Conformis (NSDQ:CFMS) announced today that it entered into a definitive agreement to sell approximately $17.25 million in shares and warrants. The agreement, made with an undisclosed “healthcare-focused” institutional investor, according to a news release, includes more than 8.5 million shares of Conformis’ common stock, accompanying warrants to purchase up to the same amount of shares and […]
MedTech 100 roundup: Stocks were practically unchanged last week
Despite plenty of ups and downs coming in the stock market for the medtech industry, there was hardly any movement from week to week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.6 points at the end of last week (Aug. 21). Overall, medtech stocks saw […]
Conformis reaches second milestone in Stryker deal
Conformis (NSDQ:CFMS) announced today that it completed the second of three milestones in its license and development agreement with Stryker (NYSE:SYK). Under the agreement, Conformis is set to receive an additional $3 million from Stryker after achieving the milestone as it develops patient-specific instrumentation (PSI) for use in connection with Stryker’s knee implant offerings. “We are pleased […]
Conformis names new marketing VP
Joint replacement implant maker Conformis (NSDQ:CFMS) announced that it appointed Farzin Kaghani as its new VP of U.S. marketing. Khaghani, a veteran of more than 20 years in orthopedic and medtech sales and marketing, most recently served as president at NextStep Arthropedix, but before that, he spent more than 10 years at Conformis in a number […]
Conformis dips on Q2 losses
Conformis (NSDQ:CFMS) shares dipped today on second-quarter results that highlighted losses influenced by the ongoing COVID-19 pandemic. The Billerica, Mass.-based joint replacement implant maker posted losses of -$2.1 million, or -3¢ per share, on sales of $19.5 million for the three months ended June 30, 2020, for a 68.4% bottom-line gain on a sales decline of […]
The top 5 MassDevice stories of the week — July 31, 2020
The past week has seen a slew of Q2 earnings reports from medical device companies — and the picture overall hasn’t been pretty amid the COVID-19 pandemic. Still, medtech CEOs during their earnings calls said they’re starting to see some signs of hospital procedures recovering a bit even as the southern U.S. deals with a […]
Aetna accuses Conformis of trying to use patient’s lawsuit to compel coverage
Joint replacement implant maker Conformis (NSDQ:CFMS) is improperly using a Colorado man’s denial of benefits lawsuit to force Aetna to cover its customized knee implants, the health insurer recently argued in a federal court filing. Billerica, Mass.-based Conformis joined John Michael Schaub of Golden, Colo., in his lawsuit against Aetna, filed in May in U.S. District Court […]
Conformis expects 50% drop in Q2 product revenue
Joint replacement implant maker Conformis (NSDQ:CFMS) said today that it anticipates a COVID-19-influenced 50% year-over-year drop in second-quarter product revenue. Releasing its preliminary results for the quarter ended June 30, the Billerica, Mass.-based company projected total revenue of $19.5 million for the quarter, which is down -1% year-over-year on a reported and constant currency basis. About […]
Conformis gains 510(k) for personalized knee tech
Conformis (NSDQ:CFMS)Conformis today said it received FDA 510(k) clearance for its iTotal Identity PS Knee System. The system uses advanced imaging and design software to help deliver patient-specific pre-operative surgical plans with a comprehensive set of iJig instruments and patient-matched implants. The system updates features stem extensions available for patients with high body mass index, titanium […]
Zimmer Biomet to pay Conformis $9.6m to settle patent disputes
Conformis (NSDQ:CFMS) and Zimmer Biomet (NYSE:ZBH) have agreed to settle all patent disputes over Conformis’ knee and hip replacement products and Zimmer’s knee, shoulder and hip replacement devices, according to an SEC filing today. The two companies have also agreed to cross-license their respective technologies, and Zimmer Biomet will pay Conformis $9.6 million by January 15, 2021, […]
Medtech 100 roundup: Stocks dip slightly after strong start to month
Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point […]
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