ConforMIS Posts 1Q18 Revenue

ConforMIS (CFMS) announced 1Q18 revenue of US $19.7MM, -3.9% vs. 1Q17.

Product sales breakdown:

• iTotal CR, iUni and iDuo $13.6MM, -10%
• iTotal PS $5.9MM, +13%

While CFMS continues to battle reimbursement challenges in Germany, two bright spots shone in the call: confirmation of the limited hip arthroplasty launch in 2H18, to last about 12 to 18 months, and CIGNA’s coverage of CFMS technology.

The company is working with the system in Germany to stabilize its reimbursement situation, but expects this pressure to remain throughout 2018.

In the U.S., CIGNA has updated its medical coverage policy to include CFMS technology—both the CT scan and the implant procedure.

Outside of the earnings call, the company announced study results in 1Q:

• Independent, prospective study of the iTotal CR Knee in the restoration of coronal plane mechanical axis alignment indicates that use of a patient-specific custom knee plus patient-specific instrumentation yields more consistently-accurate results than those found with use of patient-specific cutting guides and off-the-shelf implants.
• Summary data from the U.K.’s National Joint Registry indicates that patients treated with the iTotal CR knee experienced a cumulative revision rate of 0.5% at four years vs. a 1.9% cumulative revision rate at four years, among all patients who underwent knee replacement.

Finally, when asked to comment on joint procedure robotic technologies from Smith & Nephew, Stryker and Zimmer Biomet, President & CEO Mark Augusti responded enthusiastically—he loves having the robot discussion. “At the end of the day, I think our alignment data and our clinical work shows that we’re very accurate, as we get very good results and high patient satisfaction. And while the robot can help with the variability between surgeons, it’s not going to help out with doing any better beyond the traditional off-the-shelf implant.” He reiterated the economical benefits of ConforMIS technologies (not a capital expense) and their suitability for ASCs.

Source: ConforMIS, Inc.