ConforMIS Reports Third Quarter 2016 Financial Results

BEDFORD, Mass., Nov. 03, 2016 (GLOBE NEWSWIRE) -- ConforMIS, Inc. (NASDAQ:CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are customized to fit each patient's unique anatomy, announced today financial results for the third quarter ended September 30, 2016.

Q3 Summary:
  • Total revenue of $18.6 million, up 34% year-over-year on a reported basis and up 35%  year-over-year on a constant currency basis.
  • Product revenue of $18.4 million, up 36% year-over-year on a reported basis and up 37% year-over-year on a constant currency basis
    • U.S. product revenue increased 43% year-over-year
    • Rest of World product revenue increased 14% year-over-year on a reported basis and 18% year-over-year on a constant currency basis

"We had a solid third quarter of 2016," said Philipp Lang, MD, MBA, President and Chief Executive Officer of ConforMIS, Inc.  "We saw double digit growth in our base business year-over-year with iTotal CR and our partial knee systems. The revenue growth for our newest product, iTotal PS, has been impressive. This innovative product approximately triples the addressable market for ConforMIS and is rapidly becoming our flagship product for new surgeon acquisition."

Dr. Lang continued, "We have completed enrollment in our single timepoint study comparing iTotal CR to leading off-the-shelf implants in over 800 patients. The results to-date show that patients that received an iTotal CR implant were significantly faster at completing three functional tests of daily living, including walking, than patients with an off-the-shelf implant. We believe that this and other direct comparative studies will help us increase the utilization of our implants with current and new surgeons."

Third Quarter 2016 Financial Results
  Three months ended September 30, Increase/decrease
($, in thousands)   2016     2015    $  Change %  Change %  Change
         (as reported)  (constant currency)
United States $ 14,954   $ 10,466   $ 4,488     43 %   43 %
Rest of world   3,446     3,024     421     14 %   18 %
Product revenue   18,400     13,490     4,910     36 %   37 %
Royalty revenue   243     404     (161 )   -40 %   -40 %
Total revenue $ 18,643   $ 13,894   $ 4,749     34 %   35 %
           

Total revenue increased $4.7 million to $18.6 million, or 34% year-over-year on a reported basis and 35% year-over-year on a constant currency basis, as compared to the third quarter of 2015, which was affected by our product recall. Total revenue in the third quarter of 2016 included royalty revenue of $0.2 million as compared to $0.4 million in the third quarter of 2015.

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