CONMED’s third quarter results were marked by steady revenue growth in both orthopedics and general surgery, supported by continued surgeon adoption of core products like BioBrace and the AirSeal platform. Management pointed to improvements in supply chain operations, especially within orthopedics, as a factor in supporting incremental sales growth. CEO Patrick Beyer credited “expanding clinical adoption and strong surgeon engagement” for BioBrace’s performance, while also highlighting operational progress in reducing back orders and improving service levels.

Is now the time to buy CNMD? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From CONMED’s Q3 Earnings Call

• Lilia-Celine Lozada (JPMorgan): asked about the rationale behind shifting from dividends to share repurchases. CFO Todd Garner said the move aligns CONMED with peer medtech companies and was enabled by achieving a lower leverage target.
• Anna Runci (Piper Sandler): questioned whether tariffs had become a larger headwind than previously anticipated. Garner clarified that tariff impacts have been consistent with prior forecasts, explaining the timing difference due to inventory accounting.
• Vikramjeet Chopra (Wells Fargo): inquired about AirSeal adoption rates in ambulatory surgical centers and international markets. CEO Patrick Beyer outlined the clinical benefits and predicted accelerating adoption as new systems are deployed.
• Young Li (Jefferies): asked about recapturing orthopedic market share after supply chain issues. Beyer explained that market share recovery will be gradual, requiring sustained operational improvements and customer re-engagement.
• Joseph Conway (Needham & Company): requested more detail on orthopedics growth drivers. Beyer highlighted BioBrace’s expanded use and the positive impact of improved supply chain management, though he cautioned that progress will take additional quarters.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will focus on (1) the pace of supply chain normalization and its effect on orthopedics market share, (2) the adoption trajectory of AirSeal and Buffalo Filter in both U.S. and international markets, and (3) tangible results from the ongoing strategic portfolio review and capital allocation changes. We will also monitor the impact of tariffs on gross margins and the company’s ability to offset these pressures through operational improvements.

CONMED currently trades at $44.71, in line with $44.44 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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