Conformis, Inc. Announces Settlement of Wright Medical Patent Litigation

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Conformis Settles Patent Litigation with Stryker Corporation

On July 7, 2021, Conformis, Inc. (NASDAQ: CFMS) announced a settlement with Stryker Corporation that resolves patent litigation against Wright Medical Technology, Inc. and Tornier, Inc. The settlement includes a one-time payment from Stryker and a non-exclusive license for certain Conformis patents. CEO Mark Augusti emphasized the importance of their intellectual property in this resolution, highlighting the ongoing commitment to protecting their innovations.

Positive

• Settlement reached with Stryker, resolving ongoing patent litigation.
• One-time payment from Stryker reinforces financial position.
• Non-exclusive license to Stryker expands market reach for Conformis.

Negative

• None.

Conformis Settles Wright Medical Litigation Related to Patient-Specific Instruments for Use with Shoulder Implants

BILLERICA, Mass., July 07, 2021 (GLOBE NEWSWIRE) -- Conformis, Inc. (NASDAQ:CFMS) announced today that it has entered into a settlement with Stryker Corporation (“Stryker”) resolving patent litigation involving Wright Medical Technology, Inc. and Tornier, Inc. (together, “Wright Medical”). Stryker acquired Wright Medical in November 2020.  

“We are pleased to have resolved all of the ongoing patent litigation related to the Wright Medical dispute,” said Mark Augusti, President and Chief Executive Officer. “The settlement once again highlights the strength and value of our intellectual property, as well as our steadfast commitment to protecting and enforcing it.”

Under the terms of the settlement, Stryker will make a one-time payment to Conformis and be granted a non-exclusive license with respect to certain Conformis patents.

Background

On April 24, 2020, Conformis filed a lawsuit against Wright Medical in the United States District Court for the District of Delaware. Conformis’ amended complaint alleged that Wright Medical’s multiple lines of patient-specific shoulder instruments, as well as the implant components used in conjunction with them, infringed certain Conformis patents.

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.  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.

FAQ

What was the purpose of the Conformis and Stryker settlement?

The settlement resolved patent litigation related to Wright Medical's patient-specific instruments.

What does the settlement include for Conformis?

It includes a one-time payment from Stryker and a non-exclusive license for certain Conformis patents.

When was the settlement between Conformis and Stryker announced?

The settlement was announced on July 7, 2021.

Which companies were involved in the patent litigation with Conformis?

The litigation involved Wright Medical Technology, Inc. and Tornier, Inc.

What stock symbol is associated with Conformis?

The stock symbol for Conformis is CFMS.