Revenue growth remains highly unpredictable, evidenced by a swing from 30.4% growth in 2023Q4 to a 0.7% contraction in 2026Q1, alongside gross margin compression that reached a low of 46.7% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.37B | 1.37B | 1.31B | 1.24B | 1.05B | 1.01B | 862.46M | 955.1M | 859.63M | 796.39M | 763.52M | 719.17M | 734.47M | 756.75M | 767.14M | 725.08M | 713.72M | 694.74M | 742.18M | 694.29M | 646.81M | 617.3M | 558.39M | 497.13M | 453.06M | 428.72M | 392.23M | 372.6M | 336.4M | 138.3M | 125.6M |
| Revenue Growth % | 4.41% | 5.16% | 5% | 19.06% | 3.45% | 17.18% | -9.7% | 11.11% | 7.94% | 4.31% | 6.17% | -2.08% | -2.95% | -1.35% | 5.8% | 1.59% | 2.73% | -6.39% | 6.9% | 7.34% | 4.78% | 10.55% | 12.32% | 9.73% | 5.68% | 9.3% | 5.27% | 10.76% | 143.24% | 10.11% | 26.1% |
| Cost of Goods Sold | 636.88M | 649.12M | 573.98M | 568.5M | 474.23M | 442.6M | 402.16M | 430.38M | 390.52M | 365.35M | 355.19M | 337.47M | 336M | 350.29M | 361.3M | 350.14M | 348.34M | 357.41M | 359.8M | 345.16M | 333.97M | 304.28M | 271.5M | 237.43M | 215.89M | 204.37M | 158.74M | 152.8M | 146M | 67.2M | 59M |
| COGS % of Revenue | - | 47.23% | 43.92% | 45.67% | 45.36% | 43.79% | 46.63% | 45.06% | 45.43% | 45.88% | 46.52% | 46.92% | 45.75% | 46.29% | 47.1% | 48.29% | 48.81% | 51.44% | 48.48% | 49.71% | 51.63% | 49.29% | 48.62% | 47.76% | 47.65% | 47.67% | 40.47% | 41.01% | 43.4% | 48.59% | 46.97% |
| Gross Profit | 735.25M | 725.38M | 733.03M | 676.25M | 571.25M | 568.04M | 460.3M | 524.72M | 469.11M | 431.04M | 408.33M | 381.7M | 398.47M | 406.47M | 405.84M | 374.93M | 365.38M | 337.33M | 382.38M | 349.13M | 312.85M | 313.02M | 286.89M | 259.7M | 237.17M | 224.35M | 233.49M | 219.8M | 190.4M | 71.1M | 66.6M |
| Gross Margin % | 53.58% | 52.77% | 56.08% | 54.33% | 54.64% | 56.21% | 53.37% | 54.94% | 54.57% | 54.12% | 53.48% | 53.08% | 54.25% | 53.71% | 52.9% | 51.71% | 51.19% | 48.56% | 51.52% | 50.29% | 48.37% | 50.71% | 51.38% | 52.24% | 52.35% | 52.33% | 59.53% | 58.99% | 56.6% | 51.41% | 53.03% |
| Gross Profit Growth % | - | -1.04% | 8.4% | 18.38% | 0.56% | 23.41% | -12.28% | 11.85% | 8.83% | 5.56% | 6.98% | -4.21% | -1.97% | 0.15% | 8.24% | 2.61% | 8.32% | -11.78% | 9.53% | 11.6% | -0.06% | 9.11% | 10.47% | 9.5% | 5.72% | -3.92% | 6.23% | 15.44% | 167.79% | 6.76% | 27.59% |
| Operating Expenses | 581.85M | 584.24M | 532.71M | 555.64M | 501.19M | 458.32M | 414.29M | 445.6M | 397.81M | 384.11M | 370.65M | 330.53M | 345.68M | 349.96M | 340.63M | 306.36M | 308.29M | 309.06M | 307.12M | 266.31M | 317.45M | 249.27M | 223.73M | 171.84M | 157.82M | 155.39M | 169.03M | 145M | 129.2M | 45.3M | 41M |
| OpEx % of Revenue | - | 42.51% | 40.76% | 44.64% | 47.94% | 45.35% | 48.04% | 46.66% | 46.28% | 48.23% | 48.55% | 45.96% | 47.07% | 46.24% | 44.4% | 42.25% | 43.19% | 44.49% | 41.38% | 38.36% | 49.08% | 40.38% | 40.07% | 34.57% | 34.83% | 36.24% | 43.09% | 38.92% | 38.41% | 32.75% | 32.64% |
