ConforMIS (NSDQ:CFMS) said yesterday that it plans to lay off about 10% of its workforce as it aims to put black ink in the ledger in 2021. Billerica, Mass.-based ConforMIS, which makes customized knee and hip implants, had 350 employees as of Feb. 28, according to a regulatory filing. The cuts are expected to cost about […]
These 10 medtech companies care a lot about research
These 10 medical device companies spent the largest portion of their budgets on research and development. Here’s a look at what they produced. Each year, Medical Design & Outsourcing compiles a list of the top 100 medical device companies across the globe and ranks the companies based on annual revenue for the most recent fiscal […]
ConforMIS claims $11m win in patent infringement case against Smith & Nephew
ConforMIS (NSDQ:CFMS) today claimed a win in a patent infringement lawsuit against Smith & Nephew (NYSE:SNN) over technology for patient-specific knee implants. Bedford, Mass.-based ConforMIS sued the British healthcare giant in 2016 in the U.S. District Court for Massachusetts, alleging infringement of eight patents by Smith & Nephew’s Visionaire cutting guides. Billed as “custom fit,” the Visionaire guides are used with […]
Amazon-Berkshire-JPM healthcare bet taps Comcast’s Stoddard for COO | Personnel Moves, Sept. 10, 2018
Amazon-Berkshire-JPM healthcare bet taps Comcast’s Stoddard for COO The healthcare joint venture started by Amazon (NSDQ:AMZN), Berkshire Hathaway and J.P. Morgan tapped former Comcast executive Jack Stoddard to be its COO, reporting to CEO Dr. Atul Gawande. Stoddard was a co-founder of Accolade, a startup backed by the cable giant that helps workers manage their health […]
Conformis posts Q2 earnings, launches 3D-printed hip system
ConforMIS (NSDQ:CFMS) last week posted second quarter earnings that missed expectations on Wall Street and announced that the first procedures had been performed using its 3D designed and printed Conformis hip system implants. In its earnings release, the Billerica, Mass.-based company posted losses of $14.1 million. or 24¢ per share, on sales of $18.9 million for […]
ConforMIS shares down as Q4, FY2018 earnings show shrinking sales
Shares in ConforMIS (NSDQ:CFMS) have fallen slightly today after the medical device maker posted shrinking sales for its fourth quarter and full fiscal year 2017, despite having topped Q4 losses per share expectations on Wall Street. The Billerica, Mass.-based company posted losses of $11.9 million, or 27¢ per share, on sales of $20.5 million for the […]
ConforMIS prices $20m offering, releases prelim 2017 earnings
ConforMIS (NSDQ:CFMS) today priced an upcoming offering looking to raise $20 million after posting preliminary 2017 earnings yesterday that saw gross profits up from the previous fiscal year. In its offering, the Billerica, Mass.-based company said it is looking to sell approximately 13.3 million shares of common stock at $1.50 per share. The offering also includes a […]
ConforMIS jumps on analyst’s upgrade
ConforMIS (NSDQ:CFMS) shares closed up more than 12% yesterday after a BTIG analyst upgraded his rating on the company, which makes customized knee and hip implants. BTIG’s Ryan Zimmerman raised his rating on CFMS shares from “neutral” to”buy,” setting a price target of $4 per share. Of the 10 analysts covering the stock, six have set “buy” […]
ConforMIS picks up Broad Peak’s polishing & machining assets
ConforMIS (NSDQ:CFMS) said today it acquired the machining and polishing assets of Broad Peak Manufacturing for approximately $6.5 million. Billerica, Mass.-based ConforMIS said it will pay an initial $5.8 million in cash and an additional $750,000 in common stock in the purchase. As part of the acquisition, ConforMIS will integrate approximately 20 employees from the company, […]
Zimmer Biomet prez, CEO Dvorak unexpectedly resigns | Personnel Moves, July 12, 2017
Zimmer Biomet (NYSE:ZBH) said late yesterday its prez and CEO David Dvorak has resigned from his position at the head of the company, effective immediately, to be replaced on an interim basis by senior VP and CFO Daniel Florin until a permanent successor is named. The Warsaw, Ind.-based company said it is retaining “a leading executive search […]
ConforMIS triggers 2nd $15m tranche of $50m term loan
ConforMIS (NSDQ:CFMS) said this week it triggered the 2nd tranche on a term loan with Oxford Finance, bringing in $15 million for the company. The company originally inked a deal for the $50 million in debt financing in January. The debt financing was part of the Billerica, Mass.-based company’s strategy to fund commercialization of its custom joint […]
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