Conformis Stock Price, News & Analysis

Conformis, Inc. (NASDAQ:CFMS) announced on November 30, 2022, that it has regained compliance with NASDAQ Listing Rule 5550(a)(2). Following a letter from NASDAQ dated November 25, 2022, it was confirmed that Conformis met the required minimum closing bid price of $1.00 per share for 10 consecutive trading days, commencing November 10, 2022. This compliance issue was initially raised on December 31, 2021, due to a failure to maintain the minimum bid price.

Conformis, Inc. (NASDAQ:CFMS) has announced the successful performance of the first Actera™ Hip System procedure by Dr. William Kurtz at Ascension Saint Thomas Hospital, Nashville. This innovative device, utilizing a tri-taper stem design, is aimed at enhancing surgeries for a variety of patient anatomies. The company plans to launch Actera commercially by mid-2023 and emphasizes its data-driven approach to personalized joint replacement solutions. The new system also features multiple collar lengths and head-center options to improve surgical outcomes and fit.

Conformis, Inc. (NASDAQ:CFMS) announced the full commercial launch of its new Imprint™ knee system, marking a shift to a new U.S. business model focused on made-to-measure knee replacements. The Imprint system now constitutes the primary offering, with the personalized iTotal Identity system available as an upgrade. The Imprint combines data-driven design with traditional systems, enhancing patient fit and reducing costs. Surgeons report improved efficiency and lower expenses. The Imprint system now accounts for over 70% of U.S. knee orders, highlighting its rapid adoption.

Conformis Settles Medacta Litigation

Conformis, Inc. (NASDAQ:CFMS) announced the settlement of patent disputes with Medacta USA and its affiliates. The settlement grants Medacta a non-exclusive license to certain Conformis patents concerning patient-specific instruments for knee and shoulder implants. CEO Mark Augusti emphasized the resolution protects their patient-specific products and highlights the value of personalized surgical planning.

Conformis, Inc. (NASDAQ:CFMS) announced a 1-for-25 reverse stock split effective at 5:00 p.m. ET on November 9, 2022. The move, approved by stockholders on October 26, 2022, will reduce the total shares from approximately 188 million to about 7.5 million. Post-split trading on Nasdaq will begin on November 10, 2022, under a new CUSIP number. Cash will be provided for any fractional shares. American Stock Transfer & Trust Company is designated as the exchange agent for this process.

Conformis specializes in orthopedic solutions aimed at alleviating joint pain.

Conformis, Inc. (NASDAQ:CFMS) reported third-quarter 2022 financial results showing total revenue of $13.8 million, down 3% year-over-year. Product revenue also fell by 3%, with significant declines in hip system revenue, down 19%. Cash equivalents stood at $59.6 million. Despite positive feedback on new products, revenue growth is slower than expected, prompting cost management initiatives. Net loss widened to $15.2 million or $0.08 per share. The company expects fourth-quarter product revenue between $13.0 million and $14.0 million.

Conformis, Inc. (NASDAQ: CFMS) will announce its financial results for the third quarter of 2022 on November 2. The earnings release will occur after market closure, followed by a webcast and conference call at 4:30 p.m. ET. CEO Mark Augusti and CFO Bob Howe will discuss the results and provide a business update. Interested parties can register for the call and access the webcast via the company’s Investor Relations site.

Conformis, Inc. (NASDAQ: CFMS) has received FDA 510(k) clearance for the Actera™ Hip System, introducing a tri-taper femoral stem design. This innovative design aims to enhance the direct anterior approach for total hip arthroplasty, minimizing muscle injury and improving surgical outcomes. Conformis plans a limited market release soon, responding to increasing surgeon demand. The Actera system joins a growing portfolio of personalized orthopedic solutions that leverage advanced surgical planning and a Surgery-in-a-Box™ delivery model, enhancing patient care.

On August 29, 2022, Conformis, Inc. (NASDAQ: CFMS) announced that CEO Mark Augusti and CFO Bob Howe will participate in the H.C. Wainwright & Co. 24^th Annual Global Investment Conference from September 12-14, 2022. This hybrid conference, held at the Lotte New York Palace Hotel, features leading growth companies across various sectors. Conformis will present virtually, with an on-demand video available on September 12 at 7:00 a.m. ET. Virtual one-on-one meetings with management can also be scheduled. A replay will be accessible on their website for 90 days.