CONMED
CNMD · Health Care Equipment
$49.25
0.4%Inspire Medical Systems
INSP · Health Care Equipment
$71.11
2.1%The short version
- CONMED is the larger business, with $1.4B of revenue in fiscal 2025 against $912M for Inspire Medical Systems, about 1.5 times as much.
- Inspire Medical Systems grew revenue faster (13.6%, against 5.2%).
- CONMED kept more of each dollar of sales as operating profit (7.5% operating margin, against 5.6% operating margin).
- CONMED turned more of its sales into free cash flow (11.0% FCF margin, against 8.6% FCF margin).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against 3.7%).
- Investors pay more for each dollar of CONMED’s earnings: a P/E of 32.6x against 15.7x for Inspire Medical Systems.
| Latest fiscal year | CNMD · FY25 | INSP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $2.1B |
| Revenue | $1.4B | $912M |
| Free cash flow | $151M | $78.5M |
| Net income | $47.1M | $145M |
| Growth | ||
| Revenue growth | 5.2% | 13.6% |
| 5-year growth | 9.8% | 51.2% |
| Share count change | 0.0% | −2.6% |
| Profitability | ||
| Gross margin | 54.6% | 85.4% |
| Operating margin | 7.5% | 5.6% |
| Net margin | 3.4% | 16.0% |
| FCF margin | 11.0% | 8.6% |
| Return on capital | 3.7% | 14.2% |
| Return on equity | 4.7% | 19.8% |
| Balance sheet | ||
| Net debt | $794M | −$308M |
| Net debt / EBITDA | 5.1x | −4.8x |
| Dividends and buybacks | $24.7M | $175M |
| Valuation & quality | ||
| P/E | 32.6x | 15.7x |
| Piotroski F-score | 6 | 5 |
FY16
CNMD $764M
INSP $16.4M
FY17
CNMD $796M
INSP $28.6M
FY18
CNMD $860M
INSP $50.6M
FY19
CNMD $955M
INSP $82.0M
FY20
CNMD $863M
INSP $115M
FY21
CNMD $1.0B
INSP $233M
FY22
CNMD $1.0B
INSP $408M
FY23
CNMD $1.2B
INSP $625M
FY24
CNMD $1.3B
INSP $803M
FY25
CNMD $1.4B
INSP $912M
CNMD
INSP
FY16
CNMD 4.9%
INSP −105.0%
FY17
CNMD 5.9%
INSP −56.0%
FY18
CNMD 8.3%
INSP −40.3%
FY19
CNMD 8.3%
INSP −42.5%
FY20
CNMD 5.3%
INSP −48.7%
FY21
CNMD 10.9%
INSP −17.1%
FY22
CNMD 6.7%
INSP −11.7%
FY23
CNMD 9.7%
INSP −6.5%
FY24
CNMD 15.3%
INSP 4.5%
FY25
CNMD 7.5%
INSP 5.6%
CNMD
INSP
FY16
CNMD $25.1M
INSP −$18.3M
FY17
CNMD $52.7M
INSP −$16.2M
FY18
CNMD $58.2M
INSP −$18.9M
FY19
CNMD $75.1M
INSP −$35.6M
FY20
CNMD $51.5M
INSP −$55.5M
FY21
CNMD $96.9M
INSP −$24.8M
FY22
CNMD $11.6M
INSP $2.5M
FY23
CNMD $106M
INSP $1.0M
FY24
CNMD $154M
INSP $91.1M
FY25
CNMD $151M
INSP $78.5M
CNMD
INSP
FY16
CNMD 3.1%
INSP —
FY17
CNMD 4.4%
INSP —
FY18
CNMD 5.3%
INSP —
FY19
CNMD 5.7%
INSP —
FY20
CNMD 3.2%
INSP —
FY21
CNMD 6.5%
INSP −106.8%
FY22
CNMD 3.4%
INSP —
FY23
CNMD 5.4%
INSP −40.6%
FY24
CNMD 9.0%
INSP 18.5%
FY25
CNMD 3.7%
INSP 14.2%
CNMD
INSP
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.