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Conformis reported 4Q22 total orthopedic sales and royalties of $17.4 million, +12.9% compared to 4Q21. For the full year, the company’s total generated $62.1 million, -37.9% compared to 2021.
The company’s product revenue declined -1% for the year as Conformis pivoted to its new sales Platinum Services model and worked through supply chain disruptions.
Conformis had over 150 facilities enrolled in the Platinum Services program at the end of 4Q, after exiting 3Q with 70 facilities. For that same period, the number of Platinum Services orders increased from 110 to 380. The company hopes an upcoming TV ad campaign will drive consumer awareness.
Conformis CEO Mark Augusti said, “Our new Platinum Services program is now the only way U.S. customers can gain access to our exclusive fully personalized knee system. Since we initiated the limited launch of the Platinum Services program in January of last year, we have been working tirelessly to educate all stakeholders about the numerous benefits of the program and the potential to generate additional facility revenue.”
The company’s hip business declined due to inadequate supply, but the segment could return to growth in the first quarter of 2023.
Conformis expects the most impact from headwinds in 1Q23, and is targeting product revenue between $12 million and $13 million for the quarter. That should represent a lowpoint with sequential improvement throughout 2023.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $14.2 | $15.3 | ($1.1) | (7.3%) |
| Knees | $13.6 | $14.6 | ($1.0) | (7%) |
| Hips | $0.6 | $0.7 | ($0.1) | (15%) |
| Other (Royalties) | $3.3 | $0.1 | $3.1 | 2134.9% |
| Total | $17.4 | $15.4 | $2.0 | 12.9% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $57.8 | $58.3 | ($0.5) | (0.8%) |
| Knees | $55.1 | $55.3 | ($0.2) | (0.4%) |
| Hips | $2.7 | $3.0 | ($0.3) | (9.4%) |
| Other (Royalties) | $4.2 | $41.5 | ($37.3) | (89.8%) |
| Total | $62.1 | $99.9 | ($37.8) | (37.9%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $15.6 | $13.7 | $1.9 | 14% |
| OUS | $1.8 | $1.7 | $0.1 | 4.4% |
| Total | $17.4 | $15.4 | $2.0 | 12.9% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $54.8 | $92.5 | ($37.8) | (40.8%) |
| OUS | $7.3 | $7.3 | ($0.0) | (0.4%) |
| Total | $62.1 | $99.9 | ($37.8) | (37.9%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $17.4 | |
| Cost of Sales | $10.3 | 58.9% |
| Selling and Marketing | $6.5 | 37.4% |
| General and Admin | $4.2 | 24.2% |
| R & D | $3.2 | 18.5% |
| Other | ($3.1) | (17.7%) |
| Net Earnings | ($3.7) | (21.3%) |
Conformis reported 4Q22 total orthopedic sales and royalties of $17.4 million, +12.9% compared to 4Q21. For the full year, the company's total generated $62.1 million, -37.9% compared to 2021.
The company's product revenue declined -1% for the year as Conformis pivoted to its new sales Platinum Services model and worked through supply...
Conformis reported 4Q22 total orthopedic sales and royalties of $17.4 million, +12.9% compared to 4Q21. For the full year, the company’s total generated $62.1 million, -37.9% compared to 2021.
The company’s product revenue declined -1% for the year as Conformis pivoted to its new sales Platinum Services model and worked through supply chain disruptions.
Conformis had over 150 facilities enrolled in the Platinum Services program at the end of 4Q, after exiting 3Q with 70 facilities. For that same period, the number of Platinum Services orders increased from 110 to 380. The company hopes an upcoming TV ad campaign will drive consumer awareness.
Conformis CEO Mark Augusti said, “Our new Platinum Services program is now the only way U.S. customers can gain access to our exclusive fully personalized knee system. Since we initiated the limited launch of the Platinum Services program in January of last year, we have been working tirelessly to educate all stakeholders about the numerous benefits of the program and the potential to generate additional facility revenue.”
The company’s hip business declined due to inadequate supply, but the segment could return to growth in the first quarter of 2023.
Conformis expects the most impact from headwinds in 1Q23, and is targeting product revenue between $12 million and $13 million for the quarter. That should represent a lowpoint with sequential improvement throughout 2023.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $14.2 | $15.3 | ($1.1) | (7.3%) |
| Knees | $13.6 | $14.6 | ($1.0) | (7%) |
| Hips | $0.6 | $0.7 | ($0.1) | (15%) |
| Other (Royalties) | $3.3 | $0.1 | $3.1 | 2134.9% |
| Total | $17.4 | $15.4 | $2.0 | 12.9% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $57.8 | $58.3 | ($0.5) | (0.8%) |
| Knees | $55.1 | $55.3 | ($0.2) | (0.4%) |
| Hips | $2.7 | $3.0 | ($0.3) | (9.4%) |
| Other (Royalties) | $4.2 | $41.5 | ($37.3) | (89.8%) |
| Total | $62.1 | $99.9 | ($37.8) | (37.9%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $15.6 | $13.7 | $1.9 | 14% |
| OUS | $1.8 | $1.7 | $0.1 | 4.4% |
| Total | $17.4 | $15.4 | $2.0 | 12.9% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $54.8 | $92.5 | ($37.8) | (40.8%) |
| OUS | $7.3 | $7.3 | ($0.0) | (0.4%) |
| Total | $62.1 | $99.9 | ($37.8) | (37.9%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $17.4 | |
| Cost of Sales | $10.3 | 58.9% |
| Selling and Marketing | $6.5 | 37.4% |
| General and Admin | $4.2 | 24.2% |
| R & D | $3.2 | 18.5% |
| Other | ($3.1) | (17.7%) |
| Net Earnings | ($3.7) | (21.3%) |
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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.
