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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) announced findings from an independent review conducted by the University of Washington, confirming that its iTotal® knee implants result in significantly reduced surgical times and hospital stays compared to traditional implants. The study, presented at the ORS 2021 Annual Meeting, indicated that patients using iTotal® experienced a mean length of stay of just 1.35 days versus 1.99 days for Zimmer and 1.83 days for Stryker implants. Cost analysis showed the iTotal® system's total direct costs averaging $9,341 per patient, yielding savings of up to $1,263 compared to competitors.
Conformis, Inc. (NASDAQ:CFMS) announced an independent study revealing that its iTotal® knee replacement implants provide expedited surgical times and reduced hospital stays. Conducted by University of Washington researchers, the review analyzed data from 2016-2019, showing that patients with Conformis implants experienced an average length of stay of 1.35 days, compared to 1.99 days for traditional implants. Furthermore, direct costs for Conformis patients averaged $9,341, yielding savings of up to $1,263 per case. The technology's cost-effectiveness was highlighted at the ORS 2021 Annual Meeting.
Conformis reported a total revenue of $16.7 million for Q4 2020, down 16% year-over-year, attributed to a decrease in product revenue of $16.5 million. U.S. product revenue also decreased by 16%. Annual revenue reached $68.8 million, a decline of 11%, driven mainly by a 24% drop in product revenue. However, a 1,210% surge in royalty and licensing revenue, totaling $10.2 million, was noted due to a settlement with Zimmer Biomet. The company anticipates first-quarter product revenue between $13.0 million and $14.0 million amid ongoing pressures from the pandemic.
Conformis announces the clearance of its iTotal® PS total knee replacement system by Australia's Therapeutic Goods Administration. This system, designed for patient-specific implants, aims to enhance knee replacement procedures by addressing common issues such as overhang and instability. With over 50,000 knee replacements performed annually in Australia, the clearance expands the potential market for Conformis' technology, which leverages its proprietary iFit® Image-to-Implant® technology. This advancement reinforces the company's position in the growing global knee joint reconstruction market, projected to exceed $9 billion.
Conformis, Inc. (NASDAQ: CFMS), a medical device company specializing in personalized knee and hip replacements, announced their participation in two upcoming virtual investor conferences. The 41st Annual Cowen Healthcare Conference will be held from March 1-4, 2021, with a fireside chat on March 4 at 9:50 a.m. ET. Concurrently, they will also present at the 31st Annual Oppenheimer Healthcare Conference on March 17 at 10:00 a.m. ET. Live webcasts will be accessible for both events on Conformis' website.
For meeting arrangements, contact Conformis Investor Relations.
Conformis, Inc. (Nasdaq: CFMS) has announced a public offering of 80,952,381 shares at $1.05 per share, aiming to raise approximately $85 million before expenses. The offering, managed by Oppenheimer & Co. Inc., is set to close on February 17, 2021, pending customary conditions. Proceeds will fund general corporate purposes including R&D, clinical studies, and debt refinancing. The offering is registered under a previously effective shelf registration with the SEC, ensuring compliance with legal requirements.
Conformis, Inc. (Nasdaq: CFMS) announced plans to offer shares of its common stock in an underwritten public offering, with a 30-day option for underwriters to purchase additional shares. The offering is dependent on market conditions and may not be finalized or completed as planned. Proceeds will be utilized for general corporate purposes such as R&D, sales and marketing, clinical studies, and potential debt repayment. Oppenheimer & Co. Inc. is the sole book-running manager for this offering, which follows a previously effective shelf registration statement.
Conformis (NASDAQ:CFMS) and SITES Medical announced a non-exclusive development and supply agreement to integrate SITES Medical's OsteoSync Ti Technology into Conformis' cementless total knee replacement products. OsteoSync Ti is designed for superior bone ingrowth, having demonstrated nearly double the bone attachment strength compared to traditional titanium materials. This partnership aims to deliver innovative, cost-effective orthopedic solutions, enhancing clinical outcomes. With over 50,000 procedures utilizing OsteoSync Ti since 2014, the collaboration underscores a commitment to advancing joint replacement technologies.
Conformis, Inc. (NASDAQ: CFMS) is set to release its financial results for Q4 and fiscal year 2020 on March 3, 2021, at approximately 4:00 p.m. ET. A conference call with CEO Mark Augusti and CFO Bob Howe will follow at 4:30 p.m. ET. The company's iFit Image-to-Implant technology aims to improve joint replacement outcomes with personalized implants. Their iTotal CR knee replacement system showcases superior clinical results compared to traditional implants, enhancing patient satisfaction. Investors can access the earnings release on their Investor Relations website.
Conformis, a leader in patient-specific knee and hip implants, announced participation in two virtual investor conferences in January 2021. Mark Augusti, CEO, and Bob Howe, CFO, will present at the 39th Annual JP Morgan Healthcare Conference on January 14, from 7:30 a.m. to 8:10 a.m. ET, with a Q&A session. Additionally, they will present a pre-recorded session at the H.C. Wainwright Bioconnect 2021 Conference during the same dates. Both conferences will allow one-on-one meetings to discuss the company's innovations in personalized joint replacement.
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