01-05-2017: Conmed Corporation (CNMD): Minimally Invasive Surgical Devices & Implants

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Conmed Corporation

CONMED Corporation (CMND), a medical technology company, develops, makes, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company has market cap of $1.42 billion. The firm offers sports medicine products, such as powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, metal and bio absorbable implants, and related disposable products and fluid management systems; powered surgical instruments for use in large and small bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; and sports biologics and tissues. It has a 92.42 P/E ratio. It also provides electrosurgical generators, hand pieces, smoke management systems, and accessories for surgical needs; and endomechanical instrumentation products that offer various instruments comprising trocars, suction irrigation devices, graspers, scissors, and dissectors used in the minimally invasive laparoscopic and gynecological surgery, as well as an uterine manipulator for use in the laparoscopic hysterectomies and other gynecologic laparoscopic procedures.

Included in the product line are implants from "minimally invasive" surgery, some of which contain ugly little "hooks" that can latch on to parts of the body to help the implant stay in place. But many surgical implants from other manufacturers have been in the news recently, especially a venal cavity filter made by several device manufacturers, particularly C.R. Bard, where class action lawsuits after devices were "recalled" after having been implanted cost manufacturers a lot of money. This product line is particularly subject to lawsuits. We did not see anything in news related to Conmed, however. In fact, there seems remarkably little news about this company. We did like its website and CEO Letter to Shareholders, which so many American corporations now neglect.

There are some adherents to this stock including a few optimistic analysts, but our interest peaks at the "Channeling" chart showing a current 48-54 trading range after breaking out from an earlier one, offering in-and-out trading opportunities. Researchers are biasedly negative on the stock. We do not classify this as a "buy and hold" stock. The company has had somewhat erratic earnings, particularly in the latest year, and is taking on debt. It has an unacceptably low Zenith Index, and poor fundamentals (growth and profitability) are also a conclusion of Market Grader. However, Dimenstional Fund Advisors (DFA) is among the major instituional holders, which we regard as a good sign, even if DFA is selling off some shares.

We feel this is a fairly risk-free stock to trade with relatively few surprises if one wants to trade in a recent trading range. The stock pays a 1.5% dividend.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

CONMED Corporation (CNMD)                                 Exchange: Nasdaq
525 French Road
Utica, NY 13502                  Sector: Healthcare
United States                    Industry:Medical Appliances & Equipment

CONMED Corporation, a medical technology company, develops,
manufactures, and sells surgical devices and related equipment for
minimally invasive procedures in the Americas, Europe, the Middle East,
Africa, and the Asia Pacific. The company offers sports medicine
products, such as powered resection instruments, arthroscopes,
reconstructive systems, tissue repair sets, metal and bio absorbable
implants, and related disposable products and fluid management systems;
powered surgical instruments for use in large and small bone orthopedic,
arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological,
spinal, and cardiothoracic surgeries; and sports biologics and tissues.
It also provides electrosurgical generators, hand pieces, smoke
management systems, and accessories for surgical needs; and
endomechanical instrumentation products that offer various instruments
comprising trocars, suction irrigation devices, graspers, scissors, and
dissectors used in the minimally invasive laparoscopic and gynecological
surgery, as well as an uterine manipulator for use in the laparoscopic
hysterectomies and other gynecologic laparoscopic procedures. In
addition, the company provides mucosal management devices, forceps,
scope management accessories, bronchoscopy devices, dilatation,
stricture management devices, hemostasis, biliary devices, and
polypectomy; ECG electrodes and accessories, and cardiac defibrillation
and pacing pads; suction instruments and tubing for use in the hospital,
as well as ambulatory surgery centers and emergency medical market; and
imaging systems for use in the minimally invasive orthopedic and general
surgery procedures. The company-Ęs products are used by surgeons and
physicians in orthopedics, general surgery, gynecology, neurosurgery,
and gastroenterology. CONMED Corporation was founded in 1970 and is
headquartered in Utica, New York.

Last Trade:  51.46                           52-Week Range:  54.77 -  49.09
Employees: 3,300                             Avg.Volume:     109,435 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 1; Shareholder Rights: 3; Compensation: 4.
         (A lower number means less governance risk.)

