Shares of ConforMIS Inc (NASDAQ: CFMS), a medical technology company that is engaged in joint replacement implants, were trading lower by nearly 40 percent early Friday morning.
ConforMIS reported first quarter results after Thursday's market close and provided second quarter guidance.
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The company said it lost $0.37 per share in the first quarter on revenue of $20.3 million. Wall Street analysts were expecting the company to lose $0.38 per share on revenue of $19.2 million.
"First quarter of 2016 showed strong revenue growth with product revenue up 36% year-over-year on a reported basis and 39% year-over-year on a constant currency basis," said Philipp Lang, MD, MBA, President and Chief Executive Officer of ConforMIS, Inc. "Product revenue growth in the first quarter was driven primarily by strong contributions from the limited launch of iTotal PS and benefits from improving order lead times and rescheduled cases from the second half of 2015 related to the voluntary recall.
However, ConforMIS slashed its full year fiscal 2016 guidance. The company now expects its full year revenue to be in a range of $76 million to $81 million from a prior range of $84 million to $87 million. Meanwhile, Wall Street analysts were already predicting the company to report revenue of $85.8 million for the full year.
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