CONMED appoints Mark Kaye to its Board of Directors

LARGO, Fla. - CONMED Corporation (NYSE: CNMD), a medical technology company with a market capitalization of $1.9 billion and a perfect Piotroski Score of 9 according to InvestingPro, announced Monday the appointment of Mark Kaye to its Board of Directors, effective February 24, 2025. Kaye’s extensive background in finance, risk management, and healthcare is expected to contribute significantly to the company’s strategic planning and governance. The appointment comes as CONMED trades near its 52-week low, despite maintaining strong financial health with a current ratio of 2.3.

With a career spanning various senior financial roles, Kaye currently serves as the Executive Vice President and Chief Financial Officer of Elevance Health since 2023. His previous positions include serving as Executive Vice President and Chief Financial Officer of Moody’s (NYSE:MCO) Corporation from 2021 to 2023 and Senior Vice President and Chief Financial Officer from 2018 to 2021. Kaye also held leadership positions at Massachusetts Mutual Life Insurance (NSE:LIFI) Company and Voya Financial (NYSE:VOYA).

Martha Goldberg Aronson, Chair of CONMED’s Board of Directors, expressed confidence in Kaye’s abilities, citing his "deep knowledge across finance, accounting, risk management, strategic planning, and operational efficiencies." Patrick Beyer, President and CEO of CONMED, echoed this sentiment, highlighting the value of Kaye’s healthcare and financial expertise to the company’s growth and stakeholder benefits. According to InvestingPro analysis, CONMED appears undervalued at current levels, with 8 additional exclusive ProTips available to subscribers, including insights on earnings trends and cash flow yield.

Kaye’s educational credentials include a bachelor’s degree in Actuarial Science and Statistics and an MBA in Finance from the University of Pennsylvania’s Wharton School. His current board membership includes BCS Financial Corporation since 2024.

CONMED specializes in surgical devices and equipment, catering to various medical specialties such as orthopedics, general surgery, and gastroenterology. With annual revenue of $1.3 billion and a solid diluted EPS of $4.25, the company has maintained dividend payments for 13 consecutive years. The company’s decision to bring Kaye on board aligns with its commitment to leveraging expertise for future development. Discover more detailed insights and access comprehensive Pro Research Reports covering CONMED and 1,400+ other top stocks through InvestingPro.

This news is based on a press release statement and should be considered in the context of CONMED’s forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected. The company cautions that while expectations are based on reasonable assumptions, there is no assurance that they will materialize as anticipated.

In other recent news, CONMED Corporation reported fourth-quarter 2024 earnings that exceeded consensus estimates, with sales reaching $346 million and earnings per share at $1.34. Despite these strong results, the company provided a 2025 earnings guidance of $4.25 to $4.40 per share, falling short of the consensus estimate of $4.74. This has led to mixed reactions from analysts. Needham maintained a Buy rating on the stock but lowered its price target from $97 to $91, citing supply chain challenges that are expected to continue affecting margins. In contrast, JPMorgan downgraded CONMED from Overweight to Neutral, adjusting its price target to $70, due to concerns over the company’s lower-than-expected 2025 guidance amidst a CEO transition. Meanwhile, Stifel maintained its Buy rating and a $72 price target, highlighting the growth of CONMED’s AirSeal system, which saw an 11% sales increase in 2024. Additionally, CONMED announced a quarterly dividend of $0.20 per share, payable on January 3, 2025, reflecting its ongoing commitment to shareholder value. These developments provide a comprehensive view of the company’s current financial health and strategic direction.

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