EPS:  0.55    Dividend Amount: $%239.00          Yield:  1.55%
             Ex-Dividend Date: Dec 14, 2017    Payout Ratio: 145.45

Key Statistics:

    Trailing P/E:  92.84              Forward P/E (est.):  24.86
                                           Target Price:  53.75

Qrtly Stock Price Growth (yoy):   0.00%               Beta:   0.10
Qrtly S&P Index   Growth (yoy):   2.90%        Short Ratio:  11.10%
    Qrtly Revenue Growth (yoy):  19.03%         Shares Out:  27930000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  21.11                    Debt/Equity:  86.21%
    Price/Book Value:   2.41        Operating Profit Margin:   8.57%
         Price/Sales:   1.83                  Profit Margin:   1.99%
         Market Cap:   1,424,000,000       Return on Equity:   2.64%
    Enterprise Value:   1,900,000,000      Return on Assets:   3.09%

    Operating Cash Flow:     56,790,000
         Free Cash Flow:    135,540,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                                763,520     719,168     740,055
  Cost of Revenue                              355,190     337,466     335,998
  Gross Profit                                 408,330     381,702     404,057

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            338,400     303,091     323,492
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                        37,676      51,175      52,786

Income from Continuing Operations:
  Total Other Income/Expenses Net               -2,942      -2,942      -2,942
  Earnings Before Interest & Taxes              34,734      51,175      52,786
  Interest Expense                              15,359       6,031       6,111
  Income Before Taxes                           19,375      45,144      46,675
  Income Tax Expense                             4,711      14,646      14,483
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                 14,664      30,498      32,192

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                    14,664      30,498      32,192
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares               14,664      30,498      32,192



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                                14,664        30,498        32,192

Operating Activities:
  Depreciation                              55,309        43,879        45,734
  Adjustments to Net Income                  3,588         9,630         8,768
  Changes in Accounts Recv'bls              -6,380        -9,643         5,255
  Changes in Liabilities                    -8,828         4,290        -5,287
  Changes in Investories                     3,103       -18,581       -10,449
  Changes in other Oper'g Acts             -23,234       -12,005       -11,037

Total Cash Flow f Operations                38,222        48,068        65,176

Investing Activities:
  Capital Exenditures                      -14,753       -15,009       -15,411
  Investments                                    0             0             0
  Other Cash Flows fr Investing           -251,272        -9,353        -5,265

Total Cash Flows from Investing           -266,025       -24,362       -20,676

Financing Activities:
  Dividends Paid                           -22,213       -22,105       -21,959
  Sale of Purchase of Stock                      0             0       -16,862
  Net Borrowings                           227,564        29,446        25,860
  Other Cash Flows fr Financing            -16,076       -19,710        -5,265

Total Cash Flows from Financing            184,202        -9,773       -26,390

  Effect of Exchange Rate Chg               -1,475        -7,761        -6,221

Change in Cash & Cash Equiv.               -45,076         6,172        11,889



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                    27,428        72,504        66,332
  Short Term Investments                          0             0             0
  Net Receivables                           148,244       133,863       144,218
  Inventory                                 135,869       133,361       148,149
  Other Current Assets                       18,971        20,076        22,451
  Total Current Assets                      330,512       359,804       381,150

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                  122,029       125,452       133,429
  Goodwill                                  397,664       260,651       256,232
  Intangible Assets                         419,549       308,171       316,440
  Accumulated Amortization                        0             0             0
  Other Assets                               55,517        43,384         9,545
  Deferred LT Asset Charges                   3,712         4,238         1,398

Total Assets                              1,328,983     1,101,700     1,098,194

Current Liabilities:
  Accounts Payable                           73,683        66,543        62,866
  Current Portion LT Debt                    10,202         1,339         1,234
  Other Current Liabilities                  30,067        51,836        51,856
  Total Current Liabilities                 113,952       119,718        115,956

  Long Term Debt                             73,683        66,543        62,866
  Other Liabilities                          10,202         1,339         1,234
  Deferred LT Liab. Charges                  30,067        51,836        51,856
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           732,643       413,248       516,896

