Conmed Corp. (CNMD) operates in highly competitive markets against competitors that are much larger, technically competent and possess substantially more assets.

Additionally, many of these competitors offer a range of products not matched by Conmed, which may make Conmed’s offerings less attractive to surgeons, hospitals, and group purchasing organizations that are trying to reduce the number of vendors they do business with. In the second quarter, earnings per share were $0.17, compared to the Zacks Consensus Estimate of $0.16 and the year-ago earnings of $0.43.

We have an Underperform rating on Conmed with a target price of $18.

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