Medtech company with Largo plant issues revenue warning
March 11, 2020 - Conmed Corp. said the anticipated impact of the COVID-19 (coronavirus) outbreak will dampen revenue growth for the first quarter of 2020. Conmed (NYSE: CNMD) is a medical technology company headquartered in Utica, New York and with a major manufacturing plant in Largo. It's one of the largest employers in Pinellas County. The company today projected revenue growth for the first quarter of 2020 to be in the range of 2 percent to 4 percent, compared to the previous range of 5 percent to 6 percent, a news release said. A favorable adjustment in the expected Q1 effective tax rate is expected to help offset the financial impact of COVID-19, the release said. Conmed now expects Q1 net earnings per share growth rate will be in the mid-single digits compared to the previously provided guidance range of high-single digit to low-double digit growth.