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Home » Conformis dips 9% on Street-beating Q4 results

Conformis dips 9% on Street-beating Q4 results

March 4, 2021 By Danielle Kirsh

ConformisConformis (NSDQ:CFMS) posted fourth-quarter results that beat the earnings consensus on Wall Street and matched on revenue.

The Billerica, Mass.-based company reported losses of -$6.6 million, or -8¢ per share, on sales of $16.7 million for the three months ended Dec. 31, 2020, for a sales loss of -16.1% compared with Q4 2019.

Earnings per share were -8¢, 2¢ ahead of The Street, where analysts were looking for sales of $16.6 million.

“Though the COVID-19 pandemic continues to create uncertainty in orthopedic procedure levels, Conformis has remained committed to the continuation of our new product development schedule. As such, we expect 2021 to be an exciting year in regards to new product offerings, especially our new total knee system. While this system can be used in the in-patient and out-patient settings, we are particularly focused on the ambulatory care setting,” president and CEO Mark Augusti said in a news release. “Our recently completed $85 million capital raise gives us the flexibility to drive our growth strategy.”

Conformis said it expects first-quarter product revenue to be in the range of $13 million to $14 million. It did not provide a full-year outlook.

Shares in CFMS were down -9.16% to 99¢ apiece in pre-market trading.

Filed Under: MassDevice Earnings Roundup, Orthopedics, Wall Street Beat Tagged With: conformis

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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