Conformis (NSDQ:CFMS) posted second-quarter results today that beat the overall consensus on Wall Street.
The Billerica, Mass.–based company reported profits of $38 million, or 21¢ per share, on sales of $56.3 million for the three months ended June 30, for a sales growth of 189.44% compared with Q2 2020.
Earnings per share were 21¢, 17¢ ahead of The Street, where analysts were looking for sales of $33 million.
“We had another steady quarter of progress as we executed our growth strategy. The environment for orthopedic surgical procedures has improved and we believe procedure levels will continue to normalize. We remain cautiously optimistic about the second half of the year as we aim to get back to our 2019 revenue run rate,” president and CEO Mark Augusti said in a news release.
“We continue to make progress with our new product development plans. As part of a limited market release, the first surgery using our patient-specific instrumentation with a Stryker knee implant recently occurred and was successful. We also obtained 510(k) clearance from the FDA for our new Imprint knee offering, and we expect our first surgeries to occur soon. We believe that these two new products position us well as medical facilities, particularly ambulatory surgical centers, continue returning to normal operations and look for efficient, cost-effective knee implant solutions.”
Conformis said it expects third-quarter revenue to be in the range of $15.5 million to $16.5 million.
Shares in CFMS were down more than –5% to $1.45 piece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.