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Conformis, Inc. (NASDAQ: CFMS) has appointed Farzin Khaghani as the new VP of US Marketing. Khaghani brings over 20 years of experience in orthopedic sales and marketing, having previously held significant roles at Conformis and other medical companies. His appointment aims to support strategic goals and expand the company's market presence. To facilitate his hiring, Conformis granted him options to purchase 100,000 shares at $0.7427, vesting over three years, alongside a restricted stock unit award of the same quantity, vesting over four years.
Conformis, Inc. (NASDAQ: CFMS) announced that 90% of patients in a recent peer-reviewed clinical study reported satisfaction 18-28 months post-surgery. The study, published in The Journal of Bone and Joint Surgery Reviews, highlighted that 88% felt their knees were natural. Conducted by leading orthopedic surgeons, results indicated a significant pain reduction from an average preoperative score of 6.5 to 1.3. The study also reported 100% implant survivorship at 23 months. This reinforces Conformis' patient-specific implant success and potential market leadership.
Conformis reported Q2 2020 financial results, highlighting total revenue of $19.5 million, down 1% year-over-year. Product revenue sharply declined by 50% to $9.7 million, with U.S. sales dropping 52%. Royalty revenue surged to $9.7 million, primarily due to a $9.6 million settlement with Zimmer Biomet. Gross margin increased to 57%, reflecting a 750 basis point improvement. Operating expenses fell 14% year-over-year. Despite a $2.1 million net loss, it was an improvement from the previous year's loss of $6.8 million.
On July 23, 2020, Conformis, Inc. (NASDAQ: CFMS) announced its participation in the Canaccord Genuity 40th Annual Growth Conference, which will be held virtually from August 11 to 13, 2020. The company's presentation is scheduled for August 12, 2020, from 11:30 a.m. to 11:55 a.m. ET. Investors can access the live webcast on the investor relations website. Conformis specializes in personalized joint replacement implants and has shown superior clinical outcomes with its iTotal CR knee replacement system.
Conformis (NASDAQ: CFMS) announced preliminary, unaudited revenue results for Q2 2020, reporting approximately $19.5 million in total revenue, reflecting a 1% year-over-year decline. This includes royalty revenue of $9.7 million, primarily from a settlement. Product revenue decreased by 50% year-over-year to $9.7 million, with U.S. sales down 52%. The CEO noted ongoing challenges from the COVID-19 pandemic, but revenue trends improved in May and June. A credit agreement amendment was also secured to adjust financial covenants amid economic impacts.
Conformis, Inc. (NASDAQ: CFMS) has received 510(k) clearance from the U.S. FDA for its iTotal® Identity PS Knee System. This innovative system utilizes advanced imaging and custom surgical planning, offering features like titanium tibial baseplates and refined iJigs for improved surgical outcomes. CEO Mark Augusti emphasized that the new PS option enhances treatment capabilities for a broader patient range. The global knee joint reconstruction market is valued over $9 billion, with the U.S. set to conduct about 1 million knee replacements this year.
Conformis, Inc. (NASDAQ:CFMS) reported a 20% decline in total revenue for Q1 2020, totaling $16.5 million. Product revenue also decreased 20% to $16.3 million, with U.S. sales down 21% year-over-year. The company's gross margin fell by 380 basis points to 43.8%, while net loss widened to $9.4 million or $0.14 per share. Cash reserves dropped to $21.5 million. The CEO cited the COVID-19 pandemic as a significant factor impacting elective surgeries and revenue, though there are signs of recovery in customer activity.
Conformis, Inc. (NASDAQ: CFMS) will host a webcast and conference call on May 11, 2020, at 4:30 p.m. ET to discuss its financial results for Q1 ended March 31, 2020. The call can be accessed via telephone or live webcast. Mark Augusti, President and CEO, and Bob Howe, CFO, will lead the discussion. Conformis specializes in personalized joint replacement implants using its iFit Image-to-Implant technology, demonstrating superior clinical outcomes compared to traditional implants.