Conformis Reports Revenue Declines for Q1 2023

Conformis Inc., an orthopedic medical device company that features personalized knee and hip replacement products, has shared financial results for the first quarter ended March 31, 2023.
 
Total revenue for the first quarter of 2023 was $12.8 million, a decrease of 17% year-over-year on a reported and constant currency basis. Also, product revenue was $12.7 million, a decrease of 15% year-over-year on a reported basis and 14% on a constant currency basis.
 
The decrease in product revenue year-over-year was primarily due to declines in U.S. knee orders following Conformis Inc.’s business model transition and manufacturing/supply chain challenges.
 
On a more positive note, Conformis hip system revenue was $0.8 million, an increase of 3% year-over-year.

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