Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Conmed Corp.CNMD · healthcare | |
|---|---|
| Grade |  A/Bon the A/B boundary of 371 graded peers; percentile 18.1, sampling error 2.5 points; lower is stronger |
| Rank | 68 of 371 |
| Profitability | B/Cpercentile 38.6 |
| Solvency | Bpercentile 37.0 |
| Growth and financing | B/Cpercentile 37.6 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $2.3B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress |
| Inputs computable | 11 of 14 |
| Graded from | filings received through Feb 17, 2026234 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $45.192026-10-08; market equity $1.4B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 17, 2026; the document on sec.gov.
Factors that may influence our customers’ choice of competitor products include: •increases or decreases in healthcare spending related to medical devices; •our inability to supply products as a result of product recall, market withdrawal or back-order; •the introduction by competitors of new products or new features to existing products such as a replacement for AirSeal®; •the introduction by competitors of alternative surgical technology; and •advances in surgical procedures, discoveries or developments in the healthcare industry.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 38.6 | |||||||
| Gross profitability | 32.3% | [1,3] | 32.2% | 45.6 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| latest aligned inputs end 2019-12-31; latest annual assets end 2025-12-31 | |||||||
| Accruals ratio | (5.3%) | [1,4-6] | (6.6%) | 60.6 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 0.8 pts | [2-3,7-14] | 2.8 pts | 9.5 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 37.0 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| four consecutive discrete net-income quarters are required; found 4 | |||||||
| Altman Z double-prime | 2.97 | [1,15-20] | (0.31) | 25.4 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| latest aligned inputs end 2019-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | 3.30x | [18,21] | (4.51x) | 16.2 | 81 | 2025-12-31 | |
| Current ratio | 2.14x | [15-16] | 2.96x | 69.2 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 37.6 | |||||||
| Revenue growth, three-year compound | 9.6% | [2,8,10,12] | 10.0% | 51.4 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 135.3% | [5,22-28] | 10.9% | 4.2 | 96 | 2025-12-31 | |
| Reinvestment rate | (2.1%) | [15-16,18,22,29-33] | 37.1% | 70.9 | 104 | 2025-12-31 | |
| Asset growth, three years | 0.4% | [1,6,34-35] | 2.1% | 50.4 | 704 | 2025-12-31 | |
| Net share issuance, one year | (0.2%) | [36-37] | 2.5% | 11.1 | 634 | 2026-02-11 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.284; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 63 | Natures Sunshine Products Inc. (NATR) Natures Sunshine Products Inc. (NATR) Astrongest fifth; percentile 16.8 Nasdaq · Pharmaceutical Preparations market equity $221.2M; last close $12.56 Warnings: fortress balance sheet; 9 of 14 inputs | 16.8 | A | fortress balance sheet |
| 64 | Alnylam Pharmaceuticals, Inc. (ALNY) Alnylam Pharmaceuticals, Inc. (ALNY) Astrongest fifth; percentile 17.0 Nasdaq · Pharmaceutical Preparations market equity $30.0B; last close $224.51 No active warnings; 9 of 14 inputs | 17.0 | A | |
| 65 | Aurinia Pharmaceuticals Inc. (AUPH) Aurinia Pharmaceuticals Inc. (AUPH) Astrongest fifth; percentile 17.3 Nasdaq · Pharmaceutical Preparations market equity $2.2B; last close $16.22 No active warnings; 8 of 14 inputs | 17.3 | A | |
| 66 | Acadia Pharmaceuticals Inc. (ACAD) Acadia Pharmaceuticals Inc. (ACAD) A/Bon the A/B boundary; percentile 17.6 Nasdaq · Pharmaceutical Preparations market equity $3.4B; last close $19.57 No active warnings; 8 of 14 inputs | 17.6 | A/B | |
| 67 | UFP Technologies Inc. (UFPT) UFP Technologies Inc. (UFPT) A/Bon the A/B boundary; percentile 17.8 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $2.2B; last close $287.96 No active warnings; 10 of 14 inputs | 17.8 | A/B | |
| 68 | Conmed Corp. (CNMD) Conmed Corp. (CNMD) A/Bon the A/B boundary; percentile 18.1 NYSE · Electromedical & Electrotherapeutic Apparatus market equity $1.4B; last close $45.19 No active warnings; 11 of 14 inputs | 18.1 | A/B | |
| 69 | Dexcom Inc. (DXCM) Dexcom Inc. (DXCM) A/Bon the A/B boundary; percentile 18.4 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $31.9B; last close $84.44 Warnings: fortress balance sheet; 10 of 14 inputs | 18.4 | A/B | fortress balance sheet |
| 70 | Orthofix Medical Inc. (OFIX) Orthofix Medical Inc. (OFIX) A/Bon the A/B boundary; percentile 18.6 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $366.6M; last close $8.99 No active warnings; 8 of 14 inputs | 18.6 | A/B | |
| 71 | Adma Biologics, Inc. (ADMA) Adma Biologics, Inc. (ADMA) A/Bon the A/B boundary; percentile 18.9 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $2.3B; last close $10.32 Warnings: late filer, fortress balance sheet; 10 of 14 inputs | 18.9 | A/B | late filer, fortress balance sheet |
| 72 | InnovAge Holding Corp. (INNV) InnovAge Holding Corp. (INNV) A/Bon the A/B boundary; percentile 19.2 Nasdaq · Services-Health Services market equity $1.2B; last close $9.11 Warnings: fortress balance sheet; 9 of 14 inputs | 19.2 | A/B | fortress balance sheet |
