Conformis Inc

conformis.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 2, 2023. Its latest SEC filing is a 15-12G from Sep 15, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells personalized and standard-sized knee and hip replacement implants, along with patient-specific surgical instruments and planning services, to surgeons, hospitals, and other medical facilities.

How Did They Make Money?

Medical facilities pay for implants and related services, with product sales billed after manufacture and implementation; payment is typically due 30 - 60 days from invoice. The company also receives sales-based royalties and fees for licenses.

FY2022 revenue

Who Were Their Customers?

Orthopedic surgeons use the products in procedures at hospitals, ambulatory surgery centers, and other medical facilities. The company sells through direct sales representatives, independent representatives, and distributors; it also markets to patients.

Did Revenues Turn Into Profits?

No. It lost $50.5M in FY2022.

Operating income, FY2022

−75% of revenue

▲ +1438% (Loss) vs FY2021 (−$3M, −3%)

Net income, FY2022

−81% of revenue

▲ +1992% (Loss) vs FY2021 (−$2.4M, −2%)

Free cash flow, FY2022

−84% of revenue

▲ +387% (Loss) vs FY2021 (−$10.7M, −11%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q2 FY2023, the three months to Jun 30, 2023

Revenue: ▼ −15%; vs $15.3M in Q2 FY2022
Net income: ▼ −16% (Loss); vs −$15.5M in Q2 FY2022

Sep 5, 2023 restor3d acquired Conformis, and its shares were delisted At closing, eligible common shares converted into the right to receive $2.27 in cash per share.
Jun 23, 2023 Conformis agreed to be acquired by restor3d The merger agreement set cash consideration of $2.27 per eligible share, subject to stockholder approval and other closing conditions.

Shrank. Revenue fell 31% in 4 years, from $89.8M in FY2018 to $62.1M in FY2022, about 9% a year.

Standard-sized knee option The latest report describes a standard-sized Identity Imprint knee system alongside fully personalized knee implants; the older report describes its knee line as personalized implants.

Hip products The older report describes the Conformis Hip System as having entered full commercial launch; the latest report also describes the Actera hip system and several Cordera product line extensions.

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