Conformis, Inc. - CFMS STOCK NEWS

Conformis, Inc. announced financial results for Q2 2023, with total revenue of $13.0 million, a decrease of 15% YoY. Product revenue was $12.5 million, a decrease of 17% YoY. Conformis hip system revenue increased by 30% YoY. The company has cash and cash equivalents of $26.2 million as of June 30, 2023. Conformis also announced a merger agreement to be acquired by restor3d in a cash acquisition.

restor3d, Inc. and Conformis, Inc. have entered into a definitive merger agreement, with restor3d acquiring all outstanding shares of common stock of Conformis at $2.27 per share in cash, representing a 96 percent premium to the closing price of Conformis stock on June 22, 2023. The merger will create a leading personalized 3D-printed orthopedic medical device company. The companies plan to leverage their respective strengths in artificial-intelligence-driven implant design, digital automation, and 3D printed osseointegrative biomaterials to offer clinically differentiated and cost-effective solutions across the orthopedic landscape.

Conformis, Inc. (NASDAQ: CFMS), a prominent medical device company specializing in personalized knee and hip replacements, is scheduled to announce its first-quarter financial results for the period ending March 31, 2023, on May 8, 2023, before the market opens. CEO Mark Augusti and CFO Bob Howe will lead a conference call at 8:30 a.m. Eastern Time to discuss the results and offer a business update. Interested parties can access the earnings call via a live webcast or by telephone, with registration required for telephone access. Conformis is dedicated to enhancing orthopedic patient care through innovative, personalized medical solutions, ensuring choices for surgeons and patients alike.

Conformis, Inc. (NASDAQ:CFMS) has launched a patient education campaign focusing on the importance of patient choice in total knee arthroscopy. The initiative aims to inform patients about the differences between traditional knee implants and personalized systems, which are made using advanced 3D imaging technology. The campaign, running in the Boston and Minneapolis-St. Paul areas, highlights that personalized implants can result in higher patient satisfaction, bone preservation, and lower hospital costs. More than 50 studies support the benefits of fully personalized implants, including reduced recovery times and fewer corrective surgeries.

Conformis, Inc. (CFMS) reported Q4 2022 revenues of $17.4 million, a 13% increase year-over-year, driven by growth in royalty and licensing revenue. Product revenue decreased 7% year-over-year to $14.2 million, with hip system revenue down 15% at $0.6 million. Total revenue for 2022 was $62.1 million, reflecting a significant 38% decline largely due to non-recurring licensing revenue in 2021. Cash reserves stood at $48.7 million, down from $59.6 million in Q3 2022. The company expects Q1 2023 product revenue to range between $12 million and $13 million, impacted by ongoing transition and supply chain challenges.

BILLERICA, Mass., Feb. 21, 2023 – Conformis, Inc. (NASDAQ:CFMS), an orthopedic medical device company, announced participation in two upcoming investor conferences. On March 8, at the 43rd Annual Cowen Healthcare Conference, management will engage in a fireside chat from 11:10 a.m. to 11:40 a.m. EST. On March 14, during the 33rd Annual Oppenheimer Healthcare Conference, a presentation is scheduled from 8:40 a.m. to 9:10 a.m. EST. Live webcasts will be available, with replays accessible for 30 days. Conformis aims to enhance orthopedic patient care through personalized solutions.

Conformis Inc. (NASDAQ:CFMS) and Bodycad Laboratories have settled a patent infringement dispute initiated in June 2021. The settlement involves an undisclosed financial agreement, allowing both companies to dismiss all litigation and grant licenses related to Conformis' patents for patient-specific instruments and knee implants. This resolution is aimed at fostering innovation in orthopedic patient care, which aligns with Conformis' mission to offer personalized solutions through its Image-to-Implant® program and Surgery-in-a-Box™ delivery system.

Conformis (NASDAQ:CFMS) has unveiled a new advertising campaign emphasizing its Image-to-Implant Platinum Services program aimed at personalized knee replacements. As of December 31, 2022, 154 facilities have accessed this program, with over 500 orders received. In preliminary results for Q4 2022, total revenue reached approximately $17.4 million, up 13% year-over-year, boosted by non-recurring licensing revenue. However, product revenue declined by 7% to $14.2 million. For the full year, total revenue dropped 38% to $62.1 million. Looking ahead, Q1 2023 product revenue is anticipated to be between $12 million and $13 million, amid challenges during the business model transition.