NEW YORK (TheStreet) -- Shares of ConforMIS (CFMS) were soaring 30.78% to $8.88 on heavy trading volume late Friday afternoon after the company reported better-than-anticipated results for the 2016 third quarter.
After yesterday's closing bell, the Bedford, MA-based medical technology company posted a loss of 31 cents per share on revenue of $18.64 million. Revenue rose 34% year-over-year on a reported basis.
Analysts surveyed by FactSet had projected a loss of 36 cents per share on revenue of $18.20 million.
"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," CEO Philipp Lang said in a statement.
The company uses its proprietary technology platform to develop, manufacture and sell joint replacement implants.
More than 1.80 million of the company's shares traded so far today vs. its average 30-day volume of 302,589 shares.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CFMS