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) has appointed Denise Pedulla as the new Chief Legal Officer and Corporate Secretary, effective March 14, 2022. With extensive experience in various legal roles, particularly at NeoGenomics, Pedulla is expected to enhance the company's growth strategy and strengthen the executive team. As part of her inducement, she received a grant of 450,000 shares in restricted stock units and stock options, which will vest over an 8-year period. Conformis specializes in orthopedic solutions aimed at improving patient care.
Conformis (NASDAQ:CFMS) announces that Gary P. Fischetti is nominated for election to its Board of Directors, replacing retiring member Richard Meelia, at the upcoming Annual Meeting on May 4, 2022. CEO Mark Augusti praised Meelia's contributions while expressing enthusiasm for Fischetti's extensive orthopedic industry experience, including past leadership roles at Johnson & Johnson. Fischetti's appointment is expected to enhance Conformis’ strategic planning and commercial expertise in the orthopedic sector, positioning the company for future growth.
Conformis, Inc. (NASDAQ:CFMS) reported its financial results for Q4 and the full year 2021, revealing a total revenue of $15.4 million for Q4, an 8% decrease year-over-year. Despite this, total revenue for 2021 increased by 45% to $99.9 million, boosted by a spike in royalty and licensing revenue. A net loss of $16 million was reported for Q4, worsening from a loss of $6.6 million the previous year. The company also launched its new Image-to-Implant® Platinum Services℠ Program and expects Q1 2022 product revenue between $13.5 million and $14.5 million, amid ongoing challenges from COVID-19.
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 has released findings from a retrospective study published in The Journal of Bone & Joint Surgery Reviews, showing superior patient satisfaction with its fully personalized knee implants compared to traditional off-the-shelf implants. In the study of 47 bilateral total knee arthroplasty patients, 72.3% favored their Conformis implant over the 6.4% who preferred the standard implant. The results highlight improvements in pain levels, perceived mobility, and overall comfort. Conformis continues to innovate with its Image-to-Implant® Platinum Services program, enhancing patient-specific orthopedic solutions.
Conformis, Inc. (NASDAQ:CFMS) announces that its iTotal CR knee replacement system has received a new '7A' rating from the Orthopaedic Data Evaluation Panel (ODEP) after 7 years of performance data verification. This rating enhances the previous '5A' rating and signifies low revision rates, indicating strong implant performance. Over 1,300 iTotal CR implants have been implanted in the UK, demonstrating a cumulative revision rate of just 2.2%. This rating validates Conformis' commitment to personalized orthopedic solutions and showcases the effectiveness of their products in clinical settings.
Conformis (NASDAQ: CFMS) announced participation in three upcoming investor conferences. On March 8, 2022, the company will take part in the 42nd Annual Cowen Healthcare Conference, presenting from 9:10 a.m. to 9:40 a.m. ET. A live webcast will be available. On March 16, 2022, Conformis will present at the 32nd Annual Oppenheimer Healthcare Conference from 8:40 a.m. to 9:10 a.m. ET. Finally, on March 22, 2022, they will participate in the CG Musculoskeletal Conference from 2:30 p.m. to 3:00 p.m. ET, with a live webcast accessible as well.
Conformis, Inc. (NASDAQ: CFMS) will release its financial results for Q4 and the fiscal year ending December 31, 2021, on March 2, 2022, at around 4:00 p.m. ET. A conference call hosted by CEO Mark Augusti and CFO Bob Howe will follow at 4:30 p.m. ET to discuss the results and provide further business updates. The webcast can be accessed live through the company’s website. Conformis specializes in orthopedic patient care, offering personalized implants and instruments.
Conformis, a medical device company focused on personalized orthopedic solutions, announced preliminary revenue of approximately $15.3 million for Q4 2021, slightly below its previous guidance of $15 million to $17 million. For 2022, the company projects a product revenue increase, estimating between $60 million and $70 million, contingent upon the recovery of elective procedures post-COVID-19. The launch of the Image-to-Implant® Platinum Services℠ Program aims to meet the rising demand for personalized treatments and is set for full rollout by September 2022.
Conformis, Inc. (NASDAQ: CFMS) will provide a business update and initial expectations for 2022 on January 6, 2022, at 7:00 a.m. ET. CEO Mark Augusti and CFO Bob Howe will join a webcast and conference call at 8:30 a.m. ET. The update will include preliminary Q4 2021 revenue results, 2022 revenue outlook, and a general business update, followed by a Q&A session. Investors can access the event via their Investor Relations website.
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