NEW YORK (TheStreet) -- Shares of ConforMIS(CFMS) - Get Report are tanking by 50.34% to $5.02 on heavy trading volume on Friday afternoon, after the medical device company slashed its 2016 forecast and initiated a search for a new CEO.

After yesterday's closing bell, the Bedford, MA-based company said it now sees revenue between $76 million and $81 million for 2016, lower than its previous guidance of $84 million to $87 million.

Analysts are forecasting revenue of $85.8 million for the full year.

ConforMIS also said its board has retained an executive search firm to look for a new president and CEO to succeed Philipp Lang.

The company expects Lang to remain the CEO until a successor has been appointed. He will also continue to be on the board.

For the 2016 first quarter, ConforMIS posted a net loss of 37 cents per share, smaller than the loss of 38 cents per share that analysts had projected.

Revenue was $20.3 million for the quarter, higher than analysts' estimates of $19.2 million.

About 10.1 million of the company's shares were traded so far today compared to its average volume of 320,875 shares per day.

Deutsche Bank cut its price target to $12 from $26 on the stock, but maintained its "buy" rating earlier today.

"Lower guidance is a surprise and very disappointing to us," the firm said, but "we would not be sellers, but rather be buyers."

"We think it's important not to completely throw this stock away. The iTotal PS launch is proceeding well and the technology value is still very much there," Deutsche Bank wrote in a note.

ConforMIS develops, manufactures and sells individually sized and shaped joint replacements.

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