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  313           313           313
  Retained Earnings                         406,932       414,506       406,145
  Treasury Stock                            -97,419      -100,767      -105,090
  Capital Surplus                           329,276       324,915       319,752
  Other Stockhohlder Equity                 -58,526       -53,894       -39,822
  Total Stockholder Equity                  580,576       585,073       581,298

Net Tangible Assets                        -236,637        16,251         8,626



CONMED Corporation (CNMD)                   [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.3016          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.1263
Price/Sales Ratio < 2.3?   1.2568          Inventory/Sales < 5%?      0.2810
Sales < $1 Billion?        1.3097          Operating Margin < 7.5%?   0.8751

Balance Sheet Tests:
Debt/Equity < 0.40?        0.4640          Long-Term Debt Service:    1.2213
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   2.2615
Current Ratio > 2?         1.4502          Working Capital >= 1.5?    0.5241
Leverage Ratio < 20%?      0.1354          Debt/Assets < 1?           2.7217
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.4015
Share Equity Increase:     1.9988          Market Cap.< 1.5 Billion?  1.0534
                                           Intangibles < 3% Assets?   0.0488
Income Tests:
Profit Margin < 7.5%?      0.2653          EPS Annual Growth > 10%?   0.2080
Dividend Yield > 2.0%?     1.2903          EPS 3-yr Growth > 15?      0.3293
Enterprise Value/Revenue   1.8656          EPS Growth Consistent?    -2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.6350
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  1.9075
Stock Performance Tests:
Volatility > 25%?          0.4148          % Held by Insiders < 5%?   2.9940
Beta > 1.25?               0.0800          % Held by Institut. < 50?  0.4939
50 Da MA > 200 Da MA?     -0.0163          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  0.0000          Short Ratio > 5?           2.2200
Price/Book Value < 3?      1.2307          Short % of Float > 20?     0.1940
Return on Assets > 17%?    0.1818          Average Volume > 100,000?  1.0943

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  0.4190          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  3.0000

CNMD   CONMED Corporation                  Overall Zenith Index:      1.0876


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Financial Statements

CONMED CORP  (CNMD)                         INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                          767,139,968     762,704,000     740,054,976     719,168,000     763,520,000     777,931,008
Cost of revenue                                  361,296,992     350,287,008     335,998,016     337,465,984     355,190,016     363,888,000
Gross profit                                     405,843,008     412,416,992     404,056,992     381,702,016     408,329,984     414,043,008


Operating expenses
Research and development                          28,214,000      25,831,000      27,779,000      27,436,000      32,254,000      31,563,000
Sales, General and administrative                312,419,008     310,729,984     293,942,016     303,091,008     338,400,000     346,115,008
Other operating expenses                                   0      19,348,000      29,550,000               0               0               0
Total operating expenses                         340,632,992     355,908,992     351,271,008     330,527,008     370,654,016     377,678,016

Operating income                                  65,210,000      56,508,000      52,786,000      51,175,000      37,676,000      36,365,000
Interest Expense                                   5,730,000       5,613,000       6,111,000       6,031,000      15,359,000      17,234,000
Other income (expense)                                     0        -263,000               0               0      -2,942,000               0
Income before taxes                               59,480,000      50,632,000      46,675,000      45,144,000      19,375,000      19,131,000
Provision for income taxes                        18,999,000      14,693,000      14,483,000      14,646,000       4,711,000       3,632,000
Net income from continuing operations             40,481,000      35,939,000      32,192,000      30,498,000      14,664,000      15,499,000
Net income                                        40,481,000      35,939,000      32,192,000      30,498,000      14,664,000      15,499,000
Net income available to common shareholders       40,481,000      35,939,000      32,192,000      30,498,000      14,664,000      15,499,000

Earnings per share
Basic                                                   1.43            1.30            1.17            1.10            0.53            0.55 
Diluted                                                 1.41            1.28            1.16            1.09            0.52            0.55 

Weighted average shares outstanding
Basic                                             28,301,000      27,722,000      27,401,000      27,653,000      27,804,000      27,901,500
Diluted                                           28,653,000      28,114,000      27,769,000      27,858,000      27,964,000      28,097,500

____________________________________________________________________________________________________________________________________________


