A month has gone by since the last earnings report for Conmed (CNMD). Shares have lost about 6.5% in that time frame, outperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Conmed due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. CONMED Earnings and Revenues Beat Estimates in Q4CONMED Corporation reported fourth-quarter 2019 adjusted earnings per share of 90 cents, which beat the Zacks Consensus Estimate of 89 cents by 1.1%. Further, the figure improved 23.3% from the year-ago quarter.The New York-based medical products manufacturer reported revenues of $264.9 million, up 9.2% on a year-over-year basis and 9.3% at constant currency (cc). Notably, the figure surpassed the Zacks Consensus Estimate by 0.01%.2019 at a GlanceIn 2019, the company reported revenues worth $955.1 million, which improved 11.1% from the previous year.Adjusted EPS for the year was $2.64, which improved 21.1% from 2018.Segment DetailsOrthopedic SurgeryRevenues in the segment totaled $123.8 million, down 0.8% from the year-ago quarter.Both domestically and on international basis Orthopedics revenue fell 0.8% from their respective prior-year quarter's levels.General SurgeryRevenues in the segment totaled $141.1 million, up 19.9% year over year.Domestically, General Surgery sales improved 23.1% year over year and international sales advanced 14%.Sales by GeographyIn the reported quarter, sales in the United States amounted to $142.5 million, up 13.8% year over year. International sales improved 4.4% to $122.4 million.MarginsGross profit in the quarter totaled $141.9 million, up 7% year over year. Per management, adjusted gross margin was 54.1%, contracting 60 bps.Operating income came in at $27.9 million, up 7.9% year over year. Operating margin was 10.5%, down 20 bps year over year.Financial ConditionCash flow from operations for the year was $95.1 million compared with $74.7 million in 2018. Long-term debt at the end of the year was $753.6 million, down 3.5% sequentially.2020 GuidanceCONMED expects 2019 organic constant currency sales growth between 7% and 7.5%. On the basis of current exchange rates, the negative impact to 2020 sales from forex is now anticipated between 120 bps and 150 bps.CONMED projects adjusted diluted net earnings per share in the range of $3.08 to $3.13, indicating growth of about 17-19% over 2019. Notably, the Zacks Consensus Estimate is pegged at $3.04, lower than the guided range.How Have Estimates Been Moving Since Then?Estimates review followed a downward path over the past two months.VGM ScoresCurrently, Conmed has a nice Growth Score of B, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookConmed has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONMED Corporation (CNMD): Free Stock Analysis Report To read this article on Zacks.com click here.