Conformis Announces Bart Lagae as VP, International Sales & Marketing; Inducement Grant Reported

Rhea-AI Summary

Conformis, Inc. (NASDAQ: CFMS) has appointed Bart Lagae as VP of International Sales & Marketing. Lagae brings over 30 years of experience in orthopedic sales management, having previously served at Zimmer Biomet and Biomet. In connection with his hiring, he has been granted a restricted stock unit award of 75,000 shares, vesting over four years. Conformis focuses on developing personalized joint replacement implants through its proprietary iFit Image-to-Implant technology, which has shown superior clinical outcomes in knee replacement systems compared to traditional implants.

Positive

• Appointment of Bart Lagae as VP of International Sales & Marketing, bringing over 30 years of experience.
• Grant of 75,000 restricted stock units to Mr. Lagae, aligning his incentives with shareholder interests.
• Continued focus on personalized joint replacement technology showing superior clinical outcomes.

Negative

• None.

BILLERICA, Mass., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Conformis, Inc. (NASDAQ:CFMS) announced today that the Company has appointed Bart Lagae as its new VP, International Sales & Marketing.

“We are pleased to announce that Bart Lagae has joined our team as VP, International Sales & Marketing. Bart brings a wealth of international experience and significant expertise in building brands, developing and managing sales channels and market expansion,” said Mark Augusti, President and Chief Executive Officer.  “I look forward to the contributions Bart will make as a member of Conformis’ team.”

Bart Lagae

Bart Lagae is an executive with more than 30 years of experience in orthopedic sales management and global marketing, and has a track record of developing and successfully driving product pipeline and business unit growth. 

Most recently, Mr. Lagae served as Senior Director, Global Marketing–Knees at Zimmer Biomet, where he worked for 5 years and managed Partial, Primary, and Revision Knee teams and was responsible for product strategy, portfolio, positioning and business pipeline, and led marketing activities for new product introductions.  Immediately prior to Zimmer Biomet, Mr. Lagae spent over 10 years at Biomet where he progressed from Sales Representative to Director, Product Management Partial Knees–Global. 

Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

In connection with the hiring of Mr. Lagae, Conformis' Board of Directors granted to Mr. Lagae a restricted stock unit award of 75,000 shares of Conformis' common stock.  The restricted stock unit award is expected to be granted on November 9, 2020 as an inducement material to Mr. Lagae’s acceptance of employment with Conformis in accordance with Nasdaq Listing Rule 5635(c)(4).  The restricted stock unit award vests over four years, with 25% of the total number of shares underlying the award vesting on each one-year anniversary of the grant date, subject to Mr. Lagae’s continued service as an employee of Conformis through the applicable vesting dates.

About Conformis, Inc.

Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture, and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as personalized, individualized, or sometimes as customized, to fit each patient's unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, the Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.

For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at ir.conformis.com. 

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release about our future expectations, plans and prospects, the anticipated timing of our product launches, and our financial position and results, total revenue, product revenue, gross margin, operations and growth, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other and similar expressions are intended to identify forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

 

FAQ

What recent appointment was announced by Conformis on November 9, 2020?

Conformis announced the appointment of Bart Lagae as VP of International Sales & Marketing.

What is Bart Lagae's previous experience before joining Conformis?

Bart Lagae has over 30 years in orthopedic sales management, most recently at Zimmer Biomet.

How many restricted stock units were granted to Bart Lagae upon his hiring?

Bart Lagae was granted a restricted stock unit award of 75,000 shares.

What technology does Conformis use for its joint replacement implants?

Conformis uses its proprietary iFit Image-to-Implant technology for developing personalized implants.

What clinical advantages does Conformis claim for its knee replacement system?

The Conformis iTotal CR knee replacement system demonstrates superior clinical outcomes and greater patient satisfaction compared to traditional implants.