Conformis Inc. (CFMS) shares lost 7.06% in after-hours on Monday, September 20, 2021, and closed at $1.58. Even in the regular trading session, CFMS’s stock declined 7.10%. CFMS shares have risen 115.19% over the last 12 months, and they have moved down 3.41% in the past week. Over the past three months, the stock has gained 49.12%, while over the past six months, it has surged 51.79%.
Let’s see why did it face negativity on Monday?
CFMS Business Update
On September 20, 2021, Conformis, Inc (CFMS) announced an update regarding its third-quarter financial performance.
The company is expecting product revenue for the quarter to be approximately $13.7 million to $14.3 million, compared to the $15.5 million to $16.5 million projection announced on August 4, 2021.
The revised outlook is due to higher-than-expected levels of deferred and rescheduled knee and hip procedures as a result of the surge in COVID-19 cases associated with the Delta variant.
Participation in the recent investor conferences
Conformis In (CFMS) will participate at The Oppenheimer Fall Healthcare Life Sciences & MedTech Summit will take place virtually on September 20-23, 2021.
The company recently Participated in The H.C. Wainwright 23rd Annual Global Investment Conference which was held on September 13-15, 2021.
CFMS new Identity Imprint knee replacement system
On August 18, 2021, Conformis, Inc (CFMS) announced the first procedure with the new Conformis Identity Imprint knee replacement system.
Conformis’ personalized iTotal® knee product line, Identity Imprint uses Conformis’ sterile Surgery-in-a-Box™ delivery system, which provides ambulatory surgical centres (ASCs) and hospitals greater procedural efficiency and improved sterilization cost savings over comparable systems. The first surgery was successfully performed by Dr Moby Parsons at Stratham Ambulatory Surgical Center in Stratham, New Hampshire on August 16, 2021.
CFMS Q2 2021 financial Results
- Total revenue was $56.3 million in Q2 2021 compared to $19.5 million in Q2 2020.
- In Q2 2021, Gross profit was $47.5 million compared to $11.0 million in Q2 2020.
- Total operating expenses were $16.6 million in Q2 2021 compared to $13.3 million in Q2 2020.
- CFMS reported a net income of $38.0 million, or $0.21 per basic and diluted share, in the second quarter of 2021, compared to a net loss of $2.1 million, or $0.03 per basic and diluted share in the second quarter of 2020.
- As of June 30, 2021, the company had cash and cash equivalents totalled $108.3 million compared to $28.7 million as of December 31, 2020.
Conclusion
CFMS stock plummeted because the company lowered its financial figures for Q3 2021 which is defiantly a setback for the company and its stock price can further decline in the coming trading sessions.
