Conformis Shares First Quarter 2021 Results

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, 2021. Total revenue for the quarter was $13.8 million, a decrease of 16% year-over-year on a reported basis and 17% on a constant currency basis.
 
The decrease in revenue was driven primarily by lower volume due to the impact of the COVID-19 pandemic on elective procedures. On a positive note, Conformis Hip System revenue, which was all in the United States, was up 49% to $0.7 million.
 
“The year is off to a good start,” remarked Conformis president and CEO Mark Augusti. “We met our expectations for business activity in the quarter as COVID-19 headwinds impacted elective procedures to the degree we anticipated. Despite these continuing headwinds for our industry, we are pleased with the progress of vaccine adoption nationwide and, as a result, remain cautiously optimistic that we will see procedure levels get back to normal in the second half of 2021.
 
Augusti continued, “This anticipated acceleration in activity is timed well for our planned product introductions, which remain on track. We are in a great financial position, especially in light of the $11 million we expect to receive for achieving the final milestone under the Stryker development agreement. Having completed the development phase of the project with Stryker, we can now focus on manufacturing and supplying patient-specific instrumentation for Stryker. We will also continue to develop our hip portfolio, which grew nicely in the quarter, and continue preparing for the launch of our new knee offering, which will target the ASC segment.”