CONMED CORP  (CNMD)                         BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Total cash                                        23,720,000      54,443,000      66,332,000      72,504,000      27,428,000

Receivables                                      139,124,000     140,426,000     129,287,000     133,863,000     148,244,000
Inventories                                      156,228,000     143,211,008     148,148,992     166,894,000     135,868,992
Deferred income taxes                             11,931,000      13,202,000      14,348,000      14,150,000               0
Prepaid expenses                                  14,993,000      17,045,000      22,451,000      15,102,000      18,971,000
Other current assets                                 191,000       3,805,000         583,000       4,974,000               0
Total current assets                             346,187,008     372,132,000     381,150,016     407,487,008     330,512,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              278,628,000     288,454,016     297,641,984     293,209,984     307,710,016
Accumulated Depreciation                        -139,587,008    -149,468,992    -164,212,992    -167,758,000    -185,680,992
Net property, plant and equipment                139,040,992     138,984,992     133,429,000     125,452,000     122,029,000

Goodwill                                         256,820,992     248,428,000     256,232,000     260,651,008     397,664,000
Intangible assets                                190,808,992     319,440,000     316,440,000     308,171,008     419,548,992
Deferred income taxes                              1,057,000       1,183,000       1,398,000       1,332,000       3,712,000
Other long-term assets                           150,547,008      10,340,000       9,545,000       9,851,000      55,517,000
Total non-current assets                         738,275,008     718,376,000     717,043,968     705,457,024     998,470,976

Total assets                                   1,084,461,952   1,090,508,032   1,098,194,048   1,112,944,000   1,328,983,040 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    1,050,000       1,140,000       1,234,000       1,339,000      10,202,000
Accounts payable                                  23,622,000      27,448,000      23,752,000      34,720,000      41,647,000
Taxes payable                                              0       2,116,000       2,668,000       2,903,000               0
Accrued liabilities                               33,511,000      33,426,000      36,446,000      31,823,000      32,036,000
Other current liabilities                         64,325,000      47,135,000      51,856,000      48,933,000      30,067,000
Total current liabilities                        122,508,000     111,265,000     115,956,000     119,718,000     113,952,000

Non-current liabilities
Long-term debt                                   160,802,000     214,435,008     240,200,992     269,471,008     488,288,000
Deferred taxes liabilities                       107,518,000     113,199,000     112,223,000     114,623,000     119,143,000
Other long-term liabilities                       86,636,000      45,290,000      48,516,000      24,059,000      27,024,000
Total non-current liabilities                    354,956,000     372,924,000     400,940,000     408,152,992     634,454,976

Total liabilities                                477,464,000     484,188,992     516,896,000     527,871,008     748,406,976 

Stockholders' equity

Common stock                                         313,000         313,000         313,000         313,000         313,000
Additional paid-in capital                       324,321,984     326,436,000     319,752,000     324,915,008     329,276,000
Retained earnings                                377,907,008     395,888,992     406,144,992     414,505,984     406,932,000
Treasury stock                                   -67,963,000     -98,747,000    -105,090,000    -100,767,000     -97,419,000
Accumulated other comprehensive income           -27,581,000     -17,572,000     -39,822,000     -53,894,000     -58,526,000
Total stockholders' equity                       606,998,016     606,318,976     581,297,984     585,073,024     580,576,000
Total liabilities and stockholders' equity     1,084,461,952   1,090,508,032   1,098,194,048   1,112,944,000   1,328,983,040

____________________________________________________________________________________________________________________________________________