| 73 | Merit Medical Systems Inc. (MMSI) Merit Medical Systems Inc. (MMSI) A/Bon the A/B boundary; percentile 19.5 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $5.1B; last close $85.21 No active warnings; 12 of 14 inputs | 19.5 | A/B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 15.7 | 2204 |
| sector peers, equal sleeves (the grade) | A/B | 18.1 | 371 |
| same exchange, equal sleeves | A | 15.3 | 984 |
| sector peers, equal inputs | A/B | 18.4 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 6.0% | 8.0% | 49 | hotter than 49 of 100 peers |
| Distance from 52-week high | (13.0%) | (31.4%) | 76 | closer to its high than 76 of 100 peers |
| EBIT to enterprise value | 5.2% | (1.5%) | 79 | pricier than 21 of 100 peers |
| Free cash flow yield | 11.2% | (1.0%) | 92 | pricier than 8 of 100 peers |
| Book value to price | 0.77 | 0.28 | 79 | pricier than 21 of 100 peers |
| Sales to price | 1.02 | 0.31 | 83 | pricier than 17 of 100 peers |
| Composite equity issuance, five years | (0.9%) | 20.3% | 26 | more equity-funded than 26 of 100 peers |
| Relative strength against the sector, log excess return | (0.15) | (0.14) | 49 | ahead of 49 of 100 peers |
Inputs: market equity $1.4B; EBIT $102.6M; free cash flow $150.9M; book equity $1.0B; sales $1.4B; debt $657.0M; cash $25.9M[38].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 2.0% | ✓ pass[4,6] |
| Operating cash flow above zero | $170.7M | ✓ pass[5] |
| Return on assets improved | (3.7 pts) | ✗ fail[4,6,34,39] |
| Operating cash flow exceeds net income | $123.6M | ✓ pass[4-5] |
| Long-term leverage fell | (3.3 pts) | ✓ pass[1,6,34,40-41] |
| Current ratio improved | (16.5 pts) | ✗ fail[15-16,32-33] |
| No new shares issued | (0.2%) | ✓ pass[36-37] |
| Gross margin improved | (1.5 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | 2.8 pts | ✓ pass[2,6,8,34] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[5,42-44] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $18.6M |
| 63 sessions | |
| Days since newest grade input | 234 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.3B | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.4B | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $750.5M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $47.1M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $170.7M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $2.3B | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $733.0M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.3B | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $676.2M | 2023-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2023-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $571.2M | 2022-12-31 | 2025-02-18 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.0B | 2022-12-31 | 2025-02-18 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $568.0M | 2021-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.0B | 2021-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $672.9M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $315.0M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $588.8M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $102.6M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $1.0B | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $1.3B | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 21 | interest expense | us-gaap:InterestExpense | $31.1M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $19.8M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $167.0M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $13.1M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $125.3M | 2023-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $19.0M | 2023-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $33.4M | 2022-12-31 | 2025-02-18 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $21.8M | 2022-12-31 | 2025-02-18 | 10-K | filing · viewer · series |
| 29 | depreciation amortization | us-gaap:Depreciation | $17.1M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 30 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $71.1M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 31 | income tax | us-gaap:IncomeTaxExpenseBenefit | $24.1M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $640.0M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $278.1M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $2.3B | 2023-12-31 | 2025-02-18 | 10-K | filing · viewer · series |
| 35 | assets | us-gaap:Assets | $2.3B | 2022-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,833,536 | 2026-02-11 | 2026-02-17 | 10-K | filing · viewer · series |
| 37 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,908,835 | 2025-02-12 | 2025-02-18 | 10-K | filing · viewer · series |
| 38 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 29,951,248 | 2026-07-27 | 2026-07-29 | 10-Q | filing · viewer · series |
| 39 | net income | us-gaap:NetIncomeLoss | $132.4M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 40 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $834.2M | 2025-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 41 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $905.1M | 2024-12-31 | 2026-02-17 | 10-K | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $124.4M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $70.7M | 2025-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $41.5M | 2025-03-31 | 2025-05-01 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 18.1 is 1.9 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
