BILLERICA, Mass., Oct. 06, 2020 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS) today announced preliminary, unaudited, revenue results for the third quarter ended September 30, 2020.
Expected Q3 Summary:Total revenue of approximately $16.1 million, down 7% year-over-year on a reported and constant currency basisRoyalty revenue of $0.1 millionProduct revenue of approximately $16.0 million, down 7% year-over-year on a reported and constant currency basis
– U.S. product revenue of approximately $14.1 million, down 7% year-over-year on a reported basis
– Rest of world product revenue of approximately $1.8 million, down 7% year-over-year on a reported basis and 10% on a constant currency basis
– Hip revenue of approximately $0.9 million, an increase of 122% year-over-year on a reported basis.
“In the quarter, we were pleased to see a continued resumption of elective primary joint replacement surgery,” said Mark Augusti, President and Chief Executive Officer. “Since the start of this challenging pandemic we have maintained our focus on three overarching goals:Protect our employees and their familiesProtect our production capabilityProtect and support our patients and customersI am pleased that we have been successful thus far in matching commercial operations to customer requirements, maintaining R&D to keep our new product pipeline moving and appropriately managing cost and capitalizing the company.”Third Quarter Earnings Call AnnouncementConformis also announced today that it will host a webcast and conference call on Wednesday, November 4, 2020, at 4:30 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2020. The webcast will be live at: https://edge.media-server.com/mmc/p/dje2uzbm.To attend by telephone, please use the information below for dial-in access. When prompted on dial-in, please utilize conference ID: 3477925.Participant conference numbers: (877) 809-6331 (U.S./Canada) and (615) 247-0224 (International).Please dial in at least 10 minutes before the call to ensure timely participation.The webcast will be hosted by Mark Augusti, President and Chief Executive Officer, and Bob Howe, Chief Financial Officer. Please visit the Investor Relations website at ir.conformis.com on November 4, 2020 to view the earnings release prior to the webcast and conference call.The online archive of the webcast will be available on the Company’s website at ir.conformis.com for 30 days.These preliminary results are being provided in advance of the Company’s November 4, 2020 earnings call. The preliminary, unaudited revenue results described in this press release are estimates only and are subject to revision.About Conformis, Inc.Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture, and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as customized, to fit each patient’s unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals. In clinical studies, the Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at ir.conformis.com.Cautionary Statement Regarding Forward-Looking StatementsStatements in this press release about our future expectations, plans and prospects, including statements about the anticipated impact of the novel coronavirus (COVID-19) pandemic and the actions we are taking and planning in response, the anticipated timing of our product launches, the extent to which restrictions on elective surgeries will continue to be relaxed and demand for procedures will increase, our ability to satisfy quarterly financial covenants, and our financial position and results, total revenue, product revenue, gross margin, operations and growth, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual financial results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to COVID-19 and the response to the pandemic; whether our cash resources will be sufficient to fund our continuing operations for the periods anticipated; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.CONTACT:
Investor Relations (781) 374-5598
Bay Street News