ConMed cuts Q1 revenue forecast on coronavirus

UTICA, N.Y. — ConMed Corp. (NYSE: CNMD) on Tuesday reduced the first-quarter revenue expectations for its global business, based on the current status of the spread of the coronavirus.

The firm now expects organic constant currency revenue growth for the first quarter of 2020 to range between 2 percent and 4 percent. That’s compared to the previous range of 5 to 6 percent that management discussed during its fourth quarter and full-year 2019 earnings conference call.

ConMed noted it does expect a “favorable” adjustment in the anticipated first quarter 2020 effective tax rate to help offset the financial impact of COVID-19, the formal name of the coronavirus.

As a result, management now anticipates that the company’s first quarter adjusted diluted net earnings per share growth rate will be in the mid-single digits compared to the previously provided guidance range of high-single digit to low-double digit growth.

As of now, ConMed isn’t updating its full-year 2020 guidance. The surgical-device maker will provide an update on its full-year guidance as part of the first quarter 2020 earnings release.

Utica–based ConMed is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The firm’s products are used by surgeons and physicians in specialties that include orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology.

Contact Reinhardt at ereinhardt@cnybj.com