Shares of CONMED Corp plunged 12.8% ($6.24) in after-hours trading after the company reported disappointing third-quarter results and lowered its full-year 2015 outlook.
CONMED posted adjusted earnings of 38 cents per share, which lagged the Zacks Consensus Estimate by 6 cents. Moreover, adjusted earnings declined 13.6% on a year-over-year basis because of lower sales and contracting operating margin.
Quarter Details
Net sales fell 3.3% (up 0.5% on a constant currency basis or cc) to $169.2 million. The top line also fell short of the Zacks Consensus Estimate of $174 million.
Domestic sales, which accounted for 51.9% of total sales, increased 1.3% on the back of considerable growth in capital equipment sales. Meanwhile, international sales, accounting for 48.1% of total sales, fell 7.8% primarily due to volatility in foreign exchange rates.
At cc, international sales declined 0.4% on a year-over-year basis owing to declining capital equipment sales. Sluggish demand in Latin America, particularly in Brazil and Middle East/Africa, hurt international sales.
