Financial

Conformis Reports Fourth Quarter and Year Ended 2018 Financial Results

BILLERICA, Mass., Feb. 06, 2019 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell patient specific joint replacement implants designed to fit each patient’s unique anatomy, announced today financial results for the fourth quarter and year ended December 31, 2018.

Q4 Summary

  • Total revenue of $22.0 million, up 6% year-over-year on a reported basis and 7% year-over-year on a constant currency basis
  • Product revenue of $21.9 million, up 7% year-over-year on a reported and constant currency basis
    • U.S. product revenue of $19.4 million, up 10% year-over-year
    • Rest of World product revenue of $2.5 million, down 14% year-over-year on a reported basis and 12% on a constant currency basis
  • Royalty revenue of $0.1 million, down 42% year-over-year
  • Gross margin of 49%, an increase of 700 basis points year-over-year

2018 Summary

  • Total revenue of $89.8 million, up 15% year-over-year on a reported basis, including a royalty settlement of $10.5 million, and 14% year-over-year on a constant currency basis
  • Product revenue of $78.6 million, up 2% year-over-year on a reported basis and 1% on a constant currency basis
    • U.S. product revenue of $68.1 million, up 6% year-over-year
    • Rest of World product revenue of $10.6 million, down 17% year-over-year on a reported basis and 22% year-over-year on a constant currency basis
  • Royalty revenue of $11.2 million, up 1,000% year-over-year
  • Gross margin of 54%, an increase of 1,700 basis points year-over-year

“Our US growth of 10% in the fourth quarter represents a meaningful step-up in performance year-over-year. We continue to face headwinds in our OUS business due to reimbursement challenges,” said Mark Augusti, President and Chief Executive Officer of Conformis, Inc. “We have continued our gross margin expansion and are continuing to focus on achieving operational efficiency.”

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Mason Krell

Mason began his career in the Orthopedic Industry in 2017 when he joined The De Angelis Group as a Research Manager. He has developed a strong network within the industry and is very dedicated to helping companies maximize opportunities and disrupt markets.

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