| Selling, General & Admin | 522.43M | 528.36M | 478.28M | 503.04M | 454.04M | 414.75M | 373.82M | 400.14M | 355.62M | 351.8M | 338.4M | 303.09M | 293.94M | 310.73M | 302.47M | 277.71M | 276.46M | 266.31M | 272.44M | 240.54M | 234.83M | 216.69M | 183.18M | 157.45M | 141.74M | 140.56M | 124.67M | 107.2M | 93.6M | 35.3M | 31.6M |
| SG&A % of Revenue | - | 38.44% | 36.59% | 40.41% | 43.43% | 41.04% | 43.34% | 41.9% | 41.37% | 44.17% | 44.32% | 42.14% | 40.02% | 41.06% | 39.43% | 38.3% | 38.74% | 38.33% | 36.71% | 34.65% | 36.31% | 35.1% | 32.81% | 31.67% | 31.28% | 32.79% | 31.79% | 28.77% | 27.82% | 25.52% | 25.16% |
| Research & Development | 59.27M | 55.88M | 54.43M | 52.6M | 47.15M | 43.56M | 40.47M | 45.46M | 42.19M | 32.31M | 32.25M | 27.44M | 27.78M | 25.83M | 28.21M | 28.65M | 29.65M | 31.84M | 33.11M | 30.4M | 30.71M | 25.47M | 20.2M | 17.31M | 16.09M | 14.83M | 14.87M | 12.1M | 12M | 3M | 3M |
| R&D % of Revenue | - | 4.07% | 4.16% | 4.23% | 4.51% | 4.31% | 4.69% | 4.76% | 4.91% | 4.06% | 4.22% | 3.82% | 3.78% | 3.41% | 3.68% | 3.95% | 4.15% | 4.58% | 4.46% | 4.38% | 4.75% | 4.13% | 3.62% | 3.48% | 3.55% | 3.46% | 3.79% | 3.25% | 3.57% | 2.17% | 2.39% |
| Other Operating Expenses | 148K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.94M | 0 | 7.32M | 8.75M | 7.2M | 0 | 2.18M | 10.92M | 1.58M | -4.63M | 51.9M | 7.12M | 20.34M | -2.92M | 0 | 0 | 29.49M | 25.7M | 23.6M | 7M | 6.4M |
| Operating Income | 155.42M | 141.13M | 200.33M | 120.6M | 70.05M | 109.72M | 46.01M | 79.11M | 71.31M | 46.94M | 37.68M | 51.17M | 52.79M | 56.51M | 65.21M | 8.27M | 57.09M | 28.27M | 75.26M | 80.99M | -4.6M | 63.75M | 63.16M | 79.95M | 79.35M | 68.96M | 64.46M | 74.8M | 61.2M | 25.8M | 25.6M |
| Operating Margin % | 11.33% | 10.27% | 15.33% | 9.69% | 6.7% | 10.86% | 5.33% | 8.28% | 8.29% | 5.89% | 4.93% | 7.12% | 7.19% | 7.47% | 8.5% | 1.14% | 8% | 4.07% | 10.14% | 11.67% | -0.71% | 10.33% | 11.31% | 16.08% | 17.51% | 16.08% | 16.44% | 20.08% | 18.19% | 18.66% | 20.38% |
| Operating Income Growth % | - | -29.55% | 66.1% | 72.16% | -36.15% | 138.46% | -41.84% | 10.95% | 51.92% | 24.58% | -26.38% | -3.05% | -6.59% | -13.34% | 688.13% | -85.51% | 101.96% | -62.44% | -7.08% | 1859.53% | -107.22% | 0.93% | -21% | 0.76% | 15.07% | 6.97% | -13.82% | 22.22% | 137.21% | 0.78% | 36.17% |
| EBITDA | 219.35M | 193.47M | 272.18M | 192.48M | 119.81M | 180.46M | 118.64M | 151.44M | 133.11M | 105.48M | 92.98M | 95.05M | 98.52M | 104.38M | 111.83M | 50.96M | 98.9M | 69.55M | 107.59M | 112.53M | 25.25M | 94.53M | 90.03M | 104.81M | 101.72M | 99.11M | 93.95M | 100.5M | 84.8M | 32.8M | 32M |
| EBITDA Margin % | 15.99% | 14.08% | 20.82% | 15.46% | 11.46% | 17.86% | 13.76% | 15.86% | 15.48% | 13.25% | 12.18% | 13.22% | 13.41% | 13.79% | 14.58% | 7.03% | 13.86% | 10.01% | 14.5% | 16.21% | 3.9% | 15.31% | 16.12% | 21.08% | 22.45% | 23.12% | 23.95% | 26.97% | 25.21% | 23.72% | 25.48% |
| EBITDA Growth % | -9.94% | -28.92% | 41.41% | 60.65% | -33.61% | 52.11% | -21.66% | 13.77% | 26.19% | 13.44% | -2.18% | -3.52% | -5.61% | -6.66% | 119.43% | -48.47% | 42.2% | -35.36% | -4.38% | 345.68% | -73.29% | 5% | -14.1% | 3.04% | 2.64% | 5.49% | -6.52% | 18.51% | 158.54% | 2.5% | 34.45% |
