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Conformis expects 50% drop in Q2 product revenue

Joint replacement implant maker Conformis (NSDQ:CFMS) said today that it anticipates a COVID-19-influenced 50% year-over-year drop in second-quarter product revenue.

Releasing its preliminary results for the quarter ended June 30, the Billerica, Mass.-based company projected total revenue of $19.5 million for the quarter, which is down -1% year-over-year on a reported and constant currency basis. About half of that is made up of approximately $9.7 million in royalty revenue, including a royalty settlement of $9.6 million.

The other half was provided by $9.7 million in product revenue, which represents a 50% drop year-over-year. That total includes U.S. product revenue of approximately $8.3 million, which is down 52% from last year, and $1.4 million from the rest of the world, which is down 34% and 33$ on a reported basis and constant currency basis, respectively.

In March, Conformis announced that it was withdrawing its 2020 financial guidance while furl…

Conformis gains 510(k) for personalized knee tech

Conformis (NSDQ:CFMS)Conformis today said it received FDA 510(k) clearance for its iTotal Identity PS Knee System.

The system uses advanced imaging and design software to help deliver patient-specific pre-operative surgical plans with a comprehensive set of iJig instruments and patient-matched implants. The system updates features stem extensions available for patients with high body mass index, titanium tibial base plates with patient-specific cement rails and metal cut guides and refined iJigs for a traditional bone cutting experience.

“Our new iTotal Identity PS knee is an important addition to our total knee portfolios. Having a Posterior Stabilized (PS) option for our Identity system will allow surgeons to treat a wider range of patients more effectively and with greater confidence than ever before,” president and CEO Mark Augusti said in a news release. “We remain the leader in bringing best-in-class PSI guides in a market-leading, efficient ‘knee-i…

Zimmer Biomet to pay Conformis $9.6m to settle patent disputes

Conformis (NSDQ:CFMS) and Zimmer Biomet (NYSE:ZBH) have agreed to settle all patent disputes over Conformis’ knee and hip replacement products and Zimmer’s knee, shoulder and hip replacement devices, according to an SEC filing today.

The two companies have also agreed to cross-license their respective technologies, and Zimmer Biomet will pay Conformis $9.6 million by January 15, 2021, for the licenses, releases and other immunities that Conformis granted to Zimmer. No payment is due from Conformis to Zimmer.

In August 2019, Billerica, Mass.-based Conformis sued Zimmer Biomet (Warsaw, Ind.) in U.S. District Court in Delaware, alleging infringement of four different patents for personalized joint replacement surgery. Conformis claimed that Zimmer Biomet had infringed its patents for personalized knee and hip replacement surgery and for shoulder arthroplasty.

Conformis was targeting Zimmer Biomet’s Vanguard, Persona, NexGen and Gender Solutions …

Medtech 100 roundup: Stocks dip slightly after strong start to month

Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point total at the same time a week prior (May 8).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 32.6% growth in total. However, they are still down -10.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.

Compared to the S&P 500 Index, which experienced a -2.2% increase from May 8 to May 15, the medtech index took a similarly small dip. The Dow Jones Index suffered even more with a -2.6% decline over the same period of time.

More often than not, recent earnings reports are revealing negative results in large part due to COVID-19. E…