Conformis (NSDQ:CFMS) today provided a business update introducing its new Image-to-Implant Platinum Services program to investors.
Billerica, Massachusetts–based Conformis aims for its new Image-to-Implant Platinum Services program to allow patients to upgrade to a fully-personalized Identity knee system by paying an incremental deluxe services fee.
According to a news release, the company’s program, new to orthopedics, seeks to address the demands of the healthcare market whereby patients are increasingly willing to pay a premium for personalized treatment offerings. Conformis said the approach enables participating medical facilities to establish and offer patients an out-of-pocket upgrade to obtain the Identity knee system.
Conformis will roll out the program to its existing customer base by Sept. 1, 2022.
“Although new to orthopedics, this concept is not new to healthcare,” Conformis President & CEO Mark Augusti said in the news release. “We believe this will create an expanded market for personalized orthopedic services and continue to enhance our value proposition to the surgeons and patients we serve.”
Conformis also confirmed that it expects to report product revenue of approximately $15.3 million for the fourth quarter of 2021, falling just in line with its guidance of between $15 million and $17 million, set on Nov. 3, 2021.
The company expects full-year 2022 product revenue to grow into a range of $60 million to $70 million but does not expect to provide formal updates to its annual expectations range during the year because of COVID-19 causing elective procedures unpredictability.
Shares of CFMS were slightly up, rising 1% at 74¢ per share by midday trading today. The company announced earlier this week that it is currently not in compliance with the minimum bid price requirement ($1 per share) for continued Nasdaq listing and could eventually face delisting from the market.
“Conformis is positioned well as we head into 2022. We are seeing traction with our new Imprint knee system, and we are excited about the introduction of the Platinum Services Program, which is a first in orthopedics and builds on our rich history of pioneering and developing patient-specific solutions,” Augusti said.
“This new program will enable surgeons and patients to select their preferred therapy together; whether it be Imprint, which is our new standardized knee implant system, or Identity, which is our premium fully-personalized total knee system that now offers patients a five-year limited warranty, underscoring our commitment to design excellence, manufacturing quality, and patient satisfaction.”