Conformis (Nasdaq:CFMS) today posted third-quarter results that missed the earnings consensus on Wall Street but beat revenue estimates.
The Billerica, Massachusetts-based orthopedic device company reported losses of $15.2 million, or 8¢ per share, on sales of $13.78 million for the three months ended September 30 for a sales loss of 3.29% compared with Q3 2021.
Earnings per share were 1¢ behind The Street, where analysts were looking for sales of $13.72 million.
“We are gaining traction with Imprint and Platinum Services and remain confident in our long-term growth strategy,” Conformis President and CEO Mark Augusti said in a news release. “However, translating the positive feedback from surgeons and patients who are adopting our new products and service model into top-line revenue growth is taking longer than initially anticipated. Until our revenue growth resumes, we are taking proactive measures with our cost structure in order to preserve our cash balance. This will result in deliberate expense management efforts, but they will not impact our key new product development and commercialization initiatives.”
Conformis expects fourth-quarter product revenue to be in the range of $13 million to $14 million.
Shares in CFMS were up 1.95% to 12¢ apiece at market open. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down more than 2%.