| D&A (Non-Cash Add-back) | 63.93M | 52.34M | 71.86M | 71.87M | 49.76M | 70.74M | 72.63M | 72.32M | 61.8M | 58.55M | 55.31M | 43.88M | 45.73M | 47.87M | 46.62M | 42.69M | 41.81M | 41.28M | 32.34M | 31.53M | 29.85M | 30.79M | 26.87M | 24.85M | 22.37M | 30.15M | 29.49M | 25.7M | 23.6M | 7M | 6.4M |
| EBIT | 155.42M | 141.13M | 200.33M | 120.6M | -41.96M | 108.59M | 45.66M | 73.93M | 71.31M | 46.94M | 34.73M | 51.17M | 52.79M | 56.24M | 65.21M | 8.27M | 57.01M | 25.24M | 72.38M | 82.81M | -4.6M | 63.75M | 79.56M | 87.86M | 79.35M | 68.96M | 64.46M | 74.8M | 61.2M | 25.8M | 25.6M |
| Net Interest Income | -29.86M | -31.09M | -37.3M | -39.77M | -28.91M | -35.48M | -44.05M | -42.7M | -20.65M | -18.2M | -15.36M | -6.03M | -6.11M | -5.61M | -5.73M | -10.58M | -11.36M | -7.09M | -10.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.86M | 31.09M | 37.3M | 39.77M | 28.91M | 35.48M | 44.05M | 42.7M | 20.65M | 18.2M | 15.36M | 6.03M | 6.11M | 5.61M | 5.73M | 6.68M | 7.11M | 7.09M | 10.37M | 16.23M | 19.12M | 15.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -73.62M | -70.01M | -37.3M | -39.77M | -140.92M | -36.61M | -44.41M | -47.89M | -20.65M | -18.2M | -18.3M | -6.03M | -6.11M | -5.88M | -5.73M | -59.4M | -11.44M | -10.11M | -6M | -13.43M | -19.8M | -15.58M | -13.6M | -26.95M | -25.99M | -30.82M | -34.29M | -32.3M | -30.9M | -36.5M | -100K |
| Pretax Income | 81.8M | 71.12M | 163.03M | 80.83M | -70.86M | 73.11M | 1.6M | 31.23M | 50.65M | 28.73M | 19.38M | 45.14M | 46.67M | 50.63M | 59.48M | -2.31M | 45.66M | 18.16M | 69.26M | 64.76M | -24.4M | 48.17M | 49.56M | 53.01M | 54.84M | 38.13M | 30.18M | 42.5M | 30.3M | -10.7M | 25.5M |
| Pretax Margin % | 5.96% | 5.17% | 12.47% | 6.49% | -6.78% | 7.23% | 0.19% | 3.27% | 5.89% | 3.61% | 2.54% | 6.28% | 6.35% | 6.69% | 7.75% | -0.32% | 6.4% | 2.61% | 9.33% | 9.33% | -3.77% | 7.8% | 8.88% | 10.66% | 12.1% | 8.89% | 7.69% | 11.41% | 9.01% | -7.74% | 20.3% |
| Income Tax | 26.95M | 24.06M | 30.61M | 16.37M | 9.72M | 10.56M | -7.91M | 2.6M | 9.8M | -26.75M | 4.71M | 14.65M | 14.48M | 14.69M | 19M | -3.06M | 15.31M | 6.02M | 24.7M | 23.3M | -11.89M | 16.18M | 16.1M | 20.93M | 19.74M | 13.73M | 10.86M | 15.3M | 10.9M | -3.6M | 9.2M |
| Effective Tax Rate % | 32.95% | 33.83% | 18.77% | 20.25% | -13.72% | 14.45% | -493.7% | 8.34% | 19.35% | -93.12% | 24.31% | 32.44% | 31.03% | 29.02% | 31.94% | 132.62% | 33.53% | 33.15% | 35.66% | 35.98% | 48.74% | 33.58% | 32.48% | 39.48% | 36% | 36% | 36% | 36% | 35.97% | 33.64% | 36.08% |
| Net Income | 54.85M | 47.05M | 132.42M | 64.46M | -80.58M | 62.54M | 9.52M | 28.62M | 40.85M | 55.49M | 14.66M | 30.5M | 32.19M | 35.94M | 40.48M | 752K | 30.35M | 12.14M | 44.56M | 41.46M | -12.51M | 31.99M | 33.47M | 32.08M | 34.15M | 24.41M | 19.31M | 27.2M | 17.8M | -7.1M | 16.3M |
| Net Margin % | 4% | 3.42% | 10.13% | 5.18% | -7.71% | 6.19% | 1.1% | 3% | 4.75% | 6.97% | 1.92% | 4.24% | 4.38% | 4.75% | 5.28% | 0.1% | 4.25% | 1.75% | 6% | 5.97% | -1.93% | 5.18% | 5.99% | 6.45% | 7.54% | 5.69% | 4.92% | 7.3% | 5.29% | -5.13% | 12.98% |
