- Conformis Inc CFMS Q2 revenues more than doubled to $56.3 million, beating the consensus of $33 million.
- The increase was driven primarily by elective procedure volumes and royalty & licensing revenue related to patent license settlement and development agreements.
- Product revenue reached $15.2 million, +56% Y/Y (54% on a constant currency basis).
- Royalty and licensing revenue of $41.1 million included $25 million in connection with the final milestone under the agreements with Stryker, Wright Medical, and Tornier. Conformis Hip System revenue was up 62% Y/Y to $0.9 million.
- The total gross margin expanded from 57% to 84%.
- The Company received 510(k) clearance for Identity Imprint Knee Replacement System, patient-specific instrumentation in Q2.
- Conformis posted a net income of $38 million, or EPS of $0.21, beating the consensus of $0.04, and a turnaround from EPS loss of $(0.03) a year ago.
- Cash and cash equivalents totaled $108.3 million.
- FY21 Outlook: Conformis expects Q3 product revenue to improve sequentially to $15.5 million - $16.5 million.
- It believes elective procedure volumes will continue to improve and approach 2019 levels in the fourth quarter as vaccines become more widely available and medical facilities recover from pandemic-related staffing impacts.
- Mark Augusti, President & CEO, said, "The environment for orthopedic surgical procedures has improved, and we believe procedure levels will continue to normalize. We remain cautiously optimistic about the second half of the year as we aim to get back to our 2019 revenue run rate."
- Price Action: CFMS shares are up 9.80% at $1.68 during the premarket session on the last check Thursday.
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