ConforMIS Reports Fourth Quarter and the Year Ended 2016 Financial Results; Provides 2017 Financial Guidance
BEDFORD, Mass., February 15, 2017 (GLOBE NEWSWIRE) -- ConforMIS, Inc. (NASDAQ:CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are customized to fit each patient's unique anatomy, announced today financial results for the fourth quarter and the year ended December 31, 2016.
Q4 Summary:
Total revenue of $21.7 million, up 14% year-over-year on a reported and constant currency basis
Product revenue of $21.4 million, up 14% year-over-year on a reported and constant currency basis
U.S. product revenue increased 21% year-over-year
Rest of World product revenue decreased 11% year-over-year on a reported basis and decreased 8% year-over-year on a constant currency basis
On January 6, 2017, the Company secured up to $50 million in debt financing from Oxford Finance LLC

"We reported solid revenue and gross margin results in the fourth quarter of 2016,” said Mark Augusti, President and Chief Executive Officer of ConforMIS, Inc. “Full-year 2016 product revenue increased 26 percent year-over-year on a reported basis and 27 percent year-over-year on a constant currency basis, at the higher-end of our guidance range.”

 
Three months ended December 31,
Increase/decrease
($, in thousands)
2016
2015
$
Change
%
Change
%
Change
 
 
 
 
(as reported)
(constant
currency)
United States
$
17,703

$
14,627

$
3,076

21
 %
21
 %
Rest of world
3,732

4,211

(479)

-11
 %
-8
 %
Product revenue
21,435

18,838

2,597

14
 %
14
 %
Royalty revenue
238

233

5

2
 %
2
 %
Total revenue
$
21,673

$
19,071

$
2,602

14
 %
14
 %

Fourth Quarter 2016 Financial Results
Total revenue increased $2.6 million to $21.7 million, or 14% year-over-year on a reported and constant currency basis. Total revenue in the fourth quarter of 2016 and 2015 includes royalty revenue of $0.2 million related to patent license agreements.
Product revenue increased $2.6 million to $21.4 million, or 14% year-over-year on a reported and constant currency basis. U.S. product revenue increased $3.1 million to $17.7 million, or 21% year-over-year, and Rest of World product revenue decreased $0.5 million to $3.7 million, or 11% year-over-year on a reported basis and decreased 8% on a constant currency basis. Product revenue from sales of iTotal CR, iDuo and iUni decreased $0.3 million to $16.8 million, or 2% year-over-year on a reported basis and decreased 1% on a constant currency basis. Product revenue from sales of iTotal CR, iDuo and iUni was driven by U.S. growth of 3% year-over-year and Rest of World decline of 16% on a reported basis and 13% on a constant currency basis. Product revenue from sales of iTotal PS increased $2.9 million to $4.6 million or 167% year-over-year on a reported and constant currency basis.




The following information was filed by Conformis Inc (CFMS) on Wednesday, February 15, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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