Conformis (Nasdaq:CFMS) shares rose today on fourth-quarter results that came in ahead of the consensus sales forecast.
Shares of CFMS ticked up 1.7% to $1.75 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.4%.
The Billerica, Massachusetts-based orthopedic device maker posted losses of $3.7 million. That amounts to 51¢ per share on sales of $14.2 million for the three months ended Dec. 31, 2022.
Conformis reported a 76.7% bottom-line gain while remaining in the red. Its sales dipped year-over-year by 7.3%. Sales still topped Wall Street expectations as analysts projected $13.7 million in revenue.
The company attributed its revenue decrease to declines in orders from U.S. hospitals. However, it offset those dips with increases in orders from ambulatory surgery centers.
Conformis expects first-quarter product revenue to range between $12 million and $13 million. It said that range reflects disruptions related to a transition to a new business model, plus manufacturing and supply chain challenges.
