ConforMIS Posts 2Q16 Revenue
ConforMIS (CFMS) posted 2Q16 revenue of US $19.3MM, +0.6% vs. 2Q15. (Product revenue: U.S. $15.0MM, +27%; ex-U.S. $4.1MM, +4%) Growth is as reported.
Product sales breakdown per CFMS:
- iTotal CR, iUni and iDuo $15.7MM, +4%
- iTotal PS $3.4MM, +456% (first full quarter of commercial launch; limited U.S. launch occurred in mid-1Q15, with full launch in late 1Q16)
CFMS now has vendor agreements with 45% of the U.S. hospitals participating in the Medicare Comprehensive Care for Joint Replacement model. Leadership notes that, in many of these hospitals, the company was able to establish agreements prior to accessing their entire orthopaedic surgeon faculty, which should offer a growth opportunity moving ahead.
Leadership noted significant progress in implementing its vertical integration strategy in 1H16, and epects that in-sourcing of the metal tibial component for iTotal CR and iTotal PS will be fully deployed by the end of 2016. Further, the company is preparing to off-shore some CAD work in 2017 and 2018.
3Q16 sales are expected to be affected by surgeons' summer vacations.
Sources: ConforMIS, Inc.; ORTHOWORLD Inc.