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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Conformis Inc | NASDAQ:CFMS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.26 | 2.26 | 2.15 | 0 | 01:00:00 |
First Quarter 2021 Summary
Executive Commentary – Mark Augusti, President and CEO
"The year is off to a good start. 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. 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 $11 million we expect to receive for achieving the final milestone under the Stryker development agreement. Having completed the development phase of the project with Stryker, we can now focus on manufacturing and supplying patient-specific instrumentation for Stryker. We will also continue to develop our hip portfolio, which grew nicely in the quarter, and continue preparing for the launch of our new knee offering, which will target the ASC segment.”
Three months ended March 31, | Increase/(decrease) | ||||||||||||
($, in thousands) | 2021 | 2020 | $ Change | % Change | % Change | ||||||||
(as reported) | (constant currency) | ||||||||||||
United States | $ | 11,604 | $ | 13,827 | $ | (2,223 | ) | (16 | )% | (16 | )% | ||
Rest of world | 2,107 | 2,463 | (356 | ) | (14 | )% | (22 | )% | |||||
Product revenue | 13,711 | 16,290 | (2,579 | ) | (16 | )% | (17 | )% | |||||
Royalty revenue | 124 | 185 | (61 | ) | (33 | )% | (33 | )% | |||||
Total revenue | $ | 13,835 | $ | 16,475 | $ | (2,640 | ) | (16 | )% | (17 | )% |
First Quarter 2021 Highlights
Revenue
Gross Margin
Operating Expenses
Net Loss
Capital Structure and Liquidity
Outlook
Note on Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain information regarding the Company's financial results or projected financial results on a non-GAAP "constant currency basis." This information estimates the impact of changes in foreign currency rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the adjusted current or projected local currency results and translating them into U.S. dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on the Company's results or business. Non-GAAP information is not a substitute for, and is not superior to, information presented on a GAAP basis. Company management uses these non-GAAP measures internally to measure operational performance.
Webcast
As previously announced, Conformis will conduct a webcast today at 4:30 PM Eastern Time. Management will discuss financial results and strategic matters. The webcast will be live at https://edge.media-server.com/mmc/p/vnzdh2h9.
The online archive of the webcast will be available on the Company's website for 30 days.
About Conformis, Inc.
Conformis is a medical technology company that uses its proprietary iFit® Image-to-Implant® technology platform to develop, manufacture, and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as personalized, individualized, or sometimes as customized, to fit each patient's unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, the Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.
For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at ir.conformis.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release about our future expectations, plans and prospects, including statements about the impact of the novel coronavirus (COVID-19) pandemic and the actions we are taking and planning in response, our planned launch of a new program aimed at developing a knee replacement offering targeted at hospital outpatient and ambulatory surgery centers, the anticipated timing of our product launches, whether or when restrictions on elective surgeries will be relaxed and demand for procedures will increase, and our financial position and results, total revenue, product revenue, gross margin, operations and growth, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other and similar expressions are intended to identify forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the novel coronavirus pandemic and the response to the pandemic; whether our cash resources will be sufficient to fund our continuing operations for the periods anticipated; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the "Risk Factors" sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other public filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
CONFORMIS, INC. AND SUBSIDIARIES | |||||||
Consolidated Statements of Operations | |||||||
(unaudited) | |||||||
(in thousands, except share and per share data) | |||||||
Three Months Ended March 31, | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product | $ | 13,711 | $ | 16,290 | |||
Royalty and licensing | 124 | 185 | |||||
Total revenue | 13,835 | 16,475 | |||||
Cost of revenue | 7,662 | 9,261 | |||||
Gross profit | 6,173 | 7,214 | |||||
Operating expenses | |||||||
Sales and marketing | 5,113 | 6,563 | |||||
Research and development | 3,540 | 2,990 | |||||
General and administrative | 6,666 | 5,736 | |||||
Total operating expenses | 15,319 | 15,289 | |||||
Loss from operations | (9,146 | ) | (8,075 | ) | |||
Other income and expenses | |||||||
Interest income | 18 | 35 | |||||
Interest expense | (594 | ) | (574 | ) | |||
Foreign currency exchange transaction loss | (1,761 | ) | (714 | ) | |||
Total other expenses | (2,337 | ) | (1,253 | ) | |||
Loss before income taxes | (11,483 | ) | (9,328 | ) | |||
Income tax provision | 23 | 25 | |||||
Net loss | $ | (11,506 | ) | $ | (9,353 | ) | |
Net loss per share | |||||||
Basic and diluted | $ | (0.09 | ) | $ | (0.14 | ) | |
Weighted average common shares outstanding | |||||||
Basic and diluted | 131,300,157 | 67,274,391 |
CONFORMIS, INC. AND SUBSIDIARIES | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except share and per share data) | |||||||
March 31, 2021 | December 31, 2020 | ||||||
Assets | (unaudited) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 104,597 | $ | 28,673 | |||
Accounts receivable, net | 8,223 | 8,515 | |||||
Royalty and licensing receivable | 131 | 1,256 | |||||
Inventories, net | 13,341 | 12,585 | |||||
Prepaid expenses and other current assets | 2,587 | 2,315 | |||||
Total current assets | 128,879 | 53,344 | |||||
Property and equipment, net | 11,547 | 12,240 | |||||
Operating lease right-of-use assets | 4,903 | 5,215 | |||||
Other Assets | |||||||
Restricted cash | 462 | 462 | |||||
Other long-term assets | 229 | 239 | |||||
Total assets | $ | 146,020 | $ | 71,500 | |||
Liabilities and stockholder's equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 5,005 | $ | 4,918 | |||
Accrued expenses | 6,357 | 7,213 | |||||
Operating lease liabilities | 1,658 | 1,620 | |||||
Advance on research and development | 2,651 | 3,168 | |||||
Contract liability | 14,000 | 14,000 | |||||
Total current liabilities | 29,671 | 30,919 | |||||
Long-term debt, less debt issuance costs | 25,172 | 25,003 | |||||
Operating lease liabilities | 3,852 | 4,206 | |||||
Total liabilities | 58,695 | 60,128 | |||||
Commitments and contingencies | |||||||
Stockholders' equity | |||||||
Preferred stock, $0.00001 par value: | |||||||
Authorized: 5,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding as of March 31, 2021 and December 31, 2020 | — | — | |||||
Common stock, $0.00001 par value: | |||||||
Authorized: 200,000,000 shares authorized at March 31, 2021 and December 31, 2020; 182,428,111 and 95,546,577 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 2 | 1 | |||||
Additional paid-in capital | 629,622 | 543,809 | |||||
Accumulated deficit | (539,944 | ) | (528,438 | ) | |||
Accumulated other comprehensive loss | (2,355 | ) | (4,000 | ) | |||
Total stockholders' equity | 87,325 | 11,372 | |||||
Total liabilities and stockholders' equity | $ | 146,020 | $ | 71,500 |
CONTACT: Investor Relations ir@conformis.com (781) 374-5598
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