HomeTop MoversWhy ConforMIS Inc (CFMS) stock lost in the aftermarket on Monday, April...

Why ConforMIS Inc (CFMS) stock lost in the aftermarket on Monday, April 19, 2021?

ConforMIS Inc (CFMS) stock lost 4.87% in after-hours on Monday after gaining 0.60% to close Monday’s session at $0.85

CFMS shares have gained 30.37% over the last 12 months, and they have moved up by 2.31% in the past week. Over the past three months, the stock has lost 30.16%, while over the past six months, it has added 11.97%.


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Let’s discuss CFMS recent news

License Agreement with Paragon 28

On April 19, 2021, Conformis, Inc. signed a license agreement with Paragon 28, Inc which will give Paragon 28 a non-exclusive license to use Conformispatient-specific instruments with off-the-shelf implants in Paragon 28’s APEX 3D™ Total Ankle Replacement System.

Upcoming financial results announcement

On April 07, 2021, Conformis, Inc. announced the date to report its financial results for the first quarter ended March 31, 2021. The company will release the results after the market closes on May 5, 2021, at approximately 4:00 p.m. Eastern Time.

Mark Augusti, CEO, and Bob Howe, CFO, will host a webcast and conference call also on Wednesday, May 5, 2021, at 4:30 p.m. Eastern Time to discuss the financial results and to provide a business update.

ConformisiTotal knee is more cost-effective

On March 17, 2021, Conformis, Inc. announced that the independent clinical study has concluded that ConformisiTotal® knee replacement technology is more cost-effective than leading traditional, off-the-shelf implants.

The new results were presented by authors at the Orthopaedic Research Society 2021 Annual Meeting (ORS 2021 Annual Meeting), held in February 2021.

Recent financial results

On March 03, 2021, Conformis, Inc announced its financial results for the fourth quarter and the year ended December 31, 2020.

Fourth-quarter 2020 highlights

  • Total revenue for the three months ended December 31, 2020, was 16.7 million.
  • Q4 2020 gross profit was $7.8 million compared to $9.7 million, in the fourth quarter of 2019.
  • Total operating expenses remained the same year-over-year.
  • Conformis suffered a Net loss of $6.6 million, or $0.08 per basic share, in the fourth quarter of 2020, compared to a net loss of $5.4 million, or $0.08 per basic share, for the same period last year.

Full-Year2020 highlights

  • Total revenue for the year ended December 31, 2020, was $68.8 million an11% year-over-year reduction.
  • FY 2020 gross profit was $33.7 million compared to $36.7 million in FY 2019.
  • Total operating expenses were $58.8 million in FY 2020.
  • Conformissuffered a Net loss of $24.3 million, or $0.34 per basic share for 2020, compared to a net loss of $28.5 million, or $0.44 per basic share, for 2019.
  • Conformishad cash and cash equivalents totalled $28.7 million, as of December 31, 2020, compared to $26.4 million as of December 31, 2019.

Conclusion

There is no such recent negative development which could be the reason behind its loss in the after-hours session on Monday. We are hopeful that CFMS will perform better when the market opens today.

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