Conformis (Nasdaq:CFMS) this week posted first-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
The Billerica, Massachusetts-based orthopedic device maker reported losses of $16 million, or -9¢ per share, on sales of $15.6 million for three months ended March 31, for a sales growth of 12.4% compared with Q1 2021.
Earnings per share were 2¢ behind The Street, where analysts were looking for sales of $14.01 million.
“We had another good quarter of progress on our Imprint and Platinum Services rollouts. Surgeon interest and feedback continue to be favorable and we are positioned well to benefit as elective arthroplasty procedure recovery takes hold in hospitals and ASC’s over the coming quarters. Traction on our topline and recovery of procedural levels will benefit our gross margins, which have been under pressure the past two quarters. We are acting decisively to reverse this trend and get back to our expected gross margins,” CEO Mark Augusti said in a news release.
Conformis reaffirmed its full-year product revenue range of $60 million to $70 million. It expects second-quarter product revenue to be in the range of $14.5 million to $15.5 million.
Shares in CFMS were down 2.89% to 50¢ apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 3.2%. Today, the Dow Jones Industrial Average was down more than 3%, more than 1,100 points, as investors reevaluated the economic effects of the Federal Reserve’s plans to combat inflation.