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) reported Q2 2022 financial results with total revenue of $15.3 million, a 73% decrease year-over-year due to a prior year non-recurring revenue. Product revenue stayed flat at $15.1 million with a notable 18% decline in hip system revenue. The company's gross profit margin dropped to 35.1%, compared to 42.0% last year, leading to a net loss of $15.5 million. Cash reserves decreased to $72.6 million, and the company projected Q3 product revenue between $13-$14 million, adjusting full-year revenue expectations to $57-$61 million.
Conformis, Inc. (NASDAQ: CFMS) announced a multi-year agreement with Vizient, Inc., granting members access to its personalized knee and hip replacement products and the new Image-to-Implant® Platinum Services℠ Program. This collaboration aims to enhance the availability of Conformis solutions across various healthcare facilities, including academic medical centers and ambulatory surgery centers. Studies indicate that personalized implants are more cost-effective and may reduce the need for follow-up surgeries, benefiting both patients and healthcare providers.
Conformis, Inc. (NASDAQ: CFMS) announces participation in the Canaccord Genuity 42nd Annual Growth Conference from August 8-11, 2022, at the InterContinental Boston Hotel. CEO Mark Augusti and CFO Bob Howe will present on August 11 from 3:00 p.m. ET to 4:00 p.m. ET. The conference aims to connect institutional investors with promising growth companies across various sectors, including Technology and Healthcare. A live webcast and a replay of the presentation will be available on the Conformis website for 90 days. One-on-one meetings can be arranged through Canaccord Genuity representatives.
Conformis, a medical device company specializing in personalized knee and hip replacement products, will release its Q2 2022 financial results on August 8, 2022, after market close. This will be followed by a webcast and conference call hosted by CEO Mark Augusti and CFO Bob Howe on August 9, 2022, at 8:30 a.m. ET for further discussion and business updates. The earnings release will be available on the Investor Relations website prior to the call.
Conformis (NASDAQ: CFMS) announced a study published in The Knee confirming that knee shape is independent of gender, body type, or ethnicity, challenging the efficacy of off-the-shelf implants. The research emphasizes the necessity for customized implants tailored to individual anatomy to enhance post-surgical outcomes, including reduced pain and improved satisfaction. Previously, a study revealed that over 72% of patients preferred their Conformis personalized knee implant over traditional options. CEO Mark Augusti reaffirms the company's commitment to patient-specific solutions through their Platinum Services Program.
Conformis, Inc. (NASDAQ: CFMS), a medical device company specializing in personalized knee and hip replacement solutions, will participate in the H.C. Wainwright Global Investment Conference from May 23-26, 2022, at the Fontainebleau Miami Beach Hotel.
Mark Augusti, CEO, and Bob Howe, CFO, will present virtually on-demand starting May 24 at 7:00 a.m. ET. Investors can access the presentation via the company's website and schedule one-on-one meetings with management during the event.
Conformis, Inc. (NASDAQ:CFMS) reported Q1 2022 revenue of $15.6 million, up 12% year-over-year. Product revenue reached $14.9 million, a 9% increase, driven by a recovery in elective surgeries and growth in ambulatory centers. Despite these gains, gross profit declined to $5.7 million, yielding a 36.9% gross margin due to rising costs. The net loss widened to $16.0 million, consistent with increased operating expenses of $20.5 million. Cash reserves stood at $82.7 million. The company maintains guidance for full-year product revenue of $60 million to $70 million.
Conformis, Inc. (NASDAQ: CFMS) will disclose its financial results for Q1 2022 on May 4, 2022, before the market opens. A webcast will follow at 8:30 a.m. ET with CEO Mark Augusti and CFO Bob Howe discussing the results and business updates. Additionally, the company's annual stockholder meeting is scheduled for the same day at 12:00 p.m. ET. Conformis focuses on orthopedic patient care with innovative, personalized solutions for joint pain management.
Conformis, Inc. (NASDAQ:CFMS) has appointed Michael Fillion as Chief Operating Officer, enhancing its operational leadership. Fillion brings 30 years of experience in manufacturing, particularly in medical devices, having previously led global operations at Tecomet. His tenure resulted in improved productivity and efficiency. As part of his inducement, the company granted him 425,000 restricted stock units and stock options, vesting over eight years. Conformis focuses on personalized orthopedic solutions, aiming to improve patient care while maintaining a commitment to innovation.
Conformis, Inc. announces a strategic marketing partnership with Synchrony to enhance payment options for patients using its personalized knee and hip replacement systems. This collaboration allows patients to utilize CareCredit, which is accepted at over 250,000 healthcare providers. The partnership aims to alleviate financial barriers for orthopedic patients, particularly those seeking upgraded services related to knee replacements. Conformis highlights a growing preference for personalized implants, with a recent study indicating patients favor its solutions significantly over standard options.
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