ConforMIS posts 1Q19 revenue of USD $20.6MM, +5% vs. 1Q18.
- U.S. revenue increased almost 10% driven by sales of iTotal PS
- iTotal PS sales grew 30% year over year
- iTotal PS now accounts for 37% of all product revenue, up from 30% last year
- Ex-U.S. sales continued to decline, especially in Germany
- Company faced operational issues with final stages of CAD outsourcing
- ConforMIS funded a study published in Clinical Orthopaedics and Related Research that examined the knee anatomy of 24,000 patients and showed a high degree of variability, supporting the use of customized knee implants
ConforMIS’ segment sales and growth on an as-reported basis are as follows ($MM).
| 1Q19 | 1Q18 | $ Chg | % Chg |
| Joint Replacement Knees | $20.1 | $19.7 | $0.5 | 2.5% |
| Joint Replacement Hips * | $0.5 | | | |
| Total | $20.6 | $19.7 | $1.0 | 5.0% |
* Limited launch 3Q18, full launch 2H19
ConforMIS’ product revenue by geographic region is as follows ($MM).
| Geographic Region | 1Q19 | 1Q18 | $ Chg | % Chg |
| US | $17.6 | $16.0 | $1.5 | 9.5% |
| Ex-US | $2.9 | $3.5 | -$0.5 | -15.7% |
| Total | $20.5 | $19.5 | $1.0 | 5.1% |
Net earnings are as follows.
| 1Q19 | Amount ($MM) | % of Sales |
| Sales | $20.6 | |
| Cost of Sales | -$10.8 | 52.4% |
| Sales and Marketing | -$8.2 | 39.6% |
| R & D | -$2.9 | 14.1% |
| General and Admin | -$5.3 | 25.8% |
| Other | -$1.0 | 4.8% |
| Net Earnings | -$7.6 | -36.8% |
Source: ConforMIS
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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