Conformis, Inc. (NASDAQ:CFMS), an orthopedic medical device company
that features personalized knee and hip replacement products,
provided today a business update and reported preliminary financial
results for the fourth quarter and year ended December 31, 2022.
Executive Commentary – Mark Augusti, President and
CEO
“Today we are announcing the launch of our new advertising
campaign highlighting our Image-to-Implant Platinum Services
program. This campaign focuses on highlighting the benefits of a
fully personalized knee to patients and will launch initially in a
select number of targeted markets. We are also providing an update
of our commercial progress of the new business model through year
end. As of December 31, 2022, 154 facilities have access to the
Image-to-Implant Platinum Services℠ Program (PSP) and the company
has received over 500 PSP orders through December 31, 2022. We are
encouraged by the early traction of our Platinum Services Program
and believe it is an important part of our long-term growth
strategy.”
An example of our media advertisement can be accessed via the
URL in the outlook section below.
Preliminary Fourth Quarter 2022 Summary:
-
Total revenue of approximately $17.4 million, up 13% year-over-year
on a reported basis and 14% on a constant currency basis; includes
non-recurring licensing revenue associated with the settlement and
licensing agreement with Medacta.
-
Product revenue of approximately $14.2 million, down 7%
year-over-year on a reported basis and down 6% on a constant
currency basis.
-
U.S. product revenue of approximately $12.4 million, down 9%
year-over-year.
-
Rest of world product revenue of approximately $1.8 million, up 4%
year-over-year on a reported basis and 19% on a constant currency
basis.
-
Launched our Actera™ proximal hip stem that supports the growing
direct anterior approach surgical technique.
Preliminary Full Year 2022 Summary:
- Total revenue of
approximately $62.1 million was down 38% year-over-year on a
reported basis and down 37% on a constant currency basis,
reflecting the non-recurring license payments received in
2021.
- Product revenue of
approximately $57.8 million, down 1% year-over-year on a reported
basis and flat on a constant currency basis.
- U.S. product revenue
of approximately $50.5 million, down 1% year-over-year.
- Rest of world
product revenue of approximately $7.3 million, flat year-over-year
on a reported basis and up 10% on a constant currency basis.
Capital Structure and Liquidity
- Cash and cash
equivalents totaled $48.7 million as of December, 2022, compared to
$100.6 million as of December 31, 2021.
2023 Outlook:
-
Conformis expects Q1 2023 product revenue to be in the range of
$12M - $13M.
-
This range reflects the disruption related to the transition to our
new business model and continued manufacturing and supply chain
challenges.
-
On January 23, 2023 we received a favorable appellate court ruling
in our ongoing litigation against Aetna and intend to continue
pursuit of these claims.
- On February 8, 2023
we launched our new media campaign
-
https://conformis.wistia.com/medias/uegxhwukio
These preliminary results and highlights are being provided in
advance of the Company's scheduled earnings call. They are
preliminary unaudited results and are subject to revision. The
Company currently expects to report its full financial results for
the fourth quarter and the year ended 2022 on March 1, 2023.
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.
Conference Call and Webcast – March 1, 2023 – 4:30 pm
ET
As previously announced, Mark Augusti, CEO, and Bob Howe, CFO,
will host an earnings webcast and conference call, Wednesday, March
1, 2023, at 4:30 p.m. Eastern Time.
The webcast of the earnings call will be live
at: Link Directly to Webcast
To attend by telephone, please use the information below
for dial-in access.
- Date and Time:
March 1, 2023 – 4:30 p.m. Eastern Time
- Please register
for the call. You can register any time starting now through the
call.
- Link to
register: Registration Link
- Registration in
advance is encouraged. As part of the registration process, you can
choose to be provided with the dial-in and PIN or to use the
automated “Call Me” feature.
Please visit the Investor Relations website at
ir.conformis.com on March 1, 2023, to view the earnings release
prior to the webcast and conference call.
The online archive of the webcast will be
available on the company’s website at ir.conformis.com for 30
days.
About Conformis, Inc.
Conformis is a medical technology company focused on advancing
orthopedic patient care and creating a world without joint pain.
Its product portfolio is designed to maximize surgeon and patient
choice by offering fully personalized solutions through its
Image-to-Implant® Platinum Services℠ Program as well as
data-informed, standardized solutions that combine many benefits of
personalization with the convenience and flexibility of an
off-the-shelf system. Conformis’ sterile, just-in-time,
Surgery-in-a-Box™ delivery system is available with all of its
implants and personalized, single-use instruments. 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, the anticipated timing of our product
launches, 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,
2021, Quarterly Report on Form 10-Q for the fiscal quarters ended
March 31, 2022, June 30, 2022 and September 30, 2022, 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.
CONTACT: Investor Relationsir@conformis.com (781)
374-5598
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