CONMED Corporation (CNMD) vs NovoCure Limited (NVCR)

CONMED Corporation and NovoCure Limited are both Medical Devices companies. CONMED Corporation and NovoCure Limited are of similar size ($1.6B and $1.6B). NovoCure Limited has negative trailing earnings, so its P/E is not meaningful; CONMED Corporation trades at 21.7×. NovoCure Limited grew revenue faster over the last twelve months: 12.9% against 1.62%. CONMED Corporation has the higher net margin (5.36% vs −16.8%) and the higher return on invested capital (4.64% vs −106.1%). Across the 19 metrics below, CONMED Corporation leads on 13 and NovoCure Limited on 6.

Valuation

Metric CNMD NVCR Medical Devices median
P/E 21.71 n/m 25.58
P/S 1.15 2.18 2.54
P/B 1.48 4.51 2.48
Price to free cash flow 11.86 n/m 28.81
EV/EBITDA 10.84 n/m 11.51
EV/Sales 1.71 1.80 2.72
Earnings yield 4.61% (7.83%) (12.82%)
Free cash flow yield 8.43% (1.56%) (8.18%)

Profitability

Metric CNMD NVCR Medical Devices median
Gross margin 57.57% 77.02% 57.76%
Operating margin 9.90% (17.17%) (15.07%)
Net margin 5.36% (16.78%) (14.45%)
Free cash flow margin 9.69% (3.39%) (3.88%)
Return on equity 7.10% (35.18%) (10.35%)
Return on assets 3.17% (11.12%) (17.26%)
Return on invested capital 4.64% (106.10%) (5.27%)

Growth

Metric CNMD NVCR Medical Devices median
Revenue growth (TTM) 1.62% 12.94% 10.41%
EPS growth (last fiscal year) (64.47%) 21.79% 28.17%
Revenue growth, 5-year CAGR 9.77% 5.80% 15.74%
Net income growth, 5-year CAGR 37.66% 0.00% 0.00%

Health

Metric CNMD NVCR Medical Devices median
Debt to equity 0.77 0.56 0.04
Current ratio 1.49 2.49 2.74
Net debt to EBITDA 4.35 1.36 0.54

Dividend

Metric CNMD NVCR Medical Devices median
Dividend yield 0.00% — 1.02%
Payout ratio 0.00 — 0.37

Size

Metric CNMD NVCR Medical Devices median
Market cap 1.57b 1.58b 239.53m

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