Here’s Why CONMED Corp. (CNMD) Underperformed in the Second Quarter

Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Small Cap Growth Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Small-cap stocks overall posted rather disappointing returns in the second quarter of 2022. In what has become a common theme, the Russell 2000® Growth Index (down 19.26%) significantly lagged its Russell 2000® Value Index (down 15.28%) counterpart and has now trailed in seven consecutive quarters Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Carillon Eagle Small Cap Growth Fund mentioned CONMED Corporation (NASDAQ:CNMD) and explained its insights for the company. Founded in 1970, CONMED Corporation (NASDAQ:CNMD) is a Utica, New York-based global medical technology company with a $2.5 billion market capitalization. CONMED Corporation (NASDAQ:CNMD) delivered a -39.88% return since the beginning of the year, while its 12-month returns are down by -34.72%. The stock closed at $85.23 per share on October 04, 2022.

Here is what Carillon Eagle Small Cap Growth Fund has to say about CONMED Corporation (NASDAQ:CNMD) in its Q2 2022 investor letter:

ConMed provides devices and equipment used in surgical procedures. The stock underperformed in the quarter as many hospitals face challenges scheduling elective surgical procedures that use ConMed’s instruments and implants. The majority of these issues are due to labor pressures at the hospital level, where the availability of nurses and other skilled staff cannot meet the demand for surgical procedures.”


Our calculations show that CONMED Corporation (NASDAQ:CNMD) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CONMED Corporation (NASDAQ:CNMD) was in 34 hedge fund portfolios at the end of the second quarter of 2022, compared to 22 funds in the previous quarter. CONMED Corporation (NASDAQ:CNMD) delivered a -12.12% return in the past 3 months.

In December 2021, we published an article that includes CONMED Corporation (NASDAQ:CNMD) in Top 5 Stock Picks of Steve Zheng’s Deepcurrents Investment Group. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.

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