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 has launched the Cordera™ Match Hip System, building upon its proven Cordera™ hip stem. This product, cleared by the FDA, is designed for efficient primary total hip replacement surgeries with personalized surgical plans and patient-specific instruments. The Cordera™ Match system allows for a single instrument tray and aims to improve surgical outcomes while addressing the growing hip joint reconstruction market, projected to exceed $8 billion. Conformis plans to expand its total hip portfolio in the next year.
Conformis, Inc. (NASDAQ:CFMS) will participate in the 32nd Annual 2020 Piper Sandler Virtual Healthcare Conference from December 1-3, 2020. CEO Mark Augusti and CFO Robert Howe will present to investors and hold virtual one-on-one meetings. Conformis specializes in personalized joint replacement implants using its innovative iFit Image-to-Implant technology, which has shown superior outcomes in clinical studies compared to traditional implants. The company's focus on customization aims to enhance patient satisfaction and clinical functionality.
Conformis, Inc. (NASDAQ: CFMS) has appointed Bart Lagae as VP of International Sales & Marketing. Lagae brings over 30 years of experience in orthopedic sales management, having previously served at Zimmer Biomet and Biomet. In connection with his hiring, he has been granted a restricted stock unit award of 75,000 shares, vesting over four years. Conformis focuses on developing personalized joint replacement implants through its proprietary iFit Image-to-Implant technology, which has shown superior clinical outcomes in knee replacement systems compared to traditional implants.
Conformis, Inc. (NASDAQ:CFMS) reported third quarter 2020 results with total revenue of $16.1 million, down 7% year-over-year. Product revenue also declined 7% to $16.0 million, with U.S. product revenue at $14.1 million. Despite a drop in revenue, gross margin improved to 48%, a 360 basis point increase from the prior year. Total operating expenses rose 2% to $14.8 million, leading to a net loss of $6.2 million or $0.09 per share, an improvement from last year’s loss of $8.7 million. Cash and equivalents stood at $32.9 million as of September 30, 2020.
Conformis, Inc. (NASDAQ:CFMS) announced participation in the virtual 2020 Oppenheimer Fall MedTech Summit on November 12, 2020. Mark Augusti, President and CEO, and Robert Howe, CFO, will hold one-on-one meetings during the event.
Conformis specializes in personalized medical technology, using its proprietary iFit Image-to-Implant platform to create customized joint replacement implants and instruments. The iTotal CR knee replacement system shows superior clinical results in function and patient satisfaction compared to traditional implants.
Conformis (NASDAQ: CFMS) announced its preliminary revenue results for Q3 2020, reporting total revenues of approximately $16.1 million, representing a 7% decline year-over-year. The product revenue was about $16 million, with U.S. product revenue at $14.1 million (down 7%) and the Rest of World revenue at $1.8 million (down 7% and 10% on a constant currency basis). Notably, hip revenue grew by 122% year-over-year. An earnings call is scheduled for November 4, 2020.
Conformis, Inc. (Nasdaq: CFMS) has announced a registered direct offering to institutional investors, selling 8,512,088 shares and pre-funded warrants for gross proceeds of approximately $17.25 million. The offering includes additional warrants, with a unit price of $0.9581 each. The pre-funded warrants are exercisable immediately at $0.0001, while the regular warrants have an exercise price of $0.8748 and expire in five years. Proceeds will be used for general corporate purposes, including R&D, marketing, and debt repayment. The offering is expected to close on September 28, 2020.
Conformis, Inc. (NASDAQ: CFMS) will participate in the virtual 2020 Oppenheimer Fall Healthcare Life Sciences & MedTech Summit from September 21-23, 2020. The Company's President and CEO, Mark Augusti, along with CFO Robert Howe, will present on September 22 at 2:30 pm ET. A live webcast of their presentation will be available on the Company’s Investor Relations website, with a replay option following the event. Conformis specializes in personalized joint replacement implants and instruments, leveraging its proprietary iFit Image-to-Implant technology for improved clinical outcomes.
Conformis, Inc. (NASDAQ: CFMS) announced that its President and CEO, Mark Augusti, and the executive management team will participate in the 2020 Wells Fargo Virtual Healthcare Conference on September 9-10, 2020. The conference will feature one-on-one meetings, emphasizing Conformis' commitment to innovation in medical technology.
Conformis specializes in personalized joint replacement implants, utilizing its iFit Image-to-Implant technology. Its products, including the iTotal CR knee replacement system, have shown superior clinical outcomes, enhancing patient satisfaction compared to traditional implants.
Conformis, Inc. (NASDAQ: CFMS) has achieved the second milestone in its License and Development Agreement with Stryker’s Howmedica Osteonics, securing an additional $3.0 million. This milestone reflects progress in developing patient-specific instrumentation (PSI) for Stryker's knee implants. CEO Mark Augusti highlighted the project’s potential to enhance shareholder value by addressing the growing demand for outpatient joint replacement solutions.
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