UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD) shares plummeted more than 17 percent in Thursday trading after the surgical-device maker revised down its sales and profit forecasts.
Based on “weaker-than-expected” organic sales performance to date, ConMed is reducing its 2016 constant-currency organic sales growth estimate to a range of -1 percent to 1 percent, compared to the previous range of 1 percent to 3 percent.
It now forecasts 2016 reported sales in the range of $757 million to $767 million, down from the previous range of $768 million to $778 million.
The Utica–based company also said it now expects net earnings per share in the range of $1.83 to $1.93, compared to the previous range of $1.95 to $2.05.
ConMed issued its earnings revisions as part of its second-quarter earnings statement issued on Wednesday after the close of regular trading on Wall Street.
ConMed shares fell $8.28, or 17.2 percent, to $39.92 in Thursday trading.
The medical-device firm reported net earnings of $2.9 million, or 10 cents a share, in the second quarter, down from $7.5 million, or 27 cents, in the year-ago period. The earnings included business acquisition and restructuring costs in this year’s second quarter and restructuring costs in the year-earlier quarter.
Domestic sales in the second quarter, which represented 51 percent of total revenue, increased about 11 percent, led by “strong” growth in the firm’s general-surgery business.
Contact The Business Journal News Network at news@cnybj.com