Welcome to our dedicated page for Conformis news (Ticker: CFMS), a resource for investors and traders seeking the latest updates and insights on Conformis stock.
Conformis, Inc. (symbol: CFMS) is a leading medical technology company dedicated to enhancing orthopedic patient care. The company pioneers the development of patient-specific implants and instrumentation, offering unique advantages over traditional orthopedic solutions. Conformis' core mission is to optimize the fit and performance of implants by tailoring them to each patient's unique anatomy. This approach minimizes surgical trauma, preserves healthy tissue, and provides a more precise anatomic fit.
Conformis’ innovative product portfolio includes the Image-to-Implant® Platinum Services℠ Program and the Surgery-in-a-Box™ delivery system. These systems offer surgeons and patients fully personalized solutions and standardized options that combine the benefits of customization with the convenience of off-the-shelf systems. All implants come with single-use, patient-specific instruments, enhancing surgical efficiency and outcome.
Recently, Conformis has entered into a merger agreement with restor3d, Inc., a leader in 3D-printed orthopedic medical devices. This merger aims to create a dominant force in personalized 3D-printed medical devices by leveraging artificial intelligence-driven implant design, digital automation, and advanced osseointegrative biomaterials. The integration of Conformis' pioneering technology with restor3d’s expertise is anticipated to revolutionize the orthopedic industry further.
The merger has been unanimously approved by Conformis' Board of Directors and is expected to close by the end of Q3 2023, pending stockholder approval and customary closing conditions. Financial advisors for this transaction include UBS Investment Bank, with legal counsel from Hogan Lovells US LLP.
Conformis is headquartered in Billerica, Massachusetts, and continues to hold a strong position in the market, driven by its extensive portfolio of issued patents and pending patent applications covering personalized implants and patient-specific instrumentation for major joints.
Conformis, Inc. (NASDAQ: CFMS) plans to announce its financial results for the fourth quarter and full-year ending December 31, 2022, on March 1, 2023. The release will be made after market closure, followed by a webcast and conference call at 4:30 p.m. ET, hosted by CEO Mark Augusti and CFO Bob Howe. Investors can access the earnings release on the Investor Relations website prior to the call. The company specializes in personalized orthopedic solutions, including knee and hip replacements, and has innovative delivery systems for its products.
Conformis, Inc. (NASDAQ:CFMS) announced on November 30, 2022, that it has regained compliance with NASDAQ Listing Rule 5550(a)(2). Following a letter from NASDAQ dated November 25, 2022, it was confirmed that Conformis met the required minimum closing bid price of $1.00 per share for 10 consecutive trading days, commencing November 10, 2022. This compliance issue was initially raised on December 31, 2021, due to a failure to maintain the minimum bid price.
Conformis, Inc. (NASDAQ:CFMS) has announced the successful performance of the first Actera™ Hip System procedure by Dr. William Kurtz at Ascension Saint Thomas Hospital, Nashville. This innovative device, utilizing a tri-taper stem design, is aimed at enhancing surgeries for a variety of patient anatomies. The company plans to launch Actera commercially by mid-2023 and emphasizes its data-driven approach to personalized joint replacement solutions. The new system also features multiple collar lengths and head-center options to improve surgical outcomes and fit.
Conformis, Inc. (NASDAQ:CFMS) announced the full commercial launch of its new Imprint™ knee system, marking a shift to a new U.S. business model focused on made-to-measure knee replacements. The Imprint system now constitutes the primary offering, with the personalized iTotal Identity system available as an upgrade. The Imprint combines data-driven design with traditional systems, enhancing patient fit and reducing costs. Surgeons report improved efficiency and lower expenses. The Imprint system now accounts for over 70% of U.S. knee orders, highlighting its rapid adoption.
Conformis Settles Medacta Litigation
Conformis, Inc. (NASDAQ:CFMS) announced the settlement of patent disputes with Medacta USA and its affiliates. The settlement grants Medacta a non-exclusive license to certain Conformis patents concerning patient-specific instruments for knee and shoulder implants. CEO Mark Augusti emphasized the resolution protects their patient-specific products and highlights the value of personalized surgical planning.
Conformis, Inc. (NASDAQ:CFMS) announced a 1-for-25 reverse stock split effective at 5:00 p.m. ET on November 9, 2022. The move, approved by stockholders on October 26, 2022, will reduce the total shares from approximately 188 million to about 7.5 million. Post-split trading on Nasdaq will begin on November 10, 2022, under a new CUSIP number. Cash will be provided for any fractional shares. American Stock Transfer & Trust Company is designated as the exchange agent for this process.
Conformis specializes in orthopedic solutions aimed at alleviating joint pain.
Conformis, Inc. (NASDAQ:CFMS) reported third-quarter 2022 financial results showing total revenue of $13.8 million, down 3% year-over-year. Product revenue also fell by 3%, with significant declines in hip system revenue, down 19%. Cash equivalents stood at $59.6 million. Despite positive feedback on new products, revenue growth is slower than expected, prompting cost management initiatives. Net loss widened to $15.2 million or $0.08 per share. The company expects fourth-quarter product revenue between $13.0 million and $14.0 million.
Conformis, Inc. (NASDAQ: CFMS) will announce its financial results for the third quarter of 2022 on November 2. The earnings release will occur after market closure, followed by a webcast and conference call at 4:30 p.m. ET. CEO Mark Augusti and CFO Bob Howe will discuss the results and provide a business update. Interested parties can register for the call and access the webcast via the company’s Investor Relations site.
Conformis, Inc. (NASDAQ: CFMS) has received FDA 510(k) clearance for the Actera™ Hip System, introducing a tri-taper femoral stem design. This innovative design aims to enhance the direct anterior approach for total hip arthroplasty, minimizing muscle injury and improving surgical outcomes. Conformis plans a limited market release soon, responding to increasing surgeon demand. The Actera system joins a growing portfolio of personalized orthopedic solutions that leverage advanced surgical planning and a Surgery-in-a-Box™ delivery model, enhancing patient care.
On August 29, 2022, Conformis, Inc. (NASDAQ: CFMS) announced that CEO Mark Augusti and CFO Bob Howe will participate in the H.C. Wainwright & Co. 24th Annual Global Investment Conference from September 12-14, 2022. This hybrid conference, held at the Lotte New York Palace Hotel, features leading growth companies across various sectors. Conformis will present virtually, with an on-demand video available on September 12 at 7:00 a.m. ET. Virtual one-on-one meetings with management can also be scheduled. A replay will be accessible on their website for 90 days.
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