MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Conformis misses on Q4 results

Conformis misses on Q4 results

By

ConformisConformis (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.

In case you missed it

RSS From Medical Design & Outsourcing

  • How Stryker includes users for product design in the digital age
    Medical device developers and manufacturers like Stryker (NYSE:SYK) are changing how they approach design as digital technology becomes more crucial. Four Stryker executives shared how the Kalamazoo, Michigan–based orthopedic device giant is thinking differently about medical product development and how health care providers and patients will ultimately use them. The DeviceTalks Boston panel of Stryker… […]
  • DermaSensor wins MedTech Innovator Mid-Stage Companies Pitch Event
    DermaSensor Inc. — the creator of a handheld, point-and-click device to quickly assess skin lesions for cancer risk — is the winner of the MedTech Innovator Mid-Stage Companies Pitch Event.  The Miami-based mid-stage company beat out 1,000 applicants, more than 20 of which competed on-site May 10–11, 2022 at DeviceTalks Boston. DermaSensor walked away with… […]
  • Steris rises on Street-beating Q4, sets fiscal 2023 guidance
    Steris (NYSE:STE) shares ticked up today on fourth-quarter financial results that came in just ahead of the consensus forecast. The infection prevention technology company — headquartered in Dublin, Ireland, and run operationally out of Mentor, Ohio — posted profits of $52.3 million, or 52¢ per share, on sales of $1.2 billion for the three months… […]
  • Lucira Health asks FDA for EUA on molecular at-home COVID/flu test
    Lucira Health (Nasdaq: LHDX) today said it has asked the FDA for an emergency use authorization (EUA) for its combination COVID-19 and flu test. Emeryville, California–based Lucira said the at-home test would be available with a prescription to test for SARS-CoV-2, Influenza A and Influenza B. The Nucleic Acid Amplification Test (NAAT) platform has a… […]
  • Device commercialization platform AcuityMD raises $31M Series A to fund R&D engineer hiring
    AcuityMD said today it has raised $31 million in Series A funding for its medical device commercialization platform. “With our new funding, we plan to double down on R&D by growing our engineering team from 15 to over 40 over the next year,” AcuityMD co-founder and CEO Michael Monovoukas said in a blog post. “We’ll… […]
  • Rockley Photonics announces $81.5M private placement
    Rockley Photonics (NYSE:RKLY) announced today that it entered into agreements for an $81.5 million private placement. Participating investors agreed to purchase $81.5 million in convertible senior secured notes (due 2026) and warrants to purchase 26.5 million Rockley ordinary shares at an exercise price of $5 per share, subject to certain anti-dilution adjustments. Warrants purchased in… […]
  • Stryker leaders talk medtech trends at DeviceTalks Boston: ‘If you’re slow, you’re going to lose’
    The first day of DeviceTalks Boston closed with a panel of Stryker (NYSE:SYK) executives discussing new tools, technologies and strategies in medtech. Digital VP Tracy Robertson, Digital, Robotics, and Enabling Technologies President Robert Cohen and Surgical Technologies VP of Digital Innovation Siddarth Satish offered their thoughts on industry trends in healthcare and at the Kalamazoo,… […]
  • Medtronic’s VC leader discusses risk, returns, strategy and an ‘ugly truth’
    A panel of medtech investors convened today for DeviceTalks Boston included David Neustaedter, VP of venture capital at Medtronic (NYSE: MDT). He’s spent 14 years in the role, including as director of venture capital at Covidien before Medtronic acquired the company. (Read more in his DeviceTalks speaker bio.) Medtronic has more than $500 million in… […]
  • Here’s where Harvard’s engineering dean sees medtech research going
    Surgical robotics, artificial intelligence, and combatting climate change are but some of the priorities that have Harvard’s engineering school dean excited. Speaking today at DeviceTalks Boston, Frank J. Doyle III described the Harvard John A. Paulson School of Engineering and Applied Sciences as a “well-kept secret” historically. But Harvard engineering is staking out a strong position when it… […]
  • gBETA Medtech accelerator picks its next startups
    The gBETA Medtech virtual accelerator today named the five startups that will participate in the spring program leading up to the June 21 showcase day. The five startups for the spring 2022 cohort are: Mother of Fact: This mobile app for moms with babies offers nutrition tracking, preventative monitoring and daily coaching from licensed dietitians… […]
  • FDA warns of potential toxic risk from Fresenius hemodialysis machines
    The FDA is evaluating the risk of exposure to toxic chemicals from silicone tubing used in Fresenius Medical Care (NYSE: FMS) hemodialysis machines. The investigation concerns three models of Fresenius hemodialysis machines: the 2008T, 2008K2, and 2008K. The chemicals — non-dioxin-like (NDL) polychlorinated biphenyl acids (PCBAs) and NDL polychlorinated biphenyls (PCBs) — are in the… […]