The Billerica, Mass.-based company reported a loss of -$6.7 million or -11¢ per share on sales of $9.6 million for the three months ended June 30, 2019. The company halved its quarterly loss for a bottom-line gain of 48% on sales growth of 2.6% compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share were -11¢ per share, beating the consensus of -12¢ on Wall Street, where analysts were looking for sales of $17.8 million.
In June, Innovatus Capital Partners and East West Bank put up $30 million in debt financing and Innovatus took out a $3 million equity position in ConforMIS. The proceeds are earmarked for paying down a $15 million term loan from Oxford Finance and general corporate purposes, the company said.
CFMS updated its 2019 expectations and now expects generally flat year-over-year product revenue growth.
Investors reacted by sending CFMS shares down -0.98% to $1.52 apiece in afternoon trading.