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Conformis reported 3Q21 orthopedic revenue of $14.3 million, -11.6% vs. 3Q20. The company expects a modest sequential improvement from the second quarter, but Delta-related procedure drop-offs proved higher than expected from mid-August through the end of the quarter.
Healthy system staffing shortages have widened the reschedule window for Conformis’ cases. The company typically sees cases rescheduled within four to six weeks of the original date. Now, some surgeries are rescheduled up to 20 weeks out. The company expects volumes to normalize “at some point in 2022.”
By then, Conformis hopes to bolster its product revenue with key products like its ASC-focused Imprint knee as well as cementless options by the end of 2022. The company’s partnership with Stryker for patient-specific instruments also moved forward, as the first procedures with the instruments occurred in the quarter.
Conformis expects product revenue between $15 million and $17 million in the fourth quarter, representing growth between +4% and +18% vs. the prior year. That range implies full-year revenue growth of +3% to +7% over 2020, but double-digit declines versus 2019.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement Knees | $13.5 | $15.2 | ($1.7) | (11.3%) |
| Joint Replacement Hips | $0.8 | $0.9 | ($0.2) | (16.7%) |
| Total | $14.3 | $16.1 | ($1.9) | (11.6%) |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement Knees | $82.1 | $50.2 | $32.0 | 63.7% |
| Joint Replacement Hips | $2.3 | $1.9 | $0.4 | 21.7% |
| Total | $84.4 | $52.1 | $32.4 | 62.2% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $12.5 | $14.3 | ($1.8) | (12.3%) |
| OUS | $1.7 | $1.8 | ($0.1) | (6%) |
| Total | $14.3 | $16.1 | ($1.9) | (11.6%) |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $78.8 | $46.4 | $32.5 | 70.1% |
| OUS | $5.6 | $5.7 | ($0.1) | (1.8%) |
| Total | $84.4 | $52.1 | $32.4 | 62.2% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $14.3 | |
| Cost of Sales | $8.2 | 57.7% |
| Selling and Marketing | $6.4 | 45.1% |
| General and Admin | $7.4 | 52% |
| R & D | $3.5 | 24.9% |
| Other | $1.6 | 11.3% |
| Net Earnings | ($13.0) | (91%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Conformis reported 3Q21 orthopedic revenue of $14.3 million, -11.6% vs. 3Q20. The company expects a modest sequential improvement from the second quarter, but Delta-related procedure drop-offs proved higher than expected from mid-August through the end of the quarter.
Healthy system staffing shortages have widened the reschedule window for...
Conformis reported 3Q21 orthopedic revenue of $14.3 million, -11.6% vs. 3Q20. The company expects a modest sequential improvement from the second quarter, but Delta-related procedure drop-offs proved higher than expected from mid-August through the end of the quarter.
Healthy system staffing shortages have widened the reschedule window for Conformis’ cases. The company typically sees cases rescheduled within four to six weeks of the original date. Now, some surgeries are rescheduled up to 20 weeks out. The company expects volumes to normalize “at some point in 2022.”
By then, Conformis hopes to bolster its product revenue with key products like its ASC-focused Imprint knee as well as cementless options by the end of 2022. The company’s partnership with Stryker for patient-specific instruments also moved forward, as the first procedures with the instruments occurred in the quarter.
Conformis expects product revenue between $15 million and $17 million in the fourth quarter, representing growth between +4% and +18% vs. the prior year. That range implies full-year revenue growth of +3% to +7% over 2020, but double-digit declines versus 2019.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement Knees | $13.5 | $15.2 | ($1.7) | (11.3%) |
| Joint Replacement Hips | $0.8 | $0.9 | ($0.2) | (16.7%) |
| Total | $14.3 | $16.1 | ($1.9) | (11.6%) |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement Knees | $82.1 | $50.2 | $32.0 | 63.7% |
| Joint Replacement Hips | $2.3 | $1.9 | $0.4 | 21.7% |
| Total | $84.4 | $52.1 | $32.4 | 62.2% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $12.5 | $14.3 | ($1.8) | (12.3%) |
| OUS | $1.7 | $1.8 | ($0.1) | (6%) |
| Total | $14.3 | $16.1 | ($1.9) | (11.6%) |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $78.8 | $46.4 | $32.5 | 70.1% |
| OUS | $5.6 | $5.7 | ($0.1) | (1.8%) |
| Total | $84.4 | $52.1 | $32.4 | 62.2% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $14.3 | |
| Cost of Sales | $8.2 | 57.7% |
| Selling and Marketing | $6.4 | 45.1% |
| General and Admin | $7.4 | 52% |
| R & D | $3.5 | 24.9% |
| Other | $1.6 | 11.3% |
| Net Earnings | ($13.0) | (91%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
