Conformis (NSDQ:CFMS) shares closed slightly down today on fourth-quarter results that missed the consensus forecast.
The Billerica, Massachusetts-based company posted losses of nearly $16 million, or 9¢ per share, on sales of $15.3 million for the three months ended Dec. 31, 2021, for a large bottom-line slide deeper into the red on a sales decline of 7.6%.
Conformis’ losses per share of 9¢ fell 2¢ shy of expectations on Wall Street, where analysts were looking for sales of $15.6 million.
The company recently launched its Platinum Services Program, which represents a first in orthopedics and aims to complement the Imprint knee system, which Conformis expects will advance to full market release later this year.
“With all of the recent development initiatives in place as we head into 2022, we are poised for growth,” Conformis CEO Mark Augusti said in a news release. “The pace of our growth will likely correlate to how fast medical facilities resume normal operations as the impact from the omicron variant of COVID-19 fades and staffing levels bounce back.”
The company projects first-quarter product revenue to range between $13.5 million and $14.5 million. That outlook reflects the continued disruption of elective procedures caused by the omicron variant, as well as COVID-19’s potential impact on existing scheduled surgeries, staffing shortages in medical facilities, and manufacturing capacity challenges due to Conformis’ own staffing issues.
CFMS shares were down slightly at 67¢ per share at the close of trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was also down slightly.
