The Billerica, Mass.-based joint replacement implants company posted losses of -$9.4 million, or -14¢ per share, on sales of $16.3 million for the three months ended March 31, 2020, for a 23.3% bottom-line slide on a sales decline of -20.4%.
Adjusted to exclude one-time items, losses per share were also -14¢, 4¢ behind Wall Street, where analysts were looking for sales of $18.3 million.
In March, Conformis announced that it was withdrawing its 2020 financial guidance while furloughing approximately 80 employees as a result of the COVID-19 pandemic and the deferral of elective procedures. Last month, the company announced that it received more than $4.7 million through the U.S. Small Business Administration’s Paycheck Protection Program.
“The first quarter, as expected, was impacted by the coronavirus (COVID-19) pandemic, Conformis president & CEO Mark Augusti said in a news release. “As previously announced, we took actions to mitigate the financial impact, as well as to ensure our employees’ safety. In addition, and as recently announced, we were able to return substantially all of our furloughed employees to work due to the financial support made available by the federal government.
“Though we expect the second quarter will also be impacted by the pandemic primarily due to the reduction of elective surgeries, we are pleased to see growing activity from our customers indicating the re-starting of hip and knee procedures. We look forward to getting back to business.”
CFMS shares were down -7.14% at $1.04 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.3%.