ConforMIS Posts 2Q17 Revenue

ConforMIS posted 2Q17 revenue of US $18.5MM, -4.4% vs. 2Q16, and 1H17 revenue of $38.9MM, -1.6% vs. 1H16.

Performance highlights:

2Q17 product sales breakdown:

• iTotal CR, iUni and iDuo $13.3MM, -15.6%
• iTotal PS $4.8MM, +41.2% (full launch occurred in late 1Q16)

• Growth affected by changes in field sales organization, reimbursement changes in Germany
• Also noted an increase in payor denial of coverage from BlueCross/BlueShield and Cigna for CT imaging of the knee; critical because implant build relies on CT scan
• Added a new Senior Vice President U.S. Sales, as well as Director of Marketing Communications and Demand Generation
• Received FDA 510(k) clearance of iTotal Hip replacement system; has accelerated limited launch timing from 2019 to 2H18
• After quarter’s close, entered into distribution agreement with IdealMed that more than doubles distribution personnel in the U.K. and Ireland
• Decreased full-year guidance range to $75MM-$78MM, down from $80MM-$84MM

Source: ConforMIS, Inc.