CONMED CORP  (CNMD)                         Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                        40,481,000      35,939,000      32,192,000      30,498,000      14,664,000      15,499,000
Depreciation & amortization                       46,616,000      47,867,000      45,734,000      43,879,000      55,309,000      57,161,000
Deferred income taxes                             12,946,000       7,218,000        -284,000       2,251,000      -2,871,000      -4,023,000
Stock based compensation                           5,653,000       5,593,000       9,330,000       7,499,000       8,375,000       8,210,000
Accounts receivable                                1,687,000        -798,000       5,255,000      -9,643,000      -6,380,000     -11,505,000
Inventory                                          3,810,000      -1,817,000     -20,940,000     -34,536,000       3,103,000      -8,093,000
Accounts payable                                     259,000       4,223,000      -3,449,000      11,508,000       2,094,000      13,315,000
Accrued liabilities                                  767,000         -71,000       3,572,000      -3,964,000      -2,598,000      -4,047,000
Income taxes payable                              -6,497,000               0               0               0               0               0
Other working capital                            -10,369,000     -17,047,000      -5,956,000         696,000     -31,558,000      -9,449,000
Other non-cash items                                -154,000        -158,000        -278,000        -120,000      -1,916,000        -280,000
Net cash provided by operating activities         95,199,000      80,949,000      65,176,000      48,068,000      38,222,000      56,788,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -21,532,000     -18,445,000     -15,411,000     -15,009,000     -14,753,000     -13,549,000
Property, plant, and equipment reductions          1,836,000               0               0               0               0               0
Acquisitions, net                                -86,253,000               0      -5,265,000      -9,353,000    -256,450,000     -15,194,000
Other investing activities                                 0               0               0               0       5,178,000               0
Net cash used for investing activities          -105,949,000     -18,445,000     -20,676,000     -24,362,000    -266,024,992     -28,743,000

Cash Flows From Financing Activities
Debt issued                                       73,000,000      55,000,000      27,000,000      30,680,000     400,000,000     148,000,000
Debt repayment                                   -54,657,000      -1,277,000      -1,140,000      -1,234,000    -172,436,000    -140,088,992
Common stock issued                               10,165,000      17,264,000       2,316,000         833,000               0               0
Common stock repurchased                          -3,923,000     -50,556,000     -16,862,000               0               0               0
Excess tax benefit from stock based compe            154,000         421,000         278,000         120,000               0               0
Dividend paid                                    -12,862,000     -16,696,000     -21,959,000     -22,105,000     -22,213,000     -22,286,000
Other financing activities                          -524,000     -35,452,000     -16,023,000     -18,067,000     -21,149,000       1,536,000
Net cash provided by (used for) financing         11,353,000     -31,296,000     -26,390,000      -9,773,000     184,202,000     -12,839,000

Effect of exchange rate changes                   -2,931,000        -485,000      -6,221,000      -7,761,000               0               0
Net change in cash                                -2,328,000      30,723,000      11,889,000       6,172,000     -43,601,000      15,206,000
Cash at beginning of period                       26,048,000      23,720,000      54,443,000      66,332,000      72,504,000      26,948,000
Cash at end of period                             23,720,000      54,443,000      66,332,000      72,504,000      28,903,000      42,154,000

Free Cash Flow
Operating cash flow                               95,199,000      80,949,000      65,176,000      48,068,000      38,222,000      56,788,000
Capital expenditure                              -21,532,000     -18,445,000     -15,411,000     -15,009,000     -14,753,000     -13,549,000
Free cash flow                                    73,667,000      62,504,000      49,765,000      33,059,000      23,469,000      43,239,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (CNMD)       CONMED Corp.

                               2013    2014    2015    2016    2017

          Annual Earnings:     1.41    1.28    1.16    1.09    0.52
Average Price During Year:    32.58   41.91   51.09   41.85   48.26

                P/E Ratio:    23.11   32.74   44.04   38.39   92.80

 Average 5-Year P/E Ratio  =  46.22
             Current Price =  51.08

Previous 5 Quarter Earnings:   0.26    0.24   -0.16    0.22    0.26

           Current Annualized (Last Four Quarters) Earnings =  .32
                                                           ________
                                 Average PE / Current PE =     0.29
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad
 


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for CONMED CORPORATION:
Symbol? CNMD
Total Months Available:  60
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  50.02   35.51     48.50   37.91     54.47   47.41

RANGE   =  54.47  TO   35.51            Close =  50.72
CHANNEL =  48.50  TO   47.41           Degree =   1
Volatility =   2.15%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

2 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer





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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry - 1
Bond Issue + 0
Zenith Index - 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF + 0
Tangible Book Value - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options - 1
Ultimate Trading Systems - 1
Total + 3
Place 585 shares of Conmed Corporation (CNMD) on the Active List.