Revenue has plateaued near $335M to $373M per quarter with a 2026Q3 gross margin of 56.4%, but operating margin volatility from 3.6% to 17.9% suggests earnings remain inconsistent.
CONMED Corporation (CNMD) annual income statement — 30-year revenue, gross profit & net income history
| 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 % | 1.68% | 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 | 586.19M | 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 | 783.38M | 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 % | 57.2% | 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 | 617.54M | 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 | 555.22M | 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 | 62.32M | 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 | 0 | 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 | 165.84M | 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 % | 12.11% | 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 | 238.79M | 215.41M | 251.63M | 172M | 139.57M | 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 % | 17.44% | 15.67% | 19.25% | 13.82% | 13.35% | 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 % | 19.98% | -14.39% | 46.29% | 23.24% | -22.66% | 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) | 72.95M | 74.28M | 51.3M | 51.4M | 69.52M | 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 | 138.41M | 102.2M | 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 | -33.45M | -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 | 33.45M | 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 | -60.87M | -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 | 104.96M | 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 % | 7.66% | 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 | 31.53M | 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 % | 30.04% | 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 | 73.43M | 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 % | 5.36% | 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 % | 14.61% | -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) | 73.43M | 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) | 2.44 | 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 % | 17.93% | -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 | 30.13M | 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 | 29.93M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin compression and volatile earnings
Metrics are mathematically derived from official filings.
Top-Line Growth Flattening Toward Stagnation
Based on reported quarterly figures, CNMD's revenue growth has slowed to roughly flat in recent quarters, with 2026Q3 revenue of $335.6M declining 0.9% year over year after peaking near $373.5M in 2025Q4.
The sequence of year-over-year growth rates, moving from mid-single digits in 2024 to near zero in 2026, suggests demand momentum has weakened rather than reflecting a timing effect. Because the reported data does not disclose volume versus pricing contribution, it is unclear whether the slowdown reflects softer procedure volumes or pricing pressure, which investors should monitor. Sustained flat revenue would make earnings growth dependent on cost control rather than top-line expansion.
Gross Margin Holding Above Mid-Fifties
As reported in the quarterly income statements, CNMD's gross margin has stayed in a 56% to 58% band for most recent quarters, with 2026Q3 at 56.4%, excluding the 2025Q3 dip to 46.7%.
The gross margin recovery after the 2025Q3 trough suggests the earlier compression was largely transitory, though the cause of that single-quarter decline is not disclosed in the supplied data. Relative to peers, CNMD's roughly 56% gross margin sits well below AtriCure and Novocure, which exceed 74%, implying limited structural pricing power in its product mix. Margins therefore appear stable but not differentiated.
Operating Margin Swinging Without Clear Scale Gains
Based on reported figures, CNMD's operating margin ranged from 3.6% in 2025Q1 to 17.9% in 2025Q4, with 2026Q3 at 11.1%, indicating volatility rather than a steady scaling trend.
Operating income has not expanded in step with revenue, as SG&A has remained elevated at roughly 38% to 43% of revenue in several recent quarters. The wide swings in operating margin suggest the cost base is not reliably scaling, which weakens the case for durable operating leverage. Investors should treat the strongest quarters as potentially non-recurring until consistency is demonstrated.
Net Income Volatility Outpaces Operating Trends
According to the reported figures, CNMD's diluted EPS fell from $1.57 in 2024Q3 to $0.09 in 2025Q3, a swing far larger than the movement in revenue over the same span.
The large gap between operating income and net income in several quarters, such as 2025Q4 where operating income of $66.9M produced net income of $16.7M, suggests material below-the-line items or tax effects that the data does not explain. Because the drivers are undisclosed, the reliability of reported EPS should be treated cautiously. Stock-based compensation of roughly $5M to $7M per quarter is modest, so it does not appear to be the primary source of this volatility.
Peer Margin Gap Challenges Growth Thesis
Based on the supplied peer table, CNMD's 56.4% gross margin and 11.1% operating margin trail HOLX and LMAT, while its flat revenue growth contrasts with MMSI's 11.7% one-year gain, raising questions about competitive positioning.
A bearish reading would argue that CNMD is structurally a lower-margin manufacturer whose recent stability rests on a single strong quarter rather than a durable trend, and that flat revenue leaves little room for earnings to compound. The 2025Q3 trough and the 2025Q4 peak together suggest results may be more sensitive to timing and non-operating items than the headline margin band implies. Investors should monitor whether operating margin can hold above roughly 10% through several consecutive quarters before concluding the business has stabilized.