The Billerica, Mass.-based joint replacement implant maker posted losses of -$2.1 million, or -3¢ per share, on sales of $19.5 million for the three months ended June 30, 2020, for a 68.4% bottom-line gain on a sales decline of -1%.
Adjusted to exclude one-time items, losses per share also totaled -3¢, coming in 7¢ ahead of Wall Street projections.
Last month, the company released its preliminary results, highlighting a -50% drop in product revenue as a result of the COVID-19 pandemic and the deferral of elective procedures. Its projections from the preliminary results fell in line with what the company announced this week.
According to a news release, Conformis benefitted from $9.6 million in royalty revenue as a result of a settlement and license agreement with Zimmer Biomet.
“We are excited to announce today the launch of a new program aimed at developing a knee replacement offering targeted at hospital outpatient and ambulatory surgery centers (ASCs),” Conformis president & CEO Mark Augusti said in the release. “As we have stated previously, during the COVID-19 pandemic, we have maintained our focus on new product development and our commitment to revenue growth through portfolio expansion. Achieving hip growth of 12% during arguably one of the toughest commercial environments ever in orthopedics demonstrates the importance of new product vitality.”
Conformis did not offer guidance for 2020 with the remaining uncertainties surrounding the pandemic.
CFMS shares were down -1.3% at 74¢ per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.7%.