Nelipak Corp. said last week that Roger Prevot will take over as CEO, following the retirement of current CEO Michael Kelly. Kelly was in charge when private equity giant Kohlberg bought Nelipak for an undisclosed amount July 2. Kelly is retiring after overseeing the deal and positioning the company for the next phase of its […]
Stryker inks $30m deal with Conformis
UPDATED Oct. 2, 2019, with details on the agreement. Stryker (NYSE:SYK) inked a deal worth up to $30 million for the customized instrumentation technology developed by Conformis (NSDQ:CFMS). The deal calls for Stryker to pay $14 million up front for the Conformis patient-specific instrumentation, which uses CT scans to create customized, single-use instrumentation for knee replacement […]
Appeals court tosses two ConforMIS patents despite settlement with Smith & Nephew
A federal appeals court has upheld U.S. Patent Trial and Appeal Board decisions invalidating two ConforMIS (NSDQ:CFMS) patents for patient-specific knee implants, even though ConforMIS and Smith & Nephew (NYSE:SNN) settled their dispute last year for $10.5 million. Bedford, Mass.-based ConforMIS sued the British healthcare giant in 2016 in the U.S. District Court for Massachusetts, alleging infringement […]
ConforMIS sues Zimmer Biomet for alleged patent infringement
ConforMIS (NSDQ:CFMS) has sued Zimmer Biomet (NYSE:ZBH) alleging infringement of four different patents for personalized joint replacement surgery. In the lawsuit filed last week in U.S. District Court in Delaware, ConforMIS claims that Zimmer Biomet has infringed its patents for personalized knee and hip replacement surgery and for shoulder arthroplasty. Bedford, Mass.-based ConforMIS is targeting Zimmer […]
ConforMIS beats The Street with Q2 results
ConforMIS (NSDQ:CFMS) posted second-quarter 2019 results that beat the consensus on Wall Street by 1¢. The Billerica, Mass.-based company reported a loss of -$6.7 million or -11¢ per share on sales of $9.6 million for the three months ended June 30, 2019. The company halved its quarterly loss for a bottom-line gain of 48% on sales […]
ConforMIS lines up $33m financing
ConforMIS (NSDQ:CFMS) said yesterday that it lined up $33 million in financing for its customized joint replacement devices. Innovatus Capital Partners and East West Bank put up $30 million in debt financing and Innovatus took out a $3 million equity position in Billerica, Mass.-based ConforMIS. The proceeds are earmarked for paying down a $15 million term […]
10 orthopedic products from AAOS 2019 you need to know
The American Academy of Orthopaedic Surgeons (AAOS) annual meeting in Las Vegas is abuzz about robotics, according to industry analysts from SVB Leerink. While the SVB Leerink analysts termed Stryker’s (NYSE:SYK) Mako platform “best-in-class,” it’s an expanding category. Other major orthopedics companies are using this week’s AAOS meeting to introduce new offerings or tout updates to existing […]
Conformis: Yale study shows customized knee implants save money
Conformis (NSDQ:CFMS) is touting results of a study that found that the average overall cost of care was nearly $1,700 less among Medicare patients treated with the company’s customized individually made knee implants. Researchers at the Yale School of Medicine and Baker Tilly Virchow Krause conducted the study, which reviewed episode expenditures for all of 2015 among […]
Globus Medical gains on Street-beating prelims | Wall Street Beat
Globus Medical (NYSE:GMED) shares closed up yesterday after the orthopedics company reported preliminary fourth-quarter and 2018 sales numbers that beat the consensus forecast on Wall Street. Audubon, Pa.-based Globus said it expects to post Q4 revenues of $195.5 million and full-year sales of $712.5 million; analysts on The Street were looking for quarterly sales of $188.2 million and […]
Conformis readies $21m private placement
ConforMIS (NSDQ:CFMS) said this week that it inked a deal with Lincoln Park Capital Fund to sell $21 million of shares of the company’s common stock over the course of a 36-month term. According to the terms of the deal, ConforMIS also plans to issue an additional 354,430 shares of common stock to Lincoln Park as […]
Conformis to lay of 10% of workforce
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 […]
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