| Net Income Growth % | -53.81% | -64.47% | 105.44% | 179.99% | -228.84% | 557.16% | -66.75% | -29.95% | -26.37% | 278.39% | -51.92% | -5.26% | -10.43% | -11.22% | 5283.11% | -97.52% | 150.03% | -72.76% | 7.49% | 431.46% | -139.09% | -4.4% | 4.31% | -6.06% | 39.93% | 26.36% | -28.99% | 52.81% | 350.7% | -143.56% | 49.54% |
| Net Income (Continuing) | 54.85M | 47.05M | 132.42M | 64.46M | -80.58M | 62.54M | 9.52M | 28.62M | 40.85M | 55.49M | 14.66M | 30.5M | 32.19M | 35.94M | 40.48M | 752K | 30.35M | 12.14M | 44.56M | 41.46M | -12.51M | 31.99M | 33.47M | 32.08M | 34.15M | 24.41M | 19.31M | 27.2M | 19.4M | -7.1M | 16.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.79 | 1.51 | 4.26 | 2.04 | -2.68 | 1.94 | 0.32 | 0.97 | 1.41 | 1.97 | 0.52 | 1.09 | 1.16 | 1.28 | 1.41 | 0.03 | 1.05 | 0.42 | 1.52 | 1.43 | -0.45 | 1.08 | 1.11 | 1.10 | 1.23 | 1.00 | 0.83 | 1.17 | 0.77 | -0.31 | 0.75 |
| EPS Growth % | -53.37% | -64.55% | 108.82% | 176.12% | -238.14% | 506.25% | -67.01% | -31.21% | -28.43% | 278.85% | -52.29% | -6.03% | -9.38% | -9.22% | 5261.22% | -97.5% | 150% | -72.37% | 6.29% | 417.78% | -141.67% | -2.7% | 0.91% | -10.57% | 23% | 20.48% | -29.06% | 51.95% | 348.39% | -141.33% | 19.05% |
| EPS (Basic) | - | 1.52 | 4.29 | 2.10 | -2.68 | 2.14 | 0.33 | 1.01 | 1.45 | 1.99 | 0.53 | 1.10 | 1.17 | 1.30 | 1.43 | 0.03 | 1.06 | 0.42 | 1.55 | 1.46 | -0.45 | 1.09 | 1.13 | 1.11 | 1.25 | 1.02 | 0.84 | 1.19 | 0.79 | -0.31 | 0.77 |
| Diluted Shares Outstanding | 30.62M | 31.15M | 31.11M | 31.55M | 30.04M | 32.22M | 29.46M | 29.5M | 28.89M | 28.17M | 27.96M | 27.86M | 27.77M | 28.11M | 28.65M | 28.63M | 28.91M | 29.14M | 29.23M | 28.99M | 27.79M | 29.62M | 30.15M | 29.17M | 27.77M | 24.41M | 23.27M | 23.17M | 23.02M | 22.65M | 21.82M |
| Basic Shares Outstanding | 30.59M | 31.04M | 30.85M | 30.67M | 30.04M | 29.16M | 28.58M | 28.32M | 28.12M | 27.94M | 27.8M | 27.65M | 27.4M | 27.72M | 28.3M | 28.25M | 28.71M | 29.07M | 28.8M | 28.39M | 27.79M | 29.35M | 29.62M | 28.9M | 27.32M | 23.93M | 22.99M | 22.91M | 22.63M | 22.65M | 21.07M |
| Dividend Payout Ratio | - | 52.59% | 18.62% | 38.01% | - | 37.18% | 239.76% | 78.97% | 54.93% | 40.2% | 151.48% | 72.48% | 68.21% | 46.46% | 31.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating margin volatility
As reported in recent quarterly filings, CONMED's revenue growth has exhibited significant inconsistency, fluctuating from a 30.4% surge in 2023Q4 to a contraction of 0.7% in 2026Q1, suggesting that the company's reliance on elective procedure volumes and capital equipment cycles creates a highly unpredictable top-line trajectory.
The erratic revenue performance implies that the company struggles to maintain a steady baseline of growth, likely due to the transactional nature of its orthopedic segment. Investors should monitor whether the General Surgery segment can provide enough stability to offset the cyclicality inherent in the broader portfolio.
Based on the provided income statement data, gross margins have experienced notable compression, dropping from 57.9% in 2026Q1 to a low of 46.7% in 2025Q3, which suggests that shifts in product mix or manufacturing inefficiencies are significantly impacting the company's ability to maintain consistent profitability.
This margin instability indicates that the company may be struggling to scale its higher-margin disposables effectively against its legacy orthopedic hardware. The inability to hold margins above the 50% threshold in certain periods warrants further investigation into potential supply chain cost pressures or aggressive pricing competition.
According to the historical income statement data, operating margins have fluctuated wildly between 3.6% and 20.7%, indicating that CONMED has failed to demonstrate consistent operating leverage as SG&A expenses frequently outpace gross profit growth during periods of revenue stagnation or decline.
The lack of a clear downward trend in SG&A relative to revenue suggests that the company's cost structure is heavily burdened by its direct sales force and clinical support requirements. This high fixed-cost base appears to amplify the negative impact of revenue volatility on the bottom line.
As evidenced by the dramatic swings in quarterly net income, ranging from $2.9 million to $49.0 million, the quality of reported earnings appears compromised by non-operating items and potentially aggressive stock-based compensation, which reached $13.9 million in 2025Q1 alone, distorting the underlying operational performance.
The significant variance between EPS growth and revenue trends suggests that investors should be cautious of relying on headline net income figures. The frequent spikes in stock-based compensation and fluctuating tax or amortization impacts imply that the company's true cash-generating capability may be masked by accounting noise.
While management emphasizes the growth of the AirSeal platform, the income statement data suggests that the company remains vulnerable to margin compression, as evidenced by the 2025Q3 gross margin dip, which may indicate that the core business lacks the pricing power to offset rising operational costs.
Short-sellers would likely focus on the company's inability to consistently convert revenue into operating profit, viewing the recent margin volatility as a sign of structural weakness rather than temporary disruption. The reliance on elective procedures makes the company particularly susceptible to any downturn in hospital capital expenditure budgets.
Quick answers to the most common questions about buying CNMD stock.
For fiscal year 2025, CONMED Corporation (CNMD) reported total revenue of $1.37B. This represents a 994.3% increase compared to $125.6M in 1996.
CONMED Corporation (CNMD) is profitable, generating $47.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
CONMED Corporation (CNMD) reported an operating income of $141.1M, resulting in an operating profit margin of 10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CONMED Corporation (CNMD) generated $725.4M in gross profit for the year, representing a gross profit margin of 52.8%. This demonstrates the company's core pricing power and production efficiency.