Conformis Suspends All Distribution Operations and Business Development in Russia
Conformis, Inc. (NASDAQ: CFMS) announced the suspension of its distribution operations in Russia due to the ongoing military invasion of Ukraine. The decision aligns with the company's values, as stated by CEO Mark Augusti, who emphasized empathy for the Russian people yet condemned the actions of Russian leadership. The company had previously sought to expand its operations in Russia with a distribution agreement but has decided not to proceed until further notice. Conformis focuses on personalized orthopedic implants and aims to enhance international market presence.
- Conformis is committed to ethical business practices by ceasing operations in Russia, aligning with its corporate values.
- The company's focus on personalized orthopedic implants showcases its innovation in the medical technology sector.
- Suspension of distribution in Russia could limit potential revenue growth and market expansion opportunities in that region.
BILLERICA, Mass., March 02, 2022 (GLOBE NEWSWIRE) -- Conformis, Inc. (NASDAQ:CFMS), announced that it was suspending all distribution operations to Russia and any Russian-based entities for its orthopedic medical devices. Additionally, until further notice, the company will no longer pursue future business development opportunities in Russia. Conformis is the long-time leader in fully personalized orthopedic implants.
“To support our continued expansion into international markets, we had recently entered into a distribution arrangement for representation of our orthopedic devices in Russia,” said Mark Augusti, Chief Executive Officer and President of Conformis. “While we were looking forward to working with our agents and surgeons in Russia, we believe it is important that our business aligns with our values. Therefore, we have notified our representatives that we would not be starting our distribution operations in Russia. We will monitor this closely and look to resume development when appropriate.”
Augusti added, “The orthopedic industry strives to make life better for patients and their families. We feel empathy for the Russian people and potential patients of Conformis, who may have benefited from our products. However, given the unnecessary and unprovoked military invasion of Ukraine instigated by the Russian leadership, we can no longer in good conscience, sell our products or services in the Russian market. We urge other global companies to respond in similar fashion. Our thoughts and prayers go out to the people of Ukraine and the relatives of Conformis employees who live there.”
About Conformis, Inc.
Conformis is a medical technology company focused on advancing orthopedic patient care and creating a world without joint pain. Its product portfolio is designed to maximize surgeon and patient choice by offering fully personalized solutions through its Image-to-Implant® Platinum Services℠ Program as well as data-informed, standardized solutions that combine many benefits of personalization with the convenience and flexibility of an off-the-shelf system. Conformis’ sterile, just-in-time, Surgery-in-a-Box™ delivery system is available with all of its implants and personalized, single-use instruments. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.
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Statements in this press release about our future expectations, plans and prospects, including statements about 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" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual financial results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including 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 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.
CONTACT
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ir@conformis.com
781.374.5598
Source: Conformis, Inc.
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