growth contributions were balanced across General and Orthopedic Surgery.

Financial highlights

• Q3 gross profit was $189.1M and gross margin was 56.4%, versus $166.1M and 49.2% a year earlier; operating income rose to $37.1M from $11.9M.

• Q3 net income was $19.8M versus $2.9M; adjusted net income was $31.4M versus $33.4M.

• Nine-month sales were $996.1M versus $1,001.5M; net income was $56.7M versus $30.3M, and adjusted diluted EPS was $3.31 versus $3.17.

• Q3 free cash flow was $46.4M, down 3.6% YoY; nine-month operating cash flow was $100.0M versus $124.4M.

Outlook and guidance

• FY 2026 net sales guidance is $1,360M–$1,366M; reported growth is -1.1% to -0.6% and constant-currency growth is -1.7% to -1.3%.

• FY 2026 organic constant-currency sales growth guidance narrowed to 5.0%–5.5% from 5.0%–6.0%; strategic product-line exits are estimated to add 6.7%–6.8%.

• FY 2026 adjusted diluted EPS guidance rose to $4.54–$4.61 from $4.48–$4.60.

• FY assumptions include adjusted gross margin of ~57.5%, adjusted interest expense of ~$33.7M, adjusted tax rate of ~24.5%, free cash flow of ~$115M and 30.2M weighted-average shares.

• Q4 guidance is $364M–$370M net sales and adjusted EPS of $1.23–$1.30; organic constant-currency growth is 5.1%–6.8%, excluding ~$3.7M GI revenue.