Copy to clipboard 
restor3d and Conformis entered into a definitive merger agreement under which restor3d will acquire all outstanding shares of common stock of Conformis at $2.27 per share in cash, which represents an approximate 96% premium to the closing price of Conformis stock on June 22, 2023.
The pandemic hit Conformis especially hard. The company’s annual revenue declined -24% from 2019 to 2020 and continued to slide in the years since. Conformis went all-in on personalization as it shifted its business model to feature its Platinum Services offering. However, the program faced challenges in both adoption and implementation.
However, the company’s intellectual property remains strong. Royalty payments, consisting of both licensing fees and legal settlements, averaged almost $10 million annually from 2016 to 2022, with a peak of $41 million in 2021.
The transaction is expected to close by the end of 3Q23.
“This combination will create a leading personalized 3D-printed medical device company. Together, we share a common belief in the power of personalization. By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation, and 3D-printed osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopedic landscape, including shoulder, foot & ankle, spine, and large joints,” stated Kurt Jacobus, Chief Executive Officer of restor3d.
“After nearly 20 years of revolutionizing the orthopedic industry with personalized treatment and patient choice, this transaction is a testament to the value of our portfolio and the strength of our core technology and intellectual property,” said Mark Augusti, Chief Executive Office at Conformis. “Following a diligent and thoughtful process, the Board has unanimously approved this transaction, which delivers positive benefits to all of our stakeholders. We are excited to enter the next chapter for Conformis with restor3d, which allows us to continue helping patients live productive lives after knee or hip surgery and providing the surgeon community with innovative products and services.”
Source: Conformis
restor3d and Conformis entered into a definitive merger agreement under which restor3d will acquire all outstanding shares of common stock of Conformis at $2.27 per share in cash, which represents an approximate 96% premium to the closing price of Conformis stock on June 22, 2023.
The pandemic hit Conformis especially hard. The company’s...
restor3d and Conformis entered into a definitive merger agreement under which restor3d will acquire all outstanding shares of common stock of Conformis at $2.27 per share in cash, which represents an approximate 96% premium to the closing price of Conformis stock on June 22, 2023.
The pandemic hit Conformis especially hard. The company’s annual revenue declined -24% from 2019 to 2020 and continued to slide in the years since. Conformis went all-in on personalization as it shifted its business model to feature its Platinum Services offering. However, the program faced challenges in both adoption and implementation.
However, the company’s intellectual property remains strong. Royalty payments, consisting of both licensing fees and legal settlements, averaged almost $10 million annually from 2016 to 2022, with a peak of $41 million in 2021.
The transaction is expected to close by the end of 3Q23.
“This combination will create a leading personalized 3D-printed medical device company. Together, we share a common belief in the power of personalization. By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation, and 3D-printed osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopedic landscape, including shoulder, foot & ankle, spine, and large joints,” stated Kurt Jacobus, Chief Executive Officer of restor3d.
“After nearly 20 years of revolutionizing the orthopedic industry with personalized treatment and patient choice, this transaction is a testament to the value of our portfolio and the strength of our core technology and intellectual property,” said Mark Augusti, Chief Executive Office at Conformis. “Following a diligent and thoughtful process, the Board has unanimously approved this transaction, which delivers positive benefits to all of our stakeholders. We are excited to enter the next chapter for Conformis with restor3d, which allows us to continue helping patients live productive lives after knee or hip surgery and providing the surgeon community with innovative products and services.”
Source: Conformis
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